Crypto market data provider Kaiko has expanded its Series B to USD 110 million in total, led by S&P Global. That is more than double the USD 53 million from 2022.
Kaiko collects price, liquidity and trading data from crypto exchanges and blockchain protocols. It then delivers the processed data to banks, asset managers, exchange operators and regulators. Its function resembles a Bloomberg terminal, but for digital assets. The company started in France in 2014. Its headquarters are in Paris, with further offices in New York, London and Singapore. Originally, the provider closed its USD 53 million Series B in June 2022. At the time, Eight Roads led the round, in the middle of the bear market. BNP Paribas and Nasdaq Ventures are taking part in the extension as well. The Royal Bank of Canada and Coinbase Ventures are also on board. According to the company, its platform covers more than 150 exchanges and protocols. In total, more than 250 financial firms, institutions and regulators worldwide use this data.
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S&P Global leads the extension of Kaiko's Series B
Formally, this is not a new funding round. Instead, S&P Global Ventures, the venture capital arm of the index and ratings provider, is leading the Series B extension. That round dates back to June 2022 and initially stood at USD 53 million. Besides Eight Roads, investors at the time included Revaia, Alven and Point Nine. The fresh capital thus brings the total to USD 110 million. However, neither side disclosed a valuation in their announcement of the investment. Before that, the data provider had closed a USD 24 million Series A in June 2021. Anthemis and Underscore VC led that round.
The list of new backers reaches deep into traditional financial infrastructure. It includes BNP Paribas, Bpifrance, Broadridge and the Canton Foundation. Coinbase Ventures, DRW Venture Capital and Nasdaq Ventures are participating too. The Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments are investing as well. Finally, existing investors Anthemis, Point Nine and Revaia remain on board. The mix stands out. Exchange operators, major banks, proprietary trading firms and a state-owned development bank are jointly funding a pure data provider.
The distinction between an extension and a new round is not a technicality. The USD 110 million includes the capital raised in 2022. It does not come on top of it. Therefore, it remains unclear how the company's valuation has developed since the bear market. Yet with S&P Global and Nasdaq Ventures, two operators of market infrastructure now sit at the table. Both run their own indices, and Nasdaq operates its own trading venues on top of that. For a data supplier, this is a different kind of capital than venture money without an operational link. Accordingly, Kaiko CEO Ambre Soubiran puts the strategic side front and center.
"This investment from S&P Global is a powerful endorsement of Kaiko's mission and the role trusted data and data infrastructure will play in tokenized markets." - Ambre Soubiran, CEO of Kaiko
Two acquisitions expand Kaiko's data coverage
The capital injection meets a company that was already in buying mode. In May 2026, Kaiko acquired DeFi infrastructure provider Cometh. A few weeks later came Amberdata, a US provider of crypto market data. Previously, Amberdata was an independent competitor in the institutional data business. As a result, the deal took a direct rival off the market.
Both transactions target coverage. Cometh comes from DeFi infrastructure, while Amberdata comes from the US data business. At the same time, the range of what the provider can measure at all is widening. For institutional clients, this breadth matters most, because reference prices would otherwise rest on only a few trading venues. Consequently, the fresh capital meets a consolidation that is already underway.
The client base is institutional. The customer list includes financial firms, institutions and regulators, not retail investors. This client base sets Kaiko apart from providers that mainly serve trading platforms and end customers. Investors such as Broadridge and Nasdaq Ventures, which run market infrastructure themselves, fit this profile. Still, each acquisition adds to the number of systems the company has to operate and maintain.
S&P Kaiko Digital Asset Indices link the two firms
The investment did not come out of nowhere. In early September 2026, Kaiko and S&P Dow Jones Indices launched the joint product line "S&P Kaiko Digital Asset Indices". It initially combines the existing crypto index offerings of both firms. The collaboration began in March 2026 with the tokenization of an S&P Dow Jones Indices iBoxx index on US Treasuries. In other words, a product partnership came before the stake, which is not a purely financial investment.
Indices are part of S&P Global's core business. Reliable price sources, in turn, are a prerequisite for them. Cathy Clay, CEO of S&P Dow Jones Indices, attributes the move to the accelerating development of digital assets. She calls the investment an expression of that conviction. After all, Kaiko supplies the data for the joint indices. This way, the ratings provider secures access to one component of its own product chain. A stake in the data supplier reduces the risk of having to renegotiate this access later.
The new investors are joining a "Strategic Industry Working Group" led by Kaiko. The body focuses on data and infrastructure for tokenized markets. In addition, it creates a coordination format among exchange operators, banks and trading firms.
Tougher competition for institutional crypto market data
Kaiko competes in a narrow field. CCData, formerly CryptoCompare, serves a comparable institutional segment. Chainalysis, by contrast, focuses more on on-chain analytics than on market and price data. Since the acquisition, Amberdata no longer exists as an independent competitor. The market for institutional crypto data is therefore consolidating noticeably.
Growing interest from traditional institutions in tokenization forms the backdrop. The term refers to representing shares, bonds and money market funds as tokens on a blockchain. Banks, exchange operators and asset managers are driving this development, although Bitcoin has fallen significantly since its late-2025 high. Moreover, several crypto exchanges have launched stock-based products, including perpetual futures on individual stocks. Regulators have warned about the risks for investors as a result. Each of these product classes needs reliable reference prices.
For the Swiss market, there is also a direct link. Geneva-based infrastructure provider Taurus announced a strategic partnership with Kaiko in November 2025. Since then, Kaiko's price and liquidity data has flowed directly into the Taurus platform. Founded in 2018, the company says it serves nearly 40 banks. These include State Street and Deutsche Bank. Kaiko's data thus already runs through the systems of European institutions that offer custody and trading of digital assets. Overall, the new funding round indirectly strengthens a supplier to Swiss financial infrastructure. S&P Global is leading the Series B extension to USD 110 million, together with BNP Paribas, Nasdaq and Coinbase Ventures.
