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Kraken agreed to acquire Backed Finance, a Swiss firm that issues tokenized versions of stocks and ETFs under the xStocks label. The move brings issuance and trading under one roof and deepens Kraken’s push into regulated real-world assets. Terms were not disclosed, and the companies said integration will begin immediately across existing products.
Backed issues 1:1-collateralized tokens and has expanded quickly this year with dozens of listed equities. Kraken and Backed first worked together on xStocks, which the firms say crossed multi-billion trading volumes in 2025. In its press release, Kraken announce acquisition and describes plans to unify issuance, trading, and settlement.
The company also outline strategy to bring tokenized equities into wallets and apps, with xStocks live on Ethereum and Solana and more chains planned. Kraken says this architecture keeps tokens composable for on-chain use while maintaining traditional safeguards like full collateral and off-chain custody of the underlying shares.
“Integrating Backed into Kraken strengthens the core architecture required for open and programmable capital markets,” said Arjun Sethi, Co-CEO of Kraken. “Unifying issuance, trading and settlement under one framework ensures the infrastructure for tokenized assets remains transparent, reliable and globally accessible.”
Industry coverage noted the deal is part of a broader M&A streak as Kraken builds multi-asset rails. Banking Dive report acquisition, adding it follows recent steps toward an IPO and earlier buys in derivatives and trading tech. Observers say tighter control of issuance plus exchange liquidity could speed listings and improve post-trade workflows.
While the transaction centers on equities, Kraken says it is laying groundwork for tokenization “beyond equities.” That could open paths for other RWA categories over time, including property-linked instruments, as rules and infrastructure mature. For now, the focus is scaling xStocks globally with consistent compliance, deeper integrations, and wider market access.
