Strategic Investment and Valuation Dynamics
According to reports from Bloomberg on September 10, 2026, Nasdaq Inc. is investing $100 million in Payward, the parent company of the cryptocurrency exchange Kraken 12. This capital injection, which comes from Nasdaq's venture arm, values the crypto firm at $21 billion 12. The transaction extends a partnership originally established between the two entities in March 2026 2. However, neither Nasdaq nor Payward has officially announced the agreement 1.
Payward's valuation has experienced fluctuations over the past year 2. In November 2025, the company raised $800 million at a valuation of $20 billion 2. It utilized this same $20 billion valuation figure in April 2026 when finalizing an agreement to acquire the derivatives exchange Bitnomial 2. Conversely, a transaction in April 2026 in which Deutsche Börse paid $200 million for a 1.5% stake in Payward implied a lower valuation of approximately $13.3 billion 2.
Tokenized Equities and Infrastructure Integration
The collaboration is designed to construct the necessary infrastructure for asset tokenization 1. Under the terms of the arrangement, Kraken will distribute tokenized versions of Nasdaq-listed stocks directly on its platform 12. This setup will allow Kraken's customers to hold Nasdaq equities in a tokenized format 12.
Unlike typical tokenized equity products that only offer exposure to price movements, Nasdaq's model will grant token holders the same voting rights as traditional shareholders who trade on the exchange 2. The architecture puts issuers at the center of the process 2. Nasdaq and Kraken are actively developing a gateway designed to facilitate the transfer of tokenized equities between regulated environments and on-chain venues 2. Currently, Kraken already provides tokenized equity offerings to business clients through its business-to-business division, Payward Services 2. Additionally, sources indicate that Nasdaq is planning to launch its own token during the second quarter of next year 2.
Broader Wall Street and Crypto Convergence
Traditional financial institutions are increasingly seeking integration with cryptocurrency infrastructure, particularly to facilitate the tokenization of real-world assets like equities 1. Nasdaq is not the only major exchange operator to acquire a stake in a cryptocurrency platform in 2026 2. In March 2026, the Intercontinental Exchange, which owns the New York Stock Exchange, invested in the crypto exchange OKX at a valuation of $25 billion 2. As part of that agreement, Intercontinental Exchange secured a seat on OKX's board and agreed to make tokenized equities markets from the New York Stock Exchange accessible to the 120 million accounts on OKX 2.
Furthermore, in January 2026, the New York Stock Exchange revealed it was constructing a platform to enable 24/7 trading and blockchain-based settlement of tokenized United States equities and exchange-traded funds 1. In a separate development in March 2026, the S&P Dow Jones Indices entered into an agreement to launch a new derivative contract on the decentralized exchange Hyperliquid 1.
Payward's Corporate Moves and Regulatory Milestones
Kraken has been expanding its presence in traditional finance, positioning its application as a comprehensive primary account that supports the trading of stocks, bonds, and other traditional assets alongside cryptocurrencies 1. In early September 2026, Payward and the fintech firm SoFi Technologies announced an agreement to route SoFi's customer cryptocurrency orders through Kraken's institutional brokerage arm, Kraken Prime, which was established in 2025 1. This deal also includes listing SoFi's stablecoin on the Kraken exchange 1.
Despite these operational expansions, Payward's path toward becoming a publicly traded company has experienced delays 2. The company filed a confidential S-1 registration statement in November 2025, but subsequently chose to shelve its public listing plans in March 2026 2. However, that same month, Kraken achieved a significant regulatory milestone by becoming the first cryptocurrency firm to be granted direct access to the Federal Reserve's core payments system 2.
What is not yet established
- Whether or when Nasdaq and Payward will officially announce the strategic investment deal
- The exact timeline for the launch of the gateway to transfer tokenized equities between regulated and on-chain venues
- When Payward plans to resume its public listing process after shelving its S-1 filing
Frequently asked questions
How does Nasdaq's tokenized equity design differ from other tokenized stock products?
Unlike most tokenized equity products that only provide price exposure, Nasdaq's design grants token holders the same voting rights as shares traded directly on the exchange 2.
What other traditional finance exchanges have invested in crypto platforms recently?
In March 2026, the Intercontinental Exchange, owner of the NYSE, invested in OKX at a $25 billion valuation 2. Additionally, Deutsche Börse purchased a 1.5% stake in Payward for $200 million in April 2026 2.
What services are included in Payward's recent agreement with SoFi Technologies?
Under the early September 2026 agreement, SoFi will route its digital asset order flow through Kraken Prime, and Kraken will list SoFi's stablecoin on its exchange 1.
Sources
- Bitcoin Magazine — Nasdaq Invests $100M in Kraken Parent Company: Report (2026-09-10) https://bitcoinmagazine.com/news/nasdaq-invests-in-kraken
- Decrypt — Nasdaq Invests $100M in Kraken Parent Payward at $21B Valuation (2026-09-10) https://decrypt.co/377864/nasdaq-invests-100m-in-kraken-parent-payward-at-21b-valuation
This brief is for information and education. It is not financial advice or a recommendation to buy or sell.