S&P Global has backed Kaiko with a strategic investment that extends the Paris-based crypto market data provider’s Series B round to $110 million. The funding is intended to deepen Kaiko’s digital asset market data services while accelerating its expansion into onchain infrastructure for tokenized finance.

Alongside Kaiko, the round includes major financial and market participants such as BNP Paribas, Bpifrance, Broadridge, Nasdaq Ventures, Royal Bank of Canada, and Coinbase Ventures, as well as trading and capital markets groups including DRW Venture Capital and Susquehanna Private Equity Investments. Technology and blockchain ecosystem investors also participated, including Stellar.

Key takeaways

• S&P Global’s investment lifts Kaiko’s Series B total to $110 million, signaling growing demand for institutional-grade digital asset and tokenized-market data.
• Kaiko says the capital will support both its established digital asset pricing and its expansion into onchain data services for tokenized Treasuries, money market funds, equities, and bonds.
• Participating investors will join a Kaiko-led working group focused on data and infrastructure for tokenized financial products—an effort aimed at aligning standards across institutions.
• The funding arrives as U.S. market operators and clearing infrastructure firms push further into blockchain-based settlement and tokenized trading pilots.

Kaiko’s Series B aims at tokenized-market data, not just crypto pricing

Kaiko positioned the round as a continuation of its strategy to build data infrastructure that can serve both conventional institutional markets and onchain finance. The company said it will use the investment to strengthen its core digital asset market data business, while also expanding into “onchain financial infrastructure” use cases.

Specifically, Kaiko’s roadmap includes data services for tokenized Treasury bills, money market funds, and tokenized equities and bonds. For institutional participants, the practical challenge is rarely the tokenization itself—it’s reliable market data, pricing, reference data, and analytics that can be consistently used across platforms and settlement environments.

The investment is also framed as enabling a broader industry push. Kaiko said the participating investors will contribute to an industry working group led by the company, focused on developing data and infrastructure for tokenized financial products. That emphasis matters because tokenized-market adoption tends to stall when different institutions and venues rely on incompatible data formats, identification systems, and operational assumptions.

Wall Street’s tokenization push accelerates alongside institutional data needs

Kaiko’s funding lands during a period when major market operators and financial infrastructure firms are moving from experimentation toward operational implementations of blockchain-enabled workflows, including trading, settlement, and collateral management.

Earlier this year, Intercontinental Exchange (ICE)—the parent of the New York Stock Exchange—signed an agreement with Securitize to develop infrastructure and standards for tokenized securities. The deal builds on ICE’s earlier plan for a tokenized securities trading platform intended to support 24/7 trading and instant settlement.

In the same timeframe, Nasdaq received SEC approval to pilot trading tokenized stocks and ETFs alongside traditional securities. Nasdaq also partnered with Kraken’s parent, Payward, to develop infrastructure intended to connect regulated equity markets with onchain tokenized equities.

Infrastructure builders are also testing production-like workflows. In July, the Depository Trust & Clearing Corporation (DTCC) conducted production trades using DTC-tokenized assets with more than 30 financial firms ahead of a planned October launch of a tokenization service. DTCC describes DTC as providing custody and asset servicing for $114 trillion in securities, underlining the scale at which tokenization is being explored.

Regulators are watching 24/7 equity trading readiness

As tokenized-market infrastructure progresses, U.S. regulators are turning attention to whether markets can operate effectively beyond standard hours. The SEC has scheduled a roundtable for Sept. 17 focused on preparations for 24-hour trading in U.S. equities.

The agenda includes market readiness, operational resilience, investor protections, and potential future expansion toward 24/7 trading. For market participants, that kind of regulatory attention tends to influence how quickly tokenization efforts translate into larger-scale adoption—especially where operational controls, disclosure, and investor protections must fit new trading and settlement timelines.

Kaiko’s positioning is closely aligned with these concerns. As markets move toward faster and more continuous settlement, institutions need consistent data to support monitoring, reporting, risk management, and post-trade reconciliation across both traditional and onchain environments.

Kaiko’s acquisitions and partnerships show a clear institutional push

The Series B extension follows several recent moves by Kaiko aimed at strengthening its institutional footprint. In May, Kaiko acquired Cometh, described as a MiCA-regulated onchain infrastructure provider. In June, Kaiko also acquired Amberdata, a U.S.-based digital asset data firm.

