NASDAQ's Largest Shareholder Acquires Approximately 20 Billion Won in Shares… CEO Sells Stock Options

On February 13, 2026, Investor AB, a major shareholder of Nasdaq, Inc. (Nasdaq: NDAQ), purchased 200,000 common shares in the open market at approximately $79 per share, investing about $15.8 million (roughly KRW 200 billion). This additional buy brings Investor AB’s total position to around 58 million shares—approximately $460 million in value (about KRW 6 trillion). Earlier that month, on February 2, Nasdaq’s Chair and CEO Adena T. Friedman exercised 300,000 stock options and sold the same number of shares under a pre-arranged Rule 10b5-1 plan at about $97 per share, netting roughly $29 million (around KRW 380 billion). According to Nasdaq’s disclosure, Friedman continues to hold more than 1.9 million shares, along with various outstanding equity awards.

In its full-year 2025 financial results, released recently, Nasdaq reported net revenues exceeding $5.2 billion and solutions revenues of $4.0 billion. The company also issued mid-range financial guidance for 2026, projecting non-GAAP operating expenses of $2.455 billion to $2.535 billion and an effective tax rate between 22.5% and 24.5%. Nasdaq will host its 2026 Investor Day on February 25 at its New York Times Square headquarters, where management will provide further details on business strategy and financial objectives.

Nasdaq is a leading U.S. electronic securities exchange and a global market infrastructure company that provides listing services, financial data, and fintech solutions to companies worldwide. Sweden’s Investor AB remains a long-term investor with roughly a 10% stake in Nasdaq. Since 2017, Adena Friedman has served as CEO and, beginning in 2023, has also chaired the board—driving Nasdaq’s evolution into a technology-platform enterprise.