According to reports, Nasdaq Inc. is set to invest $100 million in Payward, the parent company of the cryptocurrency exchange Kraken.
Although the agreement has yet to be publicly announced by either party, it is expected to facilitate the development of infrastructure for tokenized stocks, as reported by Bloomberg on Thursday, citing sources familiar with the matter. This deal reportedly values the cryptocurrency firm at $21 billion.
The investment reflects Wall Street’s growing interest in Bitcoin and the broader cryptocurrency ecosystem. Throughout this year and the previous year, Kraken has established partnerships with traditional finance firms, including a notable agreement in March with S&P Dow Jones Indices to launch a new derivative contract on the decentralized exchange Hyperliquid.
The Bloomberg report states that Kraken will provide distribution for Nasdaq’s tokenized stocks on its platform, enabling customers to own stocks listed on Nasdaq in a tokenized format.
The increasing attention from Wall Street towards cryptocurrency companies and their infrastructure is particularly due to an interest in the tokenization of traditional assets such as stocks.
In January, the New York Stock Exchange announced plans to develop a platform that would permit traders to buy and sell tokenized versions of U.S.-listed equities and exchange-traded funds, with trades settled on the blockchain, operating 24/7.
Recently, Payward, the parent company of Kraken, entered into a partnership with fintech company SoFi Technologies. This arrangement allows SoFi customers to route their cryptocurrency orders through Kraken’s institutional trading platform and list SoFi’s stablecoin on the exchange.
Under this agreement, SoFi will direct its digital asset order flow to Kraken Prime, which is Kraken’s prime brokerage division that launched in 2025.
As with other cryptocurrency exchanges, Kraken is advancing into the traditional finance sector, providing users the capability to trade a variety of assets, including stocks and bonds. The firm promotes its application as a comprehensive platform for all financial needs.
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