Earlier, Kaiko said it partnered with Bloomberg in February to bring licensed financial data “onchain,” reflecting an intent to integrate established market data sources into distributed systems. These steps help explain why a larger institutional investor base is participating now: the company is building a data stack designed to serve more than one class of market—spanning crypto and tokenized traditional assets.

Kaiko CEO Ambre Soubiran said the investors cover multiple areas tied to digital asset markets, including pricing, trading, capital allocation, and blockchain development. She described them as partners in building infrastructure for institutional onchain finance, a signal that the firm’s current funding is meant to be more than financial support—it is also intended to connect Kaiko with decision-makers responsible for implementing institutional-grade tokenized workflows.

What to watch next is whether Kaiko’s working group efforts produce concrete interoperability and data standardization outcomes for tokenized financial products—and how regulators’ focus on 24-hour equity trading readiness shapes timelines for real-world adoption.

The CLARITY Act is set to face a pivotal procedural vote in the US Senate on Tuesday after President Donald Trump agreed to most of a bipartisan package aimed at tightening ethics rules for federal officials with crypto-related interests, according to multiple reports. The bill is designed to create a federal framework for how digital-asset markets are regulated, including clearer lines between the SEC and the CFTC.

Yet the latest compromise has not softened all opposition. A bipartisan group of 18 state attorneys general is urging senators to reject the legislation, arguing that the bill’s changes would undermine state authority to investigate and take action against crypto companies accused of fraud or other misconduct.

Key takeaways

• The CLARITY Act is moving toward a Senate procedural vote that will decide whether it advances to full debate.
• President Trump’s reported agreement to most of a bipartisan ethics proposal would tighten conflict-of-interest rules for certain federal officials.
• 18 state attorneys general, led by Letitia James, say the bill’s language could weaken state enforcement against alleged crypto fraud.
• The bill remains a major effort to establish federal market-structure rules and clarify whether crypto assets are treated as securities or commodities.

State attorneys general raise enforcement concerns

In a letter to Senate Banking Committee leaders, the 18 attorneys general—led by New York Attorney General Letitia James—contend that the CLARITY Act could constrain states’ ability to police wrongdoing in the crypto sector.

They argue that, although the “current draft” reserves certain powers for states to prosecute fraud, the provisions are “often ambiguous, unclear, or confined” in ways that could enable challenges to state law-enforcement authority or restrict how aggressively states can continue addressing what they describe as a “scam epidemic.” The letter does not suggest that states would be completely removed from enforcement, but it emphasizes that ambiguity may invite legal fights and limit practical oversight.

Importantly for observers watching the balance of power between federal and state regulators, the attorneys general also claim that while the revised bill would assign state attorneys general a role in enforcing new federal ethics restrictions, other provisions would still reduce their broader authority to pursue cases against crypto firms.

The dispute highlights a recurring tension in US crypto policy: even when legislators align on market structure and ethics rules, the details of how enforcement responsibilities are carved up—across agencies and between federal and state authorities—can determine whether regulators can act quickly and effectively.

Tuesday’s Senate procedural vote after Thune’s cloture push

As discussed earlier by Cointelegraph, Senate Majority Leader John Thune filed a cloture motion last month after the legislation failed to advance before lawmakers left Washington for their August recess. The procedural vote on Tuesday will determine whether the bill can move forward to Senate debate.

Cloture motions are typically used to limit debate and overcome procedural hurdles. For supporters and opponents alike, Tuesday’s vote functions as a forcing event: it decides whether the CLARITY Act clears the next step of the legislative process, regardless of remaining disagreements over its content.

Trump’s reported ethics concession reshapes key conflict-of-interest rules

Separate from the state attorneys general’s concerns, reports over the weekend indicated the White House had agreed to “about 80%” of a proposal developed by Republican Senator Thom Tillis and Democratic Senator Ruben Gallego, according to the Associated Press. The AP reported that this agreement came from a senior GOP aide.

The ethics portion of the CLARITY Act would build on rules already contained in the bill barring federally elected officials, their spouses, and federal judges from issuing digital assets. The latest compromise, as described by the Associated Press, would also require officials with a “significant” financial interest in a crypto issuer to divest the interest or place it in a blind trust. The measure would additionally give state attorneys general a role in enforcing the restrictions.

Lawmakers framed the adjustment as a response to concerns from Democrats and from Tillis, who had argued earlier ethics provisions did not go far enough to address potential conflicts, including those relating to President Trump’s own crypto holdings and business interests.

