Kraken has announced the acquisition of Backed Finance, a leading platform for tokenized assets, as part of its strategy to enhance its offerings in the tokenized stocks and ETFs sector. Backed Finance is the world's second-largest public stock tokenization platform, holding a market share of approximately 23%. Its xStocks service provides over 60 tokenized stocks and ETFs, all backed 1:1 by real assets. Following the acquisition, Kraken plans to integrate tokenized U.S. stocks and other products more deeply into its trading platform. The company, valued at approximately $20 billion after its latest funding round, is preparing for a public listing in 2026.