Kaiko Raises $53M to Expand Crypto Data Platform

Kaiko has secured $53 million in new funding led by S&P Global, extending its Series B round to a total of $110 million to scale its digital asset market intelligence platform [1, 2]. The capital injection positions the firm to build infrastructure for tokenized financial products, including Treasury bills and equities, as traditional institutions increasingly move assets onto blockchain networks [2].

Institutional pivot to tokenization

The funding round included participation from a broad coalition of financial heavyweights, including Nasdaq Ventures, Coinbase Ventures, BNP Paribas, and the Royal Bank of Canada [1, 2]. Kaiko, which provides market data for more than 20,000 digital assets, intends to use the resources to develop infrastructure that bridges the gap between traditional capital markets and blockchain-based trading [1, 2]. This strategy involves creating the data standards necessary for pricing and settling tokenized securities—such as bonds and money market funds—which require the same valuation inputs as conventional financial instruments [2].

Kaiko’s expansion follows a series of aggressive acquisitions aimed at consolidating its market position. In June, the company acquired Amberdata, a venture-backed startup specializing in crypto market intelligence, following an earlier purchase of Cometh, a firm focused on onchain infrastructure [1, 2]. These moves coincide with broader industry efforts by firms like the Depository Trust & Clearing Corporation (DTCC) and the Intercontinental Exchange to bring tokenized assets into production [2].

Data infrastructure and market readiness

The company’s growth strategy is tied to the increasing institutional interest in continuous, 24/7 market operations. While blockchain networks offer the potential for near-instant settlement and continuous trading, they require robust data feeds for surveillance, liquidity management, and investor protection [2]. Kaiko currently provides near real-time data through its gRPC-based "Kaiko Stream" service and recently launched the S&P Kaiko Digital Asset Indices suite to help fund managers track cryptocurrency prices with updates every few seconds [1].

The timing of this capital raise aligns with heightened regulatory attention on the future of market hours. The U.S. Securities and Exchange Commission is scheduled to host a roundtable on September 17 to discuss the operational requirements and safeguards necessary for 24-hour equity trading [2]. As traditional financial operators pilot tokenized stock and ETF platforms, Kaiko is positioning its infrastructure to serve as the data layer for these hybrid systems [2].

What to watch

• September 17 SEC Roundtable: Monitor outcomes regarding the potential shift toward 24-hour U.S. equity trading, which could accelerate demand for Kaiko’s continuous data infrastructure [2].
• DTCC Tokenization Launch: Watch for the planned October launch of the DTCC’s tokenization service, which may serve as a bellwether for institutional adoption of blockchain-based settlement [2].
• Integration Progress: Track the rollout of the S&P Kaiko Digital Asset Indices as fund managers begin incorporating these tools into their institutional workflows [1].

The $110 million total funding underscores a shift in institutional focus from purely crypto-native trading toward the underlying data infrastructure required for regulated financial assets. Whether Kaiko can successfully standardize data across both conventional exchanges and blockchain networks remains the central question for its next phase of growth [2].