Crypto industry reaction was described as cautiously positive by Crypto in America, a publication co-hosted by Eleanor Terrett, which said the weekend developments triggered a “renewed sense of optimism” across the sector. Republicans characterized the revised package as their “last, best and final offer” to Democrats ahead of Tuesday’s vote, according to Crypto in America.

Still, the state attorneys general’s letter suggests that tightening ethics rules for federal officials does not automatically resolve broader concerns about the bill’s impact on state enforcement authority in crypto-related fraud and misconduct cases.

Why the CLARITY Act matters beyond ethics provisions

While the ethics dispute is dominating the immediate political storyline, the CLARITY Act’s larger purpose is to reshape the US regulatory landscape for digital assets. The bill is widely characterized as a landmark effort that would establish a federal market structure for digital assets, clarify when crypto assets fall within securities or commodities frameworks, and delineate oversight responsibilities between the SEC and the CFTC.

For market participants, those jurisdictional clarifications can have practical consequences. When regulators’ roles are less contested or more clearly defined, compliance decisions—such as how new products should be structured and supervised—can become less uncertain. When they are not, firms may face overlapping or conflicting expectations, and regulators may pursue different theories of authority.

The current round of opposition underscores that even large, bipartisan bills can remain politically vulnerable if key stakeholders believe enforcement power will shift in the wrong direction. Tuesday’s procedural vote will therefore reflect not only whether lawmakers accept the ethics adjustments, but also whether they are willing to move forward despite active legal and federalism concerns raised by state leaders.

Next, readers should watch for how senators respond to the state AG letter once the chamber turns to further debate—particularly whether amendments address claims of ambiguity that could limit states’ ability to investigate alleged crypto fraud, or whether the bill moves on essentially unchanged toward the full legislative process.

China’s investment slump deepened and retail sales growth slowed further in August, while industrial output topped estimates with authorities warning of acute supply-demand imbalance at home.

Retail sales grew 0.4% in August from a year earlier, data from National Bureau of Statistics showed on Tuesday, slowing from 0.6% in the prior month and missing economists’ forecast for a 0.8% growth in a Reuters poll.

Industrial output expanded 5.2% last month, accelerating from 4.5% growth in July and outperforming economists expectations for a 4.8% rise.

For the first eight months of the year, urban fixed-asset investment, which covers property and infrastructure investment, shrank 7.2% from a year earlier, steepening from 6.7% decline in the January-to-July period, matching analysts’ expectations.

The urban survey-based unemployment rate in August ticked up to 5.3% from 5.2% in July.

“We should be aware that the adverse impact of (the) external environment has intensified,” the statistics bureau said in an English-language release. It noted “acute” imbalance domestically between “strong supply and weak demand,” adding that some businesses still faced operational difficulties.

In the statement, the NBS called for stepping up macro-policy adjustments and boosting domestic demand, while advancing industrial upgrades for “innovation-led” development.

Growth in the world’s second-largest economy slowed to 4.3% in the second quarter, the weakest pace in more than three years, veering further from Beijing’s annual target of 4.5% to 5%. Policymakers have so far resisted more aggressive stimulus, relying instead on incremental measures to shore up growth.

Export resilience has powered the economy, as a global investment boom in artificial intelligence lifts demand for Chinese semiconductors and tech hardware. The country’s massive oil stockpiles have also offered a further buffer against surging energy prices, allowing the world’s biggest crude importer to scale back imports.

China’s official manufacturing purchasing managers’ index showed new orders and output both returned to expansion in August after contracting in July.

Efforts to fire up appetite for new debt have, however, fallen short. China’s credit expansion in August missed forecasts by a wide margin, with government bond financing unable to offset sluggish corporate and household demand.

New bank loans expanded by just 60 billion yuan ($8.95 billion), versus a roughly 400 billion yuan forecast and down from 590 billion yuan a year earlier, while outstanding loan growth slowed to a record-low 4.9%.

A team of economists led by Raymond Yeung, China economist at ANZ Research, said in a note earlier this month that “September could represent an important policy window to revive business confidence ahead of October’s Golden Week holidays.” More fiscal support is needed, but a policy rate cut remains unlikely, they added.

Strive, a U.S.-listed corporate Bitcoin treasury company and asset manager, added another batch of Bitcoin to its balance sheet last week, according to a filing submitted to the U.S. Securities and Exchange Commission. The company bought 469 BTC for roughly $36.6 million between Sept. 8 and Sept. 11, lifting its total holdings to 25,000 BTC.

