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Topic

Exchange Operator Strategy

How established stock, futures and options exchange groups invest, partner and build to extend their franchises into new asset classes and venues.

Current clusters

invest6 publishers

Nasdaq's $100m takes about 0.48% of Kraken's parent at a mark 58% above Deutsche Boerse's April entry

The cheque is small enough to read as a partnership fee, and it arrives with a surveillance contract, a 2027 token launch date, and a quarter in which Payward's adjusted EBITDA fell to $23m on $508m of revenue.

Perspective Coverage

4 publishers
Builder
Builder 24%
Operator
Operator 35%
Investor
Investor 41%

Reality

Evidence62
Adoption27
Hype gap+34
Incentives78
Confidence64