Kraken Acquires Backed Finance to Expand Tokenized Stock Access

In Brief

• Kraken acquires Backed to scale xStocks and expand tokenized equity trading globally.
• xStocks hit $10B in volume, offering 24/7 trading of 60+ equities on Ethereum and Solana.
• Kraken plans deeper xStocks integration across its platform and global money app Krak.

Kraken has acquired Backed Finance AG to accelerate the growth of xStocks, its suite of tokenized equities and ETFs. The deal strengthens Kraken’s position in the tokenized asset space and supports its long-term strategy of building open, programmable financial infrastructure.

Backed Finance issues xStocks, which are blockchain-based tokens backed 1:1 by real-world stocks and ETFs. These tokens currently operate on Ethereum and Solana, with support for TON, Tron, Mantle, and BNB Chain planned soon.

The xStocks platform surpassed $10 billion in trading volume within six months of launch, reflecting strong user demand. Investors can access tokenized equities 24/7, both on Kraken’s exchange and directly on-chain, bridging crypto and traditional markets.

The acquisition allows Kraken to unify xStocks issuance, trading, and settlement within its platform architecture. This vertical integration is expected to improve efficiency, liquidity, and compliance across tokenized asset offerings.

Kraken Expands Strategy for On-Chain Financial Products

Backed’s team and infrastructure will join Kraken, boosting its capabilities in compliance, asset issuance, and market delivery. Kraken also plans to integrate xStocks into its broader product ecosystem, including its global money app, Krak.

The company is focused on making capital markets accessible and borderless by bringing real-world assets on-chain. This approach supports self-custody, real-time settlement, and continuous trading beyond traditional market hours.

Kraken has made five acquisitions this year, including Backed, as part of its growth strategy ahead of a planned IPO in 2026. The company recently completed a funding round valuing it at approximately $20 billion.

With this acquisition, Kraken aims to deepen its tokenization efforts while maintaining regulatory alignment and security standards. The xStocks Alliance, a network of partn

ers including trading venues and consumer platforms, will also benefit from increased infrastructure and investment.

Kraken continues to focus on expanding access to real-world financial products through secure and interoperable blockchain-based solutions. This move further positions the company as a leader in tokenized finance.