Nasdaq invests $100 million in Kraken parent Payward for tokenized stocks

Nasdaq (NDAQ) invested $100M in Payward, Kraken's parent company, valuing it at $21B. The deal allows Kraken to distribute Nasdaq's tokenized stocks, enabling digital stock ownership with traditional voting rights. NDAQ stock is trading at $94.22, flat over the past year.

Nasdaq's venture arm invested $100 million in Payward, Kraken's parent company, to develop tokenized stock trading by 2027. The partnership aims to build infrastructure for trading digital representations of stocks on blockchain. Payward's valuation reaches $21 billion according to Bloomberg. Nasdaq will provide market-surveillance tech for Payward's platforms.

Nasdaq's venture arm will invest $100 million in Payward, Kraken's parent, to develop infrastructure for trading tokenized equities. They plan to launch Nasdaq Equity Tokens (NETs) in Q2 2027, aiming for 24/7 trading while maintaining regulatory compliance. This follows a March partnership and SEC approval for tokenized stock trading.

Nasdaq (NDAQ) completed its acquisition of Dasseti, an AI-powered due diligence platform. Dasseti will be integrated into Nasdaq eVestment, extending its capabilities. Financial terms were not disclosed. Dasseti covers 17,000 asset managers with $34 trillion in assets under management. Nasdaq eVestment's Q2 2026 revenue was $133 million, up 5% YoY. The acquisition aims to enhance workflows and cross-selling opportunities, but lacks financial details for valuation.

Nasdaq completed its acquisition of Dasseti, an AI-assisted due-diligence platform covering 17,000 managers and $34T in assets. Intercontinental Exchange (ICE) is building private-credit data intelligence with Apollo. Nasdaq aims to deepen its network, while ICE focuses on security-level data. Both companies face integration and monetization risks. Nasdaq's short interest is 1.66% of float. Investors should watch renewal rates and revenue contributions.

Analysts from Jefferies and William Blair maintained Hold and Buy ratings on Toronto Dominion Bank (TD) and Nasdaq (NDAQ), respectively. TD's price target is C$165.00, while NDAQ's is $112.38. Both stocks have consensus ratings of Moderate Buy and Strong Buy, with potential upsides of 8.2% and 15.5%.