Kraken Acquires Backed Finance Amid $648M Revenue, $800M Fundraising

Kraken Acquires Backed Finance

Kraken, a US-based digital assets exchange, has acquired real-world asset (RWA) tokenization firm Backed Finance.
Backed Finance's xStocks product will be integrated into Kraken's ecosystem. xStocks allows trading of digital tokens representing traditional shares like Apple and Tesla.
Backed Finance reported over 84,000 xStocks holders, with daily transaction volumes exceeding $30 million and total volumes crossing $12 billion.
The acquisition aims to enhance RWA services and accelerate global adoption of xStocks.

Financial Performance and IPO Plans

Kraken reported $648 million in revenue for Q3 2025, a 50% increase from the previous quarter.
A successful funding round raised $800 million, valuing the company at $20 billion.
Kraken has filed a draft registration statement with the SEC for an initial public offering.