TL;DR
- Kraken is acquiring Backed Finance and bringing issuance, trading, and settlement of tokenized stocks and ETFs directly into its global infrastructure.
- The integration builds on a year of joint work and expands xStocks, a product that surpassed $10 billion in volume across onchain and exchange activity within its first six months.
- Backed contributes more than 60 tokenized assets and a 23% market share, with support on Ethereum and Solana and ongoing expansions to Tron, BNB, Mantle, and TON.
Kraken agreed to acquire Backed Finance to fully integrate the issuance, trading, and settlement of tokenized stocks and ETFs within its infrastructure.
The deal was finalized after a year of collaboration between both companies and sets the stage for the expansion of xStocks, a product that already exceeded $10 billion in combined onchain and exchange trading volume during its first six months.
Backed Works on Multi-Chain Integrations
Backed is the second-largest issuer of tokenized stocks, holding a 23% market share and offering more than 60 assets backed one-to-one by their underlying securities. Its tokens operate on Ethereum and Solana, while integrations on Tron, BNB Chain, Mantle, and TON continue progressing. That network made Backed a core component of xStocks’ growth, which Kraken expanded this year into the U.S. and Europe before bringing it to new ecosystems.
The acquisition gives Kraken full control over the technical architecture behind the assets: issuance, compliance rules, multi-chain support, and the ability to integrate these tokens into spot markets, collateral frameworks, and financial products for both retail and institutional clients. Backed already powered several external integrations, such as Mantle’s addition of tokenized equities through Bybit.
Kraken Will Connect xStocks to Its Krak App
Tokenization has become one of the fastest-growing segments of 2025. BlackRock executives said the shift could reshape markets with an impact comparable to the internet’s effect on information. Standard Chartered projects that tokenized assets could reach $2 trillion by 2028, driven by demand for onchain yield products and collateralizable assets.
Kraken has executed several acquisitions to expand its infrastructure footprint: Small Exchange, NinjaTrader, and Breakout strengthened its derivatives offering and the bridges between crypto and traditional markets. Its vertically integrated architecture —exchange, custody, clearing, settlement, and data— is designed to accelerate the rollout of new asset classes while maintaining regulatory rigor and security.
Backed will maintain its current tokens during the transition. Kraken plans to link xStocks with its global Krak app, enabling users to hold and spend tokenized equities directly. The goal is to bring these assets into everyday use and advance toward open, interoperable markets
