We are excited to announce we have agreed to acquire Backed Finance AG, the company driving the issuance of xStocks, the leading industry standard for tokenized equities. The acquisition will accelerate the global adoption of xStocks; unifying issuance, trading and settlement to power open capital markets infrastructure for everyone.
xStocks has seen exceptional adoption since its debut earlier in 2025, surpassing $10 billion in combined exchange and onchain trading volume within six months. This acquisition gives Backed access to the capital and resources needed to scale faster and capitalize on surging adoption and growing institutional demand for tokenized equities.
Bringing Backed fully into our ecosystem also allows greater alignment on strategy and investment priorities, unlocking the full economic potential of xStocks.
Together, Kraken and Backed will accelerate xStocks’ expansion, bringing tokenized equities to new markets and extending their reach into everyday financial experiences. The acquisition lays the groundwork for future innovation in tokenized assets beyond equities, advancing our leadership in building open, interoperable financial infrastructure.
xStocks currently offers exposure to more than 60 tokenized equities and ETFs backed 1:1 by the underlying asset. The tokens are live on Solana and Ethereum, with integrations on TON, Tron, Mantle and BNB Chain coming soon.
Investors can trade 24 hours a day, five days a week on Kraken, or directly onchain 24/7, creating a seamless, continuous bridge between traditional and crypto markets. xStocks can be self-custodied and were designed for multi-chain composability, keeping the infrastructure open and usable across the broader ecosystem.
Through the xStocks Alliance, Kraken and Backed have built a thriving ecosystem of partners spanning blockchain foundations, trading venues, and consumer applications. With this acquisition, we plan to further expand this ecosystem, enhancing interoperability and liquidity for tokenized equities across the industry.
Arjun Sethi, Kraken Co-CEO: “Integrating Backed into Kraken strengthens the core architecture required for open and programmable capital markets. Unifying issuance, trading and settlement under one framework ensures the infrastructure for tokenized assets remains transparent, reliable and globally accessible. This is foundational work for the next era of market structure. This is bigger than giving people exposure to U.S. equities, it’s about redefining what it means to own assets in the digital era.”
Backed’s team and infrastructure will become part of Kraken, strengthening issuance and compliance capabilities while expanding the reach and utility of tokenized assets beyond the crypto ecosystem. Kraken plans to integrate xStocks more deeply into its broader product suite — including Krak, its global money app — allowing customers to hold and spend in tokenized equities.
Adam Levi, Backed Co-Founder: “Backed’s rise to becoming the industry standard for tokenized equities is a testament to unwavering focus, efficiency, and execution. Founded in 2021, the team built a compliant and scalable solution that seamlessly bridges crypto and traditional finance. Today, with Kraken’s scale elevating that vision, we can accelerate the expansion of infrastructure designed to democratize financial access across the world.”
The acquisition of Backed builds on our recent strategic expansion through acquisitions such as Breakout, Small Exchange and NinjaTrader.
Our vertically integrated architecture — covering exchange matching, custody, clearing, settlement, market data and wallet services — allows rapid deployment of new asset classes and features while maintaining industry-leading security and regulatory rigor. With this structure in place, we are uniquely positioned to expand tokenized equities and other real-world assets globally on open, interoperable rails.
This combination represents a decisive step in our strategy to bring real-world assets onchain and make capital markets work for everyone, everywhere.
xStocks have not been registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws. xStocks are not available in the United States or to U.S. persons and may not be offered, sold or delivered, directly or indirectly, in the United States or to U.S. persons. This communication does not constitute an offer to sell or solicitation of an offer to buy xStocks in any jurisdiction in which the offering or sale is not permitted.
