Tokenized Stocks and the Rise of Multichain Accessibility: How Kraken and Bitget Are Reshaping Global Equity Exposure

The financial landscape in 2025 is undergoing a seismic shift as blockchain technology redefines access to traditional assets. Tokenized stocks-digital representations of equity securities on distributed ledger networks-are at the forefront of this transformation. Platforms like Kraken and Bitget have emerged as pivotal players, leveraging multichain ecosystems to democratize global equity exposure. By integrating tokenized equities with decentralized finance (DeFi) protocols and expanding cross-border accessibility, these exchanges are not merely digitizing assets but reimagining the infrastructure of capital markets.

Kraken's xStocks: Bridging Traditional Finance and Blockchain

Kraken's xStocks initiative, launched in collaboration with Backed Finance, has become a cornerstone of tokenized equity innovation. As of late 2025, the platform offers tokenized versions of over 60 U.S. stocks and ETFs, including high-profile names like Apple, Tesla, and Nvidia. These tokens operate on blockchains such as Solana, Ethereum, and BNB Chain, enabling 24/5 trading and instant on-chain settlement. The platform's trading volume surpassed $5 billion in 2025, with over $1 billion in on-chain transactions and 37,000 unique holders.

Kraken's strategic acquisition of Backed Finance in 2025 further solidified its position as a leader in this space. By unifying issuance, trading, and settlement, the platform aims to create "open capital markets infrastructure," reducing friction for both retail and institutional investors. The expansion to the BNB Chain, where tokenized equities are issued as BEP-20 tokens, has enhanced interoperability and attracted users in Asia and Europe.

Geographically, Kraken's focus on regulatory alignment has driven international growth. In Europe, the platform aligned with MiCA and MiFID frameworks, while in Latin America, it introduced local currency funding (ARS and MXN) in Argentina and Mexico, supported by its registration as a Virtual Asset Service Provider (VASP) in Argentina. These moves have positioned Kraken to capture a growing segment of underbanked and crypto-native investors.

Bitget's Onchain Strategy: Scaling Tokenized Equity Markets

Bitget has adopted a complementary approach, integrating tokenized stocks into its Onchain platform to offer 24/7 trading and eliminate traditional brokerage commissions. By replacing fees with blockchain gas costs, Bitget emphasizes cost efficiency and accessibility. The platform's partnership with Ondo Finance has enabled trading in over 100 tokenized stocks and ETFs, with a focus on non-U.S. markets.

Bitget's user growth in Asia has been particularly striking. By late 2025, the platform reported 120 million global users, with a significant portion in Southeast and South Asia. This expansion was fueled by strategic licensing in El Salvador and Georgia, as well as aggressive marketing campaigns, including high-profile sponsorships like the Leo Messi deal. The platform's tokenized stock futures trading volume exceeded $15 billion in 2025, with spot trading surpassing $1 billion.

A key differentiator for Bitget is its 24/7 trading model, which resonates with Asian users who can adjust positions in response to U.S. earnings reports before local markets open. This time-zone advantage, combined with fractional ownership and DeFi integration, has made tokenized equities a compelling alternative to traditional brokerage accounts.

Market Dynamics and Regulatory Considerations

The tokenized stock market has grown rapidly, with a total AUM of $1.2 billion by early 2026. This trajectory mirrors the early growth of stablecoins, suggesting a broader shift toward programmable and interoperable financial assets. However, challenges remain. Critics argue that tokenized stocks are "wrappers" for real equity, raising concerns about custody, liquidity, and investor protection. Regulatory divergence also persists: while Europe has adopted a more accommodating stance, U.S. platforms often operate through offshore entities to navigate compliance hurdles.

Despite these challenges, institutional interest is rising. Kraken's xStocks and Bitget's Onchain platform have attracted institutional traders, with Bitget reporting an 82% institutional spot trading share in 2025. This trend underscores the growing legitimacy of tokenized equities as a bridge between traditional and decentralized finance.

The Future of Global Equity Exposure

Kraken and Bitget are not merely competing in a niche market-they are accelerating a paradigm shift. By leveraging multichain accessibility, these platforms are reducing barriers to entry, enabling fractional ownership, and integrating equities into DeFi ecosystems. The result is a financial system that is more inclusive, efficient, and globally interconnected.

For investors, the implications are clear: tokenized stocks represent a new asset class with the potential to outperform traditional equities in terms of liquidity and accessibility. However, due diligence remains critical. As the market matures, regulatory clarity and custodial solutions will determine its long-term viability.

In the coming years, the rivalry between Kraken and Bitget will likely intensify, driving innovation and adoption. For now, their combined efforts have already reshaped the landscape, proving that blockchain is not just a disruptor but a foundational layer for the next era of global finance.