Kraken has agreed to purchase Backed Finance AG, the issuer behind xStocks, in a deal meant to accelerate the expansion of tokenized equities while tightening the company’s grip on the sector.

According to Kraken, the move is part of a broader push toward making capital markets more open, interoperable, and borderless — a lofty mission statement for an industry still defining its role in traditional finance. The company said Backed’s xStocks platform has grown quickly since its early-2025 debut.

The service reportedly surpassed $10 billion in combined exchange and onchain trading volume within six months, giving Kraken a compelling reason to fold the issuer directly into its ecosystem. The firm said the acquisition gives Backed the capital and infrastructure needed to scale, especially as institutional curiosity around tokenized equities continues to build.

The centralized exchange, Kraken, plans to unify issuance, trading, and settlement under a single framework — an attempt to streamline what has traditionally been a tangle of intermediaries. Executives argue that pairing all these functions under one roof can strengthen transparency and reliability across tokenized markets.

“Integrating Backed into Kraken strengthens the core architecture required for open and programmable capital markets,” Kraken Co-CEO Arjun Sethi explained.

Today, xStocks gives users access to more than 60 tokenized equities and ETFs, backed 1:1 by underlying assets and live on Solana and Ethereum, with additional chains on the way. The platform allows 24/7 trading on Kraken or directly onchain, offering a flexible bridge between traditional and digital markets.

Read more: Vanguard Cracks Open Crypto Access With Expansive BTC, ETH, XRP, SOL ETF Listings

Kraken said it also expects to integrate xStocks into its broader offerings, including its global money app, allowing customers to hold or spend tokenized equities. Backed’s team will join Kraken, bolstering issuance and compliance infrastructure as the company aims to expand tokenized assets beyond equities.

Backed co-founder Adam Levi called the acquisition a chance to accelerate a vision built since 2021: a compliant bridge between crypto and traditional finance (TradFi). Kraken framed the deal as part of a series of strategic acquisitions — including Breakout, Small Exchange, and Ninjatrader — that support its vertically integrated platform for custody, clearing, settlement, and market data.

The company concluded by saying it believes this structure gives it an edge in rolling out new real-world assets (RWAs) on open, globally accessible rails.

• What is Kraken acquiring? Kraken agreed to acquire Backed Finance AG, the issuer behind xStocks, to expand its tokenized asset capabilities.
• Why does this deal matter? The acquisition aims to accelerate global access to tokenized equities by unifying issuance, trading, and settlement.
• What does xStocks offer? xStocks provides more than 60 tokenized equities and ETFs backed 1:1 and tradable 24/7 across multiple chains.
• How will Kraken use Backed’s tech? Kraken plans to integrate xStocks across its broader product suite to support wider onchain asset adoption.

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