Kraken Launches xStocks: Real Stocks On-Chain

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Kraken Expands With xStocks: Real Stocks, Real-Time, On-Chain

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 03, 2025

Key Takeaways

Kraken acquires Backed Finance AG, which integrates xStocks’ tokenized equity trading and settlement into its global platform;
xStocks, built on Solana and Ethereum, offers over 60 tokenized assets with more than $10 billion in trading volume since early 2025;
The decision strengthens Kraken’s 2025 expansion streak, following acquisitions of NinjaTrader, Breakout, and Small Exchange.

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Kraken Expands With xStocks: Real Stocks, Real-Time, On-Chain

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A US-based digital exchange, Kraken $681.51M , recently took full ownership of Backed Finance AG, the company behind the xStocks platform, which adds it to the list of its purchases in 2025.

According to an official announcement published on November 25, this acquisition will bring the xStocks issuance, trading, and settlement systems under direct control and integrate them into Kraken's services, including its global money app.

xStocks offers tokenized versions of publicly traded equities, such as stocks and exchange-traded funds (ETFs).

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The platform currently provides over 60 tokenized assets and has seen more than $10 billion in combined exchange and on‑chain trading since its launch earlier this year.

These assets exist on Solana SOL $142.13 and Ethereum ETH $3,059.73 networks and remain available for trading 24/7. Additionally, users can self-custody these tokens and use them across multiple networks.

The acquisition follows the rollout of xStocks to eligible European users in September. Kraken also manages the xStocks Alliance, a network of partner chains and trading platforms, and this deal is expected to streamline that alliance.

Kraken has been active in expanding its footprint through acquisitions during 2025. In May, the firm acquired NinjaTrader. That was followed by a purchase of Breakout in September, and in October, it acquired Small Exchange, which operates as a designated contract market.

Kraken recently secured $800 million at a $20 billion valuation to expand into new markets and strengthen its services worldwide. What did the company say? Read the full story.