POPA ReconNasdaq іs investing in Kraken's Parent at a $21B Valuation
Nasdaq іs investing in Kraken's Parent at a $21B Valuation Per Bloomberg, Nasdaq is putting money into Payward at $21B - a new high, and the end of a strange round trip. Payward raised at $20B in November 2025, then Deutsche Börse bought a secondary stake in April at an implied $13.3B. By August, Forge pricing had it near $9.6B. What matters is who's writing the check. Nasdaq already partners with Payward on a gateway connecting tokenized equities to public blockchains, built on Kraken's xStocks - a product that's done $25B+ in volume in under a year. A stock exchange taking equity in a cr…
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