What does a ticker like TSLAX represent?

TSLAX is a tokenized Tesla share issued by Backed Finance, backed 1:1 by the real stock held in custody. You own the token, not the equity directly.

Is Kraken the only place to buy xStocks?

No. Kraken leads by volume, but Bybit also lists xStocks where eligible.

Do xStocks pay dividends?

Not in the traditional sense. Corporate actions are handled by the issuer at the token level rather than paid out to you as a registered shareholder.

Exchange

Kraken xStocks

xStocks are tokenized stocks issued by Backed Finance (Switzerland), backed 1:1 and tradeable on-chain. Kraken is the market leader by volume (Bybit also lists xStocks). You hold the token rather than the equity itself.

Tokenized stockA blockchain token that represents a share held by a custodian. You own the token/certificate, not the share directly.Live

What you actually own on Kraken xStocks

A tokenized stock. xStocks are issued by Backed Finance in Switzerland, each backed 1:1 by a real share held in custody, and they trade on-chain under tickers like TSLAX, NVDAX, AAPLX, COINX and SPYX. You own the token and a claim on the underlying — not the equity on the company's share register.

Kraken is the market leader by volume for xStocks, and Bybit also lists them. Backing quality and issuer solvency define your risk; voting and dividends are not passed through in the traditional way and are handled at the issuer level.

Learn what you own first

Key facts at a glance

Product type

Tokenized stock (on-chain)

Issuer

Backed Finance (Switzerland)

Backing

1:1 by the underlying share

What you own

The token / claim — not the share directly

Example tickers

TSLAX, NVDAX, AAPLX, COINX, SPYX

Also listed on

Bybit

How it works

Backed Finance issues each xStock against a share it holds, and the token settles on-chain, so it trades 24/7 and can move to self-custody where supported. Kraken provides the regulated venue and the liquidity that has made it the volume leader for these tokens.

Pros

Backed 1:1 by a named Swiss issuer
On-chain, 24/7, with self-custody where supported
Market leader by volume — deeper liquidity

Cons

Not a real share — limited or no voting and dividend pass-through
Issuer and custody risk
Token availability varies by region

Kraken xStocks FAQ

Stocks on Crypto Research· Editorial team

Our research team tracks how crypto exchanges list equities and what each product legally represents — real shares, tokenized stocks, CFDs and tokenized RWAs. We test platforms and read the fine print so you know exactly what you own.

Last reviewed on June 30, 2026

Understand the model first

Real Shares vs Tokenized Stocks vs CFDsThe difference between owning a real share, a tokenized stock, and a CFD — and why it changes your rights, risks and taxes.

What Are Binance bStocks?How Binance's bStocks work — BEP-20 tokenized stock certificates backed 1:1 under ADGM — and how they differ from real share ownership and from Binance Stocks.

What Is Ondo Finance?How Ondo tokenizes real-world assets and stocks, who issues the tokens, and what backs them.

Are Tokenized Stocks Legal?The regulatory status of tokenized stocks across major jurisdictions, and what to check before you buy.