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Nasdaq to launch trading of tokenized stocks in partnership with Kraken
Nasdaq, in partnership with the digital asset platform Kraken, will offer trading in tokenized versions of publicly traded stocks and exchange-traded funds (ETFs). This was reported by The Wall Street Journal.
Kraken will help develop the system for issuing and trading these products and will also act as a partner in their promotion.
Token holders will retain the same rights as traditional shareholders, including voting rights and dividends.
The platform launch is expected in early 2027. Access will be available to clients outside the United States.
The initiative is based on a proposal by Nasdaq to the U.S. Securities and Exchange Commission (SEC) to allow trading of tokenized equivalents of equity securities and ETFs alongside traditional shares. In September 2025, the platform submitted the relevant document.
According to the proposal, both tokenized and traditional versions of the assets will be settled through DTC (Depository Trust Company) to ensure their interchangeability.
Nasdaq representatives expect greater efficiency in corporate actions, such as dividend payments and shareholder voting, by automating part of these processes using blockchain technology.
A week earlier, ICE made a strategic investment in the crypto exchange OKX, valuing it at approximately $25 billion. The agreement includes plans to offer tokenized stocks and digital asset-based futures.
Preparation for IPO
In March, Kraken Financial received a master account from the U.S. Federal Reserve, allowing the organization to settle transactions directly without relying on correspondent banks.
This is expected to significantly simplify and accelerate fiat money flows for institutional investors, while reducing operational risks and costs.
In December 2025, Kraken acquired Backed Finance, a company associated with the stock tokenization platform xStocks. The platform planned to strengthen the integration of issuance, trading, and settlement of xStocks within its products, including its app, while expanding support for additional blockchains and markets.
Throughout 2025, Kraken actively pursued acquisitions. In May, the company acquired NinjaTrader, in September — Breakout, and in October — Small Exchange.
Growing popularity of tokenized stocks
The growing popularity of tokenized stocks has become one of the major trends in recent times.
In June, xStocks launched on Bybit, Kraken, and several DeFi platforms on the Solana blockchain.
The lineup included tokenized versions of shares of companies such as:
- Netflix
- Meta
- Coinbase
- Amazon
- Nvidia
- McDonald’s
- Apple
- Tesla
- Microsoft
and others.
In the same month, the online broker Robinhood introduced trading of tokenized stocks and ETFs on Arbitrum for European Union users.
According to RWA.xyz, the sector’s total value locked (TVL) has exceeded $1 billion, with a monthly transfer volume of $1.79 billion. The number of holders has reached 185,690 users.
58.3% of the market belongs to Ondo, while Backed Finance and Securitize hold 23.7% and 9.7% respectively.
Tokenized stock platform metrics. Source: RWA.xyz.
