News & Updates
The latest news and updates from companies in the WLTH portfolio.
Nasdaq Invests $100 Million in Kraken Parent Payward to Accelerate Tokenized Stock Push | PYMNTS.com
The investment of part of a broader expansion of the partnership between Nasdaq and Payward that will also see the companies continue to advance their work on the Nasdaq Equity Token (NET) framework and adopt a new market surveillance agreement, according to the release. The investment will support the continued evolution of tokenized market infrastructure. The NET framework is expected to launch NETs in the second quarter of 2027, part of the establishment of a foundation for how tokenized equities can move across different market environments. The market surveillance agreement will see Payward adopt Nasdaq's surveillance technology across its portfolio of trading venues, per the release. "The next era of market evolution will be defined by how efficiently and seamlessly capital and assets move across the financial system with durable liquidity," Nasdaq President Tal Cohen said in the release. "Expanding our relationship with Payward reflects our conviction that the company can play an important role in building the infrastructure that supports this evolution." In Payward's press release about the expanded partnership, Payward Co-CEO Arjun Sethi said that more than $2 trillion of stock trades run through the U.S. clearing system every day, buys and sells net down by about 98%, and the clearinghouse holds between $10 billion and $20 billion of collateral against what is left while it waits a day to settle. "Cutting that wait from two days to one in 2024 released $3 billion," Sethi said. "On-chain settlement removes the wait. The next phase of the collaboration is planned to advance Nasdaq Equity Tokens onto rails that do not close, with shareholder rights intact." Payward announced in March that it launched a tokenization-focused partnership with Nasdaq and that the collaboration would see the two companies develop an "equities transformation gateway" joining tokenized equity capital markets with decentralized blockchain networks. Nasdaq's equity token design "is a new framework for tokenizing equities that preserves issuer control, existing regulatory frameworks and the underlying rights of company shares," the March announcement said.
Win a share of $20,000 in cash with the Kraken Prop sweepstakes
No new hoops, no promo codes and nothing extra to sign up for. After enrolling, the evaluation you were going to buy anyway now doubles as a ticket. * After sweepstakes enrollment, every confirmed Pro Prop evaluation purchased on the Pro app or on Pro web and made during the promo window earns one sweepstakes entry, up to a maximum of three entries per person. * The $20,000 cash prize pool is split across 56 winners: one prize of $10,000, five prizes of $1,000 and 50 prizes of $100. * Prizes are paid in USD straight to your Kraken account, so you can withdraw them or roll them into your next evaluation. * The window runs from Sept. 9-Sept. 21, 2026. Eligibility varies by region, and the full terms are in the official rules. We're running a two-week sweepstakes on Kraken Prop. If you buy a Pro Prop evaluation after enrolling on the Pro app or on Pro web during the promo window, you're automatically entered for a shot at a share of a $20,000 cash prize pool. No new hoops, no promo codes and nothing extra to sign up for. After enrolling, the evaluation you were going to buy anyway now doubles as a ticket. How it works * Enroll in the sweepstakes on the Pro app or on Pro web * Buy any Pro Prop evaluation between Sept. 9-Sept. 21, 2026. * Each confirmed purchase counts as one entry, on any plan and any account size. * Entries are capped at three per person, so the odds stay meaningful for everyone taking part. * Winners are drawn at random after the window closes and are notified directly. What's in the prize pool The full $20,000 is paid out in cash, with 56 winners in total: * 1 × $10,000 * 5 × $1,000 * 50 × $100 All prizes are paid in USD directly to your Kraken account. Withdraw the cash, or put it back to work: $100 is another handful of attempts at a funded account. Your call. Who can enter The sweepstakes is open to eligible customers residing in jurisdictions where Kraken Prop is available, excluding the United Kingdom, Canada, India, the Philippines and Maine, New York, and Florida in the US. Check the official rules for the full eligibility criteria, entry mechanics, prize details and drawing procedure before you take part. How to get started, step by step Two weeks, 56 winners and the same evaluation you were already planning to run. Enroll in the sweepstakes and buy a Pro Prop evaluation now on the Pro app or on Pro web. Terms and conditions apply This is an unregulated service. This evaluation program is intentionally rigorous and designed to verify a trader's risk-management skill and strategy discipline before any proprietary capital is allocated by Payward Oceanic Ltd. Most applicants do not pass on their first attempt and there is no guarantee that your performance will improve or that you will pass any future evaluations. Prospective traders should purchase an evaluation only if they are confident in their trading ability and knowingly accept the risk of not qualifying for a funded account. Evaluation fees are non-refundable for each attempt once trading begins, regardless of outcome.
Kraken Review 2026: Fees, Best Features, Safety, and More - Memeburn
Kraken has a strong security record and has not experienced a major breach that resulted in lost customer funds. However, users still face the normal risks associated with trading and holding digital assets. Kraken processed more than $2 trillion in transactions in 2025 across 190+ markets, underscoring the volume of activity moving through the exchange. The platform offers spot, margin, futures, staking, stocks, and ETFs, while Kraken Pro gives active traders advanced tools and volume-based pricing. Still, size alone and the number of transactions processed do not make an exchange the right choice. Here is a comprehensive look at what Kraken Exchange offers, its customer support, and its fees to help you make informed decisions. Kraken at a Glance: Scorecard What Is Kraken? Kraken is a US-based cryptocurrency exchange founded in 2011. The exchange is widely recognized as one of the longest-operating exchanges with no major public hack on record. It supports spot, margin, and futures trading, with more than 700 assets available. That makes it a suitable option for both everyday users and institutional traders. You can use the standard Kraken app for basic trading, or Kraken Pro for a more advanced interface and additional trading tools. The platform also supports 8 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF, AED, and AUD. This gives users different ways to fund their accounts and trade crypto. Kraken also stands out for its banking status in the US. It became the first cryptocurrency company to receive approval for a Special Purpose Depository Institution (SPDI) banking charter in Wyoming. The charter, overseen by the Wyoming Division of Banking, allows Kraken Financial to provide certain banking services. Is Kraken Safe? Kraken has a strong security setup, but from our experience, this does not mean your crypto balance is completely risk-free. This is because there are other factors that could influence the safety of crypto assets, including sending assets to the wrong address. The exchange uses cold storage, account protection tools, security monitoring, and regulatory controls to protect customer funds. It also has a history of publishing Proof of Reserves reports, allowing users to verify whether specific crypto balances were backed by assets at each review. How Kraken Protects Customer Funds Kraken stores 95% of customer crypto assets offline in air-gapped cold wallets across multiple locations, backed by physical security and 24/7 monitoring. It also supports FIDO2 two-factor authentication and passkeys. The exchange also offers a Global Settings Lock. When enabled, it can prevent changes to your Kraken account, including changes made through Kraken Support. It can also hide sensitive account information and delay an attempted unlock. Kraken has completed a SOC 2 Type 1 examination and holds ISO/IEC 27001:2022 certification. It also runs an internal security testing team and a bug bounty program. Kraken's Regulatory Record Kraken operates through different legal entities and registrations depending on the country and service involved. In the US, it is registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN). Kraken's regulatory footprint includes registrations with ASIC and AUSTRAC in Australia, FINTRAC in Canada, and the FSA in Japan. Kraken Financial also holds a Special Purpose Depository Institution (SPDI) banking charter in Wyoming and is regulated by the Wyoming Division of Banking. In 2023, Kraken agreed to pay $30 million to settle Securities and Exchange Commission (SEC) charges concerning its staking-as-a-service program. As part of the settlement, the affected Kraken entities agreed to stop offering the service in the US. Kraken also reached a settlement with the US Treasury Department's Office of Foreign Assets Control (OFAC) in 2022. It agreed to pay $362,158.70 over potential civil liability related to apparent violations of US sanctions against Iran and to invest an additional $100,000 in sanctions compliance controls. Kraken has published its Proof of Reserves reports regularly since 2014. The process uses an independent third party and cryptographic verification to show that covered customer funds were backed by corresponding assets at the time of the review. Are Kraken Accounts FDIC or SIPC Insured? No. Crypto balances held on Kraken are not FDIC-insured bank accounts or SIPC-protected brokerage securities. Cryptocurrency exchange balances do not qualify for deposit insurance programs. Even deposits held with Kraken Financial are not FDIC insured, although Wyoming's SPDI rules require qualifying fiat deposits to be fully backed by reserves. Those rules apply to fiat deposits held through the relevant banking entity, not to crypto assets sitting in a standard Kraken account. Kraken has several layers of security and a broad regulatory footprint, but that does not remove account security risk or the risk of a security breach. You should also consider the legal entity serving you and the geographical restrictions that apply to your Kraken account. Kraken Fees Kraken uses different fee structures depending on how you trade. Buying crypto through the standard Kraken app, trading on Kraken Pro, using margin, staking assets, or trading stocks can all come with different costs. The fee you pay can also depend on your trading volume, the assets you hold on the platform, payment method, and the type of order you place. Standard