S&P Global leads strategic investment in crypto data firm Kaiko, extending Series B to $110 million

Kaiko extended its Series B funding round to $110 million, led by S&P Global, per The Block. The round also drew backing from BNP Paribas, Nasdaq Ventures, RBC, Coinbase Ventures, and DRW Venture Capital, among others.

The extension signals a push by traditional market-data giants and institutional players into cryptocurrency infrastructure. S&P Global, best known for credit ratings and financial benchmarks, has been steadily increasing its crypto exposure in recent years. The participation of banking partners like BNP Paribas and RBC, alongside trading and venture arms from Nasdaq and Coinbase, underscores demand for institutional-grade data on digital asset markets.

Kaiko provides real-time market data, analytics, and reference pricing for cryptocurrency and blockchain assets. The company serves traders, risk managers, and institutional investors seeking to reduce information asymmetry in fragmented crypto markets. Little detail has been disclosed about the company's founding date, prior rounds, or valuation at this extension, though the Series B total now stands at $110 million following what appears to be a previous tranche.

The crypto data sector remains nascent compared to equities or fixed-income markets, where Bloomberg, Refinitiv, and S&P Global itself dominate. However, as crypto assets mature and regulatory frameworks solidify, institutional investors require the same granular, audited data they rely on in traditional markets. Kaiko's backlist of tier-one financial institutions and exchanges suggests confidence that the market for such services will grow alongside institutional adoption of digital assets.