Digital-asset data company Kaiko has raised $110 million in a funding round led by S&P Global, drawing backing from some of the world’s largest financial institutions as traditional finance increases its investment in the software and data infrastructure behind tokenized markets.
Reuters reported that the $110 million financing was led by S&P Global, with participation from BNP Paribas, Nasdaq, Royal Bank of Canada, Bpifrance and Susquehanna. The company plans to use the funding to strengthen its data services and expand its product portfolio.
Founded in France in 2014 and now based in New York, Kaiko provides market data, indices, analytics and infrastructure used by banks, asset managers, exchanges and other financial institutions.
Kaiko connects data from more than 150 crypto venues
The company’s infrastructure currently collects information from more than 150 cryptocurrency exchanges and protocols, giving institutional customers access to pricing and market information across a fragmented digital-asset ecosystem.
That fragmentation creates a different problem from traditional exchanges. Digital assets trade continuously across centralized exchanges, decentralized protocols and blockchain networks, making consistent pricing and benchmark construction dependent on large amounts of normalized market data.
Kaiko’s role is therefore closer to financial infrastructure than a consumer crypto service.
Reuters reported that the investment comes despite cryptocurrency prices retreating from their late-2025 levels, suggesting institutional interest is increasingly focused on the infrastructure underneath digital assets rather than short-term token prices.
S&P Global is moving deeper into digital-asset benchmarks
The funding also builds on an existing technical relationship between Kaiko and S&P Dow Jones Indices.
Earlier this month, the companies launched the S&P Kaiko Digital Asset Indices, combining their crypto benchmark products on a single platform powered by Kaiko’s technology stack. S&P DJI provides benchmark administration, licensing and global distribution, while Kaiko supplies digital-asset data and market infrastructure.
At launch, the combined suite covered more than 4,000 digital-asset rates and indices, with Kaiko providing round-the-clock infrastructure and connectivity to more than 150 exchanges.
S&P Dow Jones Indices CEO Cathy Clay said in connection with the investment that S&P Global sees digital assets as an important part of the future of financial markets.
Tokenization is turning market data into infrastructure
The larger shift is tokenization—the representation of assets such as stocks, bonds and other financial instruments as blockchain-based tokens.
Traditional financial institutions increasingly want to move those products onto blockchain infrastructure, but doing so requires more than creating tokens. Markets still need reliable prices, benchmarks, governance, trading data and risk-management systems.
Kaiko and S&P have already taken that idea further by bringing the iBoxx U.S. Treasuries Index onto blockchain infrastructure as a native digital asset, with embedded licensing, distribution and permissioning.
For software builders and investors, Kaiko’s $110 million round therefore carries a broader signal. Traditional finance is not simply experimenting with cryptocurrencies anymore. Major institutions are beginning to finance the data, benchmark and software layers required to make blockchain-based financial markets behave more like institutional markets.
The next competition in digital assets may consequently be fought less over which token attracts the most attention and more over which infrastructure providers become trusted enough to supply the data beneath tokenized finance.
