Nasdaq Ventures invests $100M in Kraken parent Payward at a $21B valuation
- Raised
- $100M
- Valuation · +5% vs Strategic investment
- $21B
- Lead investor
- Nasdaq Ventures
- Place in VP50
- #32
What happened
Nasdaq's venture capital arm agreed to invest $100 million in Payward, the parent company of the crypto exchange Kraken, at a valuation of $21 billion. Bloomberg first reported the investment on September 10, 2026, citing people familiar with the matter. CNBC reported the same day that the investment came with a partnership between the two companies. The round was a strategic investment, with $21 billion as the post-money valuation.
According to Bloomberg, Payward has been building infrastructure that supports trading stocks in tokenized form. CNBC said Nasdaq and the crypto firm planned to launch tokenized equities in 2027 and to build market infrastructure and surveillance technology to support them. The excerpts read did not state the share price, the share class, the size of the stake or other terms of the investment. They also did not say whether other investors took part, and Nasdaq Ventures was the only investor named.
Key points
- Nasdaq's venture arm agreed to invest $100M in Payward, the parent of Kraken.12
- The investment valued Payward at $21B, per Bloomberg's headline.1
- CNBC said the partnership targeted a 2027 launch of tokenized equities.2
- CNBC said the partners planned to build market infrastructure and surveillance technology for tokenized stocks.2
Why it matters
A $21B valuation from a strategic investor gives Payward a fresh reference price for its shares, set by an exchange operator rather than a financial fund.
The money came with a commercial tie to tokenized equities, so the investor is also a partner in a product line that CNBC said was aimed at 2027.
The sources read gave the amount and valuation but not the share price, share class or stake size, which limits comparison with earlier rounds.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Funding round | Sep 25, 2025 | $15B | $600M | DRW Venture Capital, HSG, Jane Street, Oppenheimer Alternative Investment Management, and Tribe Capital |
| Strategic investment | Nov 18, 2025 | $20B | $200M | Citadel Securities |
| Strategic investment | Sep 10, 2026 | $21B | $100M | Nasdaq Ventures |
Updated
Fact-check
- Nasdaq's venture arm agreed to invest $100 million in Payward, the parent of Kraken.Stated in the titles of [1] Bloomberg and [2] CNBC in the event data and in the writer's extracts; both pages returned 403 to the checker.Partly verified
- The investment valued Payward at $21 billion, a strategic investment with $21 billion post-money.Stated in [1] Bloomberg's headline and in the event's round record; the article body could not be read by the checker (403).Partly verified
- Bloomberg first reported the investment on September 10, 2026.Both [1] Bloomberg and [2] CNBC are dated September 10, 2026 in the event data and research notes; neither page could be opened by the checker.Partly verified
- Nasdaq and Payward planned to launch tokenized equities in 2027 and build market infrastructure and surveillance technology.The 2027 launch is in [2] CNBC's headline; the infrastructure and surveillance detail rests on the writer's extract and research notes. CNBC returned 403 to the checker.Partly verified
Sources
- [1]Bloomberg (opens in a new tab)Nasdaq Invests in Kraken Parent Payward at $21 Billion ValuationNasdaq Inc. is investing $100 million in Payward, the parent of cryptocurrency exchange Kraken
- [2]CNBC (opens in a new tab)Nasdaq invests $100 million in Kraken parent, eyeing 2027 launch of 'tokenized' stock tradingNasdaq's venture capital arm is investing $100 million in Kraken parent Payward
