Nasdaq Stock Exchange Teams Up With Kraken to Bring Tokenized Stocks to Europe

TLDR

• Nasdaq will work with crypto exchange Kraken to develop and distribute tokenized versions of public company stocks globally.
• Tokenized stockholders will retain full governance rights, including voting and dividends.
• The platform targets European and international markets via Kraken, with a launch planned for early 2027.
• The move builds on a September 2025 Nasdaq SEC proposal to allow tokenized stocks to trade alongside traditional shares.
• Nasdaq also separately partnered with Boerse Stuttgart Group’s Seturion platform to support tokenized securities settlement in Europe.

Nasdaq has announced a partnership with Kraken parent company Payward to build infrastructure for trading tokenized versions of publicly listed stocks. The platform is set to launch in early 2027 and will initially focus on markets outside the United States.

Under the deal, Kraken will act as a distribution partner. It will offer one-to-one tokenized versions of public company stocks to customers in Europe and other international markets.

Tokenized stocks are digital versions of real equity instruments recorded on a blockchain. They mirror the price and ownership rights of the underlying stock.

Nasdaq says token holders will retain full corporate governance rights. That includes voting in proxy ballots and receiving dividends, just like regular stockholders.

The exchange says a core goal of the project is making corporate actions more efficient. Processes like dividend payments and proxy voting would be partly automated through blockchain technology.

Nasdaq will use Payward’s xStocks tokenization platform for the initiative. The technology lets clients move securities from traditional institutional trading infrastructure onto blockchain networks.

The project isn’t coming out of nowhere. Nasdaq submitted a proposal to the SEC back in September 2025, asking for permission to allow tokenized versions of its listed stocks and ETFs to trade alongside conventional shares on its exchange.

In that earlier proposal, both tokenized and traditional versions of the same stock would settle through the Depository Trust, keeping them interchangeable.

A Crowded Space

Nasdaq isn’t the only one making moves here. Robinhood, Gemini, and Kraken have already launched tokenized stocks in Europe. Coinbase and startup Dinari are currently seeking U.S. regulatory approval for similar products.

Last week, ICE — the parent company of the NYSE — made a strategic investment in OKX, valuing the exchange at $25 billion. That deal also included plans to offer new tokenized stock and crypto futures products.

In January, ICE also said it was seeking regulatory approval for a blockchain-based platform to enable 24/7 trading and on-chain settlement of tokenized securities.

Nasdaq’s move comes after the passage of the GENIUS Act, which has helped advance institutional adoption of digital asset infrastructure.

Nasdaq’s Broader Tokenization Push

Alongside the Kraken deal, Nasdaq announced a separate partnership with Boerse Stuttgart Group’s tokenized settlement platform, Seturion. That tie-up connects Nasdaq’s European trading venues to infrastructure built for tokenized securities trading and settlement.

The Kraken partnership is Nasdaq’s most direct step yet into distributing tokenized equity products to retail and institutional investors outside the U.S.

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