Kraken app Kraken charges a 1% trading fee on instant and recurring buy, sell, and conversion orders, while custom orders carry a 1.5% fee. Kraken+, a paid subscription costing $4.99/month or $49.99/year, gets you 0% trading fees on up to $10,000 in monthly volume for major fiat currencies (USD, GBP, CAD, AUD, EUR, CHF), with a 30-day free trial for new subscribers, though spreads and card processing fees still apply. Payment fees vary depending on how you fund the transaction, and small balance conversions below the minimum order size carry a flat 3% fee. Kraken Pro Kraken Pro uses a maker-taker model for spot trading. Your tier is based on whichever is higher: your 30-day spot volume or your Assets on Platform (AoP). Deposit, Withdrawal, and Minimum Deposit There's no fee to open a Kraken account, and no minimum deposit required to activate one. The minimum trade size is 1 unit of currency for USD, EUR, GBP, CAD, AUD, and CHF (110 JPY), or the equivalent of $1 for crypto-to-crypto trades. Deposit and withdrawal fees depend on the currency and method and can be fixed or variable, based on network and processing costs. Check your account's funding page before transferring funds, as rates change without notice. Stablecoin and Fiat Pair Fees Stablecoin, pegged token, and FX pairs start at 0.20% maker and taker, dropping to 0.02% at $1 million in 30-day volume. USDG pairs run separately: 0% maker and 0.01% taker at the standard tier, falling to 0.001% taker at $100 million or more. Margin Trading Fees Margin fees are charged on top of the standard trading fees when you open and close a position. The rollover rate is locked in when you place the order and charged every four hours. Most assets cost 0.02% to 0.04%, while Bitcoin costs 0.01% to 0.02%. Kraken also charges a separate 2% fee on liquidated margin positions. Perpetual Futures Fees On the standard app, perpetual futures carry a 0.25% fee to open and 0.25% to close, based on notional value. Available only in select regions. On Kraken Pro, futures run on their own tiered maker-taker schedule based on futures volume, spot volume, or AoP. Entry tier is 0.02% maker / 0.05% taker; the highest tier drops to a negative maker rate (rebate) and 0.0125% taker. Futures are not available to customers in the US, Canada, or New Zealand. Institutional Tier Clients with over $100 million in 30-day spot and xStocks volume, combined with activity on Kraken Futures, Custody, or Staked, qualify for a flat 0.08% taker rate and additional perks. Staking Fees No transaction fee applies to stake or unstake rewards. Flexible staking on assets with an on-chain unbonding period and assets in the Rewards program carry a 20% commission on rewards earned. Bonded and other flexible staking arrangements vary by asset and amount staked. Stock, ETF, and xStocks fees Kraken offers zero-commission trading on 11,000+ US stocks and ETFs, though regulatory agencies can pass through their own fees. Tokenized stocks (xStocks) carry no trading fee when purchased with USDG or USD; buying with other assets triggers the standard 1% fee, and a spread may apply to lock in price. Kraken Review: Key Features Its key features include Kraken Pro, the Standard app, staking and earn, stocks, ETFs, and xStocks. 1. Kraken Pro vs. the Standard App The standard app suits someone who buys and holds crypto without needing advanced trading tools. Kraken Pro is built for experienced traders who want tighter spreads, lower fees at volume, and a full order book. 2. Staking and Auto-Earn Kraken lets you earn rewards on eligible crypto through Auto-Earn, which automatically stakes supported assets in your account. There is no transaction fee to stake or unstake, and staked assets stay liquid, so you can still trade or withdraw them at any time. Rewards accrue daily and pay out weekly. Kraken takes a commission from the rewards instead of charging a separate fee. Flexible staking and assets in the Rewards program carry a 20% commission on earned rewards, while bonded staking commissions vary by asset. Supported assets also differ by region, and Kraken only stakes part of eligible holdings on-chain so the rest stays liquid for withdrawals. 3. Stocks, ETFs & xStocks Kraken offers commission-free trading on more than 11,000 US stocks and ETFs, though regulators can still pass through their own fees. This is currently available to US customers only. Tokenized stocks, branded as xStocks, let users trade exposure to equities like Nvidia, Tesla, and Apple as on-chain tokens. Buying xStocks with USDG or USD carries no trading fee; funding the purchase with other assets triggers the standard 1% fee, and a spread may apply to lock in the price. Availability varies by region. Where Kraken Falls Short While Kraken gets a lot right, it also has a few downsides you should consider before signing up. * Customer support: The most common complaint across independent review platforms, mainly tied to the ticketing system. Wait times for account restrictions, withdrawal holds, and verification issues are cited negatively in numerous reviews. * Standard app fees vs. Pro: Fees on the standard Kraken app run significantly higher than on Kraken Pro. A 1% fee on instant trades (1.5% on custom orders) is steep next to Kraken Pro's 0.40% starting maker rate. * Geographic limitations: Kraken does not serve residents of New York or Maine. Both states remain fully excluded due to state-level licensing requirements Kraken has chosen not to pursue. * Learning curve: Splitting the platform into two separate interfaces, the simple app and Kraken Pro, creates a genuine learning curve for beginners moving from one to the other. What Real Users Are Saying User feedback on Kraken is mixed. People generally praise its trading features and security, but customer support remains a common complaint across Trustpilot, the App Store, and G2 Kraken vs Coinbase Here is a comparison table of how Kraken compares to Coinbase Similar to Kraken, Coinbase is a US-based cryptocurrency exchange with established compliance programs. The biggest difference between these two platforms for active traders is no longer as wide as it once was. Kraken Pro now starts at 0.40% for makers, bringing its entry-level fee closer to Coinbase Advanced. With its long operating history, strong security track record, and staking features, Kraken remains a solid option for many users. Coinbase, meanwhile, is the simpler choice for beginners. Kraken vs Binance Binance beats Kraken on trading fees, trading volume, and liquidity. Binance charges a 0.10% standard spot trading fee, while Kraken Pro starts at 0.40% for makers. These lower fees can benefit experienced traders who frequently trade crypto and want to keep transaction costs down. However, Binance Global Exchange has faced major regulatory action, including a $4.3 billion settlement in 2023. Kraken has not faced a regulatory case of comparable scale. Choose Binance for lower trading fees and deeper liquidity, or Kraken for its longer operating history, security track record, and established trading tools. Who Should Use Kraken? Kraken fits some traders better than others. * Intermediate to advanced traders: Kraken Pro suits active traders who want lower trading fees as their trading volume or assets on the platform increase. The maker-taker fee structure can make a noticeable difference for frequent traders compared with the standard app. * Security-focused users: Kraken has maintained a strong security track record and holds a Wyoming SPDI banking charter. It also publishes regular Proof of Reserves reports. If security and a long operating history matter more to you than finding the absolute lowest fees, Kraken is a strong fit. * Absolute beginners: The standard Kraken app keeps buying and selling simple, which makes it suitable for casual users. However, its 1% fee for instant and recurring trades and 1.5% fee for custom orders can be higher than on Kraken Pro, especially if you trade frequently. * High leverage and altcoin traders: Kraken may not be the best fit if you prioritize very high leverage or early access to new altcoins. Platforms such as Bybit may offer more products and features for these trading strategies. Final Verdict: Is Kraken Worth It in 2026? Yes, Kraken is worth considering in 2026, especially if you value security, transparency, and advanced trading tools over the lowest possible fees. Kraken Pro gives active traders access to volume-based maker-taker fees, while the platform continues to offer spot trading, margin, futures, staking, stocks, and other crypto products depending on your location. The main drawback is cost. The standard Kraken app charges 1% on instant and recurring trades and 1.5% on custom orders, making it less suitable for frequent traders who could use Kraken Pro instead. FAQs How trustworthy is Kraken? Kraken has built a strong reputation among crypto exchanges through its long operating history, security measures, and regular Proof of Reserves reports. It also offers transparent fees and publishes information about its security and regulatory framework. However, no exchange is risk-free, and your digital assets are not protected by FDIC insurance. Which is safer, Robinhood or Kraken? Both platforms use security measures to protect customer accounts and cryptocurrency assets, but they operate differently. Kraken focuses heavily on crypto trading, while Robinhood combines crypto with stocks and ETF trading. If you want a dedicated crypto platform with features such as staking and futures trading, Kraken offers more crypto-focused tools. Your choice should also depend on the assets, account type, and services available in your location. Has Kraken ever been hacked? Kraken has not experienced a major security breach resulting in the loss of customer funds. However, the exchange has experienced security incidents and individual account compromises, so users should enable strong account protections and review their account settings. Kraken also recommends security features such as passkeys and Global Settings Lock. Is Kraken good for investing? Kraken can suit investors seeking exposure to digital assets and staking rewards, as well as traders looking to start trading crypto, trade futures, or use advanced trading tools. It also offers stock and ETF trading to eligible US users. Kraken does not provide personalized investment advice, so you remain responsible for choosing the assets and strategies that fit your goals. What are the risks of using Kraken? The main risks include cryptocurrency price volatility, account restrictions, withdrawal delays, and trading losses during sharp market swings. Kraken customer service can also take time to resolve some account issues. Traders who use margin can borrow funds, which increases both potential gains and losses. You should also check whether bank transfers, Google Pay, or a bank card are available in your region before funding your account.
