# EDGAR Filing Document

**Accession Number:** 0001120193
**File Stem:** 0001193125-25-260783
**Filing Date:** 2025-10
**Character Count:** 35148
**Document Hash:** dad21b92631742e85f714efb371135bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-260783.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001193125-25-260783

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20251031

**EFFECTIVENESS DATE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NASDAQ, INC.
- **CENTRAL INDEX KEY:** 0001120193
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 521165937
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291192
- **FILM NUMBER:** 251440554

**BUSINESS ADDRESS:**
- **STREET 1:** 151 W. 42ND STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 1 212 401 8700

**MAIL ADDRESS:**
- **STREET 1:** 151 W. 42ND STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NASDAQ OMX GROUP, INC.
- **DATE OF NAME CHANGE:** 20080227

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NASDAQ STOCK MARKET INC
- **DATE OF NAME CHANGE:** 20010423

**As filed with the Securities and Exchange Commission on October 31, 2025** 

**Registration No. 333-** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8**

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## Nasdaq, Inc.
**(Exact name of registrant as specified in its charter)** 

**Delaware** 

**(State or other jurisdiction of incorporation or organization)** 

**52-1165937**

**(IRS Employer Identification No.)** 

**151 W. 42nd St.** 

**New York, NY 10036** 

**United States of America** 

**(Address of principal executive offices)** 

**Nasdaq, Inc. Equity Incentive Plan** 

**(Full Title of the Plan)** 

**John A. Zecca** 

**Executive Vice President and Global Chief Legal, Risk and Regulatory Officer** 

**Nasdaq, Inc.** 

**151 W. 42nd St.** 

**New York, NY 10036** 

**United States of America** 

**+1 (212) 401-8700**

**(Name and Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)** 

***Copies to:***

**Brian V. Breheny** 

**Skadden, Arps, Slate, Meagher & Flom LLP** 

**1440 New York Avenue, N.W.** 

**Washington, D.C. 20005** 

**(202) 371-7180** 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**EXPLANATORY NOTE** 

Pursuant to General Instruction E to Form S-8 under the Securities Act, this Registration Statement is filed by Nasdaq, Inc. (the "Company") for the purpose of registering additional shares of the Company's common stock, par value $0.01 per share ("Common Stock") under the Nasdaq, Inc. Equity Incentive Plan, as amended and restated (the "Plan"). This Registration Statement registers 7,500,000 additional shares of Common Stock that are available for issuance under the Plan or that have become available for issuance under the Plan pursuant to the share counting provisions of the Plan upon the termination, expiration, cancellation or forfeiture of awards or the withholding of shares for tax obligations.

The 7,500,000 additional shares of Common Stock available for issuance under the Plan registered pursuant to this Registration Statement are of the same class of securities as the shares of Common Stock registered for issuance under the Plan pursuant to the following currently effective registration statements: (i) the Registration Statement on Form S-8 ([Registration No. 333-70992](http://www.sec.gov/Archives/edgar/data/1120193/000095017201500927/s333453.txt)) filed on October 4, 2001 (the "Original Registration Statement"), as amended by Post-Effective Amendment No. 1 thereto filed on November 6, 2001; (ii) the Registration Statement on Form S-8 ([Registration No. 333-110602](http://www.sec.gov/Archives/edgar/data/1120193/000104746903037888/a2120593zs-8.htm)) filed on November 19, 2003 (the "Second Registration Statement"); (iii) the Registration Statement on Form S-8 ([Registration No. 333-167723](http://www.sec.gov/Archives/edgar/data/1120193/000119312510145062/ds8.htm)) filed on June 23, 2010 (the "Third Registration Statement"); (iv) the Registration Statement on Form S-8 ([Registration No. 333-196838](http://www.sec.gov/Archives/edgar/data/1120193/000119312514239206/d738720ds8.htm)) filed on June 17, 2014 (the "Fourth Registration Statement"); and (v) the Registration Statement on Form S-8 ([Registration No. 333-225218](http://www.sec.gov/Archives/edgar/data/1120193/000119312518175257/d583425ds8.htm)) filed on May 25, 2018 (the "Fifth Registration Statement"). The contents of the Original Registration Statement, the Second Registration Statement, the Third Registration Statement, the Fourth Registration Statement, and the Fifth Registration Statement, including any amendments thereto or filings incorporated therein, are incorporated herein by this reference. Any items in the Original Registration Statement, Second Registration Statement, the Third Registration Statement, the Fourth Registration Statement, and the Fifth Registration Statement not expressly changed hereby shall be as set forth in the Original Registration Statement, the Second Registration Statement, the Third Registration Statement, the Fourth Registration Statement, and the Fifth Registration Statement as applicable.

