S&P Global Leads Kaiko Funding Round as Institutional Crypto Infrastructure Expands

Kaiko Extends Its Series B to $110 Million

S&P Global has led a strategic investment in crypto data provider Kaiko, extending the company’s Series B funding round to $110 million. The deal brings together an unusually broad group of traditional financial institutions, market infrastructure providers and established digital asset companies.

Participants in the extension included BNP Paribas, Bpifrance, Broadridge, the 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 took part.

Kaiko did not disclose the valuation attached to the latest investment. It previously raised $53 million in the original Series B round in June 2022, which was led by Eight Roads with participation from Revaia, Alven, Point Nine, Anthemis and Underscore.

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Traditional Finance Is Investing in the Data Layer

The identity of the investors may be more important than the size of the round. S&P Global, Nasdaq Ventures, BNP Paribas, RBC and Broadridge are all established names in financial information, banking or market infrastructure. Their participation suggests that large institutions increasingly view digital asset data as part of the broader financial system rather than a specialist crypto product.

Reliable pricing, liquidity and reference data become more important as financial assets move onto blockchain networks. Institutions need consistent information for valuation, risk management, benchmarking, settlement and regulatory reporting. Those requirements are especially demanding when markets trade continuously across centralized exchanges, decentralized protocols and multiple blockchain networks.

Kaiko says its coverage extends across more than 150 exchanges and protocols. Its job is to organize fragmented market information into data products that professional investors and financial platforms can use. That makes the company part of the connective tissue between crypto-native markets and traditional finance.

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A Working Group for Tokenized Markets

The new investors are also joining a Strategic Industry Working Group chaired by Kaiko. The group will focus on the data and infrastructure needed to support tokenized markets.

That initiative gives the deal a practical dimension beyond financing. Tokenization can move funds, bonds and other instruments onto programmable networks, but those products still require trustworthy prices, standardized identifiers, liquidity measurements and dependable records. Fragmented or inconsistent data can undermine the efficiency that tokenization is supposed to create.

Bringing together index providers, banks, exchanges, infrastructure companies and blockchain organizations could help establish more consistent standards. It may also give Kaiko a direct view into the requirements that large institutions have before moving more activity onchain.

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Kaiko Broadens Its Onchain Business

Kaiko plans to use the new capital to strengthen its core market data operation and expand the infrastructure it provides for onchain capital markets. The company has already been broadening its capabilities through acquisitions and partnerships.

It recently acquired decentralized finance infrastructure provider Cometh and U.S. digital asset data company Amberdata. Kaiko also integrated its pricing and liquidity information with institutional digital asset platform Taurus in 2025.

Earlier in September, Kaiko and S&P Dow Jones Indices launched the S&P Kaiko Digital Asset Indices. The co-branded suite consolidated the companies’ crypto index products, providing another link between institutional benchmarks and digital asset markets.

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Why This Investment Matters

This funding round does not guarantee that tokenized markets will achieve mass adoption, but it shows where major financial firms expect demand to grow. They are investing in the less visible infrastructure required to make blockchain-based finance usable at institutional scale.

For the crypto industry, that is a meaningful signal. Sustainable institutional adoption depends on more than asset prices or the launch of new tokens. It also requires credible data, operational standards and systems that can satisfy professional risk and compliance teams.

Kaiko’s extended Series B places it in a strong position to provide that foundation. The next test will be whether the working group and expanded product range translate institutional interest into active, liquid and dependable onchain markets.