SoFi lists SoFiUSD on Kraken as the two firms open round-the-clock dollar settlement
SoFi's crypto transaction revenue reached $134.3 million in the second quarter, up 10% from the first. Kraken's owner Payward will connect to SoFi's real-time settlement rails and carry SoFi's bank-issued stablecoin on its exchange. The partnership, announced Thursday, lets institutional clients on either platform move dollars at any hour. Payward joins SoFi's 24/7 rail Payward, the infrastructure company behind the Kraken exchange, is joining the SoFi Exchange Network, the always-on settlement rail launched in April. SoFi is using Payward's prime brokerage, Kraken Prime, to route crypto trades from its app to access deep liquidity. Kraken will list SoFiUSD, a stablecoin redeemable one-to-one for U.S. dollars, and make it available to the platform's retail, professional, and institutional users. SoFi and Payward issued a joint statement on September 3. The deal lets institutional traders use a settlement service that was only available to SoFi's business banking clients before. Kraken customers have the option to settle and hold dollars on both networks at any time. SoFi's crypto revenue reached $134.3 million in Q2 Legacy bank rails go dark on nights and weekends, but crypto continues to trade. "The financial system should not shut down when markets stay open," SoFi CEO Anthony Noto said in the announcement. Payward Co-CEO David Ripley said, "Money and markets are converging into a new financial paradigm." Kraken Prime is powering the buy and sell buttons in the SoFi app, and SoFi says that supplemental liquidity should make pricing sharper on trades members are already doing. SoFi's crypto transaction revenue in the second quarter was $134.3 million, up 10% sequentially, on $1.2 billion of adjusted net revenue overall. SoFiUSD is part of Big Business Banking, a one-stop fiat-and-crypto service the firm launched in April, beginning on Solana with plans to expand to other chains, Cryptopolitan reported. In March, Payward's Wyoming-chartered affiliate, Kraken Financial, won a Federal Reserve master account, giving it straightforward access to the central bank's payment system without a partner bank in between. In May, the firm filed an application with the Office of the Comptroller of the Currency (OCC) for a national trust charter under the name Payward National Trust Company. SoFi Technologies Inc. (NASDAQ: SOFI) recently closed Thursday at $18.51, up +3.76% on strong volume, according to Google Finance.
Coinbase adds ex-xAI CFO Armstrong to board in push for 24/7 market rails - Cryptopolitan
Coinbase is staffing up around efficiency and dealmaking as its "everything exchange" push collides with rivals like the LSEG-Kraken alliance over who owns the infrastructure for 24/7, blockchain-based markets. Coinbase has named Anthony Armstrong, the previous finance chief at Elon Musk's xAI and X, to its board of directors as competition in the cryptocurrency industry starts shifting from trading volume to control of the technologies behind 24/7 markets. Now it is much more important to be able to provide the liquidity, settlement, custody, and regulatory mechanisms for trading beyond the conventional hours than to be able to offer individuals the opportunity to buy Bitcoins. Coinbase counts on the fact that Armstrong combines Wall Street deal-making experience with government knowledge and knowledge of working for Elon Musk's companies will help it compete better. A board seat, an audit role, and a tenth chair On September 2, Coinbase made a public announcement of Armstrong's appointment. According to its SEC filing, the appointment was made effective as of September 1. In his role, Armstrong will also take a place on the Audit and Compliance Committee, and his appointment will increase the company's number of directors from nine to ten. The SEC filing additionally disclosed that Anthony Armstrong and Brian Armstrong, Coinbase co-founder and CEO, have no family ties. Coinbase noted that Anthony has a successful experience of "building things that work at scale, without waste," which ties his coming onboard with the company's attention on effective execution. From Morgan Stanley deal tables to Musk's balance sheets Armstrong spent nearly a decade at Morgan Stanley, eventually becoming vice chairman of investment banking after helping lead its global technology M&A business. He later served as a senior adviser at the Department of Government Efficiency before becoming CFO across xAI, X.AI Corp. and X Corp. In October 2025, Cryptopolitan reported that Armstrong counseled Musk on how to go about acquiring Twitter for $44 billion and that he had a strong working relationship with him. It was also reported that Musk later brought together X with xAI in a deal worth around $113 billion. This makes Armstrong much more than just a typical governance hire. The future of Coinbase could hinge on acquisitions, partnerships, and integrations across securities, crypto markets and blockchain settlement -- areas where his dealmaking background may be especially useful. Why an efficiency hire, and why now The new appointment comes as the Coinbase is experiencing weaker financial results along with a sharp drop in the share price. According to The Block, COIN closed with $174.96 on September 2, which is a significant decrease of over 40% in comparison with the previous year. Coinbase's report shows that in Q2 the company has suffered a $359.5 million loss on its revenue amounting to $1.2 billion. Subscription and services revenues resulted in $555.1 million whereas the company stated that 88% of total revenues is derived from other operations except Bitcoin spot trading. Quartz mentioned that the company failed to meet the expectations of Wall Street for 3 quarters in a row. Brian Armstrong summarized the new strategy during the earnings release with these words: Coinbase is "no longer a bet just on the price of Bitcoin." The everything exchange, and the race for the rails Coinbase's "everything exchange" strategy is steadily blurring the line between a crypto exchange and a broader multi-asset financial platform. It has rolled out U.S. stock and ETF trading and prediction markets while outlining plans around tokenized assets, pre-IPO perpetual futures, unified liquidity and an SEC-registered AI investment adviser, as Cryptopolitan previously reported. The opportunity is already visible in the numbers. CoinGecko found that TradFi/RWA perpetual trading volume reached $347.17 billion in May 2026, up from just $230 million at the start of 2025. But regulation and market structure may matter as much as product breadth. The World Federation of Exchanges has warned that fragmented tokenized-equity markets could weaken liquidity and price discovery. Traditional exchanges are moving toward the same territory. Reuters reported that London Stock Exchange Group is partnering with Kraken parent Payward on tokenized UK shares, with xStocks planned for its 24-hour LSE 24 venue in 2027, subject to regulatory approval. That sharpens Coinbase's strategic challenge. Winning the 24/7 market may depend less on listing the most assets than on owning the regulated rails that let capital move between them continuously.
Kraken Is Building Wall Street's Crypto Gateway While Delaying Its Own IPO
Deutsche Börse's April stake priced Payward a third below its $20 billion round. Three of the world's biggest exchange groups are moving their shares onto blockchains through Kraken. Kraken's parent, Payward, is not ready to list itself. It now targets the second quarter of 2027 at the earliest. Payward filed a confidential draft registration in November 2025. It paused the process in March 2026. People familiar with the plans point to 2027. Kraken Builds the Rails Wall Street Wants On September 1, Payward agreed to tokenize the 100 largest London-listed companies. They become xStocks, tokens backed one for one by real shares. The tokenized London stock plan covers investors in over 110 countries. UK residents and US persons are shut out. The London Stock Exchange plans to trade them on LSE 24, its round-the-clock venue, once regulators approve. Payward counts $40 billion in xStocks volume since June 2025 and more than 200,000 holders. Nasdaq signed a similar deal in March. It is building a gateway with Payward so tokenized shares can cross between regulated venues and public blockchains. That launch targets the first half of 2027. Deutsche Börse paid $200 million in April for a stake of roughly 1.5%. Even Hyperliquid may reach US traders this way. Why the Kraken IPO Delay Makes Sense That April price implies a valuation near $13.3 billion. Payward raised $800 million last November at $20 billion, in a round led by Jane Street and Citadel Securities. Wall Street bought the rails, then marked them down by a third. The trading business explains the caution. Second quarter adjusted revenue rose 17% to $508 million. Adjusted EBITDA fell 71% year over year to $23 million. Platform volume dropped 18% to $310 billion. Payward kept buying anyway through crypto's stalled IPO year. It closed on derivatives venue Bitnomial in May, completing a US regulated derivatives stack it can now rent out. "The industry around us is consolidating. We built this company so that is when we compound fastest," Arjun Sethi, Co-CEO of Payward, in the company's quarterly letter. That letter never mentions the listing. The rails are going up for other people's markets first. Whether public investors pay for infrastructure, rather than trading fees, is the open question.
