Nasdaq Seeks 24/7 Tokenized Markets by Acquiring LeveL Markets

Nasdaq’s acquisition of the U.S.’s third‑largest alternative trading system, LeveL Markets, propels its push toward tokenized securities and around‑the‑clock market hours.

LeveL’s Rapid Ascent

■LeveL Markets was first invested in by Nasdaq in 2021, now handles 7,000+ symbols with a 56 % volume increase, targeting $2.5 billion in daily trades.

■The platform serves 2,500+ buy‑and‑sell‑side clients and 300+ institutional firms.

■Trading volume is projected to hit $2.5 billion in 2025, up from $381 million in August 2025—an over six‑fold growth.

Digital Liquidity Networks: A New Era

■Nasdaq’s Digital Liquidity Networks unit, led by Roland Chai, merges tokenization, smart contracts, and blockchain‑based settlement.

■LeveL will remain a FINRA‑regulated ATS with its own management team post‑acquisition.

SEC’s 24‑Hour Market Vision

■The first proposal for tokenized securities trading in September 2025 was updated in a January 2026 SEC filing, launching a three‑year pilot program.

■DTCC will manage tokenization and blockchain‑based settlement.

Strategic Partnerships and Ecosystem

■Collaborations with Kraken and Backed aim to build infrastructure linking traditional equities with blockchain networks.

■Cboe, LSE, and NYSE are also pursuing 24/7 trading and on‑chain settlement initiatives.

Institutional Flow and Investor Appeal

■LeveL’s 56 % daily volume growth reflects rising demand for tokenized assets among institutions.

■A projected $4 trillion RWA tokenization could push tokens like LINK to $200 by end‑2030.

Nasdaq’s move is a strategic leap into the digital asset ecosystem. 24/7 tokenized markets will boost liquidity and open new opportunities for institutional investors, creating a synergy that could redefine both traditional exchanges and the crypto space.