S&P Global leads $110M round to expand Kaiko’s onchain data

S&P Global led a strategic investment that extended Paris-based Kaiko’s Series B to $110 million, Kaiko announced. The company said the funding is aimed at accelerating its digital-asset market data business and building onchain infrastructure for tokenized securities.

The financing 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. Several participating firms will join a Kaiko-led industry working group to develop data standards and infrastructure for tokenized financial products.

Kaiko plans to use the capital to support its core market data products and to expand onchain data services for tokenized Treasury bills, money market funds, equities and bonds. The company has expanded its institutional offerings through recent deals, acquiring MiCA-regulated onchain infrastructure provider Cometh in May and U.S. digital-asset data provider Amberdata in June. In February it formed a partnership to bring licensed financial data onchain.

Industry participants have announced multiple tokenization initiatives. Intercontinental Exchange signed an agreement with Securitize to develop infrastructure and standards for tokenized securities and outlined plans for a trading platform intended to support 24/7 trading and instant settlement. Nasdaq received SEC approval to pilot trading tokenized stocks and ETFs alongside traditional securities and partnered with Payward, parent of the Kraken exchange, to connect regulated equity markets with onchain tokenized equities. The Depository Trust & Clearing Corporation ran production trades using DTC-tokenized assets with more than 30 financial firms ahead of a planned October launch for its tokenization service. DTC, the DTCC subsidiary that provides custody and asset servicing, handles roughly $114 trillion in securities.

Regulators have scheduled sessions to examine operational readiness for round-the-clock markets. The U.S. Securities and Exchange Commission set a Sept. 17 roundtable to review preparations for 24-hour trading in U.S. equities, including operational resilience, investor protections and possible changes to trading hours.

Kaiko said the new funding and industry partners will support standardizing pricing and trading data for tokenized products and scaling infrastructure to meet institutional requirements for reliability, governance and compliance. Kaiko CEO Ambre Soubiran noted that combining traditional financial data with onchain information is a priority as institutions seek consistent, auditable data sources for tokenized markets.