Nasdaq has agreed to acquire LeveL Markets, the third-largest alternative trading system in the US by trading volume, as part of its push into tokenized and always-on markets.
According to Nasdaq, LeveL Markets processes hundreds of millions of shares daily and serves more than 2,500 buy- and sell-side clients. The venue will operate within Nasdaq’s new Digital Liquidity Networks unit, led by Roland Chai, who has overseen the company’s digital assets strategy since earlier this year.
Nasdaq first invested in LeveL Markets in 2021. The platform has since grown to execute trades across more than 7,000 symbols daily and serves more than 300 institutional buy-side firms, with average daily trading volume increasing 56% in 2025.
Tuesday’s announcement said LeveL Markets will remain a FINRA-regulated ATS with its own management team following the acquisition. Financial terms were not disclosed, and the deal remains subject to regulatory approval.
Nasdaq said the acquisition will add LeveL’s institutional execution network to its broader push toward programmable, “always-on” markets. The Digital Liquidity Networks unit combines liquidity platforms, tokenization capabilities and digital asset technology.
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Nasdaq expands push into tokenized, always-on markets
Nasdaq first proposed allowing tokenized securities to trade on its exchange in September 2025. A January 2026 SEC filing updating the proposal said eligible stocks and exchange-traded products could trade in tokenized form alongside traditional shares, with Depository Trust Company handling tokenization and blockchain-based settlement through a three-year pilot program.
In March, Nasdaq expanded its efforts with a partnership with Kraken and tokenization firm Backed to develop infrastructure linking traditional equities with blockchain networks.
Other exchange operators are also moving toward longer trading hours. Cboe and the London Stock Exchange are pursuing similar plans, while the New York Stock Exchange is developing a separate platform for 24/7 trading and onchain settlement of tokenized securities.
In July, the SEC announced a Sept. 17 roundtable on the shift toward 24-hour US equity trading, with US Securities and Exchange Commission hair Paul Atkins saying, “We are moving towards a new day – and night – in the US equity markets.”
Over the past year, the tokenized equities market has grown more than sixfold, with distributed value rising to nearly $2.5 billion today from around $381 million in August 2025, according to RWA.xyz data.
Tokenized equities. Souce: RWA.xyz
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