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LSEG and Kraken Parent Put FTSE 100 on Blockchain: What Investors Actually Own
xStocks track FTSE 100 prices but are debt claims, not direct equity; UK investors cannot access them The London Stock Exchange Group and Payward -- the parent company of crypto exchange Kraken -- announced on September 1 a partnership to tokenize the 100 largest companies listed on the London Stock Exchange, making them available as blockchain-based instruments called xStocks in more than 110 countries within the coming weeks. The deal makes LSEG the first major incumbent exchange to anchor its own regulated settlement infrastructure directly to the xStocks framework -- a structural distinction from every other major tokenized equity deal announced this year. But the partnership's most consequential fine print isn't the exchange-level integration. It's what an xStock actually is, legally, and who isn't allowed to buy one. The xStocks framework has processed more than $40 billion in total transaction volume since its June 2025 launch, including nearly $20 billion settled onchain, across more than 200,000 holders worldwide. That growth now includes the FTSE 100's largest names. What it does not include is British investors, who remain excluded from the product despite the underlying companies trading in London. What xStocks Are -- and What They Are Not An xStock is not a share. That distinction, buried in a footnote in most coverage, is the single most important structural fact about this partnership for any investor considering the product. From a legal standpoint, xStocks are tracker certificates -- bearer bonds issued by Backed Assets (JE) Limited, a Jersey-incorporated special-purpose vehicle owned through Backed Finance AG (Zug) by Payward. Each certificate is designed to track the price of the underlying security at a 1:1 ratio, but the holder does not own the underlying share. The xStocks legal structure analysis details how this creditor position works in practice. Instead, the holder acquires a claim against the issuer -- a creditor position, not an ownership position. The practical implications run to insolvency. When the issuer of a tracker certificate becomes insolvent, holders are creditors of the bankrupt estate, not owners of ring-fenced assets. This is the fundamental legal difference between an xStock and an exchange-traded fund: ETF shares represent fractional ownership of a segregated pool of assets; tracker certificates represent a debt claim against whoever issued them. If the fund company behind an ETF fails, the underlying assets belong to the fund's shareholders. If the tracker certificate issuer fails, the holder's recovery depends on what the bankruptcy estate can pay. Backed Assets (JE) Limited has addressed this through a bankruptcy-remote structure. The underlying FTSE 100 shares will be purchased and held in segregated sub-accounts by Alpaca Securities, a FINRA-regulated, SIPC-member US broker-dealer, under a three-party Account Control Agreement between Backed Assets (issuer), Alpaca (custodian and broker), and Security Agent Services AG, an independent Zug-based entity with authority to liquidate the collateral for holders in the event of issuer default. That structure is meaningfully different from a simple synthetic product. In Kraken's own disclosure, if Kraken or Backed goes bankrupt, the SPV design allows holders to claim the underlying value directly with Alpaca. One documented complexity survives: Alpaca simultaneously serves as the SPV's program broker, primary custodian, and prime borrower -- the party that borrows the underlying shares for securities lending. When shares are lent out, they leave the collateral account and are replaced by cash collateral marked daily. The public Proof of Reserve attestation -- published weekly on-chain via Chainlink and confirmed quarterly by The Network Firm -- does not specify whether shares currently on loan are subtracted from the collateral count. This is a transparency gap worth noting for any investor relying on the weekly attestation as a real-time verification of physical custody. Corporate actions -- dividends, splits, reverse splits -- are handled through on-chain rebasing: token balances adjust automatically, with cash dividends reinvested into additional shares net of withholding tax rather than distributed. This is the engineering design that enables true 24/7 availability; the alternative would require trading pauses each time the underlying company declares a dividend. How the LSEG Partnership Changes the Infrastructure Picture The xStocks framework has signed partnerships with Deutsche Börse (February 2026), Nasdaq (March 2026), and GTN (July 2026). The LSEG deal differs from all three in one structural respect: it is the first to connect xStocks directly to a traditional exchange's own regulated settlement infrastructure, rather than simply adding a major distribution platform to the xStocks Alliance. The relevant infrastructure is the LSEG Digital Securities Depository (DSD), announced in February 2026 and built inside the UK's Digital Securities Sandbox -- a joint FCA/Bank of England regulatory regime. The DSD is a blockchain-native settlement layer designed to allow tokenized securities to be issued, traded, and settled across multiple distributed ledger networks while remaining interoperable with existing traditional systems like Euroclear and CREST. Institutions that have publicly engaged on the DSD build include Barclays, Lloyds Banking Group, NatWest Markets, Standard Chartered, Brookfield, and State Street. Subject to regulatory approval, LSEG intends to list xStocks on LSE 24, its forthcoming near-continuous trading venue, in the first half of 2027. LSE 24, announced in July 2026, is a purpose-built, greenfield regulated venue running from 5:00 PM to 7:50 AM London time on weekdays, designed explicitly for AI agent-based trading with native machine-to-machine API connectivity. Client testing is planned by the end of 2026, subject to regulatory approval. Whether xStocks will actually settle through the DSD -- on-chain, in real-time -- or trade on LSE 24 against conventional T+1 settlement infrastructure has not yet been specified. The difference is architecturally significant: on-chain settlement via the DSD would represent a genuine structural shift; conventional settlement with a blockchain wrapper would be more modest. The two firms also announced they will explore "native LSE-issued equity tokens" -- instruments that would carry the same rights and full fungibility as traditional shares. That framing is notable precisely because it implies the current xStocks don't reach that threshold. Julia Hoggett, CEO of LSE plc, signaled awareness of the gap: "Tokenization has the potential to change how investors access, and how issuers use, financial markets, but it must develop in a way that preserves the trust, rights and role of regulated markets." One Governance Gap Partially Closed For the first fourteen months of xStocks' existence, holders had no mechanism to participate in corporate governance of the underlying companies. A holder of an Apple xStock had no path to vote on Apple's annual proxy -- because xStocks are not registered in the holder's name with Apple's transfer agent. On August 5, 2026, Broadridge Financial Solutions announced it would integrate its unified governance platform with the xStocks framework, allowing eligible holders to authenticate via Web3 credentials on ProxyVote.com, receive proxy materials, and submit voting preferences for the underlying shares. Doug DeSchutter, President of Broadridge Investor Communication Solutions, described the arrangement as ensuring investors "should not have to choose between blockchain innovation and shareholder rights." The word "preferences" is doing significant work in that sentence. xStock holders are submitting proxy voting preferences -- instructions that are routed to whoever exercises the underlying vote -- rather than casting votes directly as registered shareholders. This is a meaningful improvement from having no governance participation at all, and it is the mechanism through which the LSEG partnership's exploration of "full fungibility" must eventually travel. Whether it closes the governance gap fully depends on how Broadridge's system routes preferences and whether they are treated as binding by the underlying issuers' transfer agents -- a detail neither Broadridge nor Payward has publicly specified. Who Can Buy -- and Who Cannot The most immediate consequence of the LSEG partnership for most readers is geographic. Investors in more than 110 countries will be able to access xStocks representing the FTSE 100's largest names through Kraken and other platforms in the xStocks Alliance within the coming weeks. UK investors will not be among them. British residents cannot access xStocks for a structural regulatory reason. The Financial Conduct Authority maintains a ban on retail access to crypto derivatives, and the FCA's determination of where tokenized equity tracker certificates fall on that regulatory spectrum is still unresolved. The FCA reversed its ban on retail access to crypto exchange-traded notes in October 2025 and issued new rules for tokenized funds in April 2026 under policy statement PS26/7, but those frameworks do not cover the specific product category that xStocks occupy. The FCA's comprehensive crypto regulatory framework is not expected to take full effect until October 2027. LSEG is separately developing its own UK tokenized equity structure -- one that would be designed to preserve shareholder rights, governance standards, and protections within UK regulatory requirements. No timeline has been disclosed. Until that framework exists and is approved, UK investors will remain spectators of a product built on infrastructure located in their own financial capital. US investors face a parallel exclusion: xStocks are not registered under the US Securities Act and are not available to US persons, per the official partnership announcement. Are xStocks Reasonably Safe? "Safe" is the wrong question for any investment product. "Safe from what, and compared to what" is better. Compared to an outright synthetic: meaningfully different. xStocks hold real, physical FTSE 100 shares in segregated sub-accounts governed by an independent Security Agent with collateral liquidation authority in the event of issuer failure. Quarterly ISAE 3000 audits by The Network Firm and weekly Chainlink Proof of Reserve attestations provide more transparency than most structured products. Lloyd's of London provides supplemental custody coverage up to $175 million aggregate. Compared to holding the underlying share in a regulated brokerage account: meaningfully different in the opposite direction. An xStock holder is a creditor of a Jersey SPV, not a shareholder of the underlying company. If Backed Assets (JE) Limited were to fail and the Security Agent had to liquidate the collateral, there would be legal delay and potential recovery uncertainty. The Alpaca securities lending program means