Kraken Parent Payward to Offer Tokenized US IPO Access to Retail Investors Through xStocks Platform

Kraken's parent company, Payward, is launching a service for non-U.S. retail investors to access U.S. IPOs at the offering price via its xStocks tokenized equity platform. The framework, which has processed over $30B in volume, will tokenize and distribute shares, though U.S. investors will be routed through a separate traditional brokerage system. The move comes as Payward partners with Nasdaq on a 2027 tokenized equity gateway.

xStocks tokenized IPO access

• ▪The launch comes as investors anticipate potential IPOs from companies like SpaceX, Anthropic, and OpenAI
• ▪The first tokenized IPOs on the xStocks platform are expected to be available in the coming weeks
• ▪Payward, Kraken's parent company, will offer retail investors access to U.S.-listed IPOs at the offering price through its xStocks platform
• ▪The service allows eligible customers of Kraken and xStocks Alliance members to submit non-binding "indications of interest" before a company goes public
• ▪On listing day, approved IPO allocations are tokenized and distributed, with each token backed 1:1 by the underlying share held by a regulated custodian

U.S. regulatory routing structure

• ▪A disclaimer notes that IPO xStocks provide only price exposure and do not represent equity ownership
• ▪For U.S. investors, IPO access is routed through a traditional brokerage path via Alpaca Securities LLC and Click Capital Markets, not through tokenized xStocks
• ▪The tokenized IPO offering is unavailable to investors in the United States, United Kingdom, Canada, and Australia

xStocks transaction volume growth

• ▪The xStocks framework has processed over $30 billion in total transaction volume and over $6 billion in on-chain settlements
• ▪The $30 billion volume represents a significant increase from the $25 billion reported in March 2026
• ▪xStocks was originally developed by Backed Finance, a company acquired by Payward in December 2025
• ▪The platform has more than 125,000 unique holders globally, a figure reached in its first year of operation since launching in June 2025

Kraken IPO timeline delay

• ▪Kraken co-CEO Arjun Sethi confirmed a confidential IPO filing with the SEC in April 2026, but reports suggest the listing is delayed until 2027
• ▪In an April 2026 investment round, Kraken's valuation was $13.3 billion, down from a peak of $20 billion in late 2025

Nasdaq tokenized equity gateway

• ▪The joint Nasdaq-Payward equity token framework is expected to launch in the first half of 2027, using xStocks as its settlement layer
• ▪In March 2026, Payward partnered with Nasdaq to develop a gateway connecting traditional equity markets with blockchain ecosystems