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS** 

---

| | |
|:---|:---|
| **ITEM 1.** | **PLAN INFORMATION.**  |

---

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the Nasdaq, Inc. Equity Incentive Plan (the "Plan") covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.

---

| | |
|:---|:---|
| **ITEM 2.** | **REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.**  |

---

As noted above, the documents containing the information specified in Part I of this Registration Statement will be sent or given to participants in the Plan as specified under Rule 428(b)(1) under the Securities Act.

------

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3.** **Incorporation of Documents by Reference.** <br>

The following documents, which have been filed with the Commission, are incorporated as of their respective dates in this Registration Statement by reference and shall be deemed to be a part hereof:

• The Registrant's Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/1120193/000112019325000008/ndaq-20241231.htm) for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025 (including those portions of our Definitive Proxy Statement for the 2025 Annual Meeting of Shareholder
that are incorporated by reference in our Form 10-K);

• The Registrant's Quarterly Report on [Form 10-Q](http://www.sec.gov/Archives/edgar/data/1120193/000112019325000012/ndaq-20250331.htm) for the quarter ended March 31, 2025, filed with the SEC on April 
28, 2025, Quarterly Report on [Form 10-Q](http://www.sec.gov/Archives/edgar/data/1120193/000112019325000018/ndaq-20250630.htm) for the quarter ended June 30, 2025, filed with the SEC on
July 25, 2025 and the Quarterly Report on [Form 10-Q](http://www.sec.gov/Archives/edgar/data/1120193/000162828025046006/ndaq-20250930.htm) for the quarter ended September 30, 2025, filed
with the SEC on October 23, 2025;

• The Registrant's Current Reports on Form 8-K filed with the SEC on [January 29, 2025](http://www.sec.gov/Archives/edgar/data/1120193/000119312525014912/d927353d8k.htm) (Item 8.01 only), [February 10, 2025](http://www.sec.gov/Archives/edgar/data/1120193/000119312525023569/d933579d8k.htm) , [February 25, 2025](http://www.sec.gov/Archives/edgar/data/1120193/000119312525035244/d924235d8k.htm) , [March 12, 2025](http://www.sec.gov/Archives/edgar/data/1120193/000119312525053028/d937707d8k.htm) , [April 24, 2025](http://www.sec.gov/Archives/edgar/data/1120193/000119312525092227/d859494d8k.htm) (Item 8.01 only), [June 16, 2025](http://www.sec.gov/Archives/edgar/data/1120193/000119312525141406/d922347d8k.htm) ; [July 24, 2025](http://www.sec.gov/Archives/edgar/data/1120193/000119312525163817/d56011d8k.htm) (Item 8.01 only) and [October 21, 2025](http://www.sec.gov/Archives/edgar/data/1120193/000119312525244271/d46597d8k.htm) (Item 8.01 only); and

• The description of our Common Stock contained in [Exhibit 4.21](http://www.sec.gov/Archives/edgar/data/1120193/000112019324000006/ndaq12312023ex-421.htm) to our Annual Report on Form 10-K, filed with the SEC on February 21, 2024.

In addition, all documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing such documents. Any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed to constitute a part of this Registration Statement, except as so modified or superseded. Nothing in this Registration Statement shall be deemed to incorporate information furnished by us but not filed with the Commission pursuant to Items 2.02 or 7.01 of Form 8-K.

**Item 4.** **Description of Securities.** <br>

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.** <br>

Not applicable.

**Item 6.** **Indemnification of Directors and Officers.** <br>

The registrant is a Delaware corporation. Reference is made to Section 102(b)(7) of the General Corporation Law of the State of Delaware (the "DGCL"), which enables a corporation in its certificate of incorporation to eliminate or limit the personal liability of a director for violations of the director's fiduciary duty, except:

• for any breach of the director's duty of loyalty to the corporation or its stockholders;

• for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;

• pursuant to Section 174 of the DGCL (providing for liability of directors for unlawful payment of dividends
or unlawful stock purchases or redemptions); or

• for any transaction from which a director derived an improper personal benefit.