the underlying shares may not be physically present in the custody account at every moment -- though the structural design replaces lent shares with daily-marked cash collateral. The structure is most comparable to a fully-backed exchange-traded product. The key differentiating risks from a standard ETF are issuer risk (the Jersey SPV is not an investment fund with segregated ownership, though the Security Agent structure comes close) and the securities lending transparency gap. What Remains Unresolved Several questions will determine how consequential this partnership ultimately proves: The regulatory path to LSE 24 listing requires FCA approval that has not yet been obtained. The DSD integration depends on the UK Digital Securities Sandbox framework, which runs until December 2028. Whether xStocks settle through the DSD or against conventional infrastructure at LSE 24 has not been specified. The exploration of "native LSE-issued equity tokens with full shareholder rights" represents the more transformative possibility announced by this partnership -- instruments that would close the ownership gap entirely, giving blockchain-native holders the same legal status as traditional shareholders. That work has not yet begun in any concrete public form. What has begun is a reorientation of how the London Stock Exchange positions itself in the race to place global equity markets on continuous blockchain-native infrastructure. The LSEG partnership gives Payward's xStocks framework its first direct connection to traditional exchange settlement infrastructure. Arjun Sethi, co-CEO of Payward, put the strategic logic plainly: "The real opportunity is what happens when they run on the same rails." The question that remains is whether the rails, once built, carry instruments that are economically equivalent to stocks but legally something different -- or something that ultimately closes that gap entirely. Frequently Asked Questions Is buying an xStock the same as buying the underlying FTSE 100 share? No -- and the distinction matters. An xStock is a tracker certificate, which is legally a debt instrument issued by Backed Assets (JE) Limited, a Jersey-incorporated special-purpose vehicle. Holding an xStock means you are a creditor of that SPV, not a shareholder of the underlying company. Your economic exposure tracks the share price 1:1, and corporate actions like splits are reflected automatically on-chain, but you have no direct legal claim on the underlying company's assets in insolvency. The SPV structure includes a Security Agent with authority to liquidate the collateral on holders' behalf in the event of issuer failure -- making it meaningfully different from a simple synthetic -- but it is still different from direct equity ownership. The "native LSE-issued equity tokens with full shareholder rights" the partnership intends to explore would close that gap, but that product does not yet exist under the current partnership. Why can UK investors not buy xStocks of UK-listed companies? The FCA maintains a ban on retail access to crypto derivatives, and xStocks -- being tracker certificates structured under the Liechtenstein FMA framework -- sit in a regulatory category the FCA has not yet determined to permit. The FCA reversed its ban on retail crypto exchange-traded notes in October 2025 and issued new rules for tokenized funds in April 2026, but those frameworks do not cover tokenized equity tracker certificates specifically. The FCA's comprehensive crypto regulatory framework is expected to take full effect in October 2027. Until the FCA establishes a pathway for this product category, UK investors cannot access xStocks regardless of where the underlying companies are listed. How does the LSEG partnership differ from Payward's deals with Deutsche Börse and Nasdaq? Deutsche Börse's 360X venture (February 2026) and Nasdaq's equities transformation gateway (March 2026) both integrate xStocks into their distribution or trading infrastructure. The LSEG deal goes further by connecting xStocks directly to LSEG's own regulated settlement infrastructure -- specifically the Digital Securities Depository, a blockchain-native settlement layer being built inside the UK's Digital Securities Sandbox under joint FCA/Bank of England oversight. If and when the DSD goes live and xStocks are listed on LSE 24, trades could theoretically settle on-chain in real time rather than through conventional T+1 batch processing. Whether xStocks will actually use the DSD for settlement -- rather than simply trading on LSE 24 against conventional rails -- has not yet been specified. What does the Broadridge proxy voting integration actually give holders? Broadridge's integration, announced August 5, 2026, allows eligible xStocks holders to authenticate via their Web3 wallet on ProxyVote.com and submit voting preferences on the underlying shares. This is a significant improvement over the prior situation, in which xStocks holders had no governance mechanism at all. However, holders are submitting voting preferences rather than casting binding votes as registered shareholders -- the preferences are routed through Broadridge's system to whoever holds the underlying shares as registered owner (Backed Assets or Alpaca). Whether those preferences are treated as binding by underlying issuers' transfer agents is a detail that neither Broadridge nor Payward has publicly specified.
2,000 BTC Transfer from Kraken to Unknown Wallet Raises
The unknown wallet raises speculation about future price movements. A recent transfer of 2,000 BTC, valued at approximately $156 million, from Kraken to an unknown wallet has caught the attention of the crypto market. This move raises questions about the implications of large Bitcoin transfers, especially given the current market dynamics. Observers are keen to understand how this transaction might influence Bitcoin's price and trading activity in the near future. More details can be found in the Whale Alert tweet. The Key Development Large Bitcoin transfers, such as the recent 2,000 BTC move, can significantly impact market dynamics, often acting as signals that influence price and trading activity. The magnitude of this transfer, alongside the uncertainty surrounding the recipient, adds layers of intrigue and potential market volatility. Analysts note that such transactions can prompt traders to reassess their positions in anticipation of price shifts triggered by the movements of substantial amounts of Bitcoin. Notably, these transfers often attract attention as they can be indicative of whale activity, which frequently precedes significant market movements. Key Takeaways * The Bitcoin transfer from Kraken is part of a broader trend where large transactions can lead to market volatility. As large Bitcoin transfers are scrutinized for potential impacts on Bitcoin's market supply and demand dynamics, traders are keeping a close eye on any further large movements from exchanges. Kraken's robust security measures for large withdrawals, including mandatory two-factor authentication, play a crucial role in ensuring the safety of such transactions. The current market context sees mixed signals, with varying momentum across major assets. Market Pulse The recent transfer of 2,000 BTC from Kraken is noteworthy amidst a backdrop of mixed signals in the broader crypto market. While specific price movements are not reported, the transfer is significant enough to stir speculation among traders about potential impacts on Bitcoin's supply and demand dynamics. Observers will be closely monitoring the recipient's actions to draw insights into future market trends and possible price shifts. Kraken is one of the largest cryptocurrency exchanges, known for its robust security protocols and diverse trading offerings. The platform has recently aimed to attract long-term Bitcoin holders, which may influence its transaction patterns, including large transfers like this one. The unknown recipient of the BTC raises curiosity and speculation, as the transaction history can provide insights into the intent behind such movements. Eyes on These Levels Traders are now watching for any further large transfers from Kraken, as these could signal broader market trends. Understanding the potential intentions of the recipient wallet may provide insights that influence market sentiment. Given the ongoing scrutiny on large Bitcoin movements, any subsequent activity could lead to significant reactions in Bitcoin's price and trading volume in the near term. This article does not constitute financial advice. Market conditions can change rapidly, and readers should conduct their own research before making investment decisions.
LSEG partners with Kraken-owner Payward in crypto push
By Samuel Indyk and Elizabeth Howcroft London/Paris -- London Stock Exchange Group (LSEG) plans to launch tokenised UK shares to expand global access to London-listed companies, it said on Tuesday, and will partner with Payward, parent of crypto exchange Kraken, to explore new ways of trading equities. The move is the latest step in LSEG's push into crypto. In February, it said it would build a blockchain-based settlement service. LSEG said the new initiative would allow products linked to UK-listed shares to be represented as blockchain-based tokens, which could be sold to people who trade cryptocurrencies. The exchange operator has been under pressure to improve performance from activist investor Elliott Management, which disclosed a stake in February. LSEG shares have risen 20% since Elliott made its investment public, but remain 28% below their February 2025 peak. Tuesday's announcement also reflects efforts by traditional exchanges to attract retail investors accustomed to round-the-clock trading. LSEG recently unveiled plans for LSE 24, a 24-hour trading venue due to launch in the first half of next year. Tokenisation Supporters of tokenisation say it could transform stock markets by enabling 24/7 trading and near-instant settlement, potentially boosting liquidity and lowering costs. But the World Federation of Exchanges last year urged regulators to crack down on tokenised stocks, warning they could create new investor risks and undermine market integrity. "Tokenisation has the potential to change how investors access and how issuers use financial markets, but it must develop in a way that preserves the trust, rights and role of regulated markets," said Julia Hoggett, CEO of London Stock Exchange and head of digital and securities markets at LSEG. As part of the collaboration with Payward, LSEG intends to list xStocks, tokenised versions of publicly traded shares, on LSE 24 in 2027, subject to regulatory approval. Other exchanges are also seeking a foothold in crypto-related markets. Germany's Deutsche Boerse said in April it had bought a $200m stake in Kraken -- equivalent to a 1.5% fully diluted holding -- as part of a partnership covering crypto assets, tokenised markets, derivatives and institutional liquidity services. Broker Robinhood has launched tokenised stocks in the EU while crypto exchange Coinbase is also expanding into the sector.
