Kraken and Bitget Dominate Early Tokenized Stock Trading Volumes

TLDR

• Kraken launched its xStocks platform in June 2025 to offer tokenized U.S. equities and ETFs.
• Kraken users have traded over 5 billion dollars in tokenized stocks with 1 billion dollars in onchain activity.
• Bitget entered the market in September 2025 through a partnership with Ondo Finance.
• Bitget reached nearly 1 billion dollars in trading volume for Ondo-issued tokenized stocks by November 2025.
• Kraken’s market share dropped from 97 percent to 55 percent after Bitget’s launch.

Tokenized stock trading is gaining momentum, as new data shows early dominance by two crypto exchanges despite ongoing U.S. restrictions. Kraken and Bitget now lead activity in this emerging space, supported by strategic partnerships and growing user engagement. While most U.S. platforms remain sidelined, overseas exchanges have captured most of the market share.

Kraken Gains Early Lead With xStocks Launch

Kraken introduced its xStocks platform in June 2025 through a partnership with Backed, offering tokenized U.S. equities and ETFs. The platform supports extended trading hours and fractional trading, though access is blocked for U.S. users. Despite restrictions, Kraken has processed more than $5 billion in xStocks transactions, including over $1 billion onchain.

The exchange said over 37,000 unique holders have used xStocks, making it one of the top venues by participation. Kraken described xStocks as a bridge between traditional markets and blockchain-based trading. The company highlighted these figures in its third-quarter update published in late October 2025.

Kraken initially held about 97% of the total market value for tokenized equities, according to Dune Analytics data. However, that dominance fell to 55% by early 2026 after Bitget entered the market. Kraken still leads in breadth of offerings and trading depth but faces growing competition.

Bitget Expands Market Through Ondo Partnership

Bitget launched its tokenized stock trading feature in September 2025 in collaboration with Ondo Finance’s Global Markets. This platform lists tokenized U.S. equities and ETFs issued on blockchain rails, allowing wider movement across exchanges. Access remains limited to non-U.S. users due to regulatory restrictions.

By November, Bitget had reached nearly $1 billion in cumulative trading volume, according to Dune and Lookonchain data. The exchange controlled around 89% of global volume for Ondo-issued tokens during that month. Liquidity and listing growth helped the platform quickly gain trading share.

Unlike Kraken, Bitget does not issue its own tokenized equities but provides access to Ondo’s expanding list. Ondo has now surpassed xStocks in total issued supply of tokenized equities, as tracked by RWA.xyz. Bitget’s role is focused on exchange-level activity rather than original issuance.

U.S. Platforms Still Await Regulatory Clarity

Robinhood launched a tokenized stocks product for EU users in June 2025 but faced regulatory questions in Europe. The platform promoted access to high-profile private companies, which triggered scrutiny from regional regulators. Since then, no further product expansion has been announced.

Coinbase has discussed plans to offer tokenized stocks as part of its broader trading strategy for U.S. users. The company tied the launch to achieving full regulatory compliance, and no product has gone live yet. Its roadmap includes tokenized stocks alongside prediction markets and new verticals.

Meanwhile, Securitize continues to support tokenized equity offerings and is planning a 2026 rollout for fully regulated shares. These products would include real shareholder rights and list on regulated venues instead of crypto exchanges. Earlier Securitize tokens, such as Exodus shares, predate the current exchange-led wave.

As of early 2026, the total value of onchain public equities stands at nearly $850 million, with monthly volume reaching $2.4 billion. More than 155,000 holders are involved in this growing market, according to data from RWA.xyz. Most of the activity remains outside U.S. borders due to legal uncertainty.

Dune Analytics data confirms that Kraken and Bitget are currently the primary drivers of tokenized stock trading volume worldwide. With distribution playing a major role, market share may shift once U.S. platforms join. Until then, overseas exchanges continue to set the pace in this expanding sector.

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