Nasdaq, Inc. (NDAQ) Stock: Rebounds as LeveL Markets Acquisition Targets Digital Liquidity Growth

TLDR

• Nasdaq buys LeveL Markets to expand institutional trading and digital liquidity
• LeveL Markets brings Nasdaq a major ATS handling hundreds of millions of shares
• Nasdaq will fold LeveL into Digital Liquidity Networks after the deal closes
• LeveL posted 56% annual volume growth in 2025 as its institutional reach grew
• NDAQ closed at $95.02, down 0.63%, before rising 0.12% to $95.13 after hours

Nasdaq (NDAQ ) agreed to acquire LeveL Markets as the exchange operator expands its digital liquidity and institutional execution business. NDAQ closed at $95.02, down 0.63%, before gaining 0.12% to $95.13 after hours. The planned acquisition strengthens Nasdaq’s position across off-exchange trading, digital markets, and future always-on financial infrastructure.

Nasdaq, Inc., NDAQ

Nasdaq Expands Institutional Equity Execution Network

Nasdaq will acquire all equity interests in LeveL Markets under a definitive agreement announced Tuesday. LeveL operates a major Alternative Trading System serving institutional equity market participants across the United States. The transaction will add another large execution venue to Nasdaq’s growing market infrastructure network.

LeveL processes hundreds of millions of shares each day across more than 7,000 listed symbols. Furthermore, the platform connects with more than 2,500 buy-side and sell-side clients through established trading systems. Nasdaq plans to invest in LeveL’s technology, services, and capacity after completing the acquisition.

LeveL ranked as the third-largest United States ATS by trading volume before the announced transaction. Meanwhile, its average daily trading volume increased 56% year over year during 2025. That growth gives Nasdaq an established platform as institutional demand shifts toward broader liquidity and execution options.

LeveL Markets Deal Supports Digital Liquidity Strategy

Nasdaq previously acquired a minority stake in LeveL Markets during 2021 before pursuing full ownership. LeveL later merged with Luminex in 2022 and expanded its network across institutional trading firms. The platform now serves more than 300 institutional buy-side firms through multiple execution management integrations.

Nasdaq will place LeveL within its newly organized Digital Liquidity Networks business after the transaction closes. The division combines liquidity platforms, tokenization capabilities, and financial technology supporting digital asset markets. LeveL will provide Nasdaq with established equity execution infrastructure inside the broader digital market operation.

Nasdaq appointed Roland Chai to lead Digital Liquidity Networks as the company advances its market modernization strategy. Chai previously led Nasdaq’s European Market Services business and helped develop its digital assets strategy. His new role links traditional trading infrastructure with Nasdaq’s growing digital liquidity operations.

Nasdaq Maintains LeveL Markets Structure

LeveL will continue operating as a separate trading venue with its own dedicated management team. Additionally, Nasdaq plans to preserve participant confidentiality, operational integrity, and structural separation after completing the deal. LeveL will also remain a registered ATS under oversight from the Financial Industry Regulatory Authority.

Nasdaq sees continuous trading models as an important part of the changing global financial market structure. Accordingly, LeveL gives the company greater reach across institutional execution while supporting future digital liquidity services. The acquisition also strengthens Nasdaq’s ability to connect traditional markets with newer programmable trading infrastructure.

The transaction remains subject to standard closing conditions and required regulatory approvals before Nasdaq can complete ownership. Until completion, Nasdaq and LeveL Markets will continue operating independently under their existing business structures. Nasdaq did not disclose the purchase price or other financial terms of the agreement.

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