S&P Global has led a $110 million Series B funding round for Kaiko, a provider of digital-asset market data. The transaction marks the first direct investment by the ratings and analytics firm in a crypto-native data company. Proceeds are intended to expand coverage of tokenized instruments and to improve reference pricing for institutional participants. The announcement was reported by Cointelegraph on the same day the round closed.

Kaiko was founded in 2018 and supplies order-book and trade data to exchanges, asset managers, and analytics platforms. Its clients include both traditional financial institutions and decentralized finance protocols that require reliable pricing for collateral and settlement calculations. S&P Global maintains separate businesses in credit ratings, indices, and commodity data, each of which could integrate Kaiko feeds over time. The combination gives Kaiko access to distribution channels that previously required separate commercial arrangements.

Structure of the Investment

S&P Global acted as lead investor while existing backers participated at lower proportions. The round values Kaiko at a level that reflects both its current revenue from crypto venues and the projected addressable market in tokenized securities. No public statements disclosed individual share prices or post-money valuation. The capital injection is expected to fund hiring in data engineering and regulatory compliance teams across Europe and North America.

Kaiko currently aggregates data from more than one hundred venues and normalizes it into standardized schemas. Integration work with S&P Global platforms will focus first on fixed-income and money-market instruments that have already been issued on public blockchains. Subsequent phases are likely to cover equity and real-estate tokens once secondary trading volumes increase. Delivery timelines remain subject to internal product roadmaps at both companies.

Relevance to Tokenized Asset Infrastructure

Reliable market data is a prerequisite for the valuation, risk management, and collateral calculations required by institutional participants in tokenized markets. Without consistent pricing, funds such as BlackRock’s BUIDL or Franklin Templeton’s BENJI cannot be marked accurately for internal or regulatory reporting. Kaiko’s expansion therefore reduces one operational friction that has slowed adoption by asset managers and banks. The involvement of S&P Global signals that established data vendors view on-chain issuance as a durable segment rather than a temporary experiment.

Round Size

$110M

Lead Investor

S&P Global

Prior Focus

Crypto market data

Earlier funding rounds for data providers such as Coin Metrics and Nansen concentrated on retail and DeFi analytics. Those rounds did not feature participation from legacy financial-information companies. The S&P Global commitment therefore represents a distinct institutional signal that tokenized markets require the same quality of reference data as traditional securities. This distinction matters because compliance departments at banks and asset managers typically require vendors with established audit trails and contractual liability provisions.

S&P Global sees tokenized markets as key growth area.

Regulatory and Competitive Outlook

Regulators in the European Union under MiCA and in Singapore under MAS guidance have begun to require transparent pricing for tokenized funds. Kaiko’s enhanced coverage could help platforms meet those obligations without building internal data capabilities. At the same time, competing vendors including Bloomberg and Refinitiv are developing similar offerings, creating a race to secure distribution agreements with issuers such as Ondo Finance and Securitize. The outcome will influence which data standards become embedded in settlement and custody workflows.

→ The takeaway

The transaction illustrates how traditional financial-information providers are positioning themselves inside the tokenized-asset stack. Kaiko gains capital and distribution while S&P Global obtains exposure to on-chain pricing mechanics that its existing index and analytics businesses may eventually incorporate. Market participants should monitor subsequent product integrations and any follow-on investments by other rating agencies or exchange operators. These moves will determine the data layer that underpins secondary trading and collateral management for tokenized treasuries and private credit.