S&P Global backs Kaiko as Series B raises $110M

S&P Global has backed Kaiko with a strategic investment that extends the Paris-based crypto market data provider’s Series B round to $110 million. The funding is intended to deepen Kaiko’s digital asset market data services while accelerating its expansion into onchain infrastructure for tokenized finance.

Alongside Kaiko, the round includes major financial and market participants such as BNP Paribas, Bpifrance, Broadridge, Nasdaq Ventures, Royal Bank of Canada, and Coinbase Ventures, as well as trading and capital markets groups including DRW Venture Capital and Susquehanna Private Equity Investments. Technology and blockchain ecosystem investors also participated, including Stellar.

Key takeaways

• S&P Global’s investment lifts Kaiko’s Series B total to $110 million, signaling growing demand for institutional-grade digital asset and tokenized-market data.
• Kaiko says the capital will support both its established digital asset pricing and its expansion into onchain data services for tokenized Treasuries, money market funds, equities, and bonds.
• Participating investors will join a Kaiko-led working group focused on data and infrastructure for tokenized financial products—an effort aimed at aligning standards across institutions.
• The funding arrives as U.S. market operators and clearing infrastructure firms push further into blockchain-based settlement and tokenized trading pilots.

Kaiko’s Series B aims at tokenized-market data, not just crypto pricing

Kaiko positioned the round as a continuation of its strategy to build data infrastructure that can serve both conventional institutional markets and onchain finance. The company said it will use the investment to strengthen its core digital asset market data business, while also expanding into “onchain financial infrastructure” use cases.

Specifically, Kaiko’s roadmap includes data services for tokenized Treasury bills, money market funds, and tokenized equities and bonds. For institutional participants, the practical challenge is rarely the tokenization itself—it’s reliable market data, pricing, reference data, and analytics that can be consistently used across platforms and settlement environments.

The investment is also framed as enabling a broader industry push. Kaiko said the participating investors will contribute to an industry working group led by the company, focused on developing data and infrastructure for tokenized financial products. That emphasis matters because tokenized-market adoption tends to stall when different institutions and venues rely on incompatible data formats, identification systems, and operational assumptions.

Wall Street’s tokenization push accelerates alongside institutional data needs

Kaiko’s funding lands during a period when major market operators and financial infrastructure firms are moving from experimentation toward operational implementations of blockchain-enabled workflows, including trading, settlement, and collateral management.

Earlier this year, Intercontinental Exchange (ICE)—the parent of the New York Stock Exchange—signed an agreement with Securitize to develop infrastructure and standards for tokenized securities. The deal builds on ICE’s earlier plan for a tokenized securities trading platform intended to support 24/7 trading and instant settlement.

In the same timeframe, Nasdaq received SEC approval to pilot trading tokenized stocks and ETFs alongside traditional securities. Nasdaq also partnered with Kraken’s parent, Payward, to develop infrastructure intended to connect regulated equity markets with onchain tokenized equities.

Infrastructure builders are also testing production-like workflows. In July, the Depository Trust & Clearing Corporation (DTCC) conducted production trades using DTC-tokenized assets with more than 30 financial firms ahead of a planned October launch of a tokenization service. DTCC describes DTC as providing custody and asset servicing for $114 trillion in securities, underlining the scale at which tokenization is being explored.

Regulators are watching 24/7 equity trading readiness

As tokenized-market infrastructure progresses, U.S. regulators are turning attention to whether markets can operate effectively beyond standard hours. The SEC has scheduled a roundtable for Sept. 17 focused on preparations for 24-hour trading in U.S. equities.

The agenda includes market readiness, operational resilience, investor protections, and potential future expansion toward 24/7 trading. For market participants, that kind of regulatory attention tends to influence how quickly tokenization efforts translate into larger-scale adoption—especially where operational controls, disclosure, and investor protections must fit new trading and settlement timelines.

Kaiko’s positioning is closely aligned with these concerns. As markets move toward faster and more continuous settlement, institutions need consistent data to support monitoring, reporting, risk management, and post-trade reconciliation across both traditional and onchain environments.

Kaiko’s acquisitions and partnerships show a clear institutional push

The Series B extension follows several recent moves by Kaiko aimed at strengthening its institutional footprint. In May, Kaiko acquired Cometh, described as a MiCA-regulated onchain infrastructure provider. In June, Kaiko also acquired Amberdata, a U.S.-based digital asset data firm.

Earlier, Kaiko said it partnered with Bloomberg in February to bring licensed financial data “onchain,” reflecting an intent to integrate established market data sources into distributed systems. These steps help explain why a larger institutional investor base is participating now: the company is building a data stack designed to serve more than one class of market—spanning crypto and tokenized traditional assets.

Kaiko CEO Ambre Soubiran said the investors cover multiple areas tied to digital asset markets, including pricing, trading, capital allocation, and blockchain development. She described them as partners in building infrastructure for institutional onchain finance, a signal that the firm’s current funding is meant to be more than financial support—it is also intended to connect Kaiko with decision-makers responsible for implementing institutional-grade tokenized workflows.

What to watch next is whether Kaiko’s working group efforts produce concrete interoperability and data standardization outcomes for tokenized financial products—and how regulators’ focus on 24-hour equity trading readiness shapes timelines for real-world adoption.