Kraken Unlocks US-Listed IPO Access for Retail Crypto Users Across 100+ Countries

Kraken’s parent company Payward is opening U.S.-listed initial public offering (IPO) allocations at the offering price to retail investors around the world through its xStocks tokenized equities framework.

Until now, retail investors had two options when a major company went public: wait until shares began trading on the open market, often at a price well above the IPO level, or simply sit out entirely if their geography blocked access to foreign listings.

Under the new xStocks IPO access model, customers of Kraken and other xStocks Alliance member platforms can submit a non-binding indication of interest before a company lists. Payward Services then aggregates that demand and works directly with an underwriting syndicate on behalf of all Alliance partners.

On listing day, shares are tokenized at a 1:1 ratio backed by the underlying equity, held in custody by a regulated entity, and distributed to eligible customers at the IPO price through the exchange they already use.

“Going public should mean public to everyone,” Greenberg remarked. “For decades, getting in at the IPO price has been a privilege of geography and net worth, and the most exciting moments in capital markets have been reserved for the investors closest to them. That worldview is breaking down.”

He added that a retail investor in Medellín, Madrid, or Malaysia can now participate in a U.S.-listed IPO through the same infrastructure institutional buyers have used for years.

The first tokenized IPOs through xStocks are expected to be available within weeks to Kraken customers and other Alliance members. Payward plans to expand the offering to new markets and bring on additional Alliance partners in the months ahead.