Kraken sells the share and its token side by side, under two laws
Kraken opened US stock trading across the European Economic Area this morning and says the traditional share and its tokenized version now sit side by side in one regulated account.
Issuer
Backed Finance AG
More than 60 of its xStocks certificates, tracking individual equities and exchange-traded funds one-for-one, trade on Solana, Ethereum and centralised venues; the structure rests on the Swiss DLT Act and a Liechtenstein-approved prospectus, and Kraken agreed in December 2025 to acquire it.
The profile
Issuer of xStocks, tokenized tracker certificates that follow individual equities and exchange-traded funds one-for-one against securities held with third-party custodians. The structure relies on the Swiss DLT Act and a prospectus approved by the Liechtenstein financial regulator, with the issuing vehicle incorporated in Jersey; tokens are not offered to US persons. More than 60 instruments trade on Solana and Ethereum and on centralised venues. Kraken agreed in December 2025 to acquire the company, bringing issuance, trading and settlement of tokenized equities into one group.
Products and services
- xStocks
- Tokenized tracker certificates on more than 60 equities and ETFs, collateralised one-for-one by the underlying security.
Coverage
Developments in which Backed Finance AG is a named party, newest first.
On the record
Kraken opens US share dealing across the EEA alongside xStocks
Kraken made more than 7,000 US-listed stocks available to eligible customers across the European Economic Area on 18 August 2026 under a MiFID authorisation held in Cyprus, in the same account as its xStocks tokens, which are issued in Jersey and distributed from Bermuda and which the company says are registered with no securities regulator.
Kraken lists xStocks tokenized US equities on Solana
Kraken began offering xStocks, tokenised US stocks and exchange-traded funds issued by Backed Assets (JE) Limited of Jersey as SPL tokens on Solana, with 60 assets at launch. US persons were excluded from the offering, which Kraken said it intended to extend to more than 140 countries.