Kraken Accepts Tokenized Stocks & ETFs as Crypto Collateral

The cryptocurrency exchange Kraken has begun allowing eligible users outside the United States to use select tokenized stocks and exchange-traded funds (ETFs) as collateral for futures and margin trading. The new feature, which launched on July 4, 2026, enables traders to support leveraged crypto positions without first selling their tokenized equity holdings.

The initial rollout supports ten assets, known as xStocks, including tokenized shares of major U.S. companies like Apple, Nvidia, and Tesla, as well as broad-market ETFs such as the SPDR S&P 500 ETF (SPYx) and the Invesco QQQ Trust (QQQx). Other eligible assets include Google, MicroStrategy, Robinhood, tokenized gold, and Circle shares.

To manage risk, Kraken applies collateral haircuts and limits that vary by asset. Broad-market ETFs carry a 10% haircut and a collateral cap of $1 million. Most individual stocks have a 20% haircut and a $250,000 cap. Higher-volatility names like MicroStrategy and Robinhood receive a 30% haircut. The exchange stated these parameters are subject to periodic review and change.

Access is restricted to eligible clients outside the U.S., with regional variations. Users in the European Economic...