S&P Global Doubles Kaiko's Series B to $110 Million

S&P Global led an extension to Kaiko's Series B that brings the round to $110 million, the two companies said on Sept. 14. Kaiko, a Paris-based provider of cryptocurrency market data, last raised money in June 2022, when Eight Roads led a $53 million Series B. Nine other investors joined the new tranche: BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments, alongside existing shareholders Anthemis, Point Nine and Revaia.

Neither company disclosed a valuation. Kaiko chief executive Ambre Soubiran said the S&P Global investment "is a powerful endorsement of Kaiko's mission and the role trusted data will play in tokenized markets." Cathy Clay, chief executive of S&P Dow Jones Indices, said Kaiko's data "builds foundational transparency for the digital-asset ecosystem."

An extension that doubled the round

Calling this a Series B "extension" understates what happened to the math: the new tranche alone, roughly $57 million, is larger than the entire 2022 round it is extending. Structuring it that way rather than as a priced Series C lets Kaiko avoid setting a fresh headline valuation, the same reason Impulse Space and other late-stage startups increasingly favor add-on rounds over a new letter of the alphabet.

The deal builds on ties the two companies already had. In March 2026, Kaiko and S&P Dow Jones Indices tokenized the iBoxx U.S. Treasuries Index on a blockchain, and in September they launched a co-branded S&P Kaiko Digital Asset Indices product, according to Cointelegraph.

What the data actually covers

Kaiko was founded in Paris in 2014 and says it now tracks more than 10,000 cryptocurrency pairs across upwards of 80 exchanges, from offices in Paris, New York, London and Singapore. The company has been buying its way into adjacent data categories: it acquired Cometh, an infrastructure provider for onchain markets, in May 2026, and Amberdata, a U.S. digital-asset data firm, in June 2026, according to Cointelegraph.

Milestone	Date	Detail
Series B (original)	2022	$53 million, led by Eight Roads
Cometh acquisition	May 2026	Onchain infrastructure provider
Amberdata acquisition	June 2026	U.S. digital-asset data firm
Series B extension	Sept. 14, 2026	$110 million cumulative, led by S&P Global

Kaiko said the new capital will fund its core market-data business and an expansion into tokenized Treasury bills, money market funds, equities and bonds. The participating investors will also join a Kaiko-led working group on data standards for tokenized products, S&P Global said. Compare that structure to Morphotonics, whose recent Series B split a quarter of its money into a convertible loan rather than equity: both deals show late-2026 investors reaching for financing shapes that avoid pinning down a single number the company has to defend later.

The round also arrived a day before the U.S. Securities and Exchange Commission's Sept. 17 roundtable on preparing markets for 24-hour trading, a scheduling coincidence Cointelegraph pointed to rather than one either company claimed. Whether Kaiko's valuation ever becomes public, the way Oura's did only once its shareholders had to disclose IPO proceeds, is the open question S&P Global's announcement left unanswered.