Reference is also made to Section 145 of the DGCL, which provides that a corporation may indemnify any persons, including officers and directors, who are, or are threatened to be made, parties to any threatened, pending or completed legal action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was a director, officer, employee or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys'

------

fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided such director, officer, employee or agent acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe that the person's conduct was unlawful. A Delaware corporation may indemnify officers and directors in an action by or in the right of the corporation under the same conditions, except that no indemnification is permitted without judicial approval if the officer or director is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him or her against the expenses that such officer or director actually and reasonably incurred. The indemnification permitted under the DGCL is not exclusive, and a corporation is empowered to purchase and maintain insurance against liabilities whether or not indemnification would be permitted by statute.

The registrant's Amended and Restated Certificate of Incorporation and By-Laws provide for indemnification of its directors and officers to the fullest extent currently permitted by the DGCL. In addition, the registrant maintains liability insurance for its directors and officers.

**Item 7.** **Exemption from Registration Claimed.** <br>

Not applicable.

**Item 8.** **Exhibits.** <br>

---

| | |
|:---|:---|
| 3.1 | [Amended and Restated Certificate of Incorporation of Nasdaq, Inc. (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on January 28, 2014)](http://www.sec.gov/Archives/edgar/data/1120193/000119312514024495/d665170dex31.htm) |
| 3.2 | [Certificate of Elimination of the Series A Convertible Preferred Stock of Nasdaq, Inc. (incorporated herein by reference to Exhibit 3.1.1 to the Current Report on Form 8-K filed on January 28, 2014)](http://www.sec.gov/Archives/edgar/data/1120193/000119312514024495/d665170dex311.htm) |
| 3.3 | [Certificate of Amendment of Nasdaq's Amended and Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on November 19, 2014)](http://www.sec.gov/Archives/edgar/data/1120193/000119312514418471/d823798dex31.htm) |
| 3.4 | [Certificate of Amendment of Nasdaq's Amended and Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on September 8, 2015)](http://www.sec.gov/Archives/edgar/data/1120193/000119312515314459/d48431dex31.htm) |
| 3.5 | [Certificate of Amendment of Nasdaq's Amended and Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on July 20, 2022)](http://www.sec.gov/Archives/edgar/data/1120193/000119312522197571/d346485dex31.htm) |
| 3.6 | [By-Laws of Nasdaq, Inc. (incorporated herein by reference to Exhibit 3.2 to the Current Report on Form 8-K filed on November 21, 2016)](http://www.sec.gov/Archives/edgar/data/1120193/000119312516773816/d294194dex32.htm) |
| 4.1 | [Form of Common Stock Certificate (incorporated herein by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 filed on November 4, 2015)](http://www.sec.gov/Archives/edgar/data/1120193/000112019315000018/ndaq-20150930xex4.htm) |
| 5.1\* | [Opinion of Skadden, Arps, Slate, Meagher & Flom LLP](d773488dex51.htm) |
| 10.1 | [Nasdaq, Inc. Equity Incentive Plan (as amended and restated as of April 24, 2018) (Incorporated herein by reference to Exhibit 10.1 to the Registration Statement on Form S-8 filed on May 25, 2018)](http://www.sec.gov/Archives/edgar/data/1120193/000119312518175257/d583425dex101.htm) |
| 23.1\* | [Consent of Ernst & Young LLP](d773488dex231.htm) |
| 23.2 | [Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1)](d773488dex51.htm) |
| 24 | [Power of Attorney (included on the signature page hereof)](#sig) |
| 107\* | [Filing Fee Table](d773488dexfilingfees.htm) |
| \* | Filed herewith. |

---

------

**Item 9.** **Undertakings.** <br>

(a) The undersigned Registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement:

(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

(ii) to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in
the effective registration statement; and

(iii) to include any material information with respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in the Registration Statement;

*provided, however*, that:

(A) paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the
Registration Statement.

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the provisions described in Item 6 above, or otherwise, the Registrant has been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.

------

**SIGNATURES** 

In accordance with the requirements of the Securities Act of 1933, Nasdaq, Inc. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on October 31, 2025.

---

| | |
|:---|:---|
|  | **NASDAQ, INC.** |
| By: | /s/ Adena T. Friedman |
|  | Adena T. Friedman, Chief Executive Officer |

---

**POWER OF ATTORNEY** 

Each person whose signature appears below hereby authorizes and appoints John A. Zecca and Erika Moore as attorneys-in-fact and agents, each acting alone, with full powers of substitution to sign on his behalf, individually and in the capacities stated below, and to file any and all amendments, including post-effective amendments, to this Registration Statement and other documents in connection with the Registration Statement, with the Securities and Exchange Commission, granting to those attorneys-in-fact and agents full power and authority to perform any other act on behalf of the undersigned required to be done.

