xStocks not available i USA. Geo restrictions apply. See kraken.com/legal/xstocks to learn more.
xStocks are tokenized representations of real-world stocks and ETFs. Each xStock is backed 1:1 by the underlying equity and issued as an SPL token onchain.
xStocks do not confer shareholder rights like voting or dividends. They offer price exposure to the underlying asset, but do not carry the same rights as the actual security itself.
Unlike traditional brokerage models, xStocks remove friction, costly fees, limited market hours, and complex onboarding, offering instant settlement, fractional investments, 24/7* market access, and self-custody. Stocks are built on blockchain technology and use smart contracts for transparency, automation and cost-efficiency.
| Feature | Traditional Stocks | xStocks |
|---|---|---|
| Trading Hours | Limited to market hours | 24/7* on Kraken; 24/7 onchain |
| Settlement Time | 1 business day | Instant or near-instant via smart contracts |
| Accessibility | Limited by geography and intermediaries | Investors can withdraw xStocks to a compatible onchain wallet for full control |
| Transparency | Relies on third parties | Immutable records on blockchain |
* 24/7 trading avialable for select xStocks on Kraken Pro web, Kraken Pro app availability arriving November 27th.
xStocks are only available to non-U.S. retail clients in select countries. They are not accessible in the US (or to US Persons), Canada, UK, or Australia.
xStocks can be traded 24/7*, providing access outside of traditional market hours. Weekend trading availability is in development. When withdrawn to a self-hosted wallet, xStocks can be traded 24/7 onchain.
* 24/7 trading avialable for select xStocks on Kraken Pro web, Kraken Pro app availability arriving November 27th.
Yes, self-custody is supported. You can withdraw your xStocks to a compatible Ethereum or Solana wallet for full control.
No. Holding xStocks is not the same as buying a share of the underlying company. xStocks provide synthetic exposure to the value of the stock. Holders of xStocks have no voting rights, and no legal claims to the underlying company shares or any residual assets in the event of the underlying company’s liquidation. An investment in xStocks does not entitle holders to receive any information from the respective issuer or sponsor of the underlying stocks or shares.
You can buy xStocks using fiat, crypto or stablecoins (like USDC or USDG). Kraken handles the conversion during the trade.
xStocks allow clients to purchase fractional shares of the underlying assets with as little as a $1 USD investment.
On Kraken:
There are no trading fees when purchasing xStocks with USDG or USD on Kraken. Standard Instant Buy trading fees apply when purchasing xStocks using other assets. To lock in a price, a spread may be included in the asset price for each transaction.
On Kraken Pro:
Trading fees for xStocks on Kraken Pro may be found here.
Conversions:
Converting xStocks on Kraken Pro will incur a fixed 1% trading fee.
xStock prices are tied to the execution price of the underlying equity. Kraken updates prices based on the real-time price when buying or selling tokens.
Dividend payouts will be automatically reinvested into more of the same token. Rather than receiving a cash dividend, your xStocks balance will increase to reflect the dividend.
The multiplier determines the ratio between an xStock and its underlying onchain token. Token issuers update the multiplier when corporate actions like dividends or stock splits occur.
For example, when a company pays a dividend, the token issuer reinvests it by acquiring more of the underlying asset. They then update the multiplier so that your xStock holdings reflect the increased equity.
This means your xStock balance may increase while the onchain token quantity stays the same. As a result, the onchain quantity and price may differ slightly from what you see in the app, but the total value remains the same.
Example:
You buy 1 AAPLx with a multiplier of 1.0 → equals 1 onchain token.
A dividend equivalent to 0.1 shares is paid, so the multiplier is updated to 1.1.
Your AAPLx balance now shows 1.1 shares, but if you withdraw, you'll receive 1 onchain token, which is now worth 1.1 AAPLx.
Your executed xStock order quantity may differ from the quantity you ordered for two reasons:
The multiplier changed while your order was open
To maintain the same onchain quantity, the xStock amount is updated if the multiplier changes.
Example:
You place an order to buy 1 AAPLx at $200 with a multiplier of 1.0 → equals 1 onchain token.
A dividend equivalent to 0.1 shares is paid while your order is open, so the multiplier is updated to 1.1.
Your order now shows 1.1 AAPLx, but still represents 1 onchain token.
Quantity is calculated from onchain tokens
When you place an xStock order, the order quantity is divided by the multiplier, then rounded to 8 decimal places to arrive at the onchain token quantity. This can lead to slight changes in the final displayed amount.
Example:
You place an order to buy 1 TSLAx with a multiplier of 1.3 → equals 0.76923076 onchain tokens.
That maps back to 0.99999999 TSLAx, not exactly 1.
Kraken and Backed utilize secure custody, audited reserves, and blockchain infrastructure to ensure the safety and transparency of xStock holdings. Still, investing in xStocks involves an element of risk. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentationto learn more.