Kraken Owner to Tokenize 100 LSE Stocks - UK Locked Out
What Are Payward and the LSE Bringing Onchain? Payward, the owner of crypto exchange Kraken, is partnering with the London Stock Exchange to tokenize the 100 largest LSE-listed companies, bringing some of the UK market's biggest stocks onto blockchain rails through the xStocks framework. The first London-listed xStocks are expected to become available in the coming weeks through Kraken and other platforms participating in the xStocks Alliance. Each token will be backed 1:1 by the underlying share and offered to eligible investors across more than 110 countries. UK investors are not currently eligible to trade xStocks, meaning the initial product will largely give international investors blockchain-based access to London-listed companies rather than create a new domestic trading channel. The partnership goes further than distributing tokenized shares through crypto exchanges. Subject to regulatory approval, the LSE plans to support xStocks trading through LSE 24, its new extended-hours venue. LSE 24 is designed to operate Monday through Friday from 5 p.m. to 7:50 a.m., with a 30-minute end-of-day processing pause. That would place tokenized equities inside infrastructure connected directly to one of the world's major traditional stock exchanges rather than leaving them solely on crypto-native venues. Why Is LSE 24 Important for Tokenized Stocks? Tokenized equities have generally been sold on the promise that blockchain can remove some of the restrictions attached to conventional stock trading. Traditional shares trade during exchange sessions and rely on brokers, clearing houses and custodians, while blockchain representations can move between compatible platforms, wallets and onchain applications outside normal trading hours. LSE 24 could narrow that divide by combining regulated market infrastructure with the longer trading windows already familiar to crypto investors. Payward said the planned offering will eventually include tokenized equities from the UK, U.S., Europe and Hong Kong, as well as other asset classes available to LSE members through the venue. "By working with Payward, and continuing to collaborate across the market infrastructure ecosystem, we are exploring how issuers and investors can benefit from new forms of access while maintaining the standards that underpin public markets," LSE CEO Julia Hoggett said. The regulatory approval requirement remains important. Tokenized equities still represent securities, meaning blockchain settlement does not remove rules covering ownership, investor protection, custody and market supervision. Investor Takeaway Could Stocks Eventually Be Issued Directly Onchain? The most consequential part of the partnership may come after the initial xStocks rollout. Payward and the LSE plan to explore native equity tokens issued through LSE infrastructure rather than blockchain representations created after traditional shares have already been issued. Those securities would carry the same shareholder rights as conventional shares and be fully fungible with them. If implemented, the model could allow companies to issue and service equity directly through blockchain infrastructure while retaining the legal rights associated with ordinary stock ownership. That would differ from the current xStocks structure, where a token represents an underlying share held elsewhere. Native issuance could bring issuance, ownership and settlement closer together, reducing the number of separate systems required to move securities between investors. It could also increase the usefulness of tokenized shares beyond trading. Market participants are examining whether regulated tokenized assets can be used as collateral in lending and other financial transactions, potentially allowing equities and other securities to move more freely between traditional and blockchain-based markets. How Large Is the xStocks Market Already? xStocks launched in June 2025 and was acquired by Payward in December. Payward says the framework has since processed more than $40 billion in total trading volume across more than 200,000 holders, including nearly $20 billion settled onchain. RelatedKraken Expands U.S. Derivatives Offering Following Bitnomial Acquisition The company has also been widening distribution. Payward partnered with GTN in July to extend xStocks access across its execution and custody network covering more than 90 markets, including the UK, Europe, Hong Kong and South Korea. Kraken separately introduced U.S. stock trading alongside xStocks for European Economic Area customers through its Cyprus-regulated business. The tokenized equity market remains small compared with conventional stock markets. About $2.53 billion of tokenized equities currently exists, with xStocks accounting for roughly $606.6 million and Ondo about $840.4 million. The LSE agreement could test whether that market can move beyond crypto-native demand. If regulated exchanges begin supporting tokenized securities alongside traditional shares, competition may increasingly center on who controls issuance, settlement, custody and collateral rather than simply which platform offers the longest trading hours.
LSE Partners With Kraken to Tokenize 100 UK Stocks
However, xStocks has processed more than $40 billion in total trading volume. The London Stock Exchange (LSE) is partnering with Payward, the parent company of Kraken, to bring the 100 largest UK-listed companies onto blockchain through xStocks. Announced on September 1, 2026, the move could bring traditional equities onto blockchain while keeping key investor protections in place. LSE and Kraken Bring 100 UK Stocks Onchain Under the agreement, Payward will add the 100 largest LSE-listed companies to its xStocks platform. Each token will be backed 1:1 by the underlying stock, giving eligible investors in more than 110 countries access to tokenized UK shares. However, UK investors will not be able to trade them at launch, as xStocks are currently unavailable in the country. The first products are expected within weeks, as companies haven't announced the launch date. At the same time, the LSE will explore how its Digital Securities Depository (DSD) can support the settlement and servicing of tokenized shares, subject to regulatory approval. The partnership aims to connect traditional stock-market infrastructure with Kraken's blockchain and digital-asset technology. Why Is the London Stock Exchange Tokenizing Stocks? The key reason behind the LSE tokenizing stocks is its trading flexibility. Unlike traditional stock markets that operate during set hours, tokenized equities can trade 24/7 across supported blockchain venues. The LSE also plans to list xStocks on its upcoming LSE 24 trading venue in 2027, subject to regulatory approval. LSE CEO Julia Hoggett said, "Tokenisation has the potential to change how investors access, and how issuers use, financial markets." Further, she added that it must preserve the "trust, rights and role of regulated markets." That gives the LSE a way to test blockchain-based trading without removing the existing structure around listed shares. xStocks Already Crosses $40 Billion Volume The partnership also comes with an established tokenized-stock platform. Payward said xStocks has processed more than $40 billion in total trading volume, with nearly $20 billion settled onchain and more than 200,000 holders. Payward's co-CEO, Arjun Sethi, said the opportunity is to make traditional and crypto markets work on the "same rails." The partnership goes beyond tokenized versions of existing shares. LSE and Payward will also explore native equity tokens that could carry the same rights as traditional shares. For now, the first step is the xStocks rollout. The planned LSE 24 listing still requires regulatory approval, while UK investors remain excluded from xStocks at launch.
CFND) Announces Second Quarter 2026 Results, Adds Polymarket to Portfolio, and Repurchases ~$824,000 of Shares
C1 Fund Inc. (NYSE: CFND) ("C1 Fund" or the "Fund"), a publicly traded closed-end fund providing investors with exposure to a curated portfolio of private late stage digital asset services and technology companies, today released its financial results, including net asset value ("NAV"), for the second quarter ended June 30, 2026. * C1 Fund had 6,568,348 shares outstanding. * C1 Fund's NAV was $42,625,013, or $6.49 per share. * Portfolio investments at fair value were $33,067,058, representing approximately 77.5% of net assets. * Short-term U.S. Treasury investments were $9.96 million, representing 23.3% of net assets. * Total investments at fair value were $43,031,199, reflecting net unrealized depreciation on investments of $53,311,989. * The Fund held investments in eleven portfolio companies, compared with seven at December 31, 2025. Operational Highlights and Strategic Progress * Through July 31, 2026, C1 Fund repurchased and retired 249,300 shares of its common stock at an aggregate cost of $824,440 under its buyback program approved by the Board of Directors on January 29, 2026. The Fund is currently authorized to repurchase up to $3,000,000 of its common stock, subject to market conditions and SEC rules. * As of June 30, 2026, the portfolio included eleven companies: Alchemy, BitGo, Blockchain.com, Chainalysis, ConsenSys, Figment, Fireblocks, Kraken (Payward, Inc.), Polymarket (Blockratize Inc.), Ripple Labs Inc., and Uphold. In keeping with its mandate, C1 Fund's portfolio investments remain focused on digital asset services and technology. * During the second quarter of 2026, C1 Fund added Polymarket (Blockratize Inc.), a leading decentralized prediction market platform that enables users to trade on the outcomes of real-world events, and increased positions in several of the companies in which the Fund first invested in 2025. * C1 Fund's two largest portfolio exposures are Ripple Labs Inc. (17.5% of the Company's net assets as of June 30, 2026), a global blockchain infrastructure company focused on cross-border payments and digital asset solutions, and Payward, Inc. (16.9% of the Company's net assets as of June 30, 2026), the parent company and unified financial infrastructure platform behind Kraken, one of the world's largest digital asset exchanges serving retail, institutional, and enterprise clients. * Two portfolio companies, Kraken and Blockchain.com, have publicly announced confidential submissions for potential initial public offerings with the U.S. Securities and Exchange Commission. BitGo, Inc. completed its initial public offering in January 2026. An early partial issuer buyback by Ripple Labs Inc. generated approximately a 150% return to the Fund in just over four months. * Investments continue to be selected from the C1 30, C1 Fund's defined universe of leading companies in digital asset services and technology, based on availability in secondary markets and expected return potential. Chief Investment Officer Elliot Han commented, "Our investment discipline remains consistent: acquire secondary shares in larger, late stage companies from the C1 30 when access is available and pricing offers compelling return potential. As of June 30, our eleven company portfolio represented approximately 77.5% of net assets and spanned payments, custody, compliance, staking, exchanges, development infrastructure, and prediction markets. Weaker secondary market pricing affected quarter end fair values, but selected portfolio companies continued to report customer growth. BitGo's clients on platform increased 26% year over year to 5,833, and Payward's (Kraken's) funded accounts increased 42% to 6.6 million. We believe this divergence reinforces the importance of evaluating both market based fair values and underlying business performance as we manage the portfolio and pursue liquidity opportunities."
