Key facts
- Payward Services, Kraken's parent company, is launching the xStocks tokenized equities program.
- The program will enable retail investors in over 100 countries to access U.S. IPO allocations.
- Investors will receive allocations at the initial offering price.
- Tokenized shares will be backed 1:1 by the underlying stock held in custody.
Kraken's parent company, Payward Services, announced on Wednesday, June 3, 2026, that it is expanding access to U.S.-listed initial public offerings (IPOs) for retail investors across more than 100 countries through its xStocks tokenized equities framework. The platform will allow everyday investors to participate in IPO allocations at the offering price, marking a significant step in democratizing access to traditional capital markets for a global retail audience. xStocks is positioned as the first crypto-native infrastructure designed to achieve this. Customers of Kraken and select members of its xStocks Alliance will be able to express interest in U.S.-listed IPOs before companies go public and receive allocations of tokenized shares on listing day. The shares will be issued at the IPO offering price and backed 1:1 by the underlying stock held in custody by a regulated entity.