Payward: Nasdaq Invests $100M at $21B Valuation

Nasdaq committed $100M to Payward, parent of Kraken, at a $21B valuation in a direct equity deal that underscores accelerating crypto exchange funding rounds and Nasdaq cryptocurrency investments. The round builds on Payward valuation history from the past year while Kraken Financial secured its Federal Reserve master account earlier in 2026, tightening institutional ties in digital asset markets. Bitcoin trading infrastructure stands to gain from the capital infusion as exchanges scale compliance and liquidity tools.