Observed Signal · Sep 10, 2026 · Investment · Source: CNBC Technology · Impact: 4/5 · Sentiment: Positive
Nasdaq invests $100M in Kraken parent, targeting tokenized stocks by 2027
Nasdaq's venture capital arm has invested $100 million in Payward, the parent company of crypto exchange Kraken, to advance the development and launch of tokenized equities. The partnership aims to launch Nasdaq Equity Tokens (NETs) in the second quarter of 2027, with Nasdaq providing market surveillance technology across Payward's trading venues. The investment values Payward at $21 billion. This move reflects a broader trend on Wall Street toward tokenized securities, though debates persist about the nature of tokenized assets and shareholder rights, as highlighted by a recent dispute between Robinhood and AMC.
Major investment by Nasdaq signals growing institutional acceptance of tokenized securities, potentially reshaping market infrastructure and trading paradigms.
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Key Takeaways & Evidence Grounding
- Nasdaq's venture arm invested $100 million in Kraken parent Payward.
- Partnership aims to launch tokenized equities (Nasdaq Equity Tokens) in Q2 2027.
- Payward valuation set at $21 billion following the investment.
- Payward will adopt Nasdaq's market-surveillance technology across its venues.
- Investment expands on a previously announced partnership to test Nasdaq Equity Tokens.
Connected Companies & Entities
4 Entities mapped“Nasdaq's venture capital arm is investing $100 million in Kraken parent Payward.”
“Payward will also adopt Nasdaq’s market-surveillance technology across its trading venues, including crypto and tokenized equities, as the K...”
“The latest deal comes amid a spat between the CEOs of Robinhood and AMC, focused on the brokerage offering tokenized versions of AMC shares ...”
“The latest deal comes amid a spat between the CEOs of Robinhood and AMC, focused on the brokerage offering tokenized versions of AMC shares ...”
Ontology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
SEC Clears Path for Tokenized Stocks, Enabling 24/7 Trading
The US SEC has issued a five-year 'Innovation Exemption' allowing temporary trading of tokenized US NMS stocks on permissioned venues (TSVs), effective immediately. Conditions include full shareholder rights (dividends, voting), issuer veto, public auditable smart contracts on permissionless ledgers, and trading halts aligned with primary exchanges. Volume caps limit each venue to 75 large stocks and 0.25% of average daily volume, with KYC requirements and exemptions for certain liquidity providers from dealer classification. SEC Chairman Paul Atkins frames this as interim toward permanent rules, with public consultation launched. This follows the Senate's failure to advance the CLARITY Act and the CFTC's similar rule. The move may enable 24/7 trading, reduce minimum investment sizes, improve global access, and benefit firms like Coinbase, Robinhood, Bullish, and Equiniti, as evidenced by crypto-exposed stock rallies.
SEC Allows Tokenized Stock Trading via Innovation Exemption
The U.S. SEC issued a five-year innovation exemption allowing trading of tokenized NMS stocks on permissioned, AMM-based venues (TSVs). These venues must deploy on public blockchains, limit volumes and symbols, and obtain issuer consent. The move follows the CLARITY Act setback and enables traders to use stablecoins. Companies like Securitize, Bullish, Superstate, Dinari, and Fairmint are positioned to benefit, while Robinhood, Kraken, and Ondo may need to adjust. The SEC seeks comment, aiming to establish a durable framework.
Tokenized Stocks Surge Overseas, US Companies Object
Trading in tokenized stocks is growing rapidly in international markets, driven by platforms like Robinhood Chain and Hyperliquid, even as major U.S. companies such as Goldman Sachs, Microsoft, and Alphabet object to having their shares tokenized on the OKXICE venue. Bitwise's quarterly report shows tokenized stock volume on Robinhood Chain surged to $11.31 billion in September, and tokenized equities are the fastest-growing category on Solana. The objections stem from concerns over control, voting rights, and 24/7 trading. The SEC recently issued an innovation exemption creating a temporary U.S. pathway, but companies can opt out. Industry analysts note the divergence is between investors and issuers, with potential benefits like expanded investor base and global market access if companies embrace it.
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