Fri, 11 September 2026
Exchanges10 September 2026

Nasdaq invests $100 million in Kraken parent Payward

Nasdaq is putting $100 million into Kraken's parent company Payward, at a $21 billion valuation, to build tokenised shares. What it means for xStocks in Europe. Source: CoinDesk/Fortune, 10 September 2026.

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Nasdaq is investing $100 million (about €86.1 million, ECB reference rate 10 September 2026: 1 USD = 0.86088 EUR) in Payward, the parent company of crypto exchange Kraken. The deal, announced on 10 September 2026, values Payward at $21 billion (roughly €18.08 billion) and is meant to lay the groundwork for 'Nasdaq Equity Tokens': tokenised versions of Nasdaq-listed shares. A formal launch isn't expected before the second quarter of 2027 at the earliest. If you already trade US shares through Kraken's existing xStocks service, nothing changes today: that product has been live since September 2025 and runs through a different Kraken entity than the one behind this new partnership.

What was actually announced

Nasdaq is taking a $100 million stake in Payward, the holding company behind Kraken. Co-CEO Arjun Sethi says the goal is to get Nasdaq-listed shares running on 'rails that never close, with shareholder rights intact.' Nasdaq itself frames the deal around 'how efficiently and seamlessly capital and assets move across the financial system.' Together they're meant to build Nasdaq Equity Tokens (NETs): tokens that track a Nasdaq share's price, independent of the traditional exchange's trading hours.

Two things haven't been filled in yet. There's no date for European availability, and no licence or regulator has been named under which NETs would operate in the EU. Both sources for this article — CoinDesk and Fortune — report only the US announcement and the target of a launch in Q2 2027 at the earliest.

What this means for xStocks in Europe

xStocks, Kraken's existing service for tokenised US shares, is a different product from the newly announced NETs, and it's already live for EU customers.

Which Kraken entity runs xStocks in the EU

xStocks operates in the EU through Payward Europe Digital Solutions (CY) Limited (PEDSL), licensed (no. 342/17) by the Cypriot regulator CySEC. That's a different authorisation from Kraken's MiCA crypto licence, which sits with the Irish entity Payward Europe Solutions Limited — as we covered in Kraken and MiCA: why the Irish EU licence matters now. Buy bitcoin or ether on Kraken and you're covered by the Irish MiCA authorisation. Buy a tokenised Apple or Tesla share via xStocks, and you fall under a separate Kraken entity's Cypriot investment licence. The tokens themselves are issued by Backed Assets (JE) Limited, a company linked to Switzerland/Liechtenstein, not by Kraken.

What stays the same

Nothing changes for xStocks today: no new terms, no extra shares, no confirmed link to the Nasdaq deal. Nasdaq's $100 million is going into a product that still has to be built.

Why Nasdaq is doing this

Nasdaq isn't the only major exchange exploring tokenisation: the same coverage points to New York Stock Exchange plans for 24/7 trading. For a traditional exchange, investing in a crypto exchange like Kraken is a way to gain tokenisation experience without building a platform from scratch — part of a broader trend in which established players such as DTCC are launching their own tokenisation initiatives, as we described in DTCC tokenises stocks and government bonds on the blockchain.

Risks and what's still unclear

Payward cites 'shareholder rights intact' as a goal for NETs — that's a promise about a product still under construction, not a confirmed feature of a working one. With the existing xStocks, you're buying a certificate that tracks a share's price, not the share itself. How voting rights and dividends are handled varies by provider and isn't covered in this article's sources — ask Kraken directly before you invest. Even the US regulator hasn't moved on stock tokenisation without delay: the SEC already postponed a decision on it in May 2026, as we reported in SEC delays decision on stock tokenisation.

Kraken on Cryptocode

Do you use Kraken yourself, or are you considering it? We have a running affiliate deal with Kraken (10% cashback on trading fees) — see the current terms on our Kraken page. Opening an account through our link earns us a commission; that changes nothing about the fees you pay or the analysis above. Crypto and tokenised-share prices are volatile — this article is not investment advice.

Frequently asked questions

Can I already buy Nasdaq shares as tokens on Kraken?

No. Nasdaq Equity Tokens have been announced but not launched; Payward is targeting Q2 2027 at the earliest.

Is xStocks the same as the new Nasdaq partnership?

No. xStocks is an existing product that has run in the EU since September 2025, through a Cypriot Kraken entity with its own licence. The Nasdaq deal funds a new, not-yet-launched product.

Does xStocks carry the same protection as my bitcoin on Kraken?

No. Crypto purchases on Kraken fall under the Irish MiCA authorisation held by Payward Europe Solutions Limited. xStocks runs through a different entity (Payward Europe Digital Solutions) under a Cypriot CySEC investment licence — a different regime with different rules.

Sources

#kraken#nasdaq#payward#xstocks#tokenized stocks#exchanges