Quick Breakdown
- Kraken is acquiring Backed Finance AG, the issuer of xStocks, to deepen its push into tokenized equities.
- The deal will integrate xStocks’ issuance, trading and settlement into Kraken’s global money app and broader ecosystem.
- Tokenized stocks continue to surge across major platforms, with Robinhood, Bybit and Solana-based DeFi apps expanding support.
US crypto exchange Kraken is stepping deeper into the tokenized assets market after agreeing to acquire Backed Finance AG, the firm behind the fast-growing xStocks platform. The move marks Kraken’s latest addition in a year filled with strategic acquisitions.
Kraken to fold xStocks into its core products
Announced on Tuesday, the acquisition will bring xStocks’ tokenized-equity issuance, trading, and settlement directly into Kraken’s suite of services, including its global money app. The exchange also plans to extend xStocks’ reach to more blockchains and international markets.
📣 We’re bringing @BackedFi, the company driving the issuance of xStocks, fully into Kraken.
Why? Because tokenized equities won’t reach global scale without unified rails.
With @xStocksFi now fully in-house, we’re accelerating the future of open, 24/7 capital markets 👇…
— Kraken (@krakenfx) December 2, 2025
Launched earlier this year, xStocks allows users to trade blockchain-based versions of traditional equities and ETFs. The platform currently lists over 60 tokenized assets and has surpassed $10 billion in combined exchange and onchain volume. These assets exist on Solana and Ethereum, trade 24/7 onchain, and can be self-custodied across multiple networks.
The deal follows Kraken’s decision in September to make xStocks available to eligible users in Europe. Kraken also operates the xStocks Alliance, a network of partnered chains and venues, which it says will gain new efficiencies and liquidity under single ownership. Terms of the acquisition were not disclosed.
A busy year for Kraken’s M&A strategy
Kraken has been aggressively building ahead of its confidential US IPO filing, lodged in November. In May, the exchange acquired futures platform NinjaTrader, in September, it picked up proprietary trading venue Breakout, and in October, it bought Small Exchange, a designated contract market.
The addition of Backed Finance further solidifies Kraken’s commitment to regulated digital markets and its ambition to shape the tokenized-equities landscape.
Tokenized equities go mainstream
Tokenized stocks, blockchain-based representations of traditional equities, have emerged as one of 2025’s standout crypto trends.
Industry data from RWA.xyz shows $656 million in regulated, tokenized public stocks, with monthly onchain transfer volumes exceeding $1.14 billion and around 118,000 holders. Among regulated issuers, Ondo leads with 52% of the market, followed by Backed Finance at 24% and Securitize at 20%.
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