Nasdaq to acquire LeveL Markets in push for tokenized, extended-hours trading

Nasdaq has agreed to acquire LeveL Markets LLC, the operator of a major U.S. alternative trading system, in a deal announced on August 11, 2026. The acquisition will add a significant off-exchange equity execution venue to Nasdaq's portfolio as it expands its strategy toward tokenized securities and extended trading hours.

LeveL Markets operates the third-largest alternative trading system in the United States by volume, processing hundreds of millions of shares daily across more than 7,000 symbols. The platform serves over 2,500 buy-side and sell-side clients, including more than 300 institutional firms. Nasdaq noted that LeveL's average daily trading volume increased 56% in 2025, reflecting growing institutional adoption.

The transaction will fold LeveL into Nasdaq's newly created Digital Liquidity Networks unit, which combines liquidity platforms, tokenization capabilities, and digital asset technology. Roland Chai, who has overseen Nasdaq's digital assets strategy since early 2026, will lead the combined operation. Nasdaq first acquired a minority stake in LeveL in 2021, and the platform later merged with Luminex in 2022.

"LeveL will remain a FINRA-regulated ATS with its own...