In accordance with the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated as of October 31, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Adena T. Friedman |  |
| Adena T. Friedman | Chief Executive Officer and Chair of the Board (Principal Executive Officer) |
| /s/ Sarah Youngwood |  |
| Sarah Youngwood | Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
| /s/ Michelle L. Daly |  |
| Michelle L. Daly | Senior Vice President and Controller (Principal Accounting Officer) |
| /s/ Melissa M. Arnoldi |  |
| Melissa M. Arnoldi | Director |
| /s/ Charlene T. Begley |  |
| Charlene T. Begley | Director |
| /s/ Essa Kazim |  |
| Essa Kazim | Director |
| /s/ Thomas A. Kloet |  |
| Thomas A. Kloet | Director |
| /s/ Kathryn A. Koch |  |
| Kathryn A. Koch | Director |

---

------

---

| | |
|:---|:---|
| /s/ Holden Spaht |  |
| Holden Spaht | Director |
| /s/ Michael R. Splinter |  |
| Michael R. Splinter | Director |
| /s/ Johan Torgeby |  |
| Johan Torgeby | Director |
| /s/ Toni Townes-Whitley |  |
| Toni Townes-Whitley | Director |
| /s/ Jeffery W. Yabuki |  |
| Jeffery W. Yabuki | Director |
| /s/ Alfred W. Zollar |  |
| Alfred W. Zollar | Director |

---

## Exhibit 5.1

**Exhibit 5.1** 

---

| | |
|:---|:---|
| SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP |  |
| 1440 NEW YORK AVENUE, N.W. |  |
| WASHINGTON, D.C. 20005-2111 | FIRM/AFFILIATE |
|  | OFFICES |
| TEL: (202) 371-7000 | ———— |
| FAX: (202) 393-5760 | BOSTON |
| www.skadden.com | CHICAGO |
|  | HOUSTON |
|  | LOS ANGELES |
|  | NEW YORK |
|  | PALO ALTO |
|  | WILMINGTON |
|  | ABU DHABI |
|  | BEIJING |
|  | BRUSSELS |
|  | FRANKFURT |
|  | HONG KONG |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025 | LONDON |
|  | MUNICH |
|  | PARIS |
|  | SÃO PAULO |
|  | SEOUL |
|  | SINGAPORE |
|  | TOKYO |
|  | TORONTO |

---

Nasdaq, Inc.

151 W. 42nd St.

New York, NY 10036

Re: Nasdaq, Inc.

<u>Registration Statement on Form S-8</u>

Ladies and Gentlemen:

We have acted as special United States counsel to Nasdaq, Inc., a Delaware corporation (the "<u>Company</u>"), in connection with the Company's Registration Statement on Form S-8 (together with the exhibits thereto, the "Registration Statement") to be filed on the date hereof with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933 (the "<u>Securities Act</u>"), relating to the registration of an aggregate of 7,500,000 shares (the "<u>Shares</u>") of the Company's common stock, par value $0.01 per share (the "<u>Common Stock</u>"), authorized for issuance pursuant to the Nasdaq, Inc. Equity Incentive Plan, as amended (the "<u>Plan</u>").

This opinion letter is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K of the General Rules and Regulations of the Commission promulgated under the Securities Act (the "<u>Rules and Regulations</u>").

------

October 31, 2025

In rendering the opinion stated herein, we have examined the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement in the form to be filed with the Commission on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an executed copy of a certificate of Erika Moore, Vice President, Deputy General Counsel and Corporate Secretary of the Company, dated the date hereof (the "<u>Secretary's Certificate</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of the Amended and Restated Certificate of Incorporation of Nasdaq, Inc., as amended, as in effect as of April 24, 2018 and (i) as currently in effect (the "<u>Effective Amended and Restated Certificate of Incorporation</u>"), certified by the Secretary of State of the State of Delaware as of October 31, 2025, and certified pursuant to the Secretary's Certificate and (ii) as further amended in the form approved by the Company's Board of Directors and stockholders but pending approval of the Commission, certified pursuant to the Secretary's Certificate (the "Pending Amended and Restated Certificate of Incorporation" and, together with the Effective Amended and Restated Certificate of Incorporation, the "<u>Amended and Restated Certificate of Incorporation</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the Company's By-Laws, as in effect as of April 24, 2018 and (i) as currently in effect (the "<u>Effective Bylaws</u>") and (ii) as further amended in the form approved by the Company's Board of Directors but pending approval of the Commission (together with the Effective Bylaws, the "<u>Bylaws</u>"), in each case certified pursuant to the Secretary's Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) copies of certain resolutions of the Board of Directors of the Company relating to the approval of the Plans and certain related matters and certified pursuant to the Secretary's Certificate.

