Nasdaq to acquire LeveL Markets in push toward ‘always
Stocks
Nasdaq has entered into an agreement to acquire LeveL Markets, the third-largest alternative trading system in the United States, to accelerate its development of tokenized and always-on market infrastructure. This acquisition integrates LeveL Markets into Nasdaq’s Digital Liquidity Networks unit, which focuses on combining traditional liquidity platforms with blockchain-based settlement and tokenization capabilities. LeveL Markets currently processes hundreds of millions of shares daily for over 2,500 institutional clients and has seen a 56% increase in average daily trading volume in 2025. The move aligns with Nasdaq’s broader strategy to enable the trading of tokenized securities alongside traditional equities, a proposal currently under SEC review involving the Depository Trust Company. By securing this execution network, Nasdaq aims to support the industry-wide shift toward 24/7 trading cycles and programmable assets. This acquisition highlights the growing institutional commitment to bridging traditional equity markets with distributed ledger technology. As other major exchanges like the NYSE and Cboe pursue similar 24/7 initiatives, Nasdaq’s move underscores the competitive race to define the future of digital asset settlement.
Key points
- ▸Nasdaq acquired LeveL Markets to bolster its Digital Liquidity Networks unit for tokenized assets.
- ▸LeveL Markets serves over 2,500 institutional clients and processes hundreds of millions of shares daily.
- ▸Nasdaq's SEC proposal seeks to enable tokenized stock trading via a three-year pilot program.
- ▸Tokenized equities market value grew from $381 million to $2.5 billion since August 2025.
Background
Nasdaq is a global technology company and one of the world's largest stock exchange operators, providing trading, clearing, and settlement services. An Alternative Trading System (ATS) is a non-exchange trading venue that matches buyers and sellers of securities, operating under specific regulatory frameworks like FINRA oversight. These systems are increasingly being utilized as the foundational layer for integrating blockchain-based settlement into traditional financial markets.
Relevance
9/10