S&P Global leads Kaiko funding extension, doubling Series B to $110M

4 days ago 40

S&P Global has stepped in to lead a fresh round of financing for Kaiko, a crypto data provider that supplies pricing and market information to banks, exchanges and asset managers. The move marks a significant Kaiko funding extension, pushing the company’s Series B total to $110 million as demand grows for infrastructure that can track digital assets trading around the clock.

Key takeaways

S&P Global led a strategic investment that extended Kaiko’s Series B funding round to $110 million.
The new total is more than double the original $53 million Series B Kaiko announced back in 2022.
Strategic backers include BNP Paribas, Coinbase Ventures, Nasdaq Ventures, Royal Bank of Canada, Stellar, Bpifrance, Broadridge, Canton Foundation and Susquehanna Private Equity Investments, alongside existing shareholders Anthemis, Point Nine and Revaia.
The money is earmarked for Kaiko’s core market-data business and for infrastructure supporting tokenized markets that operate 24/7.
Participating institutions also joined a strategic industry working group chaired by Kaiko to help build the data standards needed for tokenized products.

S&P Global Leads $110 Million Extension of Kaiko’s Series B Funding

S&P Global led the strategic investment that pushed Kaiko’s Series B round to $110 million, the crypto data provider confirmed. The financing arrives at a moment when traditional finance and digital-asset infrastructure are colliding more directly than ever, with major institutions racing to build systems that can handle markets that never close.

Series B Funding More Than Doubles Original 2022 Raise

The scale of this Kaiko funding extension stands out. The $110 million total is more than twice the original Series B of $53 million that Kaiko announced back in 2022. At the time, Eight Roads’ Alston Zecha wrote that his firm had led that earlier raise, with Revaia and earlier backers Alven, Anthemis, Point Nine and Underscore also chipping in.

That jump in size says something about how far demand for institutional-grade crypto data has traveled in just a few years. What started as a niche need for exchange price feeds has turned into a broader infrastructure play tied to tokenized finance.

Participation from Diverse Strategic Investors

Kaiko reports that a wide swath of global finance and crypto players signed on as strategic investors, including BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia also came back for this round.

That breadth of participation matters. When banks, exchanges, index providers and trading firms all back the same data company, it signals a shared bet that market infrastructure for digital assets is about to become mission-critical rather than optional.

Purpose and Impact of the New Financing on Kaiko’s Market-Data Infrastructure

Kaiko plans to use the fresh capital to strengthen its core digital-asset market-data business while building out infrastructure aimed squarely at tokenized markets. The company said it covers more than 150 exchanges and protocols already, giving it a broad base to expand from.

Strengthening Market-Data for 24/7 Tokenized Markets

Why does round-the-clock data matter so much right now? Because tokenized versions of Treasury bills, money market funds, equities and bonds don’t follow the trading hours of legacy exchanges. Kaiko pointed to these instruments as examples of markets that will need data systems capable of running well beyond conventional trading windows.

This is one of the clearer signals in the announcement: institutions aren’t just experimenting with tokenization anymore—they’re preparing the plumbing that will let those products trade continuously. That shift has implications for regulators, custodians and market-makers alike, since real-time, always-on data becomes a baseline requirement rather than a bonus feature.

Innovations in Data Delivery to Smart Contracts

Kaiko’s infrastructure push centers on a few specific capabilities. The company said the financing will help it deliver proprietary data directly to smart contracts, convert onchain financial activity into standardized offchain data, and support confidential valuation and analytics work.

Turning messy, fragmented onchain activity into standardized offchain data is a technical problem that has held back institutional adoption of tokenized products for years. If Kaiko can make that conversion reliable at scale, it removes one of the friction points that keeps large financial firms cautious about deploying capital onchain.

Strategic Collaborations and Industry Initiatives

Beyond the capital itself, this round cements Kaiko’s position at the center of a growing web of institutional relationships built around tokenized market data and shared infrastructure standards.

Existing Partnership Between S&P Global and Kaiko

S&P Global’s decision to lead this round builds on a relationship that already existed. On September 1, S&P Dow Jones Indices and Kaiko launched the S&P Kaiko Digital Asset Indices, a joint platform combining both firms’ crypto index offerings. The suite debuted with more than 4,000 rates and indices, with Kaiko handling data sourcing and calculation while S&P supplies benchmark administration, licensing and distribution.

That existing product tie-up helps explain why S&P Global was willing to lead a strategic investment rather than simply remain a customer or partner. It’s a pattern increasingly common in crypto market infrastructure: legacy financial giants deepen ties with data providers through both commercial deals and direct equity stakes.

Formation of an Industry Working Group to Advance Tokenized Product Data

Participating institutions in this round also joined a strategic industry working group chaired by Kaiko. The company explains that the group aims to jointly tackle the data and infrastructure challenges of bringing tokenized products to production, instead of having every institution tackle them on its own.

This detail is worth watching closely. A working group chaired by a data vendor and populated by banks, exchanges and trading firms suggests the industry is trying to converge on shared standards before tokenized markets scale further. Whoever sets those standards early tends to shape how the entire ecosystem operates later on, which gives Kaiko a strategic foothold well beyond its role as a simple data supplier.

FAQ

Who led the extension of Kaiko’s Series B funding round?

S&P Global led the strategic investment that extended Kaiko’s Series B funding to $110 million.

How does the new financing benefit Kaiko’s business?

The financing will strengthen Kaiko’s market-data business and its infrastructure for 24/7 tokenized markets.

Which investors participated alongside S&P Global in the funding extension?

Strategic investors include BNP Paribas, Coinbase Ventures, Nasdaq Ventures, Royal Bank of Canada, Stellar, and existing shareholders like Anthemis, Point Nine, and Revaia.