Crypto: Nasdaq invests $100 million in Kraken, valued at $21 billion

Nasdaq is investing $100 million in Payward, Kraken’s parent company, which is reportedly now valued at $21 billion. The deal goes far beyond a simple equity investment. The two groups want to bring traditional equities and blockchain closer together, with tokenized securities tradable on infrastructure operating almost continuously. The alliance brings crypto even closer to Wall Street.

Crypto: Nasdaq invests $100 million in Payward

The investment is being made through Nasdaq Ventures, the group’s strategic investment arm. It deepens a relationship that began several months ago around tokenized equities. Bref Crypto recently reported that Hyperliquid had also joined the Nasdaq-CME index, another sign of the growing convergence between crypto infrastructure and traditional finance.

In its official statement dated September 10, Nasdaq confirmed a $100 million investment in Payward and an expansion of its partnership with Kraken. Bloomberg, cited by Cointelegraph, values the company at $21 billion as part of the deal.

This figure is slightly above the $20 billion valuation at which Payward raised capital in late 2025. Kraken then secured $800 million, including $200 million from Citadel Securities.

The exchange is therefore no longer funded solely by investors specializing in crypto. Major market infrastructures are now beginning to take positions themselves.

Nasdaq shares are set to arrive on the blockchain

Nasdaq and Payward are primarily working on Nasdaq Equity Tokens, or NETs.

The project is intended to represent listed shares as tokens while preserving the rights attached to the original securities. Its launch is expected in the second quarter of 2027.

Kraken already has infrastructure for this through xStocks. Since its launch, it has surpassed $25 billion in trading volume, including more than $4 billion settled directly on-chain, with more than 85,000 unique holders.

This growth is part of a broader trend that Bref Crypto identified among the major crypto narratives of 2026: the tokenization of real-world assets is gradually moving beyond the experimental stage.

Nasdaq cites one particularly striking figure to explain its interest. More than $2 trillion in equities pass through the U.S. clearing system every day. Around 98% of purchases and sales offset one another, while the clearinghouse still has to lock up between $10 billion and $20 billion in collateral pending settlement.

Moving more transactions on-chain could reduce this delay.

Kraken is becoming market infrastructure

The agreement also includes a less spectacular element, but one that is probably just as important as the $100 million.

Payward will use Nasdaq’s market surveillance technology across its platforms covering crypto, equities, tokenized securities, futures and options. The goal is to improve the detection of manipulation and abnormal behavior across these markets.

Kraken is thus gradually transforming into a multi-asset platform. Its parent company now offers crypto trading, derivatives, tokenized equities, staking and payments. It has also recently moved closer to SoFi for stablecoin settlements.

Bref Crypto recently reported how microtransactions had caused Kraken accounts to be temporarily blocked. The arrival of Nasdaq’s surveillance technology therefore takes on particular significance for a platform seeking to attract more institutional clients.

Nasdaq, for its part, is clearly no longer looking merely to add a few crypto products to its offering. The group is investing directly in the company expected to connect its future tokenized securities to blockchain networks.

The $100 million investment is attracting attention. The timeline may be even more revealing: if the NETs launch as expected in the second quarter of 2027, Kraken could become one of the direct bridges between Nasdaq-listed equities and on-chain markets.

Wall Street is not yet moving entirely onto the blockchain. It is nevertheless beginning to build the rails.