Whales Withdraw More Than $33M in SOL From Binance and Kraken | Blockchain Solana
On Aug. 29, Lookonchain reported two large SOL withdrawals: one wallet withdrew 281,446 SOL, valued at about $29.68 million, from Binance, while another withdrew 37,272 SOL, worth about $3.87 million, from Kraken. The original data post is available on X. The Data Point The report gives a narrow snapshot rather than a promise about future prices. Its figures describe the wallets, products or market segment identified in the post, and the timing matters because crypto activity can change quickly. For the Aster move, the reported return was unrealized. For the GOLD sale, the wallet attribution came from on-chain tracking. For the SOL withdrawals, the transactions show movement from named exchanges but do not reveal the owners' plans. For the ETF, exchange-balance and volume items, the figures are measurements from the named data providers, not official statements from every market participant. Why It Matters These developments matter because they show how trading activity, custody decisions and liquidity can affect digital-asset markets. A new perpetual listing can attract leverage as well as attention. A coordinated-looking token sale can raise questions about concentration and disclosure. Large withdrawals may reduce immediately visible exchange balances, but they do not automatically indicate accumulation. ETF inflows can broaden regulated access, while exchange outflows can reflect many motives, including self-custody, staking or transfers between venues. Volume dominance likewise measures participation, not the quality or durability of the assets being traded. What the Report Does Not Show The posts do not establish that any reported move will continue. They also do not, by themselves, prove intent, ownership or a completed change in market structure. Readers should distinguish realized gains from unrealized positions, observed transfers from wallet labels and data-provider estimates from audited financial disclosures. Those limits are especially important in fast-moving token markets, where thin liquidity can amplify both gains and losses. Next Indicators Follow-up evidence will include whether the activity persists after the initial move, whether additional wallets or filings clarify attribution, and whether liquidity remains available across venues. In the ETF and exchange-balance cases, subsequent daily flows will show whether the reported direction was temporary or part of a longer trend. Until that evidence arrives, the developments remain dated market observations. BlockchainReporter will continue to separate sourced on-chain data from interpretation and avoid turning a single reading into a forecast. Context is available in earlier market coverage.
Kraken Users Briefly Locked Out After Sanctioned-Transaction Flood | Blockchain Crypto Market News
Kraken users were briefly locked out after the exchange dealt with a flood of sanctioned crypto transactions, according to CoinDesk. The incident links an access disruption to compliance activity, highlighting the operational strain that can arise when an exchange must process a large volume of transactions associated with restricted entities or addresses. A Compliance-Driven Disruption A temporary lockout is different from a confirmed loss of customer funds, and the available report does not establish that user balances were permanently affected. The immediate issue was access while Kraken handled the transaction flow and its associated sanctions controls. Why Sanctions Screening Affects Availability Crypto exchanges screen deposits and withdrawals against sanctions lists and other risk signals. A sudden burst of flagged activity can require manual review, system throttling or account restrictions. Those controls are designed to limit prohibited activity, but they can also interrupt legitimate users when systems are under pressure. The Questions for Kraken The important follow-up points are how long the disruption lasted, how many accounts were affected, and what controls Kraken will change to prevent a repeat. Exchanges must balance rapid access with legal obligations, and a short incident can still expose weaknesses in monitoring, communication or capacity planning. For context, BlockchainReporter has previously examined how institutional financial systems are testing blockchain settlement in earlier coverage. The new development remains specific to this event and does not establish a broader market outcome.
Kraken builds comprehensive wallet for onchain financial life
The exchange's wallet now combines self-custody, DeFi vaults, tokenized assets, and payments into a single app experience. Kraken has been quietly assembling something that looks less like a crypto wallet and more like a full-stack financial operating system. The exchange's wallet now supports self-custody, DeFi, tokenized assets, and payments, effectively blurring the line between a centralized exchange and the decentralized world it was originally built to give users access to. From launch to embedded everything Kraken Wallet first hit mobile devices on April 17, 2024, built as a self-custodial tool spanning Bitcoin, Ethereum, Solana, and over 12 networks. From the start, it was designed to function independently of a Kraken exchange account, letting users manage tokens, NFTs, and DeFi positions on their own terms. But the real acceleration came later. In July 2026, Kraken acquired Magic Labs' embedded wallet business, a move that fundamentally changed how users interact with the app. The acquisition allowed Kraken to bake wallet functionality directly into its main trading interface, removing the friction that has historically kept casual users away from onchain activity. The result: as of mid-2026, the Kraken app supports trading of over 2,500 verified Solana tokens through embedded wallets. No seed phrases to fumble with. No toggling between separate apps. DeFi vaults and real-world assets Kraken didn't stop at trading. The wallet now includes DeFi Earn vaults that let users put their holdings to work without leaving the app. The most notable of these is a Bitcoin Vault that pulled in roughly $400M in deposits by mid-2026. The wallet also integrates swaps, cross-chain bridges, and WalletConnect for connecting to external decentralized applications. On the tokenized assets front, Kraken has partnered with firms like Centrifuge to bring real-world asset management into the wallet experience. Privacy and security by design The wallet collects minimal user data. The wallet's codebase is open source, meaning anyone can audit it. Security relies on biometric encryption rather than purely password-based methods. The unified portfolio view allows users to see both their custodial assets held on the Kraken exchange and their self-custodial assets held in the wallet in a single interface. What this means for the competitive landscape Kraken's wallet strategy represents a broader industry trend: centralized exchanges expanding into onchain services rather than ceding that territory to dedicated wallet providers and DeFi protocols. Coinbase has pursued a similar path with its own wallet and Base network. Binance has Web3 wallet features baked into its app. The $400M in Bitcoin Vault deposits suggests Kraken's bet is paying off. Exchange users who might never have opened MetaMask or Phantom are now parking significant capital in DeFi vaults because Kraken made the onramp invisible. The acquisition of Magic Labs' embedded wallet tech gave Kraken a seedless, embedded wallet architecture that can scale across the app rather than building everything from scratch.
Kraken Robotics Inc (KRKNF) (Q2 2026) Earnings Call Highlights: Record Orders and Covelya ...
This article first appeared on GuruFocus. * Revenue: Consolidated revenue for Q2 totaled CAD27 million, including product revenue of approximately CAD17 million and service revenue of over CAD10 million. * Revenue Growth: Excluding a CAD1.5 million impact from a change in scope on an integration project, consolidated revenue increased approximately 10% year-over-year. * Product Revenue Growth: Excluding the scope change, product revenue grew 11% in the quarter and 25% for the first half of the year. * Service Revenue Growth: Service revenue grew 6% in the quarter year-over-year, or 9% for the first half of the year. * Gross Profit: Gross profit increased to over CAD16 million in Q2. * Gross Margin: Gross profit margin remained strong at 59%, up slightly over the prior year. * Adjusted EBITDA: Adjusted EBITDA increased slightly to CAD5 million, with an adjusted EBITDA margin of 18%. * Adjusted EBITDA Growth: Excluding the scope change, adjusted EBITDA margins would have been 20%, with adjusted EBITDA growth of 26%. * Capital Expenditures: Capital expenditures and tangible assets purchased totaled just over CAD9 million in Q2, compared to CAD6 million in the prior year. * Cash Position: Cash position was just over CAD91 million at quarter-end. * Working Capital: Working capital was CAD152 million at quarter-end. * Long-Term Debt: Long-term debt and obligations and lease liabilities were approximately CAD40 million. * 2026 Guidance: The company expects annual revenues of CAD209 million to CAD320 million, adjusted EBITDA between CAD65 million and CAD75 million, and capital expenditures in the range of CAD27 million to CAD33 million. Release Date: August 27, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points * Closed transformative acquisition of Covelya Group, significantly expanding technological capabilities and total addressable market. * Strong product demand with CAD355 million in product orders year-to-date, including CAD27 million in incremental orders since July. * Gross profit margin remained strong at 59%, up slightly year-over-year. * Expanded customer base with new long-term master supply agreement with an XL UUV manufacturer and added nearly 10 new battery OEM customers. * Strong balance sheet with cash of CAD91 million and minimal net debt post-acquisition.
