Kraken’s Tokenized Equities Surpass $5 Billion in Trading Volume

Kraken’s xStocks hits $5B in trades as global expansion and user adoption drive strong quarterly growth.

Fridah Kangai
October 23, 2025
3:15 pm

Fridah Kangai

Fridah Kangai is a dedicated crypto journalist with a sharp eye for market trends, blockchain innovation, and digital asset movements. She specializes in breaking down complex topics into clear, engaging stories for both seasoned investors and curious newcomers. With a passion for decentralization and a pulse on the ever-evolving crypto space, Fridah delivers timely, accurate, and insightful coverage. Her work bridges the gap between technology and everyday understanding in the world of cryptocurrency.

Kraken’s xStocks crosses $5B, showing growing demand for tokenized equities.
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Kraken has announced that trading activity on its tokenized equities platform, xStocks, has exceeded $5 billion since launch. The initiative, developed in partnership with Backed, enables users outside the United States to trade tokenized U.S. equities through digital assets that operate across both centralized and decentralized platforms.

Kraken states that xStocks has already generated over $1 billion in on-chain transactions and has 37,000 unique holders. It noted that the platform enables investors to gain exposure to traditional equities through blockchain-based assets that can be traded in real-time across various ecosystems.

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Expansion and Strategic Collaborations Drive Growth

Kraken unveiled xStocks in July and has recently opened the service to Europe. The company stated that xStocks is currently available in over 160 countries. Peer collaborations with Bybit, Phantom, OKX Wallet, and Telegram contributed to further expansion and increased accessibility for a broader user base.

The exchange has identified tokenized equities as one of the fastest-growing sectors in the cryptocurrency industry, with broader regulatory frameworks that can further support its growth.

Strong Financial Performance Highlights Market Momentum

In conjunction with the trading update, Kraken stated that it had good financial performance in the third quarter. The revenue stood at $648 million, compared to $303.5 million recorded last year. The company’s adjusted EBITDA increased to $178.6 million, compared to a loss of $6.8 million in the previous year.

The volume of transactions also increased to $561.9 billion, representing a 23 percent quarter-over-quarter increase. Kraken claimed that the performance measure increased activity on its exchange and an increased interest in tokenized products, such as xStocks.

Kraken has been recording consistent growth in its product range and continues to meet global investor demand for access to regulated information on digital representations of traditional assets.

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