Kraken Partners With Nasdaq on $25B Tokenized Equity Bridge; Trump Media Unwinds Crypto.com Deals After $238M Loss

Payward, the parent company of Kraken, partnered with Nasdaq this week to build an "equities transformation gateway" connecting tokenized equity markets with open blockchain networks. Kraken's xStocks product has already processed over $25 billion in transaction volume with more than 85,000 unique holders, and $4 billion of that volume has settled on-chain. Nasdaq plans to launch its issuer-sponsored equity token design in the first half of 2027, with xStocks powering the on-chain infrastructure.

Trump Media & Technology Group reported a $238 million quarterly loss and revealed it is unwinding two partnerships struck with Crypto.com a year ago, including a planned SPAC deal to create a separately traded treasury company focused on accumulating Crypto.com's CRO token. Bitcoin has fallen over 46% in the past year and Cronos tokens are down roughly 72%, eroding the appeal of the original partnership structure as Trump Media shifts to other tools for managing Bitcoin treasury volatility.