Bitaigen Research 
The Nasdaq‑Kraken Collaboration Blueprint
Nasdaq, the world’s second‑largest exchange by market capitalization, is joining forces with U.S. crypto platform Kraken to enable tokenized equities to flow freely between regulated markets and on‑chain ecosystems. Through Kraken’s parent company Payward and its subsidiary Backed (the issuer of xStocks), the two parties are building a comprehensive digital‑stock transformation portal. The goal is to represent assets on‑chain while preserving issuer control and meeting regulatory requirements.
Tal Cohen, President of Nasdaq, says: “Tokenization can make the financial system continuously online, offering investors a more convenient entry point and enhancing the quality of interaction between issuers and shareholders.”
The technical framework for the project was submitted to U.S. securities regulators in September 2025, with Kraken’s acquisition of Backed in December last year serving as a pivotal milestone for future implementation.
This article outlines the latest Nasdaq‑Kraken partnership, explores how tokenized stocks can operate on both compliant and on‑chain tracks, decodes the underlying technology and regulatory approach, and equips readers with a panoramic view of industry trends. Continue reading for the full perspective.
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Nasdaq Connects Tokenized Stocks Through the xStocks Ecosystem
Nasdaq plans to deeply integrate its market infrastructure with the xStocks ecosystem, building a bridge that allows tokenized equities to interoperate between regulated exchanges and global decentralized networks. The announcement states: “The core objective of this gateway is to synchronize traditional finance systems with blockchain networks, safeguarding price integrity and regulatory compliance.”
As the tokenization framework matures, Nasdaq will continue inviting additional issuers, transfer agents, regulators, and infrastructure providers to participate, all on a voluntary basis. The platform is slated to go live in the first half of 2027, and from that year onward it will offer issuers a suite of value‑added services.
Cohen reiterates: “Public companies should remain at the heart of the equity‑market ecosystem. An issuer‑pivoted tokenization strategy will boost the global accessibility of U.S. stocks.”
Amid intensifying competition, other exchanges are accelerating their own tokenization initiatives. Last week, Intercontinental Exchange announced an investment in crypto exchange OKX and plans to introduce tokenized NYSE‑listed equities to its platform in Q2 2026.
The above provides a complete overview of Nasdaq’s partnership with Kraken and the new issuer‑focused pathway for tokenized stocks. For further details, stay tuned to Bitaigen (BitGen) and its related coverage.
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⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
