S&P Global has led a strategic investment in Paris-based crypto market data provider Kaiko, extending its Series B funding round to $110 million. The capital will support Kaiko’s core digital asset data business and its development of onchain infrastructure for tokenized financial products, including Treasury bills, money market funds, equities, and bonds. Participating investors include BNP Paribas, Broadridge, Coinbase Ventures, Nasdaq Ventures, Royal Bank of Canada, Stellar, and Susquehanna Private Equity Investments.
The funding follows recent acquisitions by Kaiko of MiCA-regulated Cometh and US-based Amberdata, as well as a partnership with Bloomberg to bring licensed financial data onchain. This move coincides with broader industry efforts to integrate blockchain technology into traditional finance, highlighted by recent initiatives from Intercontinental Exchange, Nasdaq, and the Depository Trust & Clearing Corporation (DTCC) to develop standards and pilot trading for tokenized securities.
This investment signals a deepening integration between traditional financial data giants and specialized crypto infrastructure providers. By backing Kaiko, S&P Global is positioning itself within the emerging ecosystem for institutional onchain finance, leveraging Kaiko’s existing relationships with major banks and exchanges to standardize data access for tokenized assets. The formation of an industry working group suggests a coordinated effort to address the fragmented nature of current blockchain data services.
From a Market Structure perspective, the involvement of entities like Nasdaq Ventures and DTCC-adjacent firms indicates that regulatory and operational frameworks for tokenized securities are moving from theoretical pilots to production-ready infrastructure. The focus on compliance-heavy assets such as Treasury bills and equities highlights that institutional adoption is prioritizing regulated instruments over speculative tokens. Stakeholders should monitor the outcomes of the SEC’s upcoming roundtable on 24-hour trading, as regulatory clarity on market hours and settlement speeds will directly impact the viability of these new data infrastructures.
