Kaiko expands funding round to $110M led by S&P Global

S&P Global has led an investment that pushes Kaiko’s total funding to $110 million, a move that says at least as much about where institutional finance is heading as it does about one Parisian data company’s balance sheet.

For context: S&P Global is the firm behind the S&P 500, the benchmark that roughly $10 trillion in assets tracks. When that company decides to lead a funding round for a crypto data provider, it is not a casual bet.

From scrappy startup to institutional backbone

Kaiko has been building its data infrastructure since well before institutional crypto was a mainstream conversation. The company raised $5 million in a seed round in 2019, followed by a $24 million Series A in 2021 and a $53 million Series B in 2022, backed by investors including Eight Roads and Revaia.

That trajectory put Kaiko somewhere in the $80 million range of total funding before this latest round. The jump to $110 million represents a meaningful step up, and the identity of the lead investor matters more than the dollar figure.

That vision already has a product attached to it. S&P Dow Jones Indices and Kaiko launched a co-branded suite called the S&P Kaiko Digital Asset Indices on September 1, 2026. Those indices are designed for asset managers and financial institutions that want structured, reliable exposure to digital asset performance, the kind of reference data that underlies ETFs, structured products, and portfolio benchmarking tools.

Why institutional-grade data is the unglamorous foundation of crypto’s next chapter

Asset managers integrating Bitcoin or other digital assets into portfolios need consistent, auditable, manipulation-resistant price data. They need it for valuation, for regulatory reporting, and for constructing indices that track markets reliably over time. Sourcing that data from a patchwork of exchange APIs is not viable at scale. A vetted provider with institutional relationships and standardized methodology is.

By 2025, Kaiko had established itself as what the industry describes as a ‘Super Validator’ in the tokenized finance ecosystem, a designation reflecting its role in verifying and providing data for the tokenized asset infrastructure being built by banks and asset managers.

The S&P partnership accelerates that positioning considerably. S&P’s distribution reach into global financial institutions gives Kaiko’s data products a credibility stamp and a sales channel that would take years to build independently. For S&P, the arrangement fills a gap: the firm has deep expertise in traditional asset class indices but needed a native digital asset data partner to extend that expertise into crypto benchmarks with real market depth and methodology rigor.

What this means for the competitive landscape

Kaiko is not operating in an empty field. Bloomberg, Refinitiv, and CoinGecko all offer varying degrees of digital asset data coverage, and CoinMarketCap sits behind Binance’s ownership. What Kaiko has consistently positioned as its differentiation is depth and institutional focus: granular order book data, tick-by-tick trade history across centralized and decentralized venues, and structured API access built for compliance-aware institutional workflows.

Full deal terms and Kaiko’s current valuation were not disclosed as part of the announcement. What is clear is that the structure goes beyond passive financial investment. The existing commercial partnership and the jointly launched index suite suggest the two companies are building an integrated offering, with S&P’s benchmark authority layered on top of Kaiko’s data infrastructure.

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