Crypto data provider Kaiko has pushed its 2022 Series B to $110 million through a top-up led by S&P Global, adding the ratings giant to a cap table that already included Nasdaq and Coinbase Ventures. The round now sits at more than double its original size, though the valuation at which the new money entered remains undisclosed.
The capital structure
The original Series B closed in May 2022 at $53 million and tripled the company's valuation, according to the firm. A year earlier, Anthemis and Underscore VC led a $24 million Series A. The latest tranche brings in BNP Paribas, Royal Bank of Canada and Stellar alongside the earlier strategic backers. Kaiko did not disclose the size of the extension, the price per share, or any break fees or conditions attached to the new investment.
What the buyers are buying
Founded in France in 2014, Kaiko aggregates data from more than 150 exchanges and blockchain protocols. The company says it will use the proceeds to expand infrastructure built for markets that never close. "Digital asset markets operate 24/7, and the infrastructure supporting them must do the same," the firm said in its announcement.
The convergence signal
The participant list reads like a directory of traditional market infrastructure: a ratings agency, two global systemically important banks, a major exchange operator, and a royal bank. Their common denominator is exposure to tokenization pipelines that require continuous, auditable pricing. Kaiko's pitch is that the data layer for those pipelines is still being built, and the institutions that will ultimately use it are now paying to ensure it exists.
What to watch
The undisclosed valuation leaves the actual leverage between old and new investors opaque. If the extension priced flat to the 2022 round, early backers avoided dilution but the company took four years to double its capital base. If it priced at a premium, the new money bought into a markup that the market has not yet validated. Either way, the round closed on Monday; the deployment timeline for the infrastructure it funds is the next measurable milestone.