Nasdaq invests $100 million in Kraken parent for equity token framework

Nasdaq Ventures has agreed to invest $100 million in Payward, the parent company of cryptocurrency exchange Kraken, at a reported $21 billion valuation. The investment expands the companies’ partnership on tokenized market infrastructure, including Nasdaq Equity Tokens intended to connect regulated markets with blockchain-based trading. Nasdaq and Payward expect to launch the equity-token framework in the second quarter of 2027 and will also establish a new market-surveillance agreement. Kraken is expected to distribute tokenized Nasdaq-listed stocks on its platform, as major U.S. exchanges increasingly develop blockchain infrastructure for potentially continuous trading while emphasizing governance, regulatory compliance and market integrity.