U.S.-based crypto exchange Kraken has acquired Backed Finance AG, the firm behind the popular tokenized stock platform xStocks.
Author: Sahil Thakur
3rd December 2025 – U.S.-based crypto exchange Kraken has acquired Backed Finance AG, the firm behind the popular tokenized stock platform xStocks. The acquisition strengthens Kraken’s push into the growing market for real-world asset (RWA) tokenization, particularly in tokenized equities and exchange-traded funds (ETFs).
Backed Finance specializes in issuing tokenized versions of public equities and ETFs. The platform, xStocks, enables onchain trading of tokenized stocks like Apple, Tesla, and Microsoft. These assets are live on the Solana and Ethereum blockchains and can be traded 24/7. xStocks also supports self-custody, multi-chain usage, and seamless settlement.
Since launching earlier in 2025, xStocks has recorded over $10 billion in combined exchange and onchain trading volume. It now offers more than 60 tokenized products.
Kraken had already rolled out xStocks to eligible European users in September. Now, by fully acquiring Backed Finance, the exchange plans to:
Kraken did not disclose the financial terms of the deal. However, it emphasized that tighter integration will “unlock the full economic potential of xStocks.”
This marks Kraken’s fourth acquisition in 2025. Earlier this year, the exchange bought:
In November, Kraken also filed confidentially for a U.S. Initial Public Offering (IPO).
Tokenized equities are emerging as one of the year’s strongest trends. These blockchain-based assets mirror traditional stocks, making them easier to trade globally and around the clock.
In June, xStocks launched across platforms like Bybit, Solana-based DeFi apps, and Kraken itself. That same month, Robinhood introduced tokenized stock trading in the EU, offering over 200 U.S. stock tokens on its custom Arbitrum-based Layer 2.
According to Dune Analytics, Robinhood now hosts 943 tokenized assets with over $10.8 million in onchain value.
Meanwhile, RWA.xyz tracks around $656 million in regulated tokenized public stocks, with monthly transfer volume at $1.14 billion and 118,000 holders.
Among regulated issuers:
Kraken’s acquisition of Backed Finance gives it direct access to a nearly one-quarter share of the regulated tokenized equity market. With xStocks already processing billions in volume, Kraken aims to be a dominant player as institutional interest in tokenized securities accelerates.
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