S&P Global Backs Kaiko as Series B Tops $110M

S&P Global has made a strategic investment in Kaiko, extending the Paris-based crypto market data provider’s Series B round to $110 million as it builds out infrastructure aimed at tokenized financial markets. The round attracted a mix of traditional finance, trading and market-technology investors. Kaiko said the additional funding will support its existing digital asset market data business and help power a broader push into “onchain financial infrastructure,” including data services for tokenized Treasury bills, money market funds, equities and bonds. Key takeaways S&P Global’s investment lifts Kaiko’s Series B to $110 million, signaling stronger institutional backing for crypto market data and tokenization infrastructure. Kaiko plans to use the capital both for its core pricing/trading data business and for data services tied to tokenized Treasuries, money markets, and tokenized equities and bonds. The funding round includes major market, banking and infrastructure players, who will also collaborate with Kaiko on an industry working group for tokenized-product data standards. Kaiko’s expansion aligns with a broader Wall Street shift toward blockchain-based trading, settlement, and collateral workflows. Funding expands Kaiko’s institutional data ambitions According to Kaiko, the extended Series B is designed to strengthen two pillars of its business. First, it continues the company’s work providing institutional-grade digital asset market data. Second, it supports a move toward onchain financial infrastructure—particularly around the availability, governance, and delivery of market data for tokenized financial products. Kaiko’s list of participating investors reflects that strategy. The round included BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar, and Susquehanna Private Equity Investments, alongside S&P Global. In addition to the capital injection, Kaiko said participants will join a Kaiko-led industry working group focused on developing data and infrastructure for tokenized financial products. Kaiko CEO Ambre Soubiran said the investors span sectors connected to digital asset markets—pricing, trading, capital allocation, and blockchain development—and would work as partners toward building infrastructure for institutional onchain finance. Why tokenized-market data is becoming a battleground Tokenization efforts are often framed around settlement and trading mechanics, but the operational backbone is frequently less visible: consistent, reliable market data. For institutional participants, data quality affects everything from best execution and risk controls to compliance workflows. Kaiko’s stated focus on data services for tokenized Treasury bills, money market funds, and tokenized equities and bonds underscores a practical challenge for the market. Tokenized products still need market infrastructure that can deliver pricing and reference data in a way institutions can integrate into existing systems. That is also why Kaiko’s work is being positioned not just as “crypto data,” but as a bridge between digital asset market operations and the data requirements of traditional finance as tokenized products spread.