Nasdaq to acquire LeveL Markets in push toward ‘always-on’ markets
Nasdaq agreed to acquire LeveL Markets, the third-largest US alternative trading system by volume, to strengthen its move into tokenized and always-on markets. LeveL processes hundreds of millions of shares daily and will be folded into Nasdaq’s new Digital Liquidity Networks unit, led by Roland Chai. Nasdaq first invested in LeveL in 2021, and the venue has since expanded to more than 7,000 symbols daily, with 2025 average daily volume up 56%. LeveL will remain a FINRA-regulated ATS with its own management team. Financial terms were not disclosed, and the deal still needs regulatory approval. The acquisition fits Nasdaq’s broader push into programmable, 24/7 markets. Nasdaq has proposed tokenized securities trading, expanded blockchain-linked equity efforts through partnerships, and is joining peers like Cboe, the London Stock Exchange, and NYSE in exploring longer trading hours and onchain settlement.
