- Coinbase, Binance and Kraken launched competing tokenized stock products on the same day, highlighting the intensifying competition in the on-chain equities segment of the crypto market.
- Coinbase announced that it now offers more than 8,000 tokenized stocks through a partnership with Yahoo Finance and Binance introduced tokenized securities through Ondo Finance.
- Kraken launched tokenized perpetual futures tied to major indexes, commodities and large-cap stocks.
Coinbase (COIN), Binance (BNB), and Kraken threw down the gauntlet on Tuesday, launching rival tokenized stock trading products on the same day in a bid to capitalize on the next big crypto play.
The near-simultaneous launches by all three major crypto exchanges highlight how crypto-native players are moving to capture demand for blockchain-based versions of traditional financial assets.
Binance defined its offering of tokenized securities as digital securities designed to track the price performance of traditional stocks or ETFs on-chain. It said that the equity tokens provide traders with exposure to the price movements of the underlying asset, but they do not grant all shareholder rights, like the right to vote.
The move comes after the U.S. Securities and Exchange Commission (SEC) in January clarified that tokenized securities fall under existing federal laws regardless of being on-chain. Experts also believe that the passage of the GENIUS Act in 2025 and the expected passage of the Clarity Act this year are likely to lead to a boom in the availability and adoption of tokenized assets.
Coinbase Offers Over 8,000 Tokenized Stocks
Coinbase announced that it has partnered with Yahoo Finance and now offers over 8,000 tokenized stocks on its platform, available to trade 24 hours a day, five days a week.
COIN’s stock rose more than 1% in overnight trade following a gain of 1.12% in regular hours as strength in the broader cryptocurrency market pushed crypto-linked equities higher on Tuesday night. On Stocktwits, retail sentiment around Coinbase remained in ‘bearish’ territory over the past day.
Binance Offers Tokenized Equities Through Ondo Finance
The largest cryptocurrency exchange in the world, Binance (BNB), also announced that it has started offering its own tokenized assets through Ondo Finance, available round-the-clock, five days a week.
BNB token’s price lagged gains seen among crypto majors, edging only 0.3% higher in the last 24 hours, as Bitcoin (BTC) rose 3% to cross $65,000. On Stocktwits, retail sentiment around BNB trended in ‘bearish’ territory over the past day.
Kraken Offers Equity Exposure Seven Days A Week
Kraken, anticipated to go public later this year, launched a range of tokenized equity perpetual futures contracts using xStocks, a tech platform that the crypto exchange acquired earlier this year. The company said it is starting off with 10 perpetual contracts, which include derivatives tracking gold, the S&P 500, and the Nasdaq 100 indexes.
The bundle also encompasses large-cap names like Nvidia (NVDA), Apple (AAPL), Google (GOOG/GOOGL), Tesla (TSLA), Robinhood (HOOD), as well as Bitcoin (BTC) proxy Strategy (MSTR) and stablecoin issuer Circle Internet Group (CRCL).
These contracts will be available to trade 24 hours a day and seven days a week. Eligible non-U.S. clients will be able to access these tokenized assets with up to 20x leverage on the Kraken and Kraken Pro platforms.
Hunt For New Revenue Streams
The shift towards tokenized equities by crypto exchanges may not solely be driven by the positive regulatory environment. The move also comes as Bitcoin’s price trades nearly 50% below its all-time high of over $126,000 in October and multiple analysts have warned of falling trading volumes impacting overall revenue.
Coinbase reported a loss of $2.49 a share in the fourth quarter (Q4), while revenue was down almost 22% to $1.78 billion. Wall Street was expecting earnings of $1 a share on revenue of $1.8 billion. The exchange saw weaker trading volumes in the final three months of 2025 as Bitcoin retreated from its peak.
Read also: Trump Skips Crypto In Longest State Of The Union – Bitcoin Holds $65K, Ethereum Outperforms
For updates and corrections, email newsroom[at]stocktwits[dot]com.