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Nasdaq recently entered a definitive agreement to acquire all equity interests of LeveL Markets, a U.S. Alternative Trading System, to broaden its institutional trading and always-on digital liquidity capabilities.
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The deal, paired with the creation of a Digital Liquidity Networks unit led by Roland Chai, highlights Nasdaq’s push into more connected, institutional-grade market infrastructure.
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We’ll now explore how Nasdaq’s move to integrate LeveL Markets into its new Digital Liquidity Networks could influence the company’s broader investment narrative.
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Nasdaq Investment Narrative Recap
To own Nasdaq, you need to believe in its role as a core provider of market infrastructure and technology, rather than just an exchange operator. The LeveL Markets acquisition and new Digital Liquidity Networks unit support that vision, but the impact on near term results and on the main risk around integrating acquisitions and partnerships like Adenza looks incremental rather than transformational at this stage.
In this context, the multi year surveillance technology partnership with prediction markets operator Kalshi is particularly relevant, as it reinforces Nasdaq’s positioning as a compliance and risk management provider across newer asset classes. Together with LeveL Markets, it adds another proof point to the catalyst that product innovation and broadening use cases for Nasdaq’s tech could be important drivers for its business mix over time.
However, investors should also be aware that if larger technology deals take longer to close or integrate than expected, especially within…
Read the full narrative on Nasdaq (it’s free!)
Nasdaq’s narrative projects $7.1 billion revenue and $2.5 billion earnings by 2029.
Uncover how Nasdaq’s forecasts yield a $110.07 fair value, a 16% upside to its current price.
Exploring Other Perspectives
Five members of the Simply Wall St Community see fair value for Nasdaq anywhere between US$33.57 and US$204.85, underscoring how far opinions can diverge. Against that backdrop, the reliance on acquisitions and partnerships to support Nasdaq’s growth story is a key factor readers may want to weigh carefully as they compare these views.
Explore 5 other fair value estimates on Nasdaq – why the stock might be worth over 2x more than the current price!
The Verdict Is Yours
Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.