In the same SEC document, Strive says the purchase was funded entirely through proceeds from sales of SATA, its perpetual preferred stock. With SATA’s notional value now exceeding $1 billion, Strive also disclosed its cash position and other holdings as of Sept. 11.

Key takeaways

• Strive purchased 469 Bitcoin for about $36.6 million, acquiring BTC at an average price of $77,954 per coin (including fees and expenses) from Sept. 8–11.
• The company’s Bitcoin treasury now totals 25,000 BTC, making it one of the largest publicly traded corporate holders.
• Funding for the acquisition came entirely from SATA preferred stock sales, with SATA notional value surpassing $1 billion outstanding.
• As of Sept. 11, Strive reported $204.2 million in cash and cash equivalents, alongside 505,000 shares of Strategy’s STRC preferred stock valued around $49.8 million.
• Strive’s stock rally—driven by its Bitcoin accumulation narrative—has pushed its market capitalization above some peers despite holding fewer BTC in absolute terms.

New Bitcoin purchase lifts Strive’s treasury

Strive’s SEC filing states that the company acquired 469 BTC over a four-day window, Sept. 8 through Sept. 11. The reported average purchase price was $77,954 per Bitcoin, with fees and expenses included in that figure.

For context, the largest crypto by market capitalization was last trading around $78,823 at the time of the report, based on CoinGecko data cited in the article’s underlying information.

The deal brings Strive’s total Bitcoin holdings to 25,000 BTC. It also continues a broader trend among corporate treasury firms: accumulating Bitcoin not only for balance-sheet exposure, but to influence how investors value these companies’ equity.

SATA preferred stock remains the funding engine

Strive’s CEO Matt Cole said the purchase was funded entirely through proceeds from sales of SATA, the company’s perpetual preferred stock. The filing indicates that SATA is now firmly in scale: it has surpassed $1 billion in notional value outstanding.

The document also shows share growth in SATA. Strive reported SATA shares outstanding increased by 402,541 over the same period to about 10.4 million shares.

This matters for readers because treasury buyers often face a recurring question: whether acquisitions are self-funded from operational cash flow or effectively financed through capital markets. In Strive’s case, the filing ties its latest Bitcoin purchases directly to SATA issuance and sales, making the preferred-stock pipeline a central variable for future accumulation.

Balance sheet details: cash and Strategy STRC preferred stock

Beyond Bitcoin, the filing provides a snapshot of Strive’s other liquid assets and investments as of Sept. 11. Strive reported holding $204.2 million in cash and cash equivalents.

It also disclosed 505,000 shares of Strategy’s STRC preferred stock, which the filing values at about $49.8 million. Together, these figures help frame how much immediate liquidity the company has alongside its growing Bitcoin reserve.

While Bitcoin is the headline asset, the cash position and the presence of STRC preferred stock are relevant for understanding the company’s flexibility—especially if markets move sharply or if the firm needs to manage timing around equity-linked funding.

Market cap momentum and warrant-driven upside

Strive shares rose more than 7% on Monday, reaching roughly $29, according to data referenced from Yahoo Finance. The stock movement extended a broader rally in which the share price has more than doubled over the past month, as reported in the underlying coverage.

That rally has helped Strive’s market capitalization move faster than some peers. The article’s information states that Strive’s market cap exceeded that of Metaplanet last week, even though Metaplanet holds substantially more Bitcoin. As of Monday, Strive’s market capitalization was around $2.5 billion versus $1.9 billion for Metaplanet, based on the figures cited through the comparison data.

Investors are also watching potential near-term dilution and capital inflows tied to Strive’s warrant structure. The article notes Strive shares have climbed above the $27 exercise price for warrants due to expire in mid-October. If warrant holders exercise them, BitcoinTreasuries.net estimates that Strive could receive more than $700 million in new capital, depending on how many warrants are redeemed.

Earlier in the month, CEO Matt Cole suggested it was “not out of the realm of possibility” for Strive to become the second-largest publicly traded corporate Bitcoin holder by year-end, while also describing that as not his base case. With Strive now surpassing certain peers on market value, the question for shareholders becomes whether share performance continues to track treasury growth—or whether it starts to decouple as expectations adjust.

Why the latest accumulation may matter next

Strive’s latest Bitcoin buy reinforces a key theme in corporate treasury markets: access to structured capital—here, SATA preferred stock—can materially shape how quickly these firms can add Bitcoin and how equity markets price that accumulation. What readers should watch next is how much SATA demand translates into future purchases, and whether warrant exercises in October alter Strive’s financing pace and dilution outlook.