The brief

Analyst view

• No. 2 crypto exchange by volume; provides spot, futures, custody.
• xStocks: $25B total volume, $3.5B on-chain, 60+ assets.
• Acquired Backed (Dec 2025) for xStocks expansion; confidentially filed for IPO Nov 2025.

Technical approach

As reported

Multi-asset exchange

Crypto and tokenized equities

Unified platform for crypto, tokenized stocks, commodities trading.

xStocks tokenization

One-to-one backed equities

Real stocks held by licensed custodian; minted as on-chain tokens.

Custody and staking

Regulated holding and income

Secure custody for crypto and tokenized assets; staking yield services.