Nearly half of Kraken’s new listings in early 2026 were RWA tokens or xStocks, according to new research from CoinGecko.
CoinGecko has found that nearly half of Kraken’s new listings in the early 2026 were related to Real World Assets (RWAs), signaling that the crypto exchange is leaning heavily toward tokenized stocks.
Kraken added 147 new spot tokens from January through April, and 66 of them were RWA or xStocks-related, according to CoinGecko’s Kraken exchange report. That works out to about 45% of all new spot listings.
That focus on RWAs follows Kraken’s December 2025 deal to acquire Backed Finance, the issuer behind xStocks, tokenized equities backed by underlying stocks and ETFs.
And although only 16 new perpetual tokens have been listed in this timeframe by Kraken, almost half of them were equity-related assets, including Nvidia (NVDA), Robinhood (HOOD), Strategy (MSTR), Apple (AAPL), and Google parent company Alphabet (GOOGL).
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Tokenized Stocks Still Small
The move hasn’t translated to significant trading volumes yet. CoinGecko reports that there’s little interest in these tokenized stocks and RWA assets.
Still, some tokenized stock tickers already showed up in performance data. Two xStocks, INTCx and AZNx, made Kraken’s top 15 best-performing spot assets in the first four months of 2026, a list where every asset returned more than 100%.
The RWA push also comes as Kraken prepares for a broader public-market story. CoinGecko said Kraken’s adjusted revenue tripled from $700 million in 2023 to $2.2 billion in 2025, while EBITDA swung from a $77 million loss to $531 million in profit.
Kraken also averaged $1 billion in daily spot volume from January to April, above its $680 million average daily perps volume. The top 20 spot pairs made up 82% of volume, with fiat pairs accounting for aeound 93% of top-20 activity, the data shows.
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