S&P Global has led a strategic investment in crypto market-data provider Kaiko, bringing the company’s extended Series B funding round to $110 million and adding a group of major financial and market-infrastructure firms to its shareholder base.
Kaiko said the financing will fund its established digital-asset data business while supporting new infrastructure for onchain capital markets, where financial assets and transactions are recorded and settled through blockchain networks. The company did not disclose its valuation following the extension.
The new participants include BNP Paribas, Bpifrance, Broadridge, Canton Foundation, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia also joined the round.
The investment places S&P Global, Nasdaq Ventures, BNP Paribas and Royal Bank of Canada alongside a specialist crypto-data provider as institutions prepare for a market in which pricing, liquidity and reference data may need to cover both centralized venues and blockchain-based financial products.
Industry group targets tokenized-market infrastructure
The companies joining the funding extension will participate in a strategic industry working group chaired by Kaiko. The group will focus on data and infrastructure for tokenized markets, according to the company.
Tokenized markets refer to assets such as funds, bonds or other securities represented on blockchain networks. Their development has created demand for familiar pieces of financial-market plumbing: reliable prices, transaction data, valuation tools, benchmarks and systems that can track liquidity across multiple venues.
Kaiko’s latest funding round suggests that data providers could become a central part of that infrastructure. Trading and asset-management firms require consistent datasets to value products, build indices, monitor execution and meet internal risk requirements. Those demands become more complicated when assets trade across public blockchains, decentralized protocols and traditional trading venues.
The working group gives Kaiko a formal forum with banks, exchanges, infrastructure companies and blockchain organizations that are examining those problems from different parts of the market. BNP Paribas and Royal Bank of Canada bring banking-sector participation, while Broadridge operates technology used across capital markets. Nasdaq Ventures represents the investment arm of the U.S. exchange operator, and Canton Foundation is associated with a network designed for institutional financial applications.
Series B has more than doubled since 2022
Kaiko’s original Series B round raised $53 million in June 2022. Eight Roads led that financing, with Revaia, Alven, Point Nine, Anthemis and Underscore participating.
The latest extension means the total Series B financing has risen to $110 million, more than doubling the amount announced in the original round. The mix of participants has also shifted toward established market-infrastructure and financial-services organizations.
S&P Global’s involvement follows Kaiko’s work with S&P Dow Jones Indices, a division of S&P Global. Earlier this month, the companies launched the S&P Kaiko Digital Asset Indices, consolidating their crypto index products into a co-branded suite.
Crypto indices can be used as market benchmarks or as the basis for financial products that seek to track particular segments of the sector. Their usefulness depends heavily on the quality and consistency of the underlying market data, particularly in an asset class where trading is dispersed among many venues and liquidity can vary sharply between platforms.
By combining S&P Dow Jones Indices’ index business with Kaiko’s digital-asset datasets, the partnership connects a traditional benchmark provider with a firm focused on collecting and standardizing crypto-market information. The new funding gives that relationship a stronger strategic dimension.
Kaiko expands through integrations and acquisitions
Kaiko said it provides digital-asset market data covering more than 150 exchanges and protocols. The company collects and distributes information including pricing, trading activity and liquidity data, which can be used by institutions, data vendors and researchers seeking a standardized view of crypto markets.
During 2025, Kaiko integrated with Taurus, making its pricing and liquidity data available through the digital-asset infrastructure platform. Taurus provides technology used by financial institutions for digital-asset custody, tokenization and trading services.
Kaiko has also expanded through acquisitions. The company bought DeFi infrastructure provider Cometh and U.S. digital-asset data company Amberdata. Cometh’s technology is focused on decentralized-finance applications, while Amberdata provides data and analytics for digital assets and blockchain networks.
Those moves give Kaiko a wider footprint across centralized trading data, decentralized protocols and institutional technology systems. That coverage could be increasingly relevant if tokenized instruments begin trading across several types of blockchain and conventional financial infrastructure rather than in isolated markets.
Data quality becomes a competitive issue
The financing does not establish a timetable for new tokenized products or indicate that the participating institutions will adopt a single technical standard. It does show that several large financial and market-technology firms are willing to back a provider working on the information layer needed to operate such products.
Reliable pricing presents a practical challenge for onchain markets. A token may have limited trading activity, trade on multiple networks, or derive its value from an offchain asset whose reference price comes from established markets. Institutions seeking to use these instruments need ways to identify the relevant price, measure available liquidity and distinguish genuine transactions from unreliable market signals.
Kaiko’s strategy is built around supplying those tools while extending its data services into blockchain-based capital markets. With S&P Global leading the latest extension and a roster of banks, exchange-linked firms and infrastructure providers joining the round, the company is positioning itself where crypto data, index construction and tokenized finance increasingly overlap.
Explore how tokenized markets and institutional data infrastructure are evolving—discover more in our tokenized equities guide.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
