Key points

  • S&P Global led a strategic investment that extended Kaiko's Series B financing to $110 million.
  • The investor group includes banks, exchanges, trading firms and digital-asset companies, while Kaiko plans to expand data coverage and onchain infrastructure.
  • The financing deepens an existing S&P-Kaiko benchmark partnership, but the companies did not disclose Kaiko's valuation or S&P Global's ownership stake.

S&P Global has led a strategic investment in Kaiko that extends the crypto market-data company's Series B financing to $110 million, adding another institutional link between traditional financial benchmarks and digital-asset infrastructure. Kaiko said the capital will support its core data business and expand its onchain data systems for tokenized markets.

A broad financial-industry investor group

The financing includes BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments, according to Kaiko's announcement. Existing investors Anthemis, Point Nine and Revaia also participated. The companies did not disclose Kaiko's valuation, the size of individual investments or the equity stake acquired by S&P Global.

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Kaiko provides market and reference data across more than 150 centralized exchanges, decentralized exchanges and blockchain protocols. Its coverage therefore spans both conventional trading venues and activity recorded onchain. The company said participating institutions will also join a Strategic Industry Working Group chaired by Kaiko, intended to help shape data standards and infrastructure for digital assets. The group's precise agenda and decision-making authority were not detailed in the announcement.

Why market data is becoming strategic

Reliable market data is a basic requirement for pricing, benchmarks, risk controls and regulatory reporting. Digital-asset markets add complications because they trade continuously across fragmented venues and increasingly include activity recorded directly on blockchains. Unlike many traditional markets, there is no daily close that creates a natural pause for reconciling records. Data providers must monitor venues around the clock while accounting for outages, thin liquidity and differences between quoted and executable prices. Banks, asset managers and market operators therefore need consistent methods for identifying instruments, filtering venue data and calculating reference prices before they can use those markets at scale.

S&P Global already has a commercial relationship with Kaiko. On September 1, S&P Dow Jones Indices and Kaiko introduced the S&P Kaiko Digital Asset Indices, combining their existing digital-asset index products. That suite covers more than 4,000 rates and indices. Under the arrangement, Kaiko supplies data sourcing and calculation services, while S&P Dow Jones Indices handles benchmark administration, licensing and distribution.

Expansion beyond exchange feeds

Kaiko said the new funds will help it broaden its product range and strengthen onchain infrastructure for tokenized markets. The company has also expanded through acquisitions, including DeFi infrastructure provider Cometh and U.S. crypto-data firm Amberdata. Combining those capabilities could help clients compare activity occurring on trading venues with transactions recorded on public networks, although Kaiko has not published a timetable for integrating every product. Those moves point toward a wider offering that spans conventional exchange feeds, blockchain activity and regulated infrastructure rather than a single market-data product.

The investment is evidence that established financial companies see strategic value in digital-asset data, but it does not by itself establish how quickly tokenized markets will grow or whether the participating firms will become major customers. Adoption will still depend on regulation, market liquidity, operating standards and the quality of the underlying data. For Kaiko, the immediate test is whether the new capital and investor network translate into products that institutions can use consistently across both traditional and blockchain-based markets.

Sources

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