Kraken to Acquire Tokenization Specialist Backed Finance Amid Growing RWA Market
December 2, 2025 — Major cryptocurrency exchange Kraken announced on Tuesday its agreement to acquire Backed Finance, a Switzerland-based firm specializing in tokenization of real-world assets (RWA). This strategic move underscores the accelerating trend of integrating traditional financial instruments onto blockchain platforms as the industry anticipates monumental growth over the coming decade.
Expanding Tokenized Assets on Kraken’s Platform
Kraken plans to leverage Backed Finance’s expertise to offer tokenized stocks and exchange-traded funds (ETFs) directly on its trading platform. Although specific financial terms of the deal remain undisclosed, Kraken emphasized that the acquisition aligns with its vision to unify issuance, trading, and settlement under a transparent, reliable, and globally accessible framework conducive to open and programmable capital markets.
The two companies have collaborated previously in launching xStocks, a tokenized equities product introduced in June 2025. Since its debut, xStocks has facilitated issuance surpassing $170 million in stock tokens and has recorded a remarkable $2.3 billion in onchain trading volume, according to blockchain analytics from Dune.
Riding the Wave of Tokenization Growth
The acquisition is part of a broader industry movement to bring real-world assets like bonds, stocks, and funds onto blockchain networks. Proponents highlight benefits such as increased operational efficiency, faster settlement times, continuous market access, and expanded investor reach.
Market research from Ripple and Boston Consulting Group forecasts the RWA tokenization market to reach a staggering $18 trillion valuation by 2033, signaling vast potential for platforms integrating these assets early.
Kraken’s Strategic Expansion and Upcoming Public Offering
This transaction follows a series of acquisitions by Kraken as it prepares for a public listing. Earlier in 2025, Kraken acquired U.S. futures platform NinjaTrader for $1.5 billion, derivatives trading venue Small Exchange for $100 million, and proprietary trading firm Breakout. More recently, the exchange raised $800 million in a funding round valuing the company at $20 billion, attracting investment from major players such as Citadel Securities.
Kraken co-CEO Arjun Sethi remarked, “Integrating Backed into Kraken strengthens the core architecture required for open and programmable capital markets. Unifying issuance, trading, and settlement under one framework ensures the infrastructure for tokenized assets remains transparent, reliable, and globally accessible.”
The Future of Finance On-Chain
As the line between traditional finance and decentralized technologies continues to blur, Kraken’s acquisition signals an important step towards mainstream adoption of tokenized assets. By enhancing its offerings with tokenized stocks and ETFs, Kraken aims to provide more efficient and inclusive capital markets that operate around the clock, fostering broader participation from retail and institutional investors alike.
With its growing portfolio and strategic positioning, Kraken is poised to play a leading role in the transformation of financial markets through blockchain technology.
For more updates on cryptocurrency developments and market insights, subscribe to the Crypto Daybook Americas Newsletter.