Kraken Institutional partners with Upshot to price tough-to-value tokens like illiquid alts and NFT bundles, aiming to fill a gap in institutional crypto pricing.
Kraken Institutional has integrated valuation tools from Upshot, the firm said Tuesday. The tools target assets that lack frequent trades or transparent market data – illiquid altcoins, tokenized real-world assets, and non‑fungible token collections.
Upshot uses machine learning to estimate prices for items that may trade only a few times a week or over the counter. For institutions, reliable pricing is a prerequisite for portfolio valuation, margin calculations, and client reporting. Without it, large holders often rely on stale quotes or subjective estimates.
Kraken's move addresses a practical gap. Many crypto asset prices are determined by the last trade on a thin order book, which can misstate fair value. Upshot's models pull data from multiple sources to produce a single reference price, Kraken said.
The integration is part of a broader push by Kraken to win institutional business. The exchange has added custody, staking, and prime brokerage services in recent quarters. Pricing tools for hard-to-value assets are a missing piece that competitors like Coinbase Prime and Binance Institutional also work to solve.
Kraken did not disclose financial terms of the partnership or which specific tokens would be covered first. The initial rollout covers altcoin and NFT pricing, with tokenized real estate and other RWAs expected later this year.
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