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Nasdaq to acquire LeveL Markets
13 August 2026 US
Image: Emiliia/stock.adobe.com
Nasdaq has entered into a definitive agreement to acquire all the equity interests of LeveL Markets, an off-exchange equity execution venue in the United States.
LeveL Markets says that its capabilities will advance Nasdaq's broader vision for always-on markets, expanding the company’s role in how liquidity is connected, capital is formed, and markets operate across an increasingly continuous global economy.
Following the closing, Nasdaq intends to invest in LeveL Markets’ technology, client offering, and long-term growth while maintaining continuity of operations and execution quality for existing clients.
The Digital Liquidity Networks organisation, in which LeveL Markets will operate, builds on Nasdaq's longstanding investments in digital assets and market modernisation, bringing together liquidity platforms, tokenisation capabilities, and a portfolio of financial technology solutions serving the digital assets ecosystem, notes the firm.
These solutions support key market functions across the full trade life cycle.
The transaction is expected to close following the satisfaction of customary closing conditions, including required regulatory approvals.
Until closing the acquisition, Nasdaq and LeveL Markets will continue to operate as separate companies.
The terms of the transaction have not been disclosed.
Tal Cohen, president, Nasdaq, says: "Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide. LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy.
“By combining LeveL Markets’ execution capabilities with Nasdaq's expertise and global reach, we are strengthening our ability to support clients as
market structure continues to evolve.”
Steve Miele, CEO of LeveL Markets, adds: “Nasdaq has been a valued partner in our growth,?and together, we share a commitment to helping clients navigate the next phase of market evolution.
“As part of Nasdaq, we will have an even greater ability to invest in our solutions, expand opportunities for clients across asset classes and around the globe, and continue driving innovation through collaboration.”
LeveL Markets says that its capabilities will advance Nasdaq's broader vision for always-on markets, expanding the company’s role in how liquidity is connected, capital is formed, and markets operate across an increasingly continuous global economy.
Following the closing, Nasdaq intends to invest in LeveL Markets’ technology, client offering, and long-term growth while maintaining continuity of operations and execution quality for existing clients.
The Digital Liquidity Networks organisation, in which LeveL Markets will operate, builds on Nasdaq's longstanding investments in digital assets and market modernisation, bringing together liquidity platforms, tokenisation capabilities, and a portfolio of financial technology solutions serving the digital assets ecosystem, notes the firm.
These solutions support key market functions across the full trade life cycle.
The transaction is expected to close following the satisfaction of customary closing conditions, including required regulatory approvals.
Until closing the acquisition, Nasdaq and LeveL Markets will continue to operate as separate companies.
The terms of the transaction have not been disclosed.
Tal Cohen, president, Nasdaq, says: "Markets are evolving rapidly, creating new opportunities for investors, issuers, and market participants worldwide. LeveL Markets brings together the scale, connectivity, and institutional relationships that can help accelerate our long-term growth strategy.
“By combining LeveL Markets’ execution capabilities with Nasdaq's expertise and global reach, we are strengthening our ability to support clients as
market structure continues to evolve.”
Steve Miele, CEO of LeveL Markets, adds: “Nasdaq has been a valued partner in our growth,?and together, we share a commitment to helping clients navigate the next phase of market evolution.
“As part of Nasdaq, we will have an even greater ability to invest in our solutions, expand opportunities for clients across asset classes and around the globe, and continue driving innovation through collaboration.”
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