S&P Global Leads Strategic Investment in Crypto Data Firm Kaiko, Extending Series B to $110 Million
S&P Global has led a new strategic investment in Kaiko, the Paris-based crypto market data provider, extending the company’s Series B funding round to a total of $110 million as Wall Street’s infrastructure players deepen their bets on tokenized markets.
What happened. Kaiko announced that S&P Global anchored a fresh round of strategic capital, more than doubling the $53 million Series B the company originally closed back in June 2022. The extension brings total Series B proceeds to $110 million and adds a roster of new strategic backers alongside S&P Global’s lead position.
Who’s in the round. The investor list reads like a cross-section of traditional finance’s tokenization push: BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar, and Susquehanna Private Equity Investments all participated, alongside existing Kaiko shareholders Anthemis, Point Nine, and Revaia. That mix of a ratings-and-index giant, a European banking heavyweight, a securities-processing firm, and multiple exchange- and trading-adjacent venture arms signals how broadly institutional demand for reliable crypto data has spread beyond crypto-native firms themselves.
Why it matters. Kaiko provides institutional-grade market data covering more than 150 exchanges and protocols, and the company has been expanding aggressively into infrastructure for tokenized real-world assets — acquiring MiCA-regulated onchain data provider Cometh in May and U.S. digital asset data firm Amberdata in June, on top of a February data-licensing partnership with Bloomberg. The new capital is earmarked for both Kaiko’s core digital-asset data business and its newer push into data services for tokenized Treasury bills, money market funds, equities, and bonds — the connective infrastructure Wall Street needs if it wants to bring traditional securities onto blockchain rails without losing pricing transparency.
The round also comes with a structural wrinkle beyond the cash itself: participating investors are joining a Kaiko-led industry working group focused on building shared data and infrastructure standards for tokenized financial products. That’s notable because data standardization has been one of the quieter bottlenecks in institutional tokenization efforts — without agreed-upon reference prices and settlement data feeds, banks and asset managers have been reluctant to treat tokenized instruments as fully fungible with their traditional counterparts.
The embedded post above is Kaiko’s own announcement of its co-branded S&P Kaiko Digital Asset Indices product from earlier this month — a related but separate initiative from this funding round, included here because it illustrates the working relationship between the two companies that this investment now formalizes further.
The bigger picture. S&P Global backing a crypto data infrastructure company at this scale is another data point in a broader pattern: legacy financial infrastructure providers aren’t waiting for tokenization to mature before building the plumbing for it. Whether that translates into faster institutional adoption of tokenized products will depend on how quickly the standards this working group produces actually get adopted across the industry, rather than staying confined to press releases.
Crypto market data and infrastructure investments carry business and execution risk like any startup funding round; this is not investment advice. Readers wanting a primer on tokenization and market infrastructure can visit coin680’s Bitcoin Academy.