Nasdaq invests in Kraken parent Payward with a $100M strategic stake, deepening plans for tokenized equities and always-on markets.
Author: Kritika Gupta
10th September 2026- Nasdaq invests in Kraken parent Payward through a $100 million check.
High Signal Summary For A Quick Glance
BeWhale
@BeWhaleApp
@Payward @Nasdaq great news. institutional standard from day one is the right call, and we are glad to be building the on-ramp on the other side, where someone tries a tokenized portfolio as a game first. looking forward to the NET tokens on our shelf
Nasdaq Ventures is investing $100M in Payward as we advance tokenization together with the @Nasdaq Equity Token (NET) framework. Equities on-chain only works if it's built to institutional standard from day one. We're building it with the company that's run public market
02:41 PM·Sep 10, 2026
Wavy
@belikeWavy
@Payward @Nasdaq congrats. tokenized equities have had issuers and wrappers, never the exchange itself. an operator writing the standard changes what institutional grade means for the whole shelf, and it is the version we would want inside @BeWhaleApp
Nasdaq Ventures is investing $100M in Payward as we advance tokenization together with the @Nasdaq Equity Token (NET) framework. Equities on-chain only works if it's built to institutional standard from day one. We're building it with the company that's run public market
02:33 PM·Sep 10, 2026
High attention and emotional sentiment detected.
Nasdaq Ventures put the money in as a strategic equity investment, not a buyout. Both sides call it an expanded relationship. It builds on their March 2026 tokenization partnership.
The $100 million figure is official. Nasdaq stated it in its own press release, and Payward matched the language in a parallel statement.
So the news that Nasdaq invests in Kraken parent Payward is firm on one point above all. Nasdaq framed the check as cash for ownership, not a merger and not a partnership alone.
Neither release names a convertible, a warrant, a preferred share class, or a board seat. As a result, the exact terms stay private for now.
Tal Cohen, President of Nasdaq, spoke to the strategy. He said expanding the relationship reflects a conviction that Payward can help build the infrastructure for how capital and assets move. Nasdaq’s Digital Liquidity Networks unit leads the work internally, while Nasdaq Ventures holds the stake.
The headlines lead with a $21 billion valuation. Yet Nasdaq’s release never states a number.
Bloomberg reported the $21 billion mark first, citing people familiar with the matter. Notably, it published before the companies went public with the news.
CoinDesk, The Block, and Reuters later repeated the figure. Still, each one pinned it to Bloomberg’s sources, not to Nasdaq or Payward.
When Nasdaq invests in Kraken parent Payward, the price tag matters, so the gaps stand out. Payward raised near a $20 billion valuation in November 2025. Meanwhile, Deutsche Börse’s April secondary implied about $13.3 billion, and a Forge print landed lower still.
These are different instrument types, so they measure different things. In short, treat $21 billion as reported, not confirmed.
Kraken funding and IPO milestones
Payward secured approximately $800 million at a reported $20 billion valuation and confidentially submitted a draft S-1 to the SEC.
Payward reportedly froze its IPO plans amid weaker crypto markets. Kraken and Nasdaq also announced a tokenized-equities partnership.
Deutsche Börse purchased an approximately 1.5% secondary stake for $200 million, implying a valuation near $13.3 billion.
Payward was reportedly exploring another capital raise at a valuation of approximately $20 billion.
Nasdaq Ventures agreed to make a strategic investment in Payward. Bloomberg reported a $21 billion valuation, but the companies did not confirm it.
Watch for Payward’s public S-1, confirmed investment terms and a formal IPO timetable. Current reporting suggests no listing before Q2 2027.
The core of the deal is product, not just capital. Nasdaq wants to advance its Nasdaq Equity Tokens, or NETs, using Payward’s xStocks stack.
Both companies target a Q2 2027 launch. So the tokens are a plan, not a live product today.
The design keeps issuers at the center and stays inside regulated rails. According to the companies, that means governance, compliance, and market integrity come first.
Arjun Sethi, Co-CEO of Payward, tied the pitch to settlement speed.
Onchain settlement removes the wait. The next phase is planned to advance Nasdaq Equity Tokens onto rails that do not close, with shareholder rights intact.
He noted that more than $2 trillion in stock trades clear each day. He added that the 2024 shift to one-day settlement freed about $3 billion in collateral. On-chain rails, he argued, cut the wait further.
Secondary reporting adds detail the official bullets skip. Bloomberg and CoinDesk say Kraken will distribute Nasdaq’s tokenized stocks. They also report that the tokens should carry the same voting rights as the underlying shares.
The agreement also brings Nasdaq’s surveillance technology to Payward. As a result, Payward plans to run it across crypto, equities, tokenized equities, futures, and options venues.
That piece matters for credibility. Regulated venues already buy Nasdaq’s matching, data, and surveillance tools. So the deal signals an issuer-centric design rather than a synthetic workaround.
Reuters also notes that the SEC gave Nasdaq room for certain tokenized trading and settlement. Even so, a legal green light is not a live product.
Kraken funding, valuation and operating figures
Payward stays private, so there is no Kraken stock to reprice. Its listing plans, though, sit close to this deal.
The company froze its IPO in March 2026 amid weak crypto volumes. Since then, reporting has pushed any listing to 2027, the same window as the NETs launch.
Some commentators infer that Nasdaq could become the listing venue. Yet no official term says Payward will go public on Nasdaq.
NDAQ shares did not pop on the news. Instead, the stock traded down about 1% near $93 on September 10, after a $94.22 close the day before.
That move fits a broader early-September slide. So no clean spike ties to the $100 million check. No token moved on-chain either, because this is a private equity investment.
On X, the tone ran bullish. Many accounts framed the deal as Wall Street buying crypto rails and a step toward always-on stock trading.
The skeptics kept it simple. They flagged the unofficial $21 billion mark, the 2027 timeline, and the fact that the news did not move Bitcoin.
For now, the money is confirmed and the product is still a promise. Watch the close terms, any SEC filing, and the Q2 2027 launch to test whether tokenized equities can trade with real shareholder rights. This article is informational only and not financial advice.
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