BlackRock, an asset manager with $15 trillion in assets under management, recently reaffirmed its vision on X. The statement that tokenization is the “next generation for markets” garnered 4,278 likes, but Nasdaq responded with a much more concrete step. The exchange operator recently agreed to acquire LeveL Markets, the third-largest alternative exchange in the United States by trading volume.
This move underscores Wall Street’s new direction of increasingly pursuing a round-the-clock securities transaction system.
Non-Stop Trading Engine
LeveL Markets is no small player in the financial industry. The exchange processes transactions for hundreds of millions of shares daily and serves over 2,500 buy-side and sell-side clients. With a trading execution capacity covering more than 7,000 daily symbols, their average daily volume recorded a 56% increase in 2025.
Once the acquisition is completed, LeveL’s operations will immediately be integrated into a new unit named Digital Liquidity Networks, led by Roland Chai. Although the details of the acquisition value were not disclosed and remain subject to regulatory approval, the deal is a continuation of their long-standing relationship. Nasdaq first invested in LeveL in 2021.
Despite the change of ownership, LeveL is set to continue operating as a FINRA-licensed alternative trading system, complete with its original management team.
Digital Equity Market Boom
Nasdaq’s interest in the digital securities space has a long history. They have proposed that tokenized securities be traded on exchanges since September 2025, and updated their proposal to the US Securities and Exchange Commission (SEC) in January 2026.
Data from RWA.xyz reveals the logical reasoning behind Nasdaq’s persistence. The tokenized equity market grew more than sixfold over the past year. The figure surged from $381 million in August 2025 to nearly breaking the $2.5 billion mark currently.
Their competitors are clearly refusing to be left behind. The New York Stock Exchange (NYSE) is currently building a separate platform specifically designed for 24-hour trading and on-chain settlement of tokenized securities. Elsewhere, Cboe and the London Stock Exchange also continue to pursue extended trading hours.
A New Chapter in Regulatory Decisions
This shift puts the ball in the court of capital market regulators. The SEC has announced a roundtable discussion agenda for September 17 to discuss the transition of the United States equity market toward a 24-hour trading system.
For traditional market participants, operational time boundaries are starting to fade. Exchanges that still enforce closing hours risk being left behind by the capital flows that never sleep.
As reported by Cointelegraph.
Also read: What Is DeFi (Decentralized Finance)?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
