S&P Global Leads $110 Million Round for Crypto Data Provider Kaiko

S&P Global has led a strategic investment extending Kaiko's Series B funding round to $110 million, according to the company's press release on Monday.

The round brings in a wide bench of strategic backers alongside S&P Global, including BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments, on top of existing shareholders Anthemis, Point Nine and Revaia.

Kaiko, founded in Paris in 2014, provides market data infrastructure across more than 150 exchanges and blockchain protocols, serving institutions that need reliable pricing, liquidity and reference data for digital assets. The company has now raised $187 million in total since its 2021 Series A, following a $53 million Series B in 2022 that this round extends. Kaiko did not disclose a valuation for the new investment.

"As digital assets accelerate, S&P Global is investing for the future, and this investment underscores that conviction," said Cathy Clay, chief executive of S&P Dow Jones Indices.

The capital will go toward strengthening Kaiko's core market data business and expanding its infrastructure for onchain capital markets, where the company says demand is growing from institutions building tokenized-asset products that require the same continuous data feeds as traditional 24/7 digital asset markets.

The round is notable for the breadth of traditional finance names alongside crypto-native investors. S&P Global's index and ratings businesses have moved steadily into digital assets over the past two years, and a direct stake in a crypto data provider gives it a closer view into market infrastructure it may eventually reference in its own products. Nasdaq and RBC's participation points in a similar direction: exchanges and banks building or evaluating tokenized-market offerings need vetted data providers, and backing one directly is cheaper than building the capability in-house. Coinbase Ventures' involvement keeps a crypto-native investor in the round even as its composition tilts toward incumbent finance, a sign that institutional and crypto-native capital are increasingly funding the same market infrastructure rather than building parallel versions of it.