According to reports from crypto.news, TradingView News, and Nasdaq's latest announcement, Nasdaq has entered a definitive agreement to acquire all equity interests in LeveL Markets LLC, adding one of the largest U.S. alternative trading systems to its broader strategy. The deal brings the third largest U.S. alternative trading system by volume into Nasdaq's portfolio, with LeveL processing hundreds of millions of shares daily and trading across more than 7,000 symbols. The platform serves over 2,500 buy side and sell side clients, including more than 300 institutional buy side firms connected through more than 15 order and execution management systems. As reported by TradingView News, 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, and the platform has since grown to execute trades across more than 7,000 symbols daily with average daily volume increasing 56% in 2025. According to Nasdaq's latest announcement, the acquisition advances the company's strategy to provide institutional-grade solutions for always-on markets, with LeveL's capabilities strengthening Nasdaq's network while creating new opportunities for innovation. Following the deal, Nasdaq plans to invest further in LeveL's technology, client offering and long-term growth, while keeping continuity of operations and execution quality for existing clients.
As reported by crypto.news, the acquisition follows two major U.S. regulatory approvals for Nasdaq this year. The SEC approved Nasdaq's tokenized securities rules in March and its 23-hour weekday trading plan in April. Nasdaq has set December 6, 2026 as its planned launch date for the expanded trading hours, with the day session running from 4 a.m. until 8 p.m. ET, followed by a night session from 9 p.m. until 4 a.m. ET. The SEC will hold a September 17 roundtable covering overnight trading, market operations, resiliency and investor safeguards. In July, the SEC announced this roundtable with US Securities and Exchange Commission chair Paul Atkins stating, "We are moving towards a new day – and night – in the US equity markets." The acquisition remains subject to customary closing conditions and required regulatory approvals, with Nasdaq not disclosing the purchase price or target closing date.
According to crypto.news and TradingView News, Nasdaq created Digital Liquidity Networks to combine tokenization, liquidity platforms and digital asset technology capabilities. The SEC approved Nasdaq's tokenized securities rules on March 18, allowing eligible securities to trade in tokenized form on Nasdaq with tokenized and traditional versions using the same order book. DTCC processed live production transactions involving DTC tokenized assets on July 15 with more than 30 firms and is targeting October for the Tokenization Service launch. In March, Nasdaq expanded its efforts with a partnership with Kraken and tokenization firm Backed to develop infrastructure linking traditional equities with blockchain networks. The tokenized equities market has grown more than sixfold over the past year, with distributed value rising to nearly $2.5 billion today from around $381 million in August 2025, according to RWA.xyz data. Nasdaq first proposed allowing tokenized securities to trade on its exchange in September 2025, with a January 2026 SEC filing updating the proposal to allow eligible stocks and exchange-traded products to trade in tokenized form alongside traditional shares through a three-year pilot program.
As reported by crypto.news, TradingView News, and Nasdaq's latest announcement, LeveL will remain FINRA regulated and separately managed after closing, subject to required regulatory approvals. The platform will keep its own management team, participant confidentiality and structural separation while remaining a registered ATS under FINRA oversight. Following the acquisition, which is pending regulatory approval, LeveL Markets will remain a FINRA-regulated ATS with its own management team. According to Nasdaq's latest announcement, LeveL will continue to operate as a trading venue with its own dedicated management team within Digital Liquidity Networks, maintaining structural separateness, participant confidentiality, and operational integrity that are fundamental to its role in the institutional equity market. Roland Chai has been appointed to lead the organization, having led Nasdaq's European Market Services organization since 2023 and spearheading the company's digital assets strategy since early 2026. Nikolaj Kosakewitsch will succeed Chai as Head of European Market Services, effective immediately, with a successor to Kosakewitsch as President of Nasdaq Copenhagen to be announced at a later date. Following the closing of the transaction, LeveL Markets will continue to operate as a trading venue with its own dedicated management team within Digital Liquidity Networks, maintaining structural separateness, participant confidentiality, and operational integrity that are fundamental to its role in the institutional equity market.
According to Nasdaq's latest announcement, the acquisition advances the company's broader vision for always-on markets, expanding Nasdaq's role in how liquidity is connected, capital is formed, and markets operate across an increasingly continuous global economy. As reported by Nasdaq, "Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide." Tal Cohen, President of Nasdaq, stated that "LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy." Steve Miele, CEO of LeveL Markets, emphasized that "Nasdaq has been a valued partner in our growth, and together, we share a commitment to helping clients navigate the next phase of market evolution." The mission of Digital Liquidity Networks is to build the programmable, always-on market infrastructure of the future – enabling Nasdaq to transform capital market infrastructure with institutional trust, resilience and integrity. By combining LeveL Markets' execution capabilities with Nasdaq's expertise and global reach, the organization will strengthen its ability to support clients as market structure continues to evolve. The transaction is expected to close following the satisfaction of customary closing conditions, including required regulatory approvals, with the terms of the transaction not disclosed. Until closing, Nasdaq and LeveL Markets will continue to operate as separate companies.
