Nasdaq is expanding its digital-asset ambitions, with CEO Adena Friedman detailing new blockchain initiatives and a forthcoming tokenization framework during the exchange company’s Q3 2025 earnings call.
Nasdaq Outlines Tokenization Roadmap, Expands Digital-Asset Push
22 October 2025 - 12:23 CEST
Friedman said Nasdaq’s focus remains on infrastructure and institutional adoption rather than retail speculation. “We’ve been involved with digital assets for many years,” she said, “and we see our fintech solutions becoming increasingly relevant as institutional interest grows.”
The company has rolled out trade-surveillance tools for crypto assets and completed a blockchain collateral-management pilot, which Friedman said improves transparency and efficiency.
Tokenization plan
Friedman described Nasdaq’s proposed tokenization system as a hybrid settlement model that lets investors choose how trades are finalized. “Trade-by-trade, an investor could flag an order to be settled in tokenized form and placed in a digital wallet,” she said. The system would integrate with the DTCC, the main US securities depository, enabling both conventional and blockchain-based settlement.
She added that Nasdaq and DTCC are exploring “a couple of different blockchains” for launch, ultimately aiming to improve collateral mobility across markets.
Institutional shift
Nasdaq’s roadmap mirrors a broader pivot among major exchanges. CME Group plans to begin 24/7 crypto trading by early 2026, while Intercontinental Exchange (ICE) recently invested $2 billion in prediction-market platform Polymarket.
Friedman said Nasdaq will expand its role cautiously as regulatory clarity improves: “We want to understand the regulatory landscape and see where that’s going first.”
