Nasdaq's investment division has agreed to invest $100 million in Kraken's parent company, Payward. The two parties will deploy Nasdaq's market surveillance technology across Payward's crypto, stock, tokenized stock, and futures & options trading platforms, aiming to launch Nasdaq stock token NET in Q2 2027. The investment is currently just an agreement, not yet finalized, with no valuation, shareholding ratio, or governance rights disclosed. NET is a token initiated by the issuer, retaining the issuer's control and legal rights over the underlying stock, and it has not yet entered circulation.