What is xStocks and how does it work?

xStocks is a family of tokenized US stocks and ETFs that launched in June 2025 and is offered through the crypto exchange Kraken. Each token tracks one share of a company such as Apple or Nvidia and can move between crypto wallets like any other token. The wider category is covered in our guide to tokenized stocks.

What is xStocks on Kraken?

Kraken announced xStocks on June 30, 2025, with 60 tokenized assets at launch. A ticker with an "x" on the end, such as AAPLx, marks an xStock. Kraken's help center says the exchange does not issue the tokens itself. The issuer is Backed Assets (JE) Limited, a company registered in Jersey, and Kraken offers the tokens through Payward Digital Solutions Ltd, a Bermuda-licensed affiliate.

The catalog grew quickly. Kraken said in March 2026 that it listed 100 xStocks and was aiming for more than 500 by the end of the year. When xStocks arrived in Kraken Wallet, Kraken's self-custody app, in August 2026, Solana Compass reported a catalog of more than 700 stocks and ETFs.

How are xStocks backed by Backed Finance?

Kraken says each xStock is backed one-for-one by the real share or ETF unit, with audited reserves. That backing does not make the holder a shareholder. Kraken describes the tokens as synthetic exposure to the stock's value, with no voting rights and no legal claim to the underlying asset. Dividends are reinvested automatically, so a holder's token balance grows by the dividend value after any withholding tax.

Kraken's launch post also said the tokens are not and will not be registered with any local securities regulator, and pointed buyers to Backed's base prospectus. On December 2, 2025, Kraken agreed to acquire Backed Finance AG, the company behind the issuer. The announcement cited more than $10 billion in combined exchange and onchain volume in the first six months.

How do tokenized stocks on Solana and Ethereum work for xStocks?

xStocks were first issued as SPL tokens on Solana. In September 2025 Backed began issuing them as ERC-20 tokens on Ethereum too. Users can withdraw xStocks from Kraken to a compatible self-custody wallet on either network.

Trading hours depend on where the token sits. On Kraken, xStocks trade 24 hours a day, five days a week. Once withdrawn to a wallet, they can be traded onchain at any hour, including weekends, through decentralized exchanges that list them. Kraken says purchases start at $1 and can be funded with cash, crypto or stablecoins such as USDC.

Is xStocks available in the US?

No. As of November 2026, Kraken says xStocks are not available in the United States or to US persons, and also not in Canada, the UK or Australia. Other geographic limits apply and access requires a verified account. People in the US looking at related products can read can you buy stocks with crypto and the guide to Kraken.

Tokenized stocks carry the risks of the underlying shares plus the risks of the issuer, custodian and blockchain, and can lose value.