Nasdaq has invested $100 million in Payward, the parent company of cryptocurrency exchange Kraken, at a $21 billion valuation, according to people familiar with the deal. The investment deepens an infrastructure partnership between the two operators that was first announced in March 2026.
Nasdaq made the investment through its venture capital arm and is taking a strategic stake rather than a passive position. The valuation represents a significant increase from Payward's previous funding rounds and places the exchange operator among the largest private cryptocurrency companies by paper value.
Payward operates Kraken, one of the largest cryptocurrency spot and derivatives exchanges by trading volume. The company also runs Payward Crypto, a digital asset custody and settlement platform used by institutions. Kraken has held a top-five ranking by spot volume among centralized exchanges for the past four years.
The March partnership agreement between Nasdaq and Payward focused on data feeds, market surveillance tools, and clearing infrastructure. Nasdaq provides connectivity services to crypto trading venues and has been expanding its role in the digital asset ecosystem through both technology partnerships and equity stakes. Regulatory clarity has improved in several major jurisdictions since early 2026.
Payward has not yet published an official announcement of the investment. Bloomberg reported the deal on September 10, 2026. Nasdaq declined to comment on specific investment details when reached.
The $21 billion valuation places Payward at roughly 2.4 times the valuation it held during its Series D funding round in 2022, which closed at $8 billion. Kraken has remained a private company despite repeated speculation about a public listing; no timeline for an IPO has been announced.
Nasdaq's direct equity stake in an exchange operator is uncommon but not unprecedented in traditional markets. The exchange operator's venture arm has invested in blockchain infrastructure, custody providers, and settlement networks over the past three years as part of a broader strategy to capture market share in digital asset trading and clearing.
The number to watch is whether Payward raises an additional funding round within the next 12 months at a higher valuation, which would validate Nasdaq's entry price and could attract other institutional investors into the company's cap table.
