Nasdaq's Strategic Shift Sends Shares Plummet to 407th in Trading Volume Amid Investor Scrutiny

On August 19, 2025, Nasdaq (NDAQ) closed down 0.54% with a trading volume of $0.24 billion, ranking 407th among stocks traded that day. The decline occurred amid ongoing investor scrutiny of the exchange operator’s strategic pivot following its $10 billion acquisition of financial software firm Adenza in November 2023.

The deal initially triggered a 10% sell-off in Nasdaq’s shares due to concerns over its 31x EBITDA valuation for Adenza. However, recent operational progress has shifted sentiment. Nasdaq reported exceeding cost-cutting targets, identifying $140 million in savings, and achieving $70 million in cross-selling revenue from Adenza’s cloud-based services. The integration has also diversified Nasdaq’s revenue stream, with recurring subscription models now accounting for a growing share of earnings compared to its traditionally volatile trading and listing businesses.

Market participants are now valuing Nasdaq at over 20x forward EBITDA, a 25% premium to its valuation at the time of the acquisition. This premium reflects confidence in Adenza’s 70% combined growth and profitability rates, which align with high-margin SaaS benchmarks. The stock’s 100% gain since the acquisition has outperformed both its own benchmark index and NYSE parent Intercontinental Exchange, signaling a strategic repositioning toward data-driven financial infrastructure.

Backtesting a strategy of purchasing the top 500 most actively traded stocks daily and holding them for one day from 2022 to present shows a total profit of $10,720, with steady growth despite market fluctuations.