Crypto market data provider Kaiko has expanded its Series B funding to USD 110 million in total, with S&P Global leading the extension. The figure is more than double the USD 53 million the company raised in the original round in 2022, and the new capital comes with backing from BNP Paribas, Nasdaq Ventures, the Royal Bank of Canada and Coinbase Ventures.

Kaiko collects price, liquidity and trading data from crypto exchanges and blockchain protocols, processes it, and delivers it to banks, asset managers, exchange operators and regulators — a function often likened to a Bloomberg terminal for digital assets. Founded in France in 2014, the company is headquartered in Paris and maintains additional offices in New York, London and Singapore. According to the company, its platform covers more than 150 exchanges and protocols, and more than 250 financial firms, institutions and regulators worldwide use its data.

An extension, not a new round

Formally, the transaction is not a new funding round. S&P Global Ventures, the venture capital arm of the index and ratings provider, is leading an extension of the Series B that originally closed in June 2022 at USD 53 million. That round was led by Eight Roads in the middle of the bear market, with Revaia, Alven and Point Nine also participating at the time. fresh capital brings the total to USD 110 million, although neither side disclosed a valuation in the announcement of the investment. Before that, Kaiko had closed a USD 24 million Series A in June 2021, led by Anthemis and Underscore VC.

The list of new backers reaches deep into traditional financial infrastructure. It includes BNP Paribas, Bpifrance, Broadridge and the Canton Foundation, alongside Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, the Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments. 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 more than a technicality. Extensions of this kind are a standard instrument in venture financing: additional capital flows into an existing round without a newly negotiated price being set. The USD 110 million includes the capital raised in 2022 rather than coming on top of it, which means it remains unclear how the company's valuation has developed since the bear market. Even so, with S&P Global and Nasdaq Ventures now at the table, two operators of market infrastructure are among Kaiko's backers. Both run their own indices, and Nasdaq operates its own trading venues as well. For a data supplier, this is a different kind of capital than venture money without an operational link.

Kaiko CEO Ambre Soubiran placed the strategic dimension 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."

Two acquisitions expand data coverage

The capital injection meets a company that was already in buying mode. In May 2026, Kaiko acquired Cometh, a provider of DeFi infrastructure. A few weeks later came Amberdata, a US provider of crypto market data that had previously been an independent competitor in the institutional data business — meaning the deal took a direct rival off the market.

Both transactions target coverage. Cometh comes from DeFi infrastructure, while Amberdata strengthens the US data business, and the range of what the provider can measure is widening as a result. For institutional clients, this breadth matters most, because reference prices would otherwise rest on only a few trading venues. The fresh capital therefore meets a consolidation that is already underway.

Kaiko's client base is institutional: financial firms, institutions and regulators rather than retail investors. That focus sets the company apart from providers that mainly serve trading platforms and end customers, and investors such as Broadridge and Nasdaq Ventures, which run market infrastructure themselves, fit the same profile. At the same time, 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," which 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 preceded the stake, which underscores that this is not a purely financial investment.

Indices are part of S&P Global's core business, and reliable price sources are a prerequisite for them. Cathy Clay, CEO of S&P Dow Jones Indices, attributed the move to the accelerating development of digital assets and called the investment an expression of that conviction. Kaiko supplies the data for the joint indices, so the ratings provider secures access to one component of its own product chain, and a stake in the data supplier reduces the risk of having to renegotiate that access later. The division of labor follows a pattern long established in traditional index markets, where benchmark administrators calculate their indices from price data licensed from specialized providers rather than collecting it themselves.

The new investors are also joining a "Strategic Industry Working Group" led by Kaiko. The body focuses on data and infrastructure for tokenized markets and 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, while Chainalysis focuses more on on-chain analytics than on market and price data. Since the acquisition, Amberdata no longer exists as an independent competitor, and the market for institutional crypto data is consolidating noticeably.

The backdrop is interest from traditional institutions in tokenization — the representation of 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. Several crypto exchanges have also launched stock-based products, including perpetual futures on individual stocks, and regulators have warned about the resulting risks for investors. Each of these product classes needs reliable reference prices.

For the Swiss market, there is a direct link as well. 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, Taurus says it serves nearly 40 banks, including 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, and 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.