Kraken Robotics Inc (KRKNF) (Q2 2026) Earnings Call Highlights: Record Orders and Covelya ...
This article first appeared on GuruFocus. * Revenue: Consolidated revenue for Q2 totaled CAD27 million, including product revenue of approximately CAD17 million and service revenue of over CAD10 million. * Revenue Growth: Excluding a CAD1.5 million impact from a change in scope on an integration project, consolidated revenue increased approximately 10% year-over-year. * Product Revenue Growth: Excluding the scope change, product revenue grew 11% in the quarter and 25% for the first half of the year. * Service Revenue Growth: Service revenue grew 6% in the quarter year-over-year, or 9% for the first half of the year. * Gross Profit: Gross profit increased to over CAD16 million in Q2. * Gross Margin: Gross profit margin remained strong at 59%, up slightly over the prior year. * Adjusted EBITDA: Adjusted EBITDA increased slightly to CAD5 million, with an adjusted EBITDA margin of 18%. * Adjusted EBITDA Growth: Excluding the scope change, adjusted EBITDA margins would have been 20%, with adjusted EBITDA growth of 26%. * Capital Expenditures: Capital expenditures and tangible assets purchased totaled just over CAD9 million in Q2, compared to CAD6 million in the prior year. * Cash Position: Cash position was just over CAD91 million at quarter-end. * Working Capital: Working capital was CAD152 million at quarter-end. * Long-Term Debt: Long-term debt and obligations and lease liabilities were approximately CAD40 million. * 2026 Guidance: The company expects annual revenues of CAD209 million to CAD320 million, adjusted EBITDA between CAD65 million and CAD75 million, and capital expenditures in the range of CAD27 million to CAD33 million. Release Date: August 27, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points * Closed transformative acquisition of Covelya Group, significantly expanding technological capabilities and total addressable market. * Strong product demand with CAD355 million in product orders year-to-date, including CAD27 million in incremental orders since July. * Gross profit margin remained strong at 59%, up slightly year-over-year. * Expanded customer base with new long-term master supply agreement with an XL UUV manufacturer and added nearly 10 new battery OEM customers. * Strong balance sheet with cash of CAD91 million and minimal net debt post-acquisition.
Kraken Users Got Locked Out After a Dust Attack From a Sanctioned HTX Wallet - Startup Fortune
Kraken customers were locked out after about 12,000 tiny crypto transfers hit deposit addresses from wallets tied to sanctioned HTX. The transfers were small. The compliance problem wasn't. Between August 17 and August 24, wallets that blockchain analytics firm Arkham Intelligence linked to HTX, the exchange formerly known as Huobi, sent roughly 12,000 tiny transfers to Kraken-related addresses, according to Bloomberg. Most were worth only a few cents to a few dollars. That was enough to trip Kraken's sanctions checks and temporarily restrict some customer accounts. That distinction matters. The story isn't that 12,000 customers were frozen. Kraken hasn't said how many users were affected. The sharper point is that a large batch of unwanted deposits, each too small to matter financially, was enough to turn ordinary customers into compliance cases they didn't create. "We don't know who is behind these attacks, but they likely expect that if sanctioned funds land in a client account, it triggers a full account lock, causing operational disruption for a large number of users," a Kraken spokesperson told Bloomberg. Kraken also said the transfers appeared to be an attempt to spread UK and EU sanctioned funds across other platforms and undermine trust in the industry. That's a remarkable admission. Kraken is describing its own compliance system as the attack surface. The EU just put HTX on a crypto blacklist and gave itself the power to cut off entire countries The EU's 21st Russia sanctions package, adopted July 23, 2026, bans 14 crypto exchanges including HTX from transacting with EU entities starting August 23. More significantly, Brussels introduced a first-ever country-level blacklist tool for crypto, allowing it to cut off entire national crypto sectors that facilitate Russian sanctions evasion... - EU crypto blacklist HTX sanctions - how Russia uses crypto exchanges Dusting attacks are old news in crypto. Normally someone sends tiny amounts of a token to many wallets to track spending patterns and try to connect addresses to real users. This case was different. Nobody needed to trace anything. The sender only needed a public blockchain, wallets associated with a sanctioned entity, and Kraken-linked deposit addresses. Anyone can send crypto to an address without permission. Send tainted dust to enough places and the exchange's own controls do the disruptive work. HTX has denied initiating the transfers. Bloomberg reported that an HTX spokesperson said the exchange's review had found no evidence it sent them, and raised possible explanations including faulty attribution or third-party activity. Kraken hasn't accused HTX's leadership directly. It has restored account access while continuing to hold the flagged funds separately, which is exactly the kind of dry compliance detail that tells you how little room exchanges have once sanctioned funds touch an account. The timing is hard to ignore. The UK sanctioned Huobi Global S.A. on May 26 as part of a Russia sanctions package, with CoinDesk reporting that the action targeted crypto firms accused of helping Russia evade restrictions. The EU then added "HTX (HUOBI GLOBAL SA)" to its Russia sanctions regime in July, with a transaction ban taking effect on August 23, according to The Block. That date fell right inside the eight-day window when the dust was landing at Kraken. The trigger worked too well Here's the uncomfortable part. Kraken doesn't appear to have been running a broken system. It was running the kind of system regulators expect licensed exchanges to run: screen incoming funds, flag sanctioned exposure, freeze or restrict activity while the review happens. If you're a customer, that feels absurd when the deposit is unsolicited and worth pennies. If you're the exchange, ignoring it can create a sanctions problem. Frankly, this looks a lot like swatting for crypto accounts. You don't need to steal a password. You don't need to crack a wallet. You just need enough sanctioned dust and enough addresses, and you can make a platform lock people out by forcing it to follow its own rules. That should bother every exchange, not only Kraken. Coinbase, Binance, OKX, Bybit, you name it, any large venue with sanctions exposure has to decide what happens when a user receives funds they didn't ask for from a flagged address. Treating every contact as user activity punishes the wrong person. Treating it too lightly risks letting sanctioned funds move through the system. Kraken says it moved quickly to restore access once reviews cleared. Good. But speed after the freeze doesn't solve the design problem before it. The industry now has a public example of sanctions screening being turned into a denial-of-service tool, and the fix can't just be telling customers not to touch strange deposits. In this case, they didn't have to touch anything. Crypto traders got refunds when SpaceX tokens ran out xStocks saw more than $1 billion in demand for tokenized SpaceX shares, but partner exchanges including Bybit and Bitget Wallet received no allocations and refunded users. The episode shows that tokenized IPO access still depends on securing the scarce shares underneath the token. - crypto traders got refunds for SpaceX tokens - why SpaceX tokenized IPO access failed immediately The next test is whether exchanges and screening vendors can separate unwanted dust from customer-directed transfers without opening a loophole sanctions evaders can walk through. That won't be clean. Public blockchains don't ask permission, and compliance systems were built to spot contact, not intent. Until that changes, a few cents of toxic crypto can still do more damage than its price suggests. Also read: Circle and Coinbase Shares Slide as Banks Move to Kill Stablecoin Yield * BitMart Stops Trading While Its Founder Dismisses Withdrawal Demands * The SEC Just Sent Its Crypto Custody Rule Rewrite to the White House
Kraken Customers Locked Out After 'Dust Attack' From Sanctioned HTX Wallet - Crypto Economy
Kraken temporarily froze several user accounts after recording nearly 12,000 suspicious microdeposits, a tactic known in the industry as a dust attack. According to a Bloomberg report, the transfers originated from an address linked to HTX (formerly Huobi), immediately triggering the platform's automated anti-money laundering (AML) and sanctions compliance protocols. This incident highlights the operational and cybersecurity challenges faced by centralized platforms. Dusting attacks are typically used to trace wallet owners' identities or trigger false regulatory positives. While Kraken restored access for most affected customers, funds directly subject to sanctions remain frozen, while HTX denied any direct involvement and launched an internal investigation to determine responsibility for the incident. As blockchain forensic investigations progress, the industry is closely watching the effectiveness of compliance filters in preventing unnecessary friction for legitimate users. Source: https://lix.li/0LaQZ Disclaimer: Crypto Economy Flash News is produced from official, public sources verified by our editorial team. Its purpose is to provide quick updates on key developments across the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We always recommend verifying official project channels before making related decisions.
Kraken Restricts Accounts After 12,000 Transfers From HTX-Linked Wallet | Market Kraken
Kraken temporarily restricted some customer accounts after nearly 12,000 small crypto transfers from a wallet linked to HTX arrived between Aug. 17 and Aug. 24, which the exchange flagged as a possible dust attack involving UK- and EU-sanctioned funds. HTX denies sending the transfers and is investigating while Kraken restored access to affected customers as it continues compliance reviews, underscoring sanctions, security and regulatory risk for CEXs and broader crypto adoption.