S & P Global supports Kaiko in completing $110 million Series B financing

S&P Global strategically invested in Kaiko to raise its Series B financing totaling US$110 million.

S&P Global has made a strategic investment in Paris-based cryptocurrency market data provider Kaiko, expanding its Series B financing to US$110 million. The move aims to build infrastructure for tokenized financial markets. This round of financing has attracted diversified investors from traditional finance, trading and market technology fields. Kaiko said the new funds will be used to support its existing digital asset market data business and help it expand into the field of "on-chain financial infrastructure", including providing data services for tokenized treasury bonds, money market funds, stocks and bonds.

Core Points

• S&P Global's investment brought Kaiko's total Series B financing to US$110 million, marking a further strengthening of institutional support for cryptocurrency market data and tokenized infrastructure.
• Kaiko plans to use the funds for both its core pricing/transaction data business and data services related to tokenized treasury bonds, money markets and tokenized equity bonds.
• Participants in this round of financing include major market, banking and infrastructure institutions, and they will also work with Kaiko to form an industry working group to develop data standards for tokenized products.
• Kaiko's pace of expansion is in line with Wall Street's general trend towards blockchain-based trading, settlement and collateral workflows.

Financing expands Kaiko's institutional data vision

According to Kaiko, the extended Series B financing aims to strengthen two pillars of its business: first, to continue to provide the company with institutional digital asset market data; and second, to promote the move towards on-chain financial infrastructure, especially around tokenized financial products. Work on the availability, governance and delivery of market data.

Kaiko's list of investors reflects this strategic direction. In addition to S&P Global, participants include BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Ventures, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity.

In addition to capital injections, Kaiko said these participants will join an industry working group led by Kaiko to focus on the data and infrastructure needed to develop tokenized financial products. Ambre Soubiran, CEO of Kaiko, said investors cover various sectors related to the digital asset market-including pricing, trading, capital allocation and blockchain development-and will serve as partners to build the infrastructure of finance on the institutional chain.

Why tokenization market data has become the focus of competition

Tokenization efforts often revolve around settlement and trading mechanisms, but their operational backbone is often less conspicuous: consistent and reliable market data. For institutional participants, data quality affects everything from optimal execution and risk control to compliance work processes.

Kaiko has made it clear that it will focus on data services for tokenized short-term treasury bonds, money market funds, and tokenized stocks and bonds, highlighting a practical challenge facing the market. Tokenized products still need to have a market infrastructure that can provide pricing and reference data in a way that institutions can integrate into existing systems.

This is why Kaiko's work is not only positioned as "cryptocurrency data", but is seen as a bridge between digital asset market operations and traditional financial data needs. With the popularization of tokenized products, this connection has become increasingly important.

Kaiko's recent acquisitions point to broader platform building

The expansion of Series B funding follows a series of initiatives by Kaiko aimed at expanding its institutional influence. In May this year, Kaiko acquired Cometh, a chain infrastructure provider regulated by MiCA. In June, it acquired Amberdata, a U.S. -focused digital asset data provider.

Earlier this year, Kaiko announced a partnership with Bloomberg to bring authorized financial data online. This combination of partnerships and acquisitions suggests that Kaiko is consciously turning to aggregated data capabilities and distribution channels that can be reused in native crypto market scenarios as well as tokenized securities use cases.

Wall Street's tokenization push continues to accelerate

Kaiko completes its financing as major market operators and financial infrastructure companies continue to expand blockchain-related activities in areas such as transactions, clearing and collateral management.

In March, Intercontinental Exchange Group (ICE), the parent company of the New York Stock Exchange, signed an agreement with Securitize to jointly develop infrastructure and standards for tokenized securities, a further move on top of ICE's previous proposal in January to support 24/7 trading and instant settlement.

In the same month, Nasdaq received approval from the U.S. Securities and Exchange Commission (SEC) to pilot trading of tokenized stocks and ETFs while trading traditional securities, and partnered with Kraken's parent company Payward to develop infrastructure for connected regulated stock markets and tokenized stocks on the chain.

In July, the Depositary Trusts and Clearing Corporation (DTCC) used DTC tokenized assets to conduct production transactions with more than 30 financial institutions ahead of the tokenization service expected to be launched in October. DTCC's DTC division provides custody and asset services for US$114 trillion worth of securities.

As all-weather stock trading proposals gain momentum, regulatory attention is also increasing. The SEC is scheduled to hold a roundtable meeting on September 17 to focus on preparations for 24-hour trading in U.S. stocks, covering market readiness, operational resilience, investor protection, and whether 24/7 trading should be further expanded.

What should investors and builders focus on next

With S&P Global's participation and Kaiko positioning itself as a data infrastructure provider for tokenized treasury bonds, money markets, and tokenized stock bonds, the next question is how quickly Kaiko can translate the expansion of its data platform into actual deployment in the institutional workflow. Readers should pay attention to updates to the output of the industry working group and observe whether tokenized product data services are integrated into trading, custody, and collateral systems ahead of further regulatory milestones, particularly around 24-hour transactions.