# Kraken Exchange Set to Acquire Backed Finance Ahead of IPO

*Author: Jack Inabinet*
*Published: Dec 2, 2025*
*Source: https://www.bankless.com/read/news/kraken-sets-acquisition-targets-on-backed-fiahead-of-ipo*

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Crypto exchange Kraken will soon acquire Backed Finance – the company that issues "xStocks" tokenized equities – for an undisclosed amount. Backed's xStocks debuted earlier in 2025, and surpassed $10B in combined exchange and onchain trading volume within six months of launch.

### What's the Scoop?
- **New Acquisition:** Kraken has agreed to acquire Backed Finance. The exchange [believes](https://blog.kraken.com/news/backed-acquisition) it can accelerate xStocks’ expansion by "bringing tokenized equities to new markets and extending their reach into everyday financial experiences."
- **Prior Partnership:** Kraken announced it would partner with Backed to offer xStocks exposure to its U.S. exchange clients this May; access was subsequently [expanded](https://www.bankless.com/read/kraken-expands-xstocks-to-european-customers) to European customers in September.
- **IPO Ambitions: **On November 19, Kraken [confirmed](https://www.bankless.com/read/news/kraken-confidently-files-for-u-s-stock-market-ipo) that it had "confidently" filed to become a publicly traded company, one day after [revealing](https://www.bankless.com/read/news/crypto-exchange-kraken-now-valued-at-20b) its combined $800M raise across two rounds (the second of which was a $200M strategic investment from TradFi market making titian Citadel Securities, executed at a $20B valuation).

> 📣 We’re bringing [@BackedFi](https://twitter.com/BackedFi?ref_src=twsrc%5Etfw), the company driving the issuance of xStocks, fully into Kraken.Why? Because tokenized equities won’t reach global scale without unified rails.With [@xStocksFi](https://twitter.com/xStocksFi?ref_src=twsrc%5Etfw) now fully in-house, we’re accelerating the future of open, 24/7 capital markets 👇…— Kraken (@krakenfx) [December 2, 2025](https://twitter.com/krakenfx/status/1995874191669620761?ref_src=twsrc%5Etfw)