Kraken sets sights on stock trading: Bloomberg

The report comes almost a year after the collapse of FTX, which also plotted to offer such a service

article-image

Camilo Concha/Shutterstock modified by Blockworks

share

Crypto exchange Kraken is expanding its business into stock trading, according to Bloomberg.

The Wednesday report says that the exchange is targeting next year for the launch, citing a person familiar with the plans.

“Kraken is always exploring how it can power the global adoption of cryptocurrencies. While we can’t comment on rumors or speculation, we’re looking to broaden and enhance our offering so clients continue to have secure and seamless access to Kraken’s full product suite,” a spokesperson from Kraken told Blockworks via email.

The report further said that the expansion into US-listed stocks and ETFs would be offered in both the US and the UK. 

The crypto exchange will let eligible customers activate the service which will then lead them to see a mixture of crypto, stocks and ETFs. Kraken sought the necessary regulatory permits in the UK, and has reportedly applied for a broker-dealer license with the Financial Industry Regulatory Authority in the US.

“We don’t comment on FINRA membership applications,” a FINRA spokesperson said.

The move comes a year after the infamous collapse of FTX, which had also moved to offer stock trading. However, the exchange collapsed before the stock trading plans materialized. 

A move into stock trading would also pit Kraken up against Robinhood and Public.com, which both offer stock and crypto trading services. 

Robinhood, a publicly traded company under the ticker HOOD, announced that its crypto transaction revenue dropped 18% last quarter. The total transaction revenue for crypto fell to $38 million.

However, executives for the trading app company expressed “potential to grow [Robinhood’s] market share” during a recent earnings call. 

Kraken’s reported move into US stocks comes as it also focuses on a European expansion.

The exchange secured an EU e-money institution license from the Central Bank of Ireland and a virtual assets services provider license from the Bank of Spain earlier this week.

“In both Ireland and Spain, we are excited to become part of their vibrant local fintech sectors. We also look forward to continuing our investments in Europe more broadly,” Kraken’s Curtis Ting said at the time.

Updated Sept. 27, 2023 at 3:46 pm ET: Added a comment from FINRA.

Updated Sept. 27, 2023 at 1:55 pm ET: Added a statement from Kraken.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (5).png

Research

Outside of stablecoins, the value of tokenized assets sits below $20B, dominated by the following asset classes: private credit, US Treasuries, commodities, institutional alternative funds, stocks, non-US government debt, and corporate bonds. In the coming months, we see the greatest opportunities in the tokenization of illiquid markets, particularly private equity. However, the successful integration of offchain assets into blockchain ecosystems relies heavily on clear and consistent regulatory frameworks, with purpose-built infrastructure to support it.

article-image

The MicroStrategy founder understood digital scarcity long before Bitcoin, and it’s a story of bubbles, brokers and a “monster bull run.”

article-image

DAS panelists shared strong venture capital takeaways, from how big a raise should be to the role VCs play in the industry

article-image

Titan Exchange CEO Chris Chung says Titan bests Solana’s incumbent DEX aggregator Jupiter on price 80% of the time

article-image

The SEC’s newest statement on PoW mining adds further clarity, though a commissioner points out its limits

article-image

Markets react to Fed Chair Jerome Powell’s comments at yesterday’s FOMC meeting

article-image

At DAS, the US president noted he’s called upon Congress to enact “simple, common-sense rules” for stablecoins and market structure