Kraken Tokenized Equities Top $5B in Trading Volume
Trading Surges on xStocks Launch
Kraken said its tokenized U.S. equities platform has recorded more than $5 billion in combined trading volume since its launch earlier this year, reflecting growing demand for tokenized financial assets. The offering, known as xStocks, was introduced through a partnership with Backed and allows non-U.S. investors to trade digital representations of major U.S. stocks.
The platform said xStocks “surpassed $5 billion in combined CEX and DEX volume, generated over $1 billion in on-chain transactions and reached more than 37,000 unique holders.” The product, unavailable to U.S. residents, gives international users exposure to U.S. equities via blockchain tokens that trade continuously and across networks.
Kraken launched xStocks in July and expanded the service to Europe last month. The platform now operates in more than 160 countries, supported by integrations with Bybit, Phantom, OKX Wallet, and Telegram. The platform described the product as a bridge between traditional finance and digital markets, offering fractionalized, blockchain-based access to equity exposure.
Investor Takeaway
Financial Results Highlight Growth Momentum
Alongside the update, Kraken reported third-quarter revenue of $648 million, more than double its $303.5 million in the identical period last year. The company said the increase was driven by higher transaction volume and strong activity in . Adjusted EBITDA rose sharply to $178.6 million, compared with a $6.8 million loss in the prior-year quarter.
Total transaction volume reached $561.9 billion, up 23% from the previous quarter, marking a new record for the platform. The performance reflects a broader rebound in this year, supported by rising BTC prices and increased institutional participation following regulatory progress in Europe and Asia.
Kraken’s results put it among the quickest-growing large platforms in 2025. The platform has expanded product offerings from traditional into staking, custody, and tokenized assets as it competes with Coinbase, Binance, and Bullish for global market share.
Tokenized Assets Emerge as Next Growth Driver
Industry analysts view tokenized equities as one of crypto’s most promising new sectors, offering investors round-the-clock access to securities without relying on traditional intermediaries. For Kraken, xStocks represents both a diversification move and a step toward integrating blockchain infrastructure with legacy finance.
The platform said the success of xStocks reflects demand for “permissionless, always-on markets” that combine the transparency of decentralized trading with the stability of real-world assets. While regulatory frameworks in the U.S. still limit such products domestically, Kraken’s international rollout has positioned it to capture ahead-mover advantage in tokenized securities.
Investor Takeaway
Looking Ahead
Kraken’s success with xStocks may encourage other platforms to explore tokenized equities, though most major platforms remain focused on stablecoins, ETFs, and institutional custody. Industry executives say that clearer rules around securities tokenization will be critical for expansion in the U.S. market. Until then, overseas platforms are likely to dominate trading in blockchain-based equities.
Kraken’s latest results suggest that the platform is entering its strongest growth phase since 2021, with tokenization now part of its long-term strategy. The firm’s global expansion, diversified product lineup, and improving profitability mark it as a key player in crypto’s next stage — where increasingly overlap.
