Crypto Data Firm Kaiko Lands $110M From S&P Global

Traditional Finance Buys a Stake in the Plumbing

Kaiko has extended its Series B to $110 million, with S&P Global leading the round. The investor list is the interesting part: BNP Paribas, Nasdaq Ventures, Coinbase Ventures, Royal Bank of Canada, Bpifrance, Broadridge, DRW Venture Capital, Susquehanna Private Equity Investments, the Canton Foundation and Stellar all participated, alongside existing backers Anthemis, Point Nine and Revaia.

• Round size: Series B extended to $110 million, more than double the original $53 million raised in June 2022
• Lead investor: S&P Global, with Nasdaq Ventures, BNP Paribas, RBC and Coinbase Ventures among the participants
• Coverage: Kaiko says it provides market data across more than 150 exchanges and protocols
• Use of funds: the core market data business plus data infrastructure for onchain capital markets
• Structural detail: new investors joined a Strategic Industry Working Group chaired by Kaiko, focused on data and infrastructure for tokenized markets

What Does a Crypto Market Data Provider Actually Sell?

Kaiko is not an exchange and not a trading firm. It collects, normalizes and distributes price and trade data from digital asset venues — the reference rates, order book snapshots and trade histories that other institutions need in order to value a position, settle a contract or build an index.

That is unglamorous work and it is also the layer that determines whether an asset class is investable by regulated institutions at all. A pension fund cannot mark a portfolio to a price it cannot source from an auditable feed. An index provider cannot publish a benchmark without a defensible methodology for what "the price" was at a given moment. Market data is the boring precondition for everything else.

Why Is S&P Global Leading This Round?

S&P Global's core business is exactly this: indices, ratings and data that other financial institutions build products on top of. Leading a strategic investment in a digital asset data provider, rather than building the capability internally, is a statement about how quickly they expect that data to be needed and how specialized the collection problem has become.

The rest of the cap table reinforces the read. Nasdaq Ventures and Broadridge are market infrastructure. BNP Paribas and RBC are global banks. DRW and Susquehanna are trading firms. Coinbase Ventures and Stellar come from the digital asset side. That is a coalition of the people who would need a shared data layer if tokenized instruments are going to trade between traditional and onchain venues — and the Strategic Industry Working Group that Kaiko will chair looks designed to formalize exactly that.

Does the 24/7 Market Argument Hold Up?

Kaiko's stated rationale is that digital asset markets run continuously and the infrastructure supporting them has to as well. It is a fair point and it is becoming less theoretical. Traditional venues have been extending hours, tokenized instruments settle outside banking windows, and the operational assumption that a market closes and books get reconciled overnight is quietly eroding.

That said, "24/7 data infrastructure" is a description of the problem rather than proof of a moat. The competitive question for Kaiko is whether venue coverage plus normalization methodology is defensible when the underlying trade data is, in principle, public. The answer institutions have historically given in traditional markets is yes — the value is in consistency, auditability and support, not in exclusive access. There is no particular reason digital assets should be different.

For readers following how this infrastructure is assembling, this round sits alongside Nasdaq's tokenized equity work with Payward and Circle's Tazapay acquisition. More in our crypto coverage.

Sources: CoinDesk — September 14, 2026; FinTech Global — September 14, 2026.