Add-on Acquisition • Financial Services

Kraken Acquires Backed

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

Acquisition Context

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

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M&A Deal Summary
Date	December 2, 2025
Target	Backed
Sector	Financial Services
Buyer(s)	Kraken
Deal Type	Add-on Acquisition

Target Company

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 Overview 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 Context for Buyer	#
Overall	12 of 12
Sector: Financial Services	4 of 4
Type: Add-on Acquisition	11 of 11
Country: Switzerland	2 of 2
Year: 2025	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.	Buy	-

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.

Buy

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