Nasdaq and Payward partner on tokenized equities as Kraken’s parent eyes $21B valuation

Nasdaq and Payward, the parent company of crypto exchange Kraken, announced a partnership on March 9, 2026, aimed at building the plumbing for tokenized equities to move between regulated stock markets and blockchain platforms. The tie-up has circulated alongside claims of a $100 million Nasdaq equity investment at a $21 billion valuation, though what the companies actually agreed to is a technology and infrastructure arrangement, not a direct stake purchase.

What the partnership actually covers

The Nasdaq-Payward arrangement centers on creating a system where tokenized versions of publicly listed stocks can transition fluidly between Nasdaq’s regulated markets and on-chain environments. Nasdaq’s equity token design is expected to launch in the first half of 2027.

Payward’s xStocks tokenized equities product has already accumulated more than $25 billion in total transaction volume since launch, with more than $4 billion of that occurring on-chain.

A separate $100 million credit facility, worth flagging, was directed to Payward’s NinjaTrader unit from Gulf Partners Group. That figure likely contributed to some of the confusion around the nature of the Nasdaq relationship.

Payward’s valuation picture is more complicated than a single number

Payward filed confidentially for an IPO in November 2025 after raising $800 million at a valuation of roughly $20 billion. Deutsche Börse acquired a 1.5% stake in Payward for $200 million, a transaction that implies a valuation closer to $13.3 billion.

Payward has since postponed its IPO to mid-2027, citing market conditions. The company reported adjusted revenue of $508 million for Q2 2026, a 17% increase year-over-year, and platform assets reached $40 billion in the same period.

On the acquisition front, Payward is pursuing deals including Backed Finance, Magna, and Bitnomial, with individual transaction values reaching up to $600 million each.

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