Kaiko raises Series B to $110 million as S&P Global leads investment

S&P Global has led a strategic investment in crypto data provider Kaiko that has expanded the company’s Series B funding round to $110 million as it builds data infrastructure for tokenized capital markets.

Kaiko said Monday that BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments participated in the investment.

Existing shareholders Anthemis, Point Nine and Revaia took part in the financing as well. Kaiko did not disclose its valuation or specify how much S&P Global and the other investors contributed individually.

The funding gives Kaiko fresh capital to develop its market data business while extending its infrastructure into onchain financial markets, where banks and other financial firms have been testing tokenized securities, settlement systems and blockchain-based financial products.

Kaiko funding reaches $110 million

The expanded Series B builds on the $53 million Kaiko raised in June 2022, when Eight Roads led a funding round involving Revaia and existing investors Alven, Point Nine, Anthemis and Underscore.

Crypto.news previously reported that Kaiko secured the $53 million investment during a period of falling digital asset prices and stress across the crypto market.

The latest financing brings a different set of financial institutions into Kaiko’s shareholder base. Several of the new investors have businesses spanning market data, banking, exchanges, blockchain infrastructure and capital markets.

Kaiko said the new investors have joined a Strategic Industry Working Group chaired by the company. The group will concentrate on data and infrastructure needed for tokenized markets as financial assets increasingly move onto blockchain networks.

Fresh capital will be directed toward Kaiko’s existing digital asset market data operation and its infrastructure for onchain capital markets. The company currently provides data covering more than 150 exchanges and protocols.

Kaiko has spent several years building products around institutional crypto pricing, liquidity, indices and market information. Its expansion has included acquisitions as well as integrations with companies that provide digital asset infrastructure to banks and other financial institutions.

In November 2024, Kaiko acquired index provider Vinter as part of its expansion into digital asset indices and European exchange-traded products. The transaction was described at the time as Kaiko’s third and largest acquisition, though financial terms were not disclosed.

Kaiko had previously bought quantitative data firm Kesitys in April 2022 and Napoleon Index from CoinShares later that year.

More recently, the company acquired DeFi infrastructure provider Cometh and U.S. digital asset data company Amberdata, extending the areas covered by its data and technology business.

S&P Global deepens work with Kaiko

S&P Global’s investment follows existing work between Kaiko and S&P Dow Jones Indices on blockchain-based benchmarks and crypto indices.

“As digital assets accelerate, S&P Global is investing for the future, and this investment underscores that conviction,” S&P Dow Jones Indices CEO Cathy Clay said.

Earlier this month, the two companies launched the S&P Kaiko Digital Asset Indices, bringing their crypto index products into a single co-branded suite.

Their relationship had already extended into tokenized traditional financial benchmarks. In April, S&P Dow Jones Indices and Kaiko unveiled plans to tokenize the iBoxx U.S. Treasuries index on Canton Network.

Under that project, the index was designed to operate through smart-contract infrastructure carrying index data, intellectual property rights, licensing conditions, fees and access controls. The arrangement was intended to let developers use the benchmark in blockchain-based financial products while retaining the controls required by institutional market participants.

The project placed the iBoxx benchmark on the same network where other financial firms have been working with tokenized government securities and institutional settlement infrastructure.

S&P Dow Jones Indices has continued building digital asset benchmarks outside its work with Kaiko. In August, S&P and Pantera Capital introduced a crypto index built around protocol revenue, liquidity and market capitalization, with ETH, BNB, SOL, TRX and HYPE among its largest constituents at launch.

Tokenized markets draw institutional infrastructure

Kaiko’s new Strategic Industry Working Group brings together several companies that already have exposure to digital asset or tokenized financial infrastructure.

Canton Foundation’s participation connects the group with Canton Network, where Kaiko and S&P have worked on the tokenized iBoxx Treasury index. Financial institutions have been testing the network for use cases involving securities, collateral, repo markets and settlement.

Activity on Canton has extended into government bond markets. Mitsubishi UFJ Financial Group has been involved in work examining Japanese government bond repo transactions on the network, while another industry group has been studying tokenized JGBs, stablecoin settlement, T+0 processing and round-the-clock market access.

The network has attracted capital from large financial institutions as well. Digital Asset, the company behind Canton, raised $355 million in June in a round led by Andreessen Horowitz, with participants including Citadel Securities, Apollo, BNP Paribas, CME Ventures, Coinbase Ventures, HSBC, Optiver and the Abu Dhabi Investment Authority.

BNP Paribas and Coinbase Ventures now appear among the investors in Kaiko’s expanded Series B as well.

Institutional products have started using Kaiko data as their underlying pricing source. Bitwise’s Canton Coin ETP, launched on Deutsche Börse Xetra in May, tracks the Kaiko CANTO Reference Rate LDNLF index and carries an annual expense ratio of 0.85%.

Kaiko has worked with institutional digital asset infrastructure provider Taurus as well. A 2025 integration made Kaiko’s pricing and liquidity information available through the Taurus platform, extending access to clients using its digital asset infrastructure.

Taurus has since continued expanding the blockchain networks available to financial institutions through its technology. In August, the company completed an 18-month Hedera integration covering custody, staking, token issuance, node infrastructure and smart contract deployment for banks and regulated institutions.

Kaiko said its latest investment will support the core market data operation while financing further development of data infrastructure designed for onchain capital markets. The company has not disclosed a timetable for deploying the new capital or the valuation attached to the expanded Series B round.