Tokenized exposure to one of the year's most anticipated IPOs is opening to investors across the world. Customers of Kraken and xStocks Alliance members can register non-binding indications of interest, with ŌURA to be tokenized on listing day for around-the-clock trading.

Payward Services, the B2B infrastructure platform behind the xStocks tokenized equities framework, has opened pre-IPO access to Ōura, a leading health intelligence platform and maker of the world’s smallest smart ring. Eligible customers of Kraken and other xStocks Alliance partners in more than 110 countries can now register a non-binding indication of interest ahead of the Nasdaq listing.

On listing day, ŌURA will be tokenized as an xStocks, listed as ŌURAx and deployed into the broader ecosystem, giving investors across the world around-the-clock exposure. Ōura is the fourth offering to come through the xStocks IPO Access pipeline this year, following from SpaceX, Bending Spoons and Jersey Mike's.

ŌURA is a health intelligence platform, founded in Finland and headquartered in San Francisco, designed to transform how people understand and manage their health in everyday life. Oura’s platform is anchored by Oura Ring, the world’s leading smart ring, which empowers individuals, research teams, healthcare providers, sports teams and organizations to continuously track over 50+ health metrics. Access to innovative companies like these have historically been closed to retail investors outside the listing country, with primary-market access gated by geography, wealth, or a relationship with the right bank or broker. Payward Services' xStocks infrastructure is built to change that, opening the primary market to a global investor audience.

The indication of interest window opens today on the Kraken platform, including Kraken Pro for the first time, as well as across select xStocks Alliance partners. Customers can indicate how much they wish to buy within Ōura’s indicated price range, which is expected to be between $40.00 and $44.00 per share, plus a 5% fee. Funds associated with non-binding indications of interest are reserved, not charged, until the final allocation is secured and ready for distribution. Payward Services then aggregates demand across xStocks Alliance partners and works with an underwriting syndicate to secure an allocation of the underlying shares, which back the tokenized Ōura asset ŌURAx 1:1 and will be distributed on the day of public listing. All allocation decisions rest with Ōura and its underwriters, and the IPO access allocation is not guaranteed by Payward Services.

“For decades, the biggest listings have been carved up in rooms most investors will never enter,” said Mark Greenberg, Payward’s Chief Commercial Officer and Global Head of Payward Services. “Our previous listings have shown there is enormous global demand to participate earlier in the journey of companies seeking to go public. Tokenization provides the infrastructure to turn that demand into access and incrementally dismantle an era of privileged allocation. We believe access should be the universal standard for investing, regardless of who you are or where you live. This is what that future looks like.”

Every xStock is backed 1:1 by the underlying share and held in custody by a regulated entity. Unlike a traditional brokerage account, xStocks assets move with the investor across participating xStocks Alliance platforms, transfer onchain, and integrate with compatible DeFi applications, creating a capital market that is global, always-on, and permissionless by design. Since launching, xStocks has grown to more than 800 tokenized assets spanning global equities, ETFs and pre-IPO offerings, the widest range of any tokenized equities framework, and has powered more than $40 billion in transaction volume, with more than 400,000 holders worldwide.

In the coming months, Payward Services will continue offering Pre-IPO Access services, including major