Pomegra
Kaiko extends its Series B to $110M in an S&P Global-led round, with BNP Paribas and Nasdaq Ventures, targeting 24/7 tokenized-market data infrastructure.
- S&P Global leads Kaiko's $110M Series B extension, joined by BNP Paribas, Nasdaq Ventures, and eight other strategic firms.
- Funds target 24/7 data infrastructure for tokenized treasuries, money-market funds, and equities alongside Kaiko's core data business.
- The extension follows Kaiko's June 2026 acquisition of Amberdata and a co-branded index launch with S&P in early September.
Lead
Kaiko, the Paris-based digital asset market data company, announced on September 14, 2026 that it extended its Series B to $110 million - more than doubling the $53 million it raised in June 2022. S&P Global led the extension. BNP Paribas, Nasdaq Ventures, Coinbase Ventures, Royal Bank of Canada, Bpifrance, Broadridge, Canton Foundation, DRW Venture Capital, Stellar, and Susquehanna Private Equity Investments joined as new investors. Existing shareholders Anthemis, Point Nine, and Revaia also participated. No valuation was disclosed.
What Does Kaiko Actually Build?
Kaiko supplies institutional-grade market data, analytics, indices, and data infrastructure across centralized and decentralized digital asset markets. Founded in 2014 and headquartered in Paris, the company serves more than 250 financial firms, institutions, and regulators globally. Its products span spot and derivatives venues, covering raw price data, risk analytics, fair market value pricing, and best-execution tools.
The new capital extends that scope explicitly into tokenized markets - data feeds and infrastructure for tokenized Treasury bills, money-market funds, equities, and bonds that trade around the clock. Participating investors also join a Kaiko-led industry working group tasked with developing the data standards those products will need before they can trade at institutional scale.
Why Are Traditional Finance Names Backing a Crypto Data Firm Now?
The investor list answers that question almost by itself. S&P Global, BNP Paribas, Nasdaq Ventures, and Royal Bank of Canada are not crypto-native firms making early-stage bets. They are incumbent data, exchange, and banking institutions that require reliable infrastructure if the tokenized-asset market grows as they appear to expect.
The S&P relationship predates this round. In March 2026, S&P Dow Jones Indices and Kaiko tokenized the iBoxx U.S. Treasuries Index on the blockchain, the first time a major index provider made a benchmark available as a native digital asset. In early September 2026, the two firms launched the S&P Kaiko Digital Asset Indices, a co-branded suite combining S&P's methodology with Kaiko's market data pipes. This funding round formalizes what was already an operational partnership.
Nasdaq Ventures brings exchange distribution. BNP Paribas brings the banking client base that tokenized asset issuers will need on the buy side. The working group dynamic matters too: Kaiko chairs it, which means it has influence over how data standards get set before the market matures.
The Amberdata Acquisition
Kaiko spent part of 2026 expanding by acquisition before this capital arrived. In June 2026, it acquired Amberdata, a digital asset data provider focused on derivatives analytics and AI-driven research. That deal widened Kaiko's derivatives coverage and added a data science layer on top of its existing market data infrastructure. The combined entity is what investors are now backing at the extended round level.
Tokenization Context
Traditional financial institutions spent the prior two years piloting tokenized products. By mid-2026, the pilots were maturing into production-stage infrastructure, and demand for reliable pricing, reference rates, and index calculations was no longer theoretical. Kaiko had already built that infrastructure for crypto markets. This round bets that the same pipes become the default for tokenized traditional assets.
The timing risk is real. Tokenized markets have moved slower than most bullish projections. The infrastructure build is genuine; the trading volumes remain modest. Whether the data business scales with the asset class or ahead of it is the central uncertainty in this investment.
Outlook
Kaiko enters this phase with a larger balance sheet, broader data coverage across both crypto and tokenized traditional assets, and a strategic partner in S&P Global with credibility among the institutional buyers Kaiko needs to win. The working group gives it a seat in shaping standards for a market that does not yet exist at full scale - a durable position if tokenization accelerates. One question the announcement leaves open: what the $110 million total implies about the original $53 million Series B price. With no valuation attached, that answer stays private until the next financing benchmark surfaces.
