Kraken and Coinbase add stock trading as tokenized equities and ETFs reshape crypto access

On 24 February, Kraken announced xStock perpetual futures contracts that provide 24/7 leveraged trading of tokenized equities backed 1:1 by underlying shares in over 110 countries. Coinbase is adding spot stock trading through its Coinbase One app via a partnership with Yahoo Finance and plans tokenized U.S. equity products later this spring. These moves come as crypto market capitalization hovers near $2.24 trillion after a 47.5% drop since the 6 October 2025 crash, while the S&P 500 has gained 17% over the same period.