Nasdaq Acquires LeveL Markets to Accelerate Tokenized, Always-On Trading Infrastructure

Woofun AI reports that Nasdaq has agreed to acquire LeveL Markets, integrating the third-largest US alternative trading system into its Digital Liquidity Networks unit under Roland Chai to accelerate always-on and tokenized markets.

LeveL Markets, in which Nasdaq first invested in 2021, now executes trades across more than 7,000 symbols daily for over 300 institutional buy-side firms and 2,500 total clients.

Woofun AI data shows average daily trading volume increased 56% in 2025, processing hundreds of millions of shares. The platform will remain a FINRA-regulated ATS with its existing management team, though financial terms were not disclosed and the deal awaits regulatory approval.

Nasdaq's tokenization roadmap includes a January 2026 SEC filing proposing a three-year pilot program with the Depository Trust Company for blockchain-based settlement of eligible stocks and exchange-traded products. This follows a September 2025 proposal and a March partnership with Kraken and Backed to link traditional equities with blockchain networks, expanding the Digital Liquidity Networks' infrastructure.

Competitors are also shifting toward extended hours, with Cboe and the London Stock Exchange pursuing similar plans while the New York Stock Exchange develops a separate platform for 24/7 trading and onchain settlement. The US Securities and Exchange Commission announced a Sept. 17 roundtable in July, with Chair Paul Atkins noting the market is moving toward a "new day – and night" in US equity trading.

The tokenized equities market has grown more than sixfold over the past year, with distributed value rising to nearly $2.5 billion from around $381 million in August 2025, according to RWA.xyz. This rapid expansion underscores the structural shift toward programmable liquidity and continuous trading infrastructure.