S&P Global Inc. (NYSE: SPGI) rose nearly 2% on Monday, outrunning the S&P 500, which dipped 0.5%, after the financial data provider announced a strategic investment in Kaiko, a leading provider of cryptocurrency and digital asset data.
S&P Global disclosed that it participated in a funding round for privately held Kaiko alongside Coinbase Ventures and Nasdaq Ventures, though it did not reveal the investment amount. Kaiko said the round brought its Series B total to $110 million and that it is expanding its global presence through acquisitions.
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The two companies already collaborate on the S&P Kaiko Digital Asset Indices. “As digital assets accelerate, S&P Global is investing for the future — and this investment underscores that conviction,” said CEO Cathy Clay.
Market participants appear to support the move. As an index incumbent, S&P Global’s stake in Kaiko reflects its aim to cover next-generation financial assets. Although more detail on the investment size would have been useful, the partnership is a positive development for the firm.
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