Nasdaq commits $100 million to Payward to accelerate tokenized stock trading launch

Nasdaq is putting fresh capital behind its crypto partner, with Nasdaq Ventures agreeing to invest $100 million in Payward, the parent company of Kraken, as part of a deepened relationship focused on always-on market infrastructure and tokenized equities. The deal builds on the exchanges' existing tie-up and gives Nasdaq direct economic exposure to the infrastructure provider it has chosen for its tokenization push.

Press reports citing Bloomberg and CNBC put Payward's valuation in the deal at roughly $21 billion, though that figure comes from reporting rather than a number Nasdaq itself disclosed in its announcement. Within Nasdaq, the collaboration is led by Digital Liquidity Networks (DLN), the unit responsible for building the always-on infrastructure needed to move capital, assets, and liquidity more efficiently across markets.

The companies are working toward launching Nasdaq Equity Tokens, known as NETs, with an expectation to go live in the second quarter of 2027. As part of the expanded relationship, Payward has also agreed to adopt Nasdaq's market surveillance technology across its trading venues, spanning crypto, equities, tokenized equities, futures, and options. Kraken separately already offers a tokenized-stock product called xStocks, a legally distinct, third-party-issued offering rather than a Nasdaq-controlled one, so the two products sit alongside each other on the same underlying vendor relationship rather than competing across different owners.

If the rollout proceeds on schedule, a Nasdaq-backed tokenized equity product could push traditional exchanges further into round-the-clock trading, fractional ownership, and faster settlement, an area where crypto-native platforms have had a head start. Market participants could watch for regulatory clarity on tokenized securities, how the DLN buildout progresses toward the 2027 target, and early adoption signals from issuers and investors before the launch could reshape how equities trade outside normal market hours.