Digital-asset data provider Kaiko has extended its Series B financing to $110 million, with S&P Global leading the latest strategic investment alongside a group of financial institutions, exchanges and blockchain-focused investors. The funding highlights a broader shift in financial technology: as banks and asset managers explore tokenized securities and blockchain-based settlement, demand is growing for institutional-grade market data and infrastructure capable of operating across traditional and onchain markets.
The latest investment in Kaiko brings together organizations from across the financial ecosystem, including BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia also participated in the financing extension.
The investor mix is notable because it extends beyond conventional venture capital. Banks, market infrastructure providers, exchanges and digital-asset companies are increasingly becoming participants in the development of infrastructure for tokenized financial markets.
Kaiko said participating investors will also join a Strategic Industry Working Group chaired by the company. The group is intended to provide institutional participants with a role in discussions around the data and infrastructure needed to move tokenized financial products from experimentation into production.
Data Becomes Critical Infrastructure for Tokenized Markets
Traditional capital markets have historically relied on established data vendors, exchanges, benchmark administrators and financial information systems to support pricing, risk management and investment decisions. Blockchain-based markets introduce a different operating environment, with transactions and financial activity potentially occurring continuously across multiple networks.
Kaiko’s proposition is built around supplying market data for this environment.
The company provides institutional digital-asset market data across more than 150 exchanges and protocols, according to the announcement. Its broader data-infrastructure offering is designed to connect information between onchain and off-chain systems, including delivering market data to smart contracts and converting blockchain activity into standardized datasets for analysis and valuation.
That becomes increasingly relevant as financial institutions experiment with tokenized Treasury bills, money market funds, equities and bonds.
For these products, market data is not simply an analytics feature. Reliable pricing, reference data, liquidity information and valuation mechanisms can become foundational components of trading, collateral management, risk controls and financial reporting.
The development also places digital asset data infrastructure alongside other emerging fintech infrastructure categories such as blockchain settlement networks, stablecoin payment systems and tokenized-deposit platforms.
Institutional Investors Signal a Broader Market Shift
S&P Global’s participation is particularly significant given its position in traditional financial information and benchmark infrastructure.
Cathy Clay, CEO of S&P Dow Jones Indices, said the investment reflects S&P Global’s interest in the future of digital assets and described Kaiko’s market data and analytics as supporting transparency between traditional and decentralized finance.
The partnership builds on the launch of the S&P Kaiko Digital Asset Indices, combining S&P Dow Jones Indices’ established index capabilities with Kaiko’s digital-asset market data.
BNP Paribas is also participating in the round, reinforcing the connection between established banking institutions and infrastructure providers serving digital-asset markets.
The development illustrates an important evolution in financial technology. Rather than treating crypto infrastructure as an isolated technology stack, financial institutions are increasingly looking at which components of traditional market infrastructure need to be replicated, adapted or connected to blockchain networks.
Acquisitions Expand Kaiko’s Infrastructure Footprint
The financing follows two acquisitions by Kaiko: Cometh, a MiCA/CASP-regulated DeFi infrastructure provider, and Amberdata, a digital-asset market data company that had previously been one of Kaiko’s largest U.S. competitors.
The acquisitions expand Kaiko’s capabilities beyond its original market-data business and strengthen its presence in the United States and European regulated digital-asset markets.
The company has also expanded its institutional data footprint through its S&P Dow Jones Indices relationship and an ongoing collaboration with Bloomberg focused on access to onchain data for tokenized markets.
Together, those developments point toward a strategy centered on becoming part of the underlying information layer for institutional digital-asset markets rather than competing primarily as a consumer-facing crypto platform.
Regulation Adds Another Layer to Digital-Asset Data
Regulation is another differentiator as institutional participation in digital assets increases.
Kaiko said it maintains SOC 1 and SOC 2 Type 2 attestations. Kaiko Indices is authorized as a benchmark administrator under the European Union Benchmark Regulation and is listed in the European Securities and Markets Authority register. Cometh is authorized by France’s AMF as a crypto-asset service provider under the EU Markets in Crypto-Assets framework.
The company also says it follows the IOSCO Principles for Financial Benchmarks.
These credentials matter because institutional investors generally require stronger controls around data provenance, security, governance and benchmark methodology than are typically associated with retail-focused crypto applications.
As tokenized assets move closer to conventional capital markets, similar expectations are likely to apply to the infrastructure supporting them.
The Emerging Data Layer for Onchain Finance
The strategic investment suggests that the next stage of blockchain financial infrastructure may depend as much on trusted data as on blockchain networks themselves.
Tokenized securities need reliable pricing. Smart contracts may require external market information. Banks need standardized datasets for compliance and risk management, while institutional investors need benchmarks and analytics that can be integrated into existing workflows.
That creates a potential market for providers capable of bridging traditional financial data with decentralized infrastructure.
Kaiko’s expanded investor base, acquisitions and partnerships position it within that emerging segment. Whether tokenized markets ultimately reach the scale envisioned by financial institutions remains an open question, but the financing indicates that established players increasingly see data infrastructure as a prerequisite for making those markets operational.
Market Landscape
The institutional digital-asset market is shifting from infrastructure experimentation toward integration with existing financial systems. Tokenization, stablecoins, digital-asset indices and blockchain-based settlement all depend on reliable data to support pricing, risk management and compliance.
The competitive field now includes specialist crypto-data companies as well as traditional financial-information providers, exchanges, banks and technology firms. Partnerships between these groups could become increasingly important as tokenized assets move into regulated markets.
Kaiko’s latest financing reflects this convergence: financial institutions are not simply investing in digital assets themselves but in the infrastructure required to make blockchain-based markets usable at institutional scale.
Top Insights
- Kaiko has extended its Series B financing to $110 million with S&P Global leading a broad strategic investor group.
- Investors include BNP Paribas, Nasdaq Ventures, Royal Bank of Canada, Coinbase Ventures and other financial and blockchain institutions.
- Kaiko is expanding from digital-asset market data into infrastructure supporting tokenized and onchain capital markets.
- Acquisitions of Cometh and Amberdata broaden Kaiko’s DeFi infrastructure, market-data and regulatory capabilities.
- The investment signals growing institutional demand for trusted data infrastructure connecting traditional and blockchain-based finance.
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