Key facts
- Nasdaq agreed to acquire LeveL Markets.
- LeveL Markets is the third-largest US alternative trading system.
- Nasdaq aims to expand into tokenized securities with the acquisition.
- LeveL's execution network will be integrated into Nasdaq's Digital Liquidity Networks unit.
- Roland Chai has taken on an expanded role as Nasdaq's head of digital assets.
- eToro Group Ltd. agreed to acquire TradeZero.
- The acquisition of TradeZero is for up to $231 million.
- The deal aims to bolster eToro's US equities market presence.
- eToro's stock fell over 10% on Tuesday.
- eToro surpassed Q2 profit expectations with adjusted EPS of $0.68.
- eToro reported a significant year-over-year decline in crypto revenue.
- The TradeZero acquisition is expected to close in the first half of 2027.
Nasdaq has announced its agreement to acquire LeveL Markets, which is the third-largest alternative trading system in the United States. This acquisition is a key part of Nasdaq's strategy to expand into the realm of tokenized securities and to develop 'always-on' markets. The deal, which is contingent upon regulatory approval, will integrate LeveL's institutional execution network into Nasdaq's newly formed Digital Liquidity Networks unit. In a related development, Roland Chai, who currently serves as Nasdaq's president of European market services, has been given an expanded role as the head of digital assets for the entire exchange group. This strategic move underscores Nasdaq's commitment to integrating blockchain technology into financial markets, with an initial focus on post-trade services and tokenized assets.
Separately, eToro Group Ltd. has revealed plans to acquire the U.S.-based active-trader brokerage firm TradeZero for a sum of up to $231 million. This acquisition is intended to strengthen eToro's presence in the U.S. equities market. The deal is anticipated to be finalized in the first half of 2027. Despite the news of the acquisition, eToro's stock experienced a decline of over 10% on Tuesday. eToro also reported its second-quarter financial results, surpassing profit expectations with an adjusted earnings per share (EPS) of $0.68, which was higher than the estimated $0.61. However, the company noted a significant year-over-year decrease in its cryptocurrency revenue.