The line between crypto exchanges and stock markets just grew thinner. Kraken, one of the largest cryptocurrency exchanges, has launched what it describes as the world’s first regulated tokenized equity perpetual futures contracts for non-U.S. traders. Built on the xStocks framework, the contracts went live on Tuesday, giving eligible users across more than 110 countries 24/7 leveraged exposure to major U.S. equities, indices, Gold (XAUUSD), and leading individual stocks.
Claim 55% Off TipRanks
Trade NVDA with leverageKraken Brings U.S. Equity Exposure to Global Traders
Kraken’s latest rollout is available on its regulated derivatives platform. At launch, the exchange introduced perpetual futures tracking tokenized versions of major benchmarks and companies. A few of them include:
- AAPLx Perps – tracking APPLE Inc (AAPL)
- MSTRx Perps – tracking Strategy Inc (MSTR)
- HOODx Perps – tracking Robinhood (HOOD)
- NVDAx Perps – tracking Nvidia (NVDA)
- TSLAx Perps – tracking Tesla Inc (TSLA)
By using perpetual futures, a derivative commonly used in crypto, Kraken offers contracts built on the xStocks framework, where each tokenized equity is fully collateralized, backed 1:1 by the underlying asset, and priced continuously through a funding mechanism. Pricing remains active on-chain 24/7, including weekends and public holidays, and the contracts support up to 20x leverage.
Kraken’s Launch Caps a Year of Strategic Moves into Traditional Finance
Tuesday’s launch follows a series of strategic moves by Kraken into regulated markets. In May 2025, the exchange acquired NinjaTrader for roughly $1.5 billion, a CFTC-registered platform that provided regulated access to U.S. derivatives. In September, Kraken introduced xStocks in Europe, and in December, it finalized its acquisition of Magna and Backed Finance AG.
The framework has reportedly surpassed $25 billion in total transactions, reflecting increased activity in Kraken’s tokenized equity products. With the introduction of its tokenized equity perpetual futures, Kraken has expanded its offering of crypto-based products tied to traditional financial assets. The company also noted that additional tokenized stock and exchange-traded fund (ETF) contracts may be listed in the coming months, pending regulatory approval.
Does Kraken have a stock?
Kraken is a private company, so it does not have a publicly traded stock. Its parent, Payward, Inc., filed a draft registration on Form S‑1 with the SEC in November 2025 for a potential initial public offering (IPO). Since then, the exchange has raised $800 million at a $20 billion valuation, with an IPO potentially planned for early 2026.
