Kaiko, the Paris-based crypto market data provider, has extended its Series B funding round to $110 million with a strategic investment led by S&P Global, the company announced Monday. BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments joined the round, alongside existing shareholders Anthemis, Point Nine and Revaia.
The extension revives a round originally closed in June 2022, when Kaiko raised $53 million led by Revaia. The new money arrives at a moment when traditional financial institutions are putting their own balance sheets behind the data plumbing that onchain markets run on. Kaiko supplies pricing, trade and order book data covering more than 150 exchanges and blockchain protocols, and its clients include banks, asset managers and trading firms that need a continuous feed across markets that never close.
Banks funding the data layer
The investor list reads like a cross-section of the traditional market infrastructure stack: an index and ratings giant in S&P Global, two global banks in BNP Paribas and Royal Bank of Canada, an exchange operator in Nasdaq, a clearing and post-trade firm in Broadridge, and a market maker in Susquehanna. Kaiko said the participating institutions have also joined a Strategic Industry Working Group chaired by the company, giving them a direct role in shaping the data standards used to bring tokenized products into production.
“The investors in this strategic round work across the core functions of digital asset markets: pricing, trading, capital allocation, and blockchain development,” Kaiko CEO Ambre Soubiran said in the announcement. “These are partners, not just shareholders. Together we will define how institutional money moves onchain.”
Cathy Clay, CEO of S&P Dow Jones Indices, framed the investment as a bet on where market data is heading. “Kaiko’s strength in crypto market data and analytics builds foundational transparency for the digital-asset ecosystem, turning complex trading and onchain activity into reliable, decision-ready intelligence,” she said in the company’s statement.
Soubiran founded the firm in 2014 with her sister Elodie Soubiran, and it has grown from a crypto analytics startup into a regulated data provider whose indices are used for institutional benchmarks across bitcoin, ether and a widening set of tokens. Its earlier backers include Consensys and CoinShares from the 2019 seed round, and the 2022 Series B drew Point Nine, Alven and Eight Roads Ventures. The company now employs around 180 people between Paris, New York and other offices.
Why data matters for tokenized markets
The funding lands amid a broader push to move traditional assets onto blockchain rails. Nasdaq said last week it would invest $100 million in Payward, the parent of Kraken, to build tokenized equity infrastructure targeting a 2027 launch. India’s securities regulator SEBI launched a tokenized bond pilot with $107 million issued under its Demat 2.0 program. Solana’s tokenized equity supply hit a record $684 million last week, spread across six issuers.
All of that activity needs pricing data that works around the clock. Equity markets settle once a day and reference a closing auction; digital asset markets run continuously, which means index providers and risk systems built for market-hours data have to adapt. Kaiko’s pitch is that 24/7 market infrastructure requires 24/7 data, and that the firms who run today’s capital markets will need it as tokenized products move from pilots into production.
The company also faces growing competition. Coinbase, Chainlink and several incumbent index providers have built their own onchain data and oracle offerings, and large banks have internal teams stitching together market feeds. Kaiko’s answer has been to lean on regulation, holding licensing that lets it serve European institutions under MiCA-era rules while competitors navigate a patchwork of national regimes. Its Swift Hackathon finalist slot points the same direction: the firm wants its data standards embedded in the plumbing banks already trust.
A signal for the wider market
For crypto companies, the round is one of the clearer signs that traditional finance is funding digital asset infrastructure directly rather than waiting on the sidelines. S&P Global already publishes cryptocurrency index series and has partnered on digital asset pricing before. Nasdaq Ventures’ participation is notable given its separate push into tokenized equities with Kraken, and Coinbase Ventures’ presence links the round to the largest US exchange.
The working group structure matters as much as the money. Rather than taking passive stakes, the investors get a seat in setting data standards for tokenized markets, the kind of coordination that historically decided who won infrastructure businesses in equities and fixed income. If tokenized funds, bonds and equities scale the way issuers hope, whoever defines the reference data will sit in a durable position.
Kaiko said the capital will accelerate its regulated data infrastructure for digital assets and tokenized markets. The company was also named a finalist in the Swift Hackathon 2026 earlier this month, where it is bringing its data infrastructure to a competition on tokenized finance standards run by the global interbank messaging cooperative.
No valuation for the extended round was disclosed. Kaiko’s previously disclosed funding totaled roughly $82.5 million across seed and Series B stages before this extension, according to company records, a figure the new tranche now exceeds on its own. The company did not say whether further closings of the round are planned, or whether the strategic investors took board seats.
The timing also reflects where crypto venture money has moved. Generalist crypto funds sat this one out almost entirely; every new investor is a strategic name from traditional finance or the exchange world. That pattern has repeated across the year, with infrastructure firms drawing bank and exchange capital while consumer crypto startups struggle to raise at all.