Kaiko, the New York-headquartered digital asset data provider, has closed a $110 million Series B extension led by S&P Global, with BNP Paribas, Coinbase Ventures, Nasdaq Ventures and the Royal Bank of Canada joining the round. The lineup of traditional finance heavyweights validates crypto data as a fully-fledged institutional infrastructure layer.
🔑 Key Takeaways
- Kaiko closes a $110M Series B extension, round led by S&P Global
- BNP Paribas, Coinbase Ventures, Nasdaq Ventures, RBC, Stellar and Susquehanna join the syndicate
- Proceeds will fund product expansion and the reinforcement of crypto data operations
- Kaiko covers more than 150 exchanges and protocols globally
- Cometh (MiCA-regulated) and Amberdata (US market data) join Kaiko via acquisition
An unusually dense institutional cap table
Announced on Monday, September 14, 2026, the round extends the Series B initially raised in 2022 ($53 million) to $110 million in cumulative funding. The exact check size from S&P Global was not disclosed, but the syndicate gathers an unusually broad panel of both TradFi and crypto-native players. Alongside S&P Global sit BNP Paribas and Bpifrance on the French banking side, Broadridge and Nasdaq Ventures on the market infrastructure side, the Royal Bank of Canada, Stellar, DRW Venture Capital, Coinbase Ventures and Susquehanna Private Equity Investments.
Existing backers — Anthemis, Point Nine and Revaia — also re-upped, signaling strategic continuity. Kaiko stresses that every investor sits in a key function of digital asset markets: pricing, trading, capital allocation and blockchain development. The round is therefore more than financial: it sets up a sector working group chaired by Kaiko, with direct input on the design of the data and infrastructure that will bring tokenized products into production.
Crypto data: the regulatory stack that reassures banks
Kaiko positions itself as an institutional-grade, regulated data vendor. The firm covers more than 150 exchanges and protocols, and holds SOC 1 Type 2 and SOC 2 Type 2 attestations issued by a Big Four audit firm — a baseline demanded by bank trading desks and risk managers. Its Kaiko Indices subsidiary is authorized as a benchmark administrator under the European BMR regulation and registered with ESMA. It also adheres to IOSCO principles for financial benchmarks.
That compliance backbone pairs with a recently expanded product footprint: Kaiko and S&P Global launched the S&P Kaiko Digital Asset Indices suite, and an ongoing data distribution partnership with Bloomberg now feeds Kaiko data into a broader institutional client base. The platform spans spot prices, benchmark indices and on-chain analytics under a recognized audit framework.
| Regulatory coverage | Status |
|---|---|
| SOC 1 Type 2 | Big Four audited |
| SOC 2 Type 2 | Big Four audited |
| Kaiko Indices (BMR) | Authorized benchmark administrator, ESMA register |
| Cometh (MiCA) | CASP authorized by the AMF |
| IOSCO | Adherent to financial benchmark principles |
Acquisitions, US pivot and the tokenization engine
Before the round, Kaiko finalized two structuring deals. On one side, Cometh, a DeFi infrastructure provider regulated under MiCA as a Crypto-Asset Service Provider (CASP). On the other, Amberdata, a digital asset market data provider and Kaiko’s former main US rival. The Amberdata integration deepens Kaiko’s US coverage and accelerates its footprint in derivatives and DeFi data.
With Cometh, Kaiko absorbs a piece of on-chain infrastructure authorized by the AMF — useful for serving European clients subject to MiCA. Combined, the platform can operate across both market infrastructure (indices, benchmarks, analytics) and regulated crypto services and smart contracts.
Executives place tokenization squarely at the center of the strategy. Joe Bonnaud, Head of Global Markets EMEA at BNP Paribas, justifies the equity stake by the need for robust infrastructure around tokenized assets.
« As tokenized finance continues to evolve, the demand for robust market infrastructure, enhanced transparency and reliable data will become paramount. We look forward to participating in the industry dialogues Kaiko is leading and supporting the continued evolution of this ecosystem. »
Joe Bonnaud, Head of Global Markets EMEA, BNP Paribas
Cathy Clay, CEO of S&P Dow Jones Indices, sees Kaiko as a bridge between traditional and decentralized finance.
« Kaiko’s strength in crypto market data and analytics builds foundational transparency for the digital asset ecosystem, translating complex onchain trading activity into reliable, decision-ready intelligence. »
Cathy Clay, CEO of S&P Dow Jones Indices
Ambre Soubiran, CEO and co-founder of Kaiko, summarizes the investment thesis: « The investors in this strategic round work in the essential functions of digital asset markets. […] These are partners, not just shareholders. Together we will define how institutional money moves onchain. »
Context: BTC pullback doesn’t slow infrastructure plays
The round lands while spot markets are consolidating. Bitcoin and major cryptos have pulled back from their late-2025 highs, but that volatility does not deter infrastructure players. Banks, exchange operators and asset managers are instead betting on the data layer as a strategic asset, regardless of price cycles. Tokenization — the representation of equities, bonds or funds on blockchain rails — remains the main structural driver of demand for reliable crypto data.
Conclusion
With $110 million in cumulative Series B funding and a shareholder roster that blends S&P Global, BNP Paribas, Nasdaq, RBC and Coinbase Ventures, Kaiko is positioning itself as the reference data layer between Wall Street and DeFi. The bet is clear: the next wave of institutional allocation will be won not just on price, but on the quality, compliance and depth of the data that makes it possible. Execution risk remains: integrating Amberdata, rolling out the S&P Kaiko indices, and monetizing tokenization flows before other players standardize the market.
Sources
This article is published for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
