S&P Global Backs Kaiko as Series B Tops $110M

S&P Global has made a strategic investment in Kaiko, extending the Paris-based crypto market data provider’s Series B round to $110 million as it builds out infrastructure aimed at tokenized financial markets.

The round attracted a mix of traditional finance, trading and market-technology investors. Kaiko said the additional funding will support its existing digital asset market data business and help power a broader push into “onchain financial infrastructure,” including data services for tokenized Treasury bills, money market funds, equities and bonds.

Key takeaways

• S&P Global’s investment lifts Kaiko’s Series B to $110 million, signaling stronger institutional backing for crypto market data and tokenization infrastructure.
• Kaiko plans to use the capital both for its core pricing/trading data business and for data services tied to tokenized Treasuries, money markets, and tokenized equities and bonds.
• The funding round includes major market, banking and infrastructure players, who will also collaborate with Kaiko on an industry working group for tokenized-product data standards.
• Kaiko’s expansion aligns with a broader Wall Street shift toward blockchain-based trading, settlement, and collateral workflows.

Funding expands Kaiko’s institutional data ambitions

According to Kaiko, the extended Series B is designed to strengthen two pillars of its business. First, it continues the company’s work providing institutional-grade digital asset market data. Second, it supports a move toward onchain financial infrastructure—particularly around the availability, governance, and delivery of market data for tokenized financial products.

Kaiko’s list of participating investors reflects that strategy. The round included BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar, and Susquehanna Private Equity Investments, alongside S&P Global.

In addition to the capital injection, Kaiko said participants will join a Kaiko-led industry working group focused on developing data and infrastructure for tokenized financial products.

Kaiko CEO Ambre Soubiran said the investors span sectors connected to digital asset markets—pricing, trading, capital allocation, and blockchain development—and would work as partners toward building infrastructure for institutional onchain finance.

Why tokenized-market data is becoming a battleground

Tokenization efforts are often framed around settlement and trading mechanics, but the operational backbone is frequently less visible: consistent, reliable market data. For institutional participants, data quality affects everything from best execution and risk controls to compliance workflows.

Kaiko’s stated focus on data services for tokenized Treasury bills, money market funds, and tokenized equities and bonds underscores a practical challenge for the market. Tokenized products still need market infrastructure that can deliver pricing and reference data in a way institutions can integrate into existing systems.

That is also why Kaiko’s work is being positioned not just as “crypto data,” but as a bridge between digital asset market operations and the data requirements of traditional finance as tokenized products spread.

Kaiko’s recent acquisitions point to a broader platform build

The Series B extension follows a sequence of Kaiko moves intended to expand its institutional reach. In May, Kaiko acquired Cometh, an onchain infrastructure provider that is regulated under MiCA. In June, it acquired Amberdata, a US-focused digital asset data provider.

Earlier in the year, Kaiko also said it partnered with Bloomberg to bring licensed financial data onchain. The combination of partnerships and acquisitions suggests a deliberate shift toward aggregating data capabilities and distribution channels that could be reused across both crypto-native markets and tokenized securities use cases.

Earlier coverage from Cointelegraph noted Kaiko’s acquisition and consolidation efforts around Amberdata, alongside its collaboration with Bloomberg: https://cointelegraph.com/news/kaiko-acquires-amberdata-blockchain-data-consolidation.

Wall Street’s tokenization push keeps accelerating

Kaiko’s fundraising arrives as major market operators and financial infrastructure firms continue to expand blockchain-related activity for trading, settlement, and collateral management.

In March, Intercontinental Exchange (ICE) parent of the New York Stock Exchange signed an agreement with Securitize to develop infrastructure and standards for tokenized securities, building on an earlier January plan by ICE for a tokenized securities trading platform designed to support 24/7 trading and instant settlement. (See: https://cointelegraph.es/news/nyse-securitize-24-7-tokenized-securities-platform.)

That same month, Nasdaq received SEC approval to pilot trading tokenized stocks and ETFs alongside traditional securities, and it also partnered with Kraken parent Payward to develop infrastructure linking regulated equity markets with onchain tokenized equities. (Earlier coverage: https://cointelegraph.com/news/sec-approves-nasdaq-tokenized-trading-pilot and https://cointelegraph.com/news/nasdaq-kraken-issuer-centric-tokenized-equities.)

In July, the Depository Trust & Clearing Corporation (DTCC) conducted production trades using DTC-tokenized assets with more than 30 financial firms ahead of an expected October launch of its tokenization service. DTCC’s DTC unit provides custody and asset servicing for $114 trillion in securities, according to the article’s referenced context. (Earlier coverage: https://cointelegraph.com/news/dtcc-eyes-october-tokenized-securities-launch-with-dozens-of-wall-street-giants.)

Regulatory attention has also intensified as proposals for round-the-clock equities trading gain momentum. The SEC is scheduled to hold a roundtable on Sept. 17 focused on preparations for 24-hour trading in US equities, covering market readiness, operational resilience, investor protections, and whether 24/7 trading should expand further. The SEC agenda is available via the regulator’s announcement: https://www.sec.gov/newsroom/meetings-events/roundtable-preparations-24-hour-trading.

What investors and builders should watch next

With S&P Global’s participation and Kaiko positioning itself as a provider of data infrastructure for tokenized Treasuries, money markets, and tokenized equities and bonds, the next question is how quickly Kaiko can translate its data platform expansion into real deployments across institutional workflows. Readers should watch for updates on the industry working group’s output and for evidence of tokenized-product data services being integrated into trading, custody, and collateral systems ahead of any further regulatory milestones around 24-hour trading.