We are delighted to announce that we have agreed to acquire Backed Finance AG, the company behind the issuance of xStocks, the leading industry standard for tokenized stocks. Acquisition will accelerate global adoption of xStocks; unifying issuance, trading and settlement to power a capital markets infrastructure open to all.
xStocks has seen exceptional adoption since its debut earlier in 2025, surpassing $10 billion in combined on-chain exchange and transaction volume in six months. This acquisition gives Backed access to the capital and resources needed to scale faster and capitalize on the growing adoption and growing institutional demand for tokenized stocks.
The full integration of Backed into our ecosystem also enables better alignment on investment strategy and priorities, unlocking the full economic potential of xStocks.
Together, Kraken and Backed will accelerate the expansion of xStocks, bringing tokenized stocks to new markets and extending their reach into everyday financial experiences. The acquisition lays the foundation for future innovation in tokenized assets beyond equities, strengthening our leadership in building an open and interoperable financial infrastructure.
xStocks currently offers exposure to over 60 tokenized stocks 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 on-chain 24/7, creating a seamless and seamless bridge between traditional and crypto markets. xStocks can be self-managed and have been designed for multi-chain composability, keeping the infrastructure open and usable across the entire ecosystem.
Through the xStocks Alliance, Kraken and Backed have built a thriving ecosystem of partners spanning blockchain foundations, trading platforms and consumer applications. With this acquisition, we plan to further expand this ecosystem, improving the interoperability and liquidity of tokenized stocks across the industry.
Arjun Sethi, co-CEO of Kraken: “Integrating Backed into Kraken strengthens the core architecture required for open, programmable capital markets. Unifying issuance, trading, and settlement into a single framework ensures that tokenized asset infrastructure remains transparent, reliable, and globally accessible. This is foundational work for the next era of market structure. It’s not just about giving people exposure to U.S. stocks, it’s about redefining what it means to own assets in the era digital.
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 more deeply integrate xStocks into its broader suite of products – including Krak, its global currency app – allowing customers to hold and spend in tokenized stocks.
Adam Levi, supported co-founder: “Backed’s rise to becoming the industry standard for tokenized equities is a testament to focus, efficiency, and flawless execution. Founded in 2021, the team has built a compliant, scalable solution that seamlessly bridges crypto and traditional finance. Today, with Kraken’s scale elevating this 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 – spanning exchange matching, custody, clearing, settlement, market data and portfolio services – enables rapid deployment of new asset classes and features while maintaining industry-leading security and regulatory rigor. With this structure in place, we are in a unique position to scale tokenized stocks and other real-world assets globally on open, interoperable rails.
This combination represents a milestone in our strategy to bring real-world assets on-chain 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 state securities laws of the United States. xStocks are not available in the United States or to U.S. persons and may not be offered, sold or delivered, directly or indirectly, into the United States or to U.S. persons. This communication does not constitute an offer to sell or the solicitation of an offer to buy xStocks in any jurisdiction in which the offer or sale is not authorized.
