Nasdaq Tokenized Stocks Initiative Analysis Report

: On November 25, 2025, Matt Savarese (Nasdaq’s head of digital assets) announced the exchange’s SEC filing to allow tokenized stocks/ETFs during a CNBC Crypto World interview [1].
: Short-term, NDAQ shares rose +0.46% with volume below average (243k vs.3.3M) [0], indicating the news is still digesting. Medium-term, the initiative aligns with the $4T RWA tokenization trend projected by McKinsey [3], potentially boosting Nasdaq’s Market Tech segment (22% of revenue [0]).
: Directly impacts NDAQ; related sectors include financial services (exchanges, crypto firms) and technology (blockchain providers). Upstream: Blockchain tech firms; downstream: Investors seeking tokenized assets [0].

• Cross-Domain Alignment
  : Tokenization supports Nasdaq’s Market Tech growth strategy, a key revenue driver [0].
• Analyst Consensus
  : 61% of analysts rate NDAQ as BUY with a $108 target (21.6% upside [0]).
• Trend Validation
  : McKinsey’s $4T RWA projection underscores long-term market potential [3].

: Leadership in digital asset innovation; revenue expansion via Market Tech segment and tokenization services [0].
: Regulatory uncertainty (SEC approval not guaranteed); competitive pressure from players like Kraken [2]; adoption risk [0].

: NDAQ market cap ($51B), P/E ratio (31.73x), YTD (+14.69% [0]).
: Market Services (51.2%), Capital Access (26.8%), Market Tech (22% [0]).
: Monitor SEC response, implementation details, and competitor moves for further insights [0].