The collaboration reflects growing interest in combining traditional equities with blockchain technology
Nasdaq is entering the tokenized equities space through a partnership with crypto exchange Kraken and its subsidiary Backed. The collaboration aims to create a bridge between traditional market infrastructure and blockchain-based networks while maintaining issuer control over their securities.
The partnership builds on Kraken’s acquisition of Backed, the issuer behind xStocks, and Nasdaq’s tokenization proposal submitted to US regulators in September 2025. Nasdaq plans to develop an equities transformation gateway to allow tokenized shares to move between regulated markets and on-chain networks.
Nasdaq president Tal Cohen said the initiative could improve how investors access markets and how issuers engage with shareholders. The program is designed to ensure regulatory compliance, protect issuer rights, and maintain price integrity across both traditional and blockchain-based trading platforms.
The xStocks ecosystem will serve as the foundation for the tokenized equities. By connecting Nasdaq’s infrastructure with xStocks, the gateway will provide interoperability between conventional financial systems and decentralized networks. Nasdaq will work with issuers, transfer agents, regulators, and infrastructure providers to expand the framework.
The program is expected to be operational in the first half of 2027, with additional services for issuers rolled out gradually. Nasdaq emphasized that public companies will remain central to the equity market ecosystem while gaining enhanced global access through tokenized equity offerings.
This move positions Nasdaq to compete with other exchanges exploring blockchain solutions. Intercontinental Exchange recently invested in crypto exchange OKX to support NYSE-listed tokenized stocks in mid-2026.
By integrating tokenized shares with established market infrastructure, Nasdaq hopes to offer a regulated, flexible alternative for issuers and investors while maintaining oversight, compliance, and market stability in the evolving digital securities landscape.
