We’re excited to announce we have now agreed to amass Backed Finance AG, the corporate driving the issuance of xStocks, the main {industry} normal for tokenized equities. The acquisition will speed up the worldwide adoption of xStocks; unifying issuance, buying and selling and settlement to energy open capital markets infrastructure for everybody.
xStocks has seen distinctive adoption since its debut earlier in 2025, surpassing $10 billion in mixed trade and onchain buying and selling quantity inside six months. This acquisition provides Backed entry to the capital and sources wanted to scale quicker and capitalize on surging adoption and rising institutional demand for tokenized equities.
Bringing Backed totally into our ecosystem additionally permits better alignment on technique and funding priorities, unlocking the total financial potential of xStocks.
Collectively, Kraken and Backed will speed up xStocks’ growth, bringing tokenized equities to new markets and increasing their attain into on a regular basis monetary experiences. The acquisition lays the groundwork for future innovation in tokenized belongings past equities, advancing our management in constructing open, interoperable monetary infrastructure.
xStocks presently affords publicity to greater than 60 tokenized equities and ETFs backed 1:1 by the underlying asset. The tokens are reside on Solana and Ethereum, with integrations on TON, Tron, Mantle and BNB Chain coming quickly.
Buyers can commerce 24 hours a day, 5 days per week on Kraken, or immediately onchain 24/7, making a seamless, steady bridge between conventional and crypto markets. xStocks might be self-custodied and have been designed for multi-chain composability, protecting the infrastructure open and usable throughout the broader ecosystem.
Via the xStocks Alliance, Kraken and Backed have constructed a thriving ecosystem of companions spanning blockchain foundations, buying and selling venues, and client functions. With this acquisition, we plan to additional broaden this ecosystem, enhancing interoperability and liquidity for tokenized equities throughout the {industry}.
Arjun Sethi, Kraken Co-CEO: “Integrating Backed into Kraken strengthens the core structure required for open and programmable capital markets. Unifying issuance, buying and selling and settlement underneath one framework ensures the infrastructure for tokenized belongings stays clear, dependable and globally accessible. That is foundational work for the following period of market construction. That is greater than giving individuals publicity to U.S. equities, it’s about redefining what it means to personal belongings within the digital period.”
Backed’s workforce and infrastructure will change into a part of Kraken, strengthening issuance and compliance capabilities whereas increasing the attain and utility of tokenized belongings past the crypto ecosystem. Kraken plans to combine xStocks extra deeply into its broader product suite — together with Krak, its international cash app — permitting prospects to carry and spend in tokenized equities.
Adam Levi, Backed Co-Founder: “Backed’s rise to turning into the {industry} normal for tokenized equities is a testomony to unwavering focus, effectivity, and execution. Based in 2021, the workforce constructed a compliant and scalable resolution that seamlessly bridges crypto and conventional finance. Right now, with Kraken’s scale elevating that imaginative and prescient, we will speed up the growth of infrastructure designed to democratize monetary entry the world over.”
The acquisition of Backed builds on our current strategic growth by acquisitions equivalent to Breakout, Small Alternate and NinjaTrader.
Our vertically built-in structure — protecting trade matching, custody, clearing, settlement, market knowledge and pockets providers — permits fast deployment of recent asset lessons and options whereas sustaining industry-leading safety and regulatory rigor. With this construction in place, we’re uniquely positioned to broaden tokenized equities and different real-world belongings globally on open, interoperable rails.
This mix represents a decisive step in our technique to convey real-world belongings onchain and make capital markets work for everybody, in all places.
xStocks haven’t been registered underneath the USA Securities Act of 1933, as amended, or any U.S. state securities legal guidelines. xStocks should not accessible in the USA or to U.S. individuals and is probably not supplied, bought or delivered, immediately or not directly, in the USA or to U.S. individuals. This communication doesn’t represent a proposal to promote or solicitation of a proposal to purchase xStocks in any jurisdiction through which the providing or sale isn’t permitted.