HedgeCo.Net — Nasdaq Ventures agreed on September 10 to invest $100 million in Payward, the parent of Kraken, at a $21 billion valuation, according to Bloomberg and CNBC, with Payward’s own press release confirming the $100 million agreement. The partnership advances Nasdaq’s Equity Tokens (NETs) framework and includes a new market-surveillance agreement, expanding a March 2026 collaboration, with tokenized equities expected to launch in the second quarter of 2027. Bloomberg, CNBC, and Payward independently printed the same $100 million check size; Bloomberg and CNBC both carried the $21 billion valuation.
The print is framed as a strategic investment agreement tied to tokenized-equity infrastructure rather than a completed IPO. Coverage does not state that an IPO closed.
This is an agreed strategic investment and product roadmap, not a public listing close. Mark the $100 million Nasdaq Ventures check, $21 billion valuation from Bloomberg/CNBC, NETs / surveillance expansion, and Q2 2027 tokenized-equities launch target as announced. Do not invent that an IPO priced or closed, a fully diluted share count, or secondary liquidity terms. The allocator object is exchange–crypto infrastructure equity at a late-stage private mark.