Key facts
- Nasdaq has agreed to acquire LeveL Markets, the third-largest US alternative trading system.
- LeveL Markets processes hundreds of millions of shares daily and serves over 2,500 buy- and sell-side clients.
- The acquisition aims to integrate LeveL's institutional execution network into Nasdaq's Digital Liquidity Networks unit.
- Nasdaq previously invested in LeveL Markets in 2021.
- LeveL Markets will continue to operate as a FINRA-regulated ATS with its own management team.
- The deal is subject to regulatory approval and financial terms were not disclosed.
Nasdaq has agreed to acquire LeveL Markets, the third-largest alternative trading system in the U.S. by trading volume, as part of its strategic expansion into tokenized securities and the development of 'always-on' markets. The acquisition aims to integrate LeveL's institutional execution network into Nasdaq's newly formed Digital Liquidity Networks unit, which focuses on liquidity platforms, tokenization capabilities, and digital asset technology.
LeveL Markets, in which Nasdaq first invested in 2021, processes hundreds of millions of shares daily and serves over 2,500 buy- and sell-side clients, including more than 300 institutional firms. The platform currently executes trades across more than 7,000 symbols daily, and its average daily trading volume saw a 56% increase in 2025. Following the acquisition, LeveL Markets will continue to operate as a FINRA-regulated ATS with its own management team. Financial terms of the deal were not disclosed, and it remains subject to regulatory approval.
This move aligns with Nasdaq's broader strategy to facilitate trading in tokenized securities, a concept it first proposed in September 2025. An SEC filing in January 2026 indicated that eligible stocks and ETFs could trade in tokenized form alongside traditional shares, with the Depository Trust Company managing tokenization and blockchain-based settlement through a pilot program. Nasdaq has also partnered with Kraken and Backed to develop infrastructure for linking traditional equities with blockchain networks.
Nasdaq is not alone in pursuing extended trading hours and tokenized securities. Competitors such as Cboe and the London Stock Exchange are also working on similar initiatives. The New York Stock Exchange is developing a separate platform dedicated to 24/7 trading and on-chain settlement of tokenized securities. In July, the SEC announced a roundtable to discuss the shift toward 24-hour US equity trading, with SEC official Paul Atkins noting the market's movement towards continuous operation.
The tokenized equities market has experienced significant growth, increasing more than sixfold over the past year to nearly $2.5 billion, up from approximately $381 million in August 2025, according to data from RWA.xyz.