Nasdaq Accelerates Always-On Markets Strategy with LeveL Markets Acquisition

Nasdaq Doubles Down on Digital Liquidity Infrastructure

Nasdaq announced its acquisition of LeveL Markets, cementing its position as a driving force behind the transformation of equity markets toward continuous, blockchain-enabled trading. According to Nasdaq, LeveL Markets ranks as the third-most active alternative trading system in the United States by volume, handling hundreds of millions of shares on a daily basis while maintaining relationships with over 2,500 institutional participants across both buy and sell sides.

The venue, which will join Nasdaq’s newly formed Digital Liquidity Networks division under leadership from Roland Chai, has demonstrated remarkable growth trajectory. Since Nasdaq’s initial investment in 2021, LeveL Markets expanded its daily trading reach to encompass more than 7,000 different securities while building connections to over 300 institutional buy-side firms. The platform’s momentum accelerated notably throughout 2025, with average daily trading volume climbing 56 percent during that period.

Building the Infrastructure for Tomorrow’s Markets

Following completion of the acquisition—pending regulatory clearance—LeveL Markets will retain its status as a Financial Industry Regulatory Authority-regulated alternative trading system, operating with its existing management structure intact. While deal specifics remain undisclosed, the move represents Nasdaq’s comprehensive strategy to construct programmable market infrastructure capable of supporting tokenized assets and extended trading windows.

This acquisition dovetails with Nasdaq’s broader digital strategy. The company initiated its push for tokenized equity trading permissions during late 2025, with an updated regulatory filing from early 2026 outlining how eligible stocks and exchange-traded products could trade simultaneously in tokenized and traditional share formats. The Depository Trust Company would manage the tokenization process, with settlement occurring through blockchain networks as part of a planned three-year pilot initiative.

The company further solidified its technological foundation through a March partnership with cryptocurrency exchange Kraken and tokenization specialist Backed, designed to establish connections between conventional equity markets and distributed ledger networks.

Industry-Wide Momentum Toward 24/7 Crypto-Native Markets

Nasdaq’s moves mirror a broader institutional shift. Competing exchange operators including Cboe Global Markets and the London Stock Exchange have announced comparable initiatives. The New York Stock Exchange is developing a dedicated platform specifically designed for round-the-clock trading with on-chain settlement of tokenized securities.

Regulatory authorities are acknowledging the transformation. The SEC convened a roundtable scheduled for September 17 to examine the accelerating movement toward continuous US equity market operations. SEC leadership recently emphasized the emerging reality of markets operating beyond traditional business hours.

The explosive growth of tokenized equity markets underscores the urgency. Within just twelve months, the sector expanded by more than 600 percent, with total value climbing from approximately $381 million in August 2025 to nearly $2.5 billion presently, based on RWA.xyz market data.

This convergence of traditional finance infrastructure with decentralized settlement capabilities creates potential runway for broader blockchain asset adoption and market participation, particularly as institutional players engineer seamless bridges between legacy and digital-native trading systems.

Source: Nasdaq, via Cointelegraph. Not financial advice.