WillItSurvive
Crypto and digital asset companies · United Kingdom

Kaiko

kaiko.com ↗

Kaiko sells licensed, regulator-grade crypto market data and benchmarks to banks and funds.

Defensible for now
Assessed 21 July 2026 · Evidence as of 21 July 2026
Real protection, with named pressure against it.
On the recordSince 21 July 2026 · Checkable from Q4 2026 · Every call on the record Checkpoint: Amberdata/Cometh integration outcome and client retention check
The call

Kaiko's licenses and exchange deals keep it ahead of AI copycats, but Bloomberg's crypto moves and its own acquisition pace are the things to watch.

Kaiko collects and publishes cryptocurrency prices and market data to banks, exchanges, and traders, and holds European regulatory licenses that competitors cannot easily obtain. The company is hard to replace because it has official government permission to be a benchmark provider (like how S&P publishes stock indexes), hundreds of exchange deals signed over years, and security certifications that took time to build. Bloomberg, the giant financial news company, chose to partner with Kaiko rather than build the same thing itself, which suggests the licenses and relationships are genuinely valuable. However, Kaiko just bought five companies in four years, including two in recent months, which could cause messy integration problems. The biggest wildcard: Bloomberg could change its mind and decide to buy a rival like Coin Metrics or build crypto data independently, which would mean Kaiko's partnership shield disappears and a much larger competitor enters the field directly.

Why
01
AI pressure: Generalized AI/LLM data aggregation and charting tools. AI can scrape and summarize crypto prices, but can't legally issue BMR-licensed benchmarks or fabricate audited pricing. Could AI do the core job? Unlikely.
02
Bigger players: Bloomberg. Bloomberg partners with Kaiko on-chain data and Broadridge DLR now, but ships its own Terminal crypto data and could go it alone. Could a giant copy it? No, they are blocked.
03
What protects it. EU BMR benchmark-administrator license, MiCA registration via Cometh, and 100+ exchange data licenses since 2010.
What would change this call
Bloomberg, LSEG, or S&P files as a BMR-registered crypto benchmark administrator. Would show an incumbent moving from partner to direct rival with matching regulatory authority.
Visible client churn tied to Amberdata or Cometh integration by Q4 2026. Would show Kaiko's M&A integration is disrupting service and costing customers.
Kaiko discloses a valuation or funding amount for its 2025 Private Equity round. Would clarify whether the company's growth claims match real financial backing.
Key numbers
  • 250-260+ institutional clients post-Amberdata (June 2026)
  • $53M Series B, June 2022, tripled prior valuation (2022-06-28)
  • 5 acquisitions since 2022, 2 in May-June 2026 (2026-06)
Named risks
  • Valuation and financial performance remain undisclosed and unverifiable from public sources. Severity: medium
  • Integration risk from two acquisitions closed within weeks (Cometh, Amberdata, May-Jun 2026). Severity: high
  • Crypto macro downturn: ETH down ~50% from mid-2025 peaks and $4B ETF outflows could compress client budgets. Severity: medium
  • Bloomberg/LSEG/S&P could shift from partner to direct competitor if they build in-house crypto benchmarks. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
BloombergcontestingPartnered Feb 26, 2026 and Jul 9, 2026 while also building own crypto Terminal data
LSEGcontestingAdding crypto data coverage to existing terminals rather than crypto-native stack, per Jul 2026 report
S&P GlobalcontestingEncroaching on institutional crypto data via existing platforms, noted Jul 7 2026
Coin MetricscontestingNamed closest independent peer in institutional crypto market data, 2025-09-29
Questions people ask
Is Kaiko profitable in 2026?
Kaiko has never disclosed revenue or profitability. Its January 29, 2025 private funding round had undisclosed terms, and an independent analyst concluded on June 26, 2026 that Kaiko's valuation is 'unknowable from public data,' leaving profitability status unconfirmed.
Who owns Kaiko?
Kaiko is privately held and independently owned, with no public listing. Founded in 2014 in Paris by CEO Ambre Soubiran and Pascal Gauthier, it is backed by VCs including Eight Roads and Revaia (Series B, June 28, 2022) plus Anthemis, Point Nine, and Alven from earlier rounds.
Could AI replace Kaiko's crypto data business?
Unlikely soon. Kaiko holds EU Benchmark Regulation authorization from the French AMF and a MiCA license via its Cometh acquisition (May 20, 2026), plus 100+ licensed exchange redistribution deals. LLMs can aggregate data but cannot fabricate regulator-recognized, auditable benchmark pricing.
Is Bloomberg Kaiko's biggest competitor?
It's coopetition, not pure rivalry. Bloomberg partnered with Kaiko on February 26, 2026 for on-chain data and again July 9, 2026 for Broadridge's $7.5T/month repo data on its Terminal, even as Bloomberg separately ships its own crypto Terminal data.
Is Kaiko a safe company to join given its acquisition spree?
Kaiko made five acquisitions since 2022, including two within weeks (Cometh May 20, 2026 and Amberdata June 1-2, 2026), which raises integration risk. Its own careers page listed 90+ employees as of April 2026, suggesting active hiring alongside the consolidation.
How much funding has Kaiko raised?
Kaiko raised a Series A of roughly $23M in June 2021, then a Series B of $53M on June 28, 2022 led by Eight Roads and Revaia, plus an undisclosed private-equity-type round that closed January 29, 2025 with the Uggla Family Foundation named as a participant.
Timeline
  • 2026-07-09Broadridge's $7.5T/month repo data goes live on Bloomberg Terminal via Kaiko
  • 2026-06-01Kaiko acquires Amberdata, its fifth acquisition, adding GVOL options analytics
  • 2026-05-20Kaiko acquires Cometh, a MiCA-licensed on-chain data infrastructure provider
  • 2026-02-26Bloomberg and Kaiko announce on-chain data collaboration for tokenized markets
  • 2025-08Kaiko launches Data On-Ramp oracle service on the Canton Network
  • 2025-01-29Kaiko closes undisclosed private-equity-type funding round
  • 2024-11-12Kaiko acquires European index provider Vinter, cash plus equity
  • 2022-06-28Kaiko closes $53M Series B led by Eight Roads and Revaia
  • 2021-06Kaiko closes roughly $23M Series A led by Anthemis and Point Nine
  • 2014Kaiko founded in Paris by Ambre Soubiran and Pascal Gauthier
Revision history
21 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
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