Nasdaq is putting $100 million behind Kraken's parent company, with tokenized stock trading on the agenda for 2027.

The exchange operator announced the investment agreement with Payward on September 10. Its venture arm will make the investment as the companies expand an existing partnership. Their Nasdaq Equity Tokens, or NETs, are expected to launch in the second quarter of next year. For traders accustomed to crypto markets that never close, the attraction is easy to understand: bringing more of that flexibility to stocks.

The companies still have work to do before ...