Nasdaq to invest $100 million in Payward to develop tokenized stocks

Nasdaq Ventures has agreed to invest $100 million in Payward, the parent company of the cryptocurrency exchange Kraken. The investment, which reportedly values Payward at $21 billion, aims to deepen a strategic partnership focused on the development of tokenized equities.

A central component of this collaboration is the planned launch of Nasdaq Equity Tokens (NETs), expected in the second quarter of 2027. Unlike many existing synthetic crypto-assets, NETs are designed as blockchain-based representations of publicly traded stocks that would provide holders with actual shareholder rights, such as voting and governance protections.

As part of the agreement, Payward will adopt Nasdaq’s market-surveillance technology across its trading venues, which include crypto, equities, tokenized equities, futures, and options. This move seeks to bring traditional exchange-grade oversight to the digital asset space, facilitating the transition toward “always-on” 24/7 markets.