We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Company and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Company and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinion stated below.

In our examination, we have assumed the genuineness of all signatures, including electronic signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photocopied copies, and the authenticity of the originals of such copies. In making our examination of executed documents, we have assumed that the parties thereto, other than the Company, had the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other, and the execution and delivery by such parties of such documents and the validity and binding effect thereof on such parties. As to any facts relevant to the opinion stated herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Company and others and of public officials, including the facts and conclusions set forth in the Company's Amended and Restated Certificate of Incorporation and the Secretary's Certificate.

------

October 31, 2025

In rendering the opinion set forth below, we have also assumed that (i) the Shares will be issued in book-entry form and an appropriate account statement evidencing the Shares credited to a recipient's account maintained with the Company's transfer agent and registrar will be issued by the Company's transfer agent and registrar, (ii) each award agreement under which options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses, other stock-based awards and certain other awards are granted pursuant to the applicable Plan will be consistent with the Plan and will be duly authorized, executed and delivered by the parties thereto, and (iii) the Company's issuance of the Shares does not and will not (a) except to the extent expressly stated in the opinions contained herein, violate any statute to which the Company or such issuance is subject, or (b) constitute a violation of, or a breach under, or require the consent or approval of any other person under, any agreement or instrument binding on the Company (except that we do not make this assumption with respect to the Amended and Restated Certificate of Incorporation and the Bylaws although we have assumed compliance with any covenant, restriction or provision with respect to financial ratios or tests or any aspect of the financial condition or results of operations of the Company contained in such instruments) and that the Company will continue to have sufficient authorized shares of Common Stock, and (iv) the Company's authorized capital stock is as set forth in the Amended and Restated Certificate of Incorporation and we have relied solely on the certified copy of the Effective Amended and Restated Certificate of Incorporation issued by the Secretary of State of the State of Delaware and the form of the Pending Amended and Restated Certificate of Incorporation certified pursuant to the Secretary's Certificate and have not made any other inquiries or investigations.

We do not express any opinion with respect to the laws of any jurisdiction other than the General Corporation Law of the State of Delaware (the "<u>DGCL</u>").

Based upon the foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that the Shares have been duly authorized by all requisite corporate action on the part of the Company under the DGCL and, when the Shares are issued to the applicable Plan participants in accordance with the terms and conditions of the applicable Plan and the applicable award agreement for consideration in an amount at least equal to the par value of such Shares, the Shares will be validly issued, fully paid and nonassessable.

We hereby consent to the filing of this opinion letter with the Commission as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations. This opinion letter is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.

Very truly yours,

/s/ Skadden, Arps, Slate, Meagher & Flom LLP

## Exhibit 23.1

**Exhibit 23.1** 

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (Form S-8) for the purpose of registering additional shares of common stock under the Equity Incentive Plan of Nasdaq, Inc. ("the Company") dated October 31, 2025, with respect to the consolidated financial statements of the Company and the effectiveness of internal control over financial reporting of the Company included in its Annual Report (Form 10-K) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

New York, New York

October 31, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NASDAQ, INC.**  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Fee Calculation Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| 1 | Equity | Common Stock, par value $0.01 per share | 457(a) | 7500000 | $85.88 | $644100000.00 | 0.0001381 | $88950.21 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $644100000.00  |  | $88950.21  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $88950.21  |

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 **Offering Note** <br>

<sup>1</sup> (1) Estimated solely for the purpose of calculating the registration fee. Pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, the proposed maximum offering price per share and the proposed maximum aggregate offering price have been determined on the basis of the average of the high and low prices of our Common Stock as reported on The Nasdaq Stock Market on October 30, 2025. (2) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended, this Registration Statement also registers any additional shares of our Common Stock as may become issuable under the Plan as a result of any stock split, stock dividend, recapitalization or similar event.

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| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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