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Nasdaq to acquire LeveL Markets to expand always-on trading
The planned deal would bring LeveL’s institutional ATS execution network into Nasdaq’s Digital Liquidity Networks unit, with volume up 56% in 2025, and the transaction is still pending regulatory approval.
Nasdaq has agreed to acquire LeveL Markets, the third-largest US alternative trading system by trading volume, as the exchange operator expands into tokenized and longer-hours markets, according to Cointelegraph.
Cointelegraph reports that LeveL processes hundreds of millions of shares daily and serves more than 2,500 buy- and sell-side clients. The venue executes trades across more than 7,000 symbols daily and serves more than 300 institutional buy-side firms, with average daily trading volume up 56% in 2025.
The acquisition will place LeveL within Nasdaq’s Digital Liquidity Networks unit, led by Roland Chai, who oversees the company’s digital assets strategy, Cointelegraph adds. LeveL will continue to operate as a FINRA-regulated ATS with its own management team after the deal closes.
Cointelegraph also notes that financial terms were not disclosed and the transaction remains subject to regulatory approval. Nasdaq has previously proposed tokenized securities trading, including an SEC filing describing a three-year pilot with Depository Trust Company handling tokenization and blockchain-based settlement.
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