S&P Global Leads $110M Kaiko Funding Round to Expand…

Why Is S&P Global Backing Kaiko?

S&P Global has led a new investment in crypto market data provider Kaiko, extending the Paris-based company’s Series B funding to $110 million as institutional finance builds infrastructure for tokenized securities and round-the-clock markets. The round also included BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments. Kaiko plans to use the funding to expand its digital asset market data business while developing data infrastructure for financial products moving onchain. The company is targeting tokenized Treasury bills, money market funds, equities and bonds, putting its next phase of growth closer to traditional capital markets than purely crypto-native trading. The investors will also participate in a Kaiko-led industry working group focused on the data and infrastructure needed to support tokenized financial products. CEO Ambre Soubiran said the group brings together firms involved in pricing, trading, capital allocation and blockchain infrastructure, giving Kaiko partners across several parts of the institutional market it is targeting.

How Is Kaiko Expanding Beyond Crypto Market Data?

Kaiko has spent much of 2026 expanding the infrastructure around its core pricing and market data operations. The company acquired MiCA-regulated onchain infrastructure provider Cometh in May, followed by U.S. digital asset data provider Amberdata in June. Earlier in the year, it partnered with Bloomberg to bring licensed financial data onchain. Taken together, those deals point toward a business increasingly focused on connecting institutional data, tokenized assets and blockchain-based financial infrastructure. That matters because tokenized securities require many of the same data functions as traditional markets. Funds and trading venues need reliable pricing, reference data, corporate information and valuation inputs if bonds, equities or money market instruments are to trade and settle on blockchain networks.

Investor Takeaway

Kaiko’s funding shows that institutional investors are putting capital behind the infrastructure needed to support tokenized securities, not only the tokens themselves. Market data, pricing and settlement connectivity could become increasingly valuable if regulated financial assets begin trading onchain at scale.

Why Are Traditional Market Operators Moving Onchain?

Kaiko’s expansion coincides with several major U.S. financial infrastructure firms moving tokenized securities closer to production. Intercontinental Exchange, the parent of the New York Stock Exchange, signed an agreement with Securitize in March to develop infrastructure and standards for tokenized securities. The agreement followed ICE’s January plan for a tokenized securities platform designed to support 24-hour trading and instant settlement. Nasdaq also received SEC approval in March to pilot tokenized stocks and exchange-traded funds alongside conventional securities. The exchange operator separately partnered with Kraken parent Payward on infrastructure intended to connect regulated equity markets with onchain tokenized shares. The Depository Trust & Clearing Corporation has moved even closer to live deployment. In July, DTCC conducted production trades using DTC-tokenized assets with more than 30 financial firms ahead of a planned October launch of its tokenization service. DTC, a DTCC subsidiary, provides custody and asset servicing for approximately $114 trillion in securities, meaning even limited blockchain adoption within its infrastructure could bring tokenization into established institutional workflows rather than leaving it confined to experimental crypto markets.

Could Tokenization Push U.S. Markets Toward 24/7 Trading?

The infrastructure race is increasingly connected to another question facing U.S. markets: whether equities should eventually trade around the clock. Blockchain-based systems can support continuous trading and near-instant settlement, removing some of the operational constraints associated with fixed exchange sessions and traditional settlement cycles. That makes tokenization attractive for firms looking to extend market hours, but it also creates new requirements around liquidity, surveillance, resilience and investor protection. The SEC is scheduled to hold a roundtable on September 17 focused on preparations for 24-hour U.S. equity trading. Topics include market readiness, operational resilience, investor safeguards and the possibility of eventually moving beyond 24-hour weekday trading toward fully continuous markets. For Kaiko, that creates a potentially larger addressable market. If tokenized stocks, bonds and funds move from pilot programs into regular institutional trading, financial firms will need standardized data that can operate across both conventional exchanges and blockchain networks. The $110 million Series B therefore gives Kaiko more than additional capital for crypto data. It gives the company resources and institutional partners at a point when Wall Street is starting to build the systems that could determine how tokenized securities are priced, traded and settled.