Cryptocurrency exchange Kraken plans to introduce tokenized trading of more than 50 U.S. stocks and ETFs

The tokens will be issued by partner BackedFi and trade around the clock on the Solana blockchain, allowing investors to buy, sell or hold the assets even when U.S. equity markets are closed.

Crypto exchange Kraken is launching tokenized trading of more than 50 U.S. stocks and exchange-traded funds for customers outside the United States, starting with Apple, Tesla and Nvidia, the firm announced Thursday.

The digital securities, branded “xStocks,” will be available in the coming weeks to users in Europe, Latin America, Africa and Asia, with expansion to the U.K. and Australia expected later. The tokens will be issued by partner BackedFi and trade around the clock on the Solana blockchain, enabling investors to buy, sell or hold the assets even when U.S. equity markets are closed.

Each token will be backed one-for-one by the underlying share or ETF, and prices will be updated regularly to reflect changes in the original asset, e.g., xADJ will mirror the price of the SPDR S&P 500 ETF and xAu will follow the price of SPDR Gold Shares.

U.S. customers are excluded from the launch as it is still pending approval from the relevant authorities. The company is actively working with various regulators in the applicable jurisdictions to secure the necessary approvals and will be blocking access in any region where the product is not permitted.

“We are excited to be expanding our product offerings to provide our customers with even more choice and flexibility in how they manage their investments,” said Chauncey Miner, head of structured products at Kraken. “xStocks will provide a seamless and efficient way to trade some of the world’s most popular stocks and ETFs, at any time and on any device.”

Kraken is among a growing number of firms seeking to broaden market access and offer continuous trading by pairing traditional equities with blockchain infrastructure. The move also highlights the accelerating push toward tokenization of real-world assets.