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M&A Deal Summary

Kraken Acquires Backed

On December 2, 2025, Kraken acquired financial services company Backed

Acquisition Highlights
  • This is Kraken’s 4th transaction in the Financial Services sector.
  • This is Kraken’s 2nd transaction in Switzerland.

M&A Deal Summary
Date 2025-12-02
Target Backed
Sector Financial Services
Buyer(s) Kraken
Deal Type Add-on Acquisition

Target

Backed

Zug, Switzerland
Backed is a fintech startup that offers tokenised versions of real-world financial assets (such as stocks, ETFs, bonds) by issuing cryptocurrency tokens that are backed 1:1 by the underlying traditional assets. Backed was founded in 2021 and is based in Zug, Switzerland.

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Buyer(S) 1

Buyer

Kraken

San Francisco, California, United States
Category Company
Founded 2011
Sector Information Technology
DESCRIPTION

Kraken operates a digital asset trading platform that enables users to buy, sell, and stake cryptocurrencies and tokenized assets. The Company offers services for retail and institutional investors, including spot and futures trading, margin trading, and crypto custody solutions. Kraken was founded in 2011 and is headquartered in San Francisco, California.

DEAL STATS #
Overall 12 of 12
Sector: Financial Services M&A 4 of 4
Type: Add-on Acquisition M&A Deals 11 of 11
Country: Switzerland M&A 2 of 2
Year: 2025 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-04 Breakout

Tampa, Florida, United States

Breakout is a crypto-native proprietary trading platform built to educate, fund, and scale serious crypto traders. Through a transparent, evaluation-based model, qualified traders can access funded accounts with no personal deposit required (other than the cost of the evaluation). Breakout was formed in 2023 and is headquartered in Tampa, Florida.

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