The following table presents the details of our investments:


	September 30, 2026	December 31, 2025
	(in millions)
Short-term investments	$151	$28
Corporate debt securities	100	—
Equity investments	787	687

Short-Term Investments

Short-term investments are comprised of trading securities,

primarily highly rated European government debt securities,

of which $134 million as of September 30, 2026 and $18

million as of December 31, 2025, are assets primarily utilized

to meet regulatory capital requirements, mainly for our

clearing operations at Nasdaq Clearing. Capital held for

regulatory purposes is invested to optimize returns while

staying within approved risk tolerances. This active portfolio

management can result in investments with original

maturities of 90 days or less that qualify as cash equivalents

and are included in restricted cash and cash equivalents, or

investments with original maturities greater than 90 days and

less than one year that are classified as short-term

investments in the Condensed Consolidated Balance Sheets.

Corporate Debt Securities

In September 2026, we purchased Series E preferred stock of

Payward, Inc., the parent company of Kraken, a

cryptocurrency platform and digital asset infrastructure

provider, for an aggregate purchase price of $100 million.

Our investment is generally redeemable at cost on the tenth

anniversary of issuance at the option of Payward, Inc or

Nasdaq, subject to applicable law. This investment is

convertible into common stock at our option, in connection

with an initial public offering that meets defined criteria, or at

the issuer’s option in connection with an initial public

offering subject to certain price adjustments. We elected the

fair value option for this investment as we believe carrying it

at fair value and recognizing changes in fair value through

earnings best reflects its underlying economics. Accordingly,

any changes in the fair value will be recognized in other

income (loss) in the Condensed Consolidated Statements of

Income. There was no change in the fair value for the three

and nine months ended September 30, 2026. This investment

is included in other non-current assets in the Condensed

Consolidated Balance Sheets.

Our strategic equity investments include our equity method

investments, for which we have the ability to exercise

significant influence, but not control, over the investees, as

well as minority investments made through our corporate

venture program in equity securities without readily

determinable fair values and marketable equity securities. As

of September 30, 2026 and December 31, 2025, the carrying

value of our equity method investments is $614 million and

$512 million, respectively, and the carrying value of our

minority equity investments is $173 million and $175

million, respectively. These investments are included in other

non-current assets in the Condensed Consolidated Balance

For equity method investments, we record our estimated pro-

rata share of earnings or losses each reporting period and

record any dividends as a reduction in the investment

balance. As of September 30, 2026 and 2025, our equity

method investments primarily included our 40.0% equity

interest in OCC. Net income recognized from our equity

interest in the earnings and losses of these equity method

investments was $38 million and $24 million for the three

months ended September 30, 2026 and 2025, respectively,

and $86 million and $73 million for the nine months ended

September 30, 2026 and 2025, respectively, and is included

in net income from unconsolidated investees in the

Condensed Consolidated Statements of Income. No

impairments were recorded for the three and nine months

ended September 30, 2026 and 2025.

The majority of our equity securities as of September 30,

2026 do not have a readily determinable fair value and

therefore we have elected the measurement alternative. We

recognized a net gain from the change in the carrying value

of these equity securities of $17 million for the nine months

ended September 30, 2026, primarily related to an upward

adjustment due to the identification of an observable price

change for a similar investment of an investee. There were no

adjustments to the carrying value of these equity securities

for the three months ended September 30, 2026, and no

material adjustments for the three and nine months ended

We mark-to-market equity securities that have a readily

determinable fair value. Gains and losses from the change in

the fair value of these securities were immaterial for the three

months ended September 30, 2026 and the three and nine

months ended September 30, 2025. Net loss from the change

in the fair value of these securities was $13 million for the

nine months ended September 30, 2026.

Gains and losses from our equity securities without readily

determinable fair values and marketable equity securities are

recognized in other income (loss) in the Condensed