Why is Kraken allowing tokenised stocks to be used as trading collateral?

Kraken is allowing eligible clients to use tokenised stocks and ETFs as collateral so they can open futures and margin positions without selling their holdings. The exchange initially supports 10 tokenised assets and said the feature is part of its broader strategy to expand blockchain-based lending and trading services.

What are the collateral haircuts on Kraken's tokenised stocks and ETFs?

Kraken applies collateral haircuts to reduce the lending value of each asset based on risk. Broad-market ETFs receive a 10% haircut, while more volatile stocks such as Strategy and Robinhood receive a 30% haircut, with collateral limits ranging from US$100,000 to US$1 million.

How is Kraken limiting the use of tokenised stocks as collateral?

Kraken limits the amount of collateral users can post for each asset to manage risk. Broad-market ETFs can be used for up to US$1 million in collateral value, most individual stocks are capped at US$250,000, and tokenised gold and Circle shares are limited to US$100,000.

What does Kraken's tokenised collateral feature mean for eligible traders?

Kraken's new feature allows eligible traders to borrow against tokenised stocks and ETFs instead of selling them first. This lets users keep exposure to assets such as Apple, Nvidia and Tesla while opening leveraged futures or margin positions.

What are the geographic restrictions on Kraken's tokenised collateral service?

Kraken offers the service only to eligible clients outside the United States. Tokenised stocks can be used as futures collateral in the European Economic Area, while margin collateral is available in other eligible jurisdictions outside the EEA.

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Kraken expands tokenised stock collateral offering

Written by Brie CarterPublished Jul 5, 2026, 11:17 PM

Kraken has enabled eligible users to use 10 tokenised stocks and ETFs as collateral for futures and margin trading without selling their holdings.
The feature is available only to eligible clients outside the United States, with collateral values reduced through asset-specific risk haircuts.
The move forms part of Kraken's strategy to expand the use of tokenised real-world assets across crypto lending and trading services.

Kraken has introduced support for 10 tokenised stocks and exchange-traded funds as collateral for futures and margin trading, allowing eligible clients outside the United States to borrow against holdings instead of selling them.

The launch follows Kraken's recent partnership with Maple to expand institutional crypto lending, while tokenised real-world assets have grown to about US$32.6 billion and tokenised stocks have increased to roughly US$2 billion from about US$381 million a year earlier.

The feature initially supports Apple, Nvidia, Tesla, Strategy, the SPDR S&P 500 ETF and the Invesco QQQ Trust, alongside other eligible assets.

Kraken assigns each asset a collateral haircut based on risk, with broad-market ETFs receiving a 10% haircut, more volatile shares including Strategy and Robinhood receiving a 30% haircut, and collateral limits ranging from US$100,000 to US$1 million depending on the asset.

The exchange said collateral limits and haircuts will be reviewed periodically as it expands blockchain-based financial services, and Kraken is a privately held company so no share price was available following the announcement.

The feature is available for futures trading in the European Economic Area, while margin collateral is offered in other eligible jurisdictions outside the EEA, with United States clients excluded.

Kraken's latest launch follows wider industry adoption of tokenised assets, including programmes from Franklin Templeton, Binance, BlackRock and Crypto.com that allow tokenised securities and treasury funds to be used as trading collateral across digital asset markets.