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Point of Focus
- Nasdaq is acquiring LeveL Markets, the third-largest US alternative trading system by volume.
- LeveL processes hundreds of millions of shares daily across 7,000-plus symbols.
- The deal strengthens Nasdaq’s infrastructure for tokenized securities.
Nasdaq has agreed to acquire LeveL Markets, the third-largest alternative trading system in the United States by volume, as it accelerates its expansion into tokenized securities and always-on trading.
LeveL processes hundreds of millions of shares each day across more than 7,000 symbols. It serves over 2,500 buy- and sell-side clients, including more than 300 institutional investment companies, giving Nasdaq an established liquidity network for its digital-market strategy.
Financial terms were not disclosed, and the transaction remains subject to regulatory approval and other customary closing conditions.
LeveL brings institutional scale
Nasdaq first invested in LeveL Markets in 2021. Since then, the platform has expanded rapidly, with its average daily trading volume increasing 56% in 2025.
Following the acquisition, LeveL will continue operating as a Financial Industry Regulatory Authority-regulated alternative trading system under its existing management team.
Nasdaq is entering a definitive agreement to acquire LeveL Markets, one of the leading off-exchange equity execution venues in the United States. LeveL Markets’ capabilities will advance Nasdaq's broader vision for always-on markets, expanding the company’s role in how liquidity… pic.twitter.com/KIQSmo8I1E
— Nasdaq (@Nasdaq) August 11, 2026
Nasdaq said it intends to invest in the platform’s technology, products, and long-term growth.
The structure is intended to preserve LeveL’s operational independence and participant confidentiality while giving it access to Nasdaq’s technology and international market infrastructure.
Digital liquidity networks takes shape
LeveL will become part of Digital Liquidity Networks, a newly created Nasdaq division led by Roland Chai.
Nasdaq said the unit would combine liquidity venues, tokenization capabilities, and digital-asset technology to develop programmable markets that operate beyond conventional trading hours.
The acquisition gives that unit a functioning institutional execution network instead of requiring Nasdaq to build one from the ground up.
LeveL has already taken steps toward connecting traditional and digital markets. Its recent initiatives include a partnership with European blockchain trading venue 21X and an integration with institutional cryptocurrency exchange EDX Markets.
Nasdaq advances its tokenization strategy
Nasdaq proposed allowing eligible stocks and exchange-traded products to trade in tokenized form alongside conventional securities in September 2025.
An updated filing in January 2026 outlined a three-year pilot in which the Depository Trust Company would support tokenization and blockchain-based settlement.
"Tokenization is advancing regardless of CLARITY Act. CLARITY Act doesn't do a ton in terms of asset tokenization."
"You've seen new initiatives from DTCC, NASDAQ, major banks, and asset managers."
"You're seeing people of note saying each day that every financial institution… pic.twitter.com/jMS1gr0Ias
— Stabledash (@stabledash) August 10, 2026
Nasdaq later partnered with cryptocurrency exchange Kraken and tokenization company Backed Finance to explore connections between traditional equities and blockchain networks.
LeveL could supply the institutional liquidity needed to make those systems commercially viable.
Always-on trading moves closer
Nasdaq’s move comes as major exchanges respond to growing demand for extended access to US securities.
Cryptocurrency markets operate continuously, increasing investor expectations for equities to become available outside standard trading sessions.
Nasdaq is reshaping its European digital assets leadership as it expands blockchain-based financial infrastructure, signaling a focus on market plumbing for trading, issuance, and settlement in tokenized finance. #RealWorldAssets #Tokenization #Blockchain #Crypto…
— Tokenized Finance Alert (@AboutRWAs) August 11, 2026
However, round-the-clock markets require clearing, surveillance, liquidity, and corporate-action systems to function over longer periods. Critics have also warned that acquiring a major alternative venue could shift more trading into less transparent markets.
The deal will not create 24/7 tokenized stock trading immediately. It does, however, give Nasdaq another critical building block for connecting conventional market liquidity with blockchain-based settlement and always-on infrastructure.
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