Nasdaq proposes to invest $100 million in Kraken parent company

Nasdaq plans to invest US$100 million in Payward, and the two sides plan to launch a tokenized version of the stock.

Nasdaq has proposed to invest US$100 million in Payward, the parent company of cryptocurrency exchange Kraken. The two companies also plan to launch tokenized versions of their shares. The following is the significance of the transaction and what still needs to be confirmed.

Core Points

• Nasdaq proposes to invest US$100 million in Payward.
• The proposed investment amount is US$100 million.
• Payward has been confirmed as the parent company of Kraken, a world-renowned cryptocurrency exchange.

Nasdaq proposes to invest US$100 million in Payward

On September 10, 2026, Nasdaq announced that its investment institution Nasdaq Ventures agreed to invest US$100 million in Payward. This announcement did not establish the fact that the investment had been officially completed.

This is an investment agreement, not a completed transaction. Nasdaq's announcement did not confirm that the funds had been delivered. This distinction is crucial. Although some media outlets use the word "investment" in their headlines, the company's own wording describes "agreement" rather than "completed transaction." According to a company announcement, Wells Fargo served as Nasdaq's only capital markets adviser in this transaction.

Payward appears in proposal as Kraken parent company

Nasdaq listed Payward as a recipient of funds in its proposal rather than directly pointing it to Kraken. Payward is the business owner above the Kraken brand. The announcement did not describe the acquisition of Kraken, nor did it mention changes to the way the exchange operates on a daily basis.

The deal builds on the existing ties between the two companies. Nasdaq and Payward are expected to launch "Nasdaq Equity Tokens"(NETs) in the second quarter of 2027. NETs are digital tokens designed to represent stock shares.

It should be emphasized that the second quarter of 2027 is only expected, not a confirmed launch date. Nasdaq said the previously established NET framework was designed to connect with Payward's existing tokenized stock product xStocks ecosystem, while retaining the established rights of issuers and investors. Nasdaq pointed out that its digital mobility network markets business is leading the cooperation. The goal of the next phase is to promote the issuance, trading and post-transaction processing capabilities of tokenized stocks around the world.

In addition, Payward will adopt Nasdaq surveillance technology at all of its trading venues. This covers cryptocurrencies, stocks, tokenized stocks, futures and options. Surveillance technology can help detect market abuses such as manipulation.

Payward co-CEO Arjun Sethi provides reasons for the prospects of the tokenized market. He said net settlements between sellers and sellers were reduced by about 98%, and clearing houses held US$10 billion to US$20 billion in collateral to cover the rest and waited a day for settlement. He added that shortening the settlement time from two days to one day freed up $3 billion in funds in 2024.

These data are Sethi's personal views and have not been independently verified based on clearing house data. Nasdaq President Tal Cohen linked the deal to market trust:

"This partnership advances our work on Nasdaq equity tokens and helps build a more connected financial system while maintaining the trust, transparency and integrity that underpins capital formation."

Investment terms and next steps to be verified

Several important details were missing from the announcement. The structure of the investment, the proportion of any equity that Nasdaq will hold and the intended use of the funds require source verification.

An unconfirmed number is currently circulating. According to unconfirmed reports, the investment values Payward at $21 billion, a figure quoted by CNBC and reported by Quartz. However, Nasdaq's own announcement did not disclose any valuation information.

As of now, no regulatory filings or approval orders have been issued. Readers should view the second quarter of 2027 as an expected release window rather than a guaranteed date. Tokenized stock products may face regulatory restrictions that affect how and where they operate.

Nasdaq's crypto footprint continues to grow in multiple aspects. Regulators recently approved the NASDAQ Texas Commodity Trust Rules, and NASDAQ's listing standards have also put pressure on companies such as DeFi Technologies. Tokenized assets are also closely related to broader stablecoin efforts, including PayPal's efforts to support PYUSD endorsing tokens.

For ordinary cryptocurrency users, nothing has changed today. If you hold funds in Kraken, this proposal will not currently change your account or your cryptocurrency. This is a long-term plan to bring stock-like tokens into the crypto orbit, and the real test will come when investments are closed and NETs are launched.