The New Era of the Stock Market with Nasdaq CEO Adena Friedman | All-In Summit 2025

All-In with Chamath, Jason, Sacks & Friedberg

All-In Podcast, LLC

Business, Technology, Entrepreneurship

4.0 • 10.4K Ratings

🗓️ 9 September 2025

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

(0:00) Introducing Adena Friedman

(1:16) Nasdaq's business, expanding beyond a stock exchange

(2:44) Big announcement! Nasdaq will offer tokenized securities, crypto going mainstream, the 24/5 trading schedule

(7:21) How the IPO market can change to help companies go public faster

(13:37) Evolution of markets: predictions, options, SPVs, secondaries

(18:18) State of the stock market, role at the NY Fed, data issues at the Fed

Thanks to our partners for making this happen!

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BVNK - Building stablecoin-powered financial infrastructure that helps businesses send, store, and spend value instantly, anywhere in the world. https://www.bvnk.com/

Polymarket: https://www.polymarket.com/

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Intro Music Credit:

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Transcript

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0:00.0	Over the last year to date, up 14%.
0:02.8	Over the last year, NASDAQ shares up 40%
0:05.4	over the five-year period,
0:06.8	more than doubled up over 100%.
0:08.8	You've been on a real tear.
0:10.0	She is often on the list of not just
0:12.6	the most influential women in finance,
0:14.8	but just the most influential.
0:16.5	Adina transformed NASDAQ into a global tech powerhouse.
0:19.6	Adina is a dealmaker at her core. NASDAQ into a global tech powerhouse. Adina is a dealmaker at her core.
0:23.1	NASDAQ is in the business of deals.
0:25.0	We are here to advance economic progress for all.
0:29.2	Ladies and gentlemen, please welcome NASDAQ CEO Adina Friedman.
0:54.8	Welcome. Hey, Jason. How are you? How are you? Hi, Tama. It's great to see you. Hey, Dina. Great. It's great to be here. Welcome. Thanks for coming out. What a day you've been having. Yeah, so you caught some of the action earlier today, right? I did. I did. I've been watching from behind the scenes. It's been amazing to watch. You've been hanging backstage.
0:59.2	Did you have a favorite moment or speaker? Oh, I'd never like to pick favorites. At NASDAQ, we don't
1:04.8	pick favorites. We have great companies, but obviously, Renee is a wonderful NASDAQ listed company that, and I've had to know very well with Arm. So I would say I always have great conversations. You know, sorry, but NASDAQ's more than a market. I think I wanted to start with this real important question because when we were talking, I didn't realize that NASDAQ was more than just the NASDAQ market that we all know. Maybe just for the audience, you could just share a little bit more about the broader business.
1:29.8	Sure, thank you.
1:45.8	Well, so first of all, we are really proud of our foundation as a market. But as we started to grow and expand the business, first of all, you know, when I became CEO, we had about $2.5 billion in revenue. Today, or as of the end of last year, we had a little over $2.5 billion of
1:45.3	EBITDA. So we've grown and expanded the business quite dramatically. And how we've
1:49.5	done that is taking our core as a market and saying, what more can we do for our clients?
1:54.0	So we are an architect of modern markets. We provide our technology to our 17 markets, and we
1:59.1	sell it to 135 other markets around the world.
	...

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