Nasdaq Targets 2027 for Tokenized Equities as NYSE and Blockchain.com Sign MOU to Explore 24/7 Access

Nasdaq plans to launch Nasdaq Equity Tokens in the second quarter of 2027, according to CFO Sarah Youngwood's remarks as reported by MarketBeat. The tokens are meant to retain the underlying shareholder rights and trade within Nasdaq's existing unified liquidity pool rather than through liquidity-fragmenting wrappers . Speaking at a conference hosted by Autonomous, Nasdaq President Tal Cohen said the token would be issuer-sponsored and backed one-for-one by the underlying security .

The token is one piece of a broader always-on push. Nasdaq today runs its equity markets 16 hours a day, from 4 a.m. to 8 p.m. Eastern, and the 23/5 model is a future plan. Cohen said roughly 10% of U.S. equity activity happens outside regular hours, with only about 1% to 2% in the overnight window when Nasdaq is closed. Nasdaq has put the serviceable market for always-on initiatives at $3 billion to $6 billion by 2030, its own estimate . Kraken parent Payward, in which Nasdaq Ventures has invested, is expected to distribute the token and has adopted Nasdaq's surveillance technology .

On the other side of the market, Blockchain.com and NYSE, owned by Intercontinental Exchange, signed a memorandum of understanding covering distribution of tokenized U.S.-listed shares and ETFs. This is an agreement to explore, not a live service: it depends on NYSE launching its planned alternative trading system and it remains subject to regulatory approval. No launch date or target countries were given.

For context on Nasdaq's business mix, Youngwood said nearly 80% of revenue now comes from non-trading businesses, spanning indexes, market technology, regtech, data and financial-crime tools . Watch the Q2 2027 token timeline, how regulators treat tokenized shares, the review of Nasdaq's pending LeveL deal, and whether NYSE's venue launches and the MOU becomes a definitive agreement.