Nasdaq has agreed to acquire LeveL Markets — the third-largest Alternative Trading System (ATS) in the US by trading volume — to develop tokenized markets and around-the-clock trading.
According to Nasdaq, LeveL Markets processes hundreds of millions of shares daily and serves over 2,500 clients on both sides of the market. The platform will join the new Nasdaq Digital Liquidity Networks division, led by Roland Chai. He has overseen the company's digital asset strategy since the beginning of this year.
Nasdaq first invested in LeveL Markets in 2021. Since then, the platform has expanded: it now executes trades for over 7,000 instruments daily and serves more than 300 institutional buy-side clients. Its average daily trading volume in 2025 grew by 56%.
An announcement released on Tuesday stated that following the acquisition, LeveL Markets will retain its status as a FINRA-regulated Alternative Trading System and its own management team. The financial terms of the deal were not disclosed. It still requires regulatory approval.
Nasdaq stated that it will integrate LeveL's institutional execution network into its broader strategy for developing programmable, around-the-clock markets. The Digital Liquidity Networks division combines liquidity platforms, tokenization solutions, and digital asset technologies.
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Nasdaq Expands Development of Tokenized Markets with 24/7 Trading
Nasdaq first proposed allowing the trading of tokenized securities on its exchange in September 2025. In January 2026, the U.S. Securities and Exchange Commission (SEC) published an updated proposal document. It specified that eligible stocks and exchange-traded products could be traded in tokenized form alongside traditional stocks, with the Depository Trust Company handling blockchain-based tokenization and settlement as part of a three-year pilot program.
In March, Nasdaq advanced this work through a partnership with Kraken and tokenization company Backed to develop infrastructure linking traditional stocks with blockchain networks.
Other exchange operators are also extending 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 on-chain settlement of tokenized securities.
In July, the SEC announced a roundtable on September 17th focused on transitioning to 24/7 stock trading in the US. SEC Chairman Paul Atkins stated: "We are moving toward a new day — and a new night — in U.S. stock markets."
According to RWA.xyz, the tokenized equity market has grown more than sixfold over the past year: the asset value increased from approximately $381 million in August 2025 to nearly $2.5 billion.
Tokenized Equities. Source: RWA.xyz
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