Bitget Joins Robinhood and Kraken in Offering "Always-On" Stock Markets With Tokenized Wall Street Assets

Cryptocurrency exchanges are rapidly expanding into tokenized stock trading, with multiple platforms launching blockchain-based equity offerings this week that allow users to trade traditional stocks like Apple and Tesla around the clock.

Bitget and Kraken both announced new tokenized stock capabilities on Wednesday, joining a growing list of crypto platforms offering digital versions of U.S. equities to users outside the United States.

Bitget Integrates xStocks to Bring Wall Street to Web3

Bitget integrated xStocks into its Onchain platform, enabling users to trade tokenized versions of major companies including Tesla (TSLAx), Nvidia (NVDAx), Apple (AAPLx), and the S&P 500 ETF (SPYx). The integration allows crypto users to access these assets without traditional brokerage accounts.Gracy Chen, Source: LinkedIn

"We're entering a new phase of market access, one where crypto, stocks, and traditional finance don't compete, they coexist and complement each other," said Gracy Chen, CEO at Bitget.

“With tokenized equities on Onchain, we’re giving users the ability to move between asset classes with the speed and flexibility of Web3, while still connecting to the value of traditional markets. This is how we see CeDeFi evolving it's an easier alternative that has fewer blockades, and higher chances of adoption.”

Bitget stresses three points that it says set the service apart: Firstly, trades clear on-chain in seconds, cutting the two-day wait that traditional brokers still require. Secondly, tokens trade 24 hours a day, five days a week, avoiding Wall Street’s opening bell-to-closing bell limits. And thirdly, users pay blockchain gas but no brokerage commission, and the tokens are freely transferable between wallets.

Kraken Expand Tokenized Stocks to BNB Chain

Meanwhile, Kraken and tokenized asset issuer Backed Finance expanded their xStocks offering to the BNB Chain, allowing the same tokenized equities to be issued as BEP-20 tokens. The move enables users to deposit and withdraw these tokens through BNB Chain in the coming weeks.Arjun Sethi, Kraken's Co-CEO

"This is the beginning of an always-on equity market - one that is permissionless, transparent, and built for the internet," said Arjun Sethi, co-CEO of Kraken.

Kraken first announced its intention to launch tokenized U.S. stocks in late May, with the official rollout taking place at the end of June. Around the same time, a similar product was introduced by another major exchange, Bybit.

Trading Platforms Race to Capture Market Share

The announcements follow a wave of similar launches across the crypto industry. Robinhood recently announced plans to offer tokenized stocks in Europe, while Gemini has introduced trading with tokenized U.S. stocks through partnerships. Coinbase is seeking regulatory approval to bring tokenized stocks to U.S. customers.

The xStocks Alliance, which includes over 60 equity and ETF tokens, has become a key infrastructure provider for these offerings. BNB Chain's addition to the alliance expands the network of exchanges and decentralized finance protocols supporting tokenized equity trading.

These platforms are marketing several advantages over traditional stock trading, including 24/5 trading hours, faster settlement times, and the ability to use tokenized stocks as collateral in decentralized finance protocols. The tokens can be moved across different blockchain networks and integrated with lending and derivatives products.

Platform

Issuer

Launch status

No. of stocks / ETFs atstart

Kraken

xStocks

Live (phased rollout)

60+ U.S. stocks & ETFs

Bybit

xStocks

Live

60+ U.S. stocks & ETFs

Robinhood

Stock tokens

Pilot this summer

200+ U.S. stocks & ETFs

Gemini

via Dinari

Live

Rolling launch, first share MSTR

Dinari

dShares (direct dApp)

Live (FINRA approved)

40+ U.S. stocks & ETFs

Backed Finance

xStocks (issuer)

Live

60+ U.S. stocks & ETFs

Bitget

xStocks

Live

60+ U.S. stocks & ETFs

Skeptics Question Added Value Over Existing Products

However, some industry observers question whether tokenized stocks offer meaningful advantages over existing financial products. Critics note that the tokens function similarly to contracts for difference (CFDs), which European brokers have offered for years.Anton Golub

"It's wrapper," wrote Anton Golub, Chief Business Officer at Dubai-based crypto exchange Freedx, in a LinkedIn post. "It's not real equity," he added, pointing out that buyers would own tokens tracking real stocks rather than actual shares.

Liquidity concerns also persist, particularly for round-the-clock trading. While platforms promise 24/5 access, traditional market makers cannot hedge positions during weekends, potentially leading to wide spreads and limited liquidity during off-hours.

The regulatory landscape remains complex, with most platforms offering tokenized stocks only to non-U.S. users. European regulations allow broader access to these products compared to U.S. securities laws, making Europe the primary market for now.

Market Momentum Builds Despite Challenges

Despite skepticism, institutional interest in tokenized assets continues growing. Market research suggests tokenization of real-world assets could expand from approximately $0.6 trillion in 2025 to $18.9 trillion by 2033.

Major financial institutions including BlackRock and JPMorgan have moved beyond pilot programs to deploy blockchain-based products, while traditional brokers race to capture market share in the emerging sector.

The tokenized stock offerings remain limited to users outside the United States due to regulatory restrictions, though Coinbase continues pushing for approval to serve U.S. customers. Most platforms operate through offshore entities or European licenses to provide these services.