What is Kraken’s new tokenised IPO programme?

Kraken-affiliated Payward Services is launching a programme that allows eligible retail investors to access US IPO shares at the offering price through tokenised equities. The shares will be distributed on blockchain infrastructure and backed 1:1 by the underlying stock.

How will Kraken users gain access to IPO allocations?

Eligible users will be able to submit a non-binding indication of interest before an IPO takes place. Once allocations are finalised with underwriters, successful participants will receive tokenised shares on listing day.

Why is Kraken’s tokenised IPO offering significant?

Retail investors are often excluded from IPO allocations, which are typically reserved for institutional investors and wealthy clients. Kraken's programme aims to make IPO participation more accessible through blockchain-based tokenisation.

What are tokenised IPO shares?

Tokenised IPO shares are digital blockchain-based representations of real shares. According to Payward Services, each tokenised share will be fully backed by the corresponding underlying stock held by a regulated custodian.

Will investors own real shares through Kraken’s IPO programme?

Payward Services says the tokenised shares will be backed one-for-one by actual shares held in custody by a regulated entity. This allows investors to gain economic exposure to the underlying stock through blockchain infrastructure.

Who can participate in Kraken’s tokenised IPO offerings?

The programme will initially be available to eligible Kraken customers and users of selected xStocks Alliance member platforms. Availability may vary depending on local regulations and jurisdictional requirements.

When will Kraken launch its first tokenised IPO?

Payward Services expects the first tokenised IPO offerings to become available within the coming weeks. The company plans to add more partner exchanges and expand into additional markets over time.

How does this fit into the growth of real-world asset (RWA) tokenisation?

The initiative is part of the broader trend of bringing traditional financial assets onto blockchain networks. Bernstein Research estimates the tokenised real-world asset market has grown to approximately $51 billion after expanding 42% this year.

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Kraken opens IPO access through tokenised shares

Written by Mahathir BayenaPublished Jun. 4 2026

Payward Services, a Kraken-affiliated company, will soon allow retail investors to participate in US initial public offerings at the offering price through a new tokenised equities programme.

Customers of Kraken and selected members of the xStocks Alliance will be able to express interest in upcoming IPOs before companies go public and receive allocations of tokenised shares on listing day.

“Going public should mean public to everyone,”

Said Payward Services Global Head, Mark Greenberg.

The company said tokenised shares will be issued at the IPO offering price and backed one-for-one by the underlying stock held in custody by a regulated entity, giving eligible retail investors access to allocations typically reserved for institutional investors.

Under the proposed system, participating exchanges will open a pre-IPO indication-of-interest window allowing customers to submit non-binding requests for shares before final allocations are determined by underwriters and distributed through partner platforms.

The first tokenised IPO offerings are expected to launch in the coming weeks for Kraken users and other xStocks Alliance members, with Payward planning to expand the programme into additional markets and partner networks over time.

The announcement comes amid growing demand for tokenised real-world assets, with Bernstein Research estimating the sector has reached $51 billion after growing 42% this year, while xStocks has processed more than $30 billion in transaction volume and attracted over 125,000 holders globally since launch.