Nasdaq's $10B Adenza Deal Climbs to 362nd by Volume as Investor Sentiment Shifts from Skepticism to Strategy

On August 18, 2025, Nasdaq (NDAQ) closed down 0.36% with a trading volume of $0.26 billion, ranking 362nd among stocks by volume. The decline came amid ongoing scrutiny of its $10 billion acquisition of fintech firm Adenza, a deal that initially triggered sharp skepticism but has since reshaped investor sentiment toward the exchange operator.

The acquisition, finalized in November 2023, initially depressed Nasdaq’s stock by 10% due to concerns over its 31x EBITDA premium for the merged cloud services firm. However, subsequent performance metrics have validated the strategic shift. Nasdaq has surpassed debt-reduction targets, identified $140 million in cost savings, and expanded cross-selling opportunities in financial technology. Adenza’s recurring subscription model now accounts for 70% of its combined revenue and profit growth, reducing reliance on volatile trading and listing fees.

Investor valuation has shifted accordingly. Nasdaq’s forward EBITDA multiple now stands at over 20x, a 25% increase from the acquisition period, compared to peers like Intercontinental Exchange. This premium reflects growing confidence in the company’s transition toward high-margin data and software services. However, maintaining this trajectory requires navigating challenges, including the need to sustain innovation in a sector where most acquisitions historically underperform.

Backtesting a strategy of buying the top 500 stocks by daily volume and holding for one day from 2022 to present yielded a total profit of $10,720. The results show gradual growth with intermittent volatility, underscoring the mixed performance of short-term volume-driven trading in the broader market context.