We’re excited to announce we have now agreed to amass Backed Finance AG, the corporate driving the issuance of xStocks, the main {industry} customary 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 change 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 complete financial potential of xStocks.
Collectively, Kraken and Backed will speed up xStocks’ enlargement, bringing tokenized equities to new markets and lengthening their attain into on a regular basis monetary experiences. The acquisition lays the groundwork for future innovation in tokenized property past equities, advancing our management in constructing open, interoperable monetary infrastructure.
xStocks at the moment presents publicity to greater than 60 tokenized equities and ETFs backed 1:1 by the underlying asset. The tokens are dwell on Solana and Ethereum, with integrations on TON, Tron, Mantle and BNB Chain coming quickly.
Traders can commerce 24 hours a day, 5 days every week on Kraken, or immediately onchain 24/7, making a seamless, steady bridge between conventional and crypto markets. xStocks will be self-custodied and have been designed for multi-chain composability, protecting the infrastructure open and usable throughout the broader ecosystem.
By the xStocks Alliance, Kraken and Backed have constructed a thriving ecosystem of companions spanning blockchain foundations, buying and selling venues, and shopper functions. With this acquisition, we plan to additional develop 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 property stays clear, dependable and globally accessible. That is foundational work for the subsequent period of market construction. That is greater than giving folks publicity to U.S. equities, it’s about redefining what it means to personal property within the digital period.”
Backed’s group and infrastructure will change into a part of Kraken, strengthening issuance and compliance capabilities whereas increasing the attain and utility of tokenized property past the crypto ecosystem. Kraken plans to combine xStocks extra deeply into its broader product suite — together with Krak, its world cash app — permitting clients to carry and spend in tokenized equities.
Adam Levi, Backed Co-Founder: “Backed’s rise to changing into the {industry} customary for tokenized equities is a testomony to unwavering focus, effectivity, and execution. Based in 2021, the group constructed a compliant and scalable resolution that seamlessly bridges crypto and conventional finance. As we speak, with Kraken’s scale elevating that imaginative and prescient, we are able to speed up the enlargement of infrastructure designed to democratize monetary entry internationally.”
The acquisition of Backed builds on our current strategic enlargement via acquisitions comparable to Breakout, Small Change and NinjaTrader.
Our vertically built-in structure — masking change matching, custody, clearing, settlement, market information and pockets companies — permits fast deployment of latest asset lessons and options whereas sustaining industry-leading safety and regulatory rigor. With this construction in place, we’re uniquely positioned to develop tokenized equities and different real-world property globally on open, interoperable rails.
This mix represents a decisive step in our technique to carry real-world property onchain and make capital markets work for everybody, in every single place.
xStocks haven’t been registered underneath the US Securities Act of 1933, as amended, or any U.S. state securities legal guidelines. xStocks aren’t accessible in the US or to U.S. individuals and will not be supplied, offered or delivered, immediately or not directly, in the US 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 is just not permitted.