Nasdaq Inc. is investing $100 million in Payward, the parent company of crypto exchange Kraken, to build infrastructure for tokenized stocks that Kraken will distribute on its platform, according to Bloomberg reporting cited by Bitcoin Magazine.
The deal has not yet been publicly announced by Nasdaq or Payward. Mathew Di Salvo reported the investment on September 10, 2026.
The investment positions Kraken alongside traditional finance infrastructure providers as equities tokenization gains institutional backing. Earlier this year, the New York Stock Exchange announced a platform for tokenized US-listed equities and ETFs with 24/7 settlement capability on blockchain. In March, S&P Dow Jones Indices made a deal with Kraken for derivative contracts on Hyperliquid, a decentralized exchange.
Kraken has accelerated partnerships with traditional finance firms. Last week, Payward and SoFi Technologies announced a deal under which SoFi will send digital asset order flow to Kraken Prime, Kraken’s prime brokerage arm that launched in 2025. Kraken is positioning itself as a “primary account for everything,” allowing users to trade stocks, bonds and other assets on its platform.
The Nasdaq investment aligns with Kraken’s expansion beyond cryptocurrency trading into traditional asset classes. Payward’s valuation has been reported at $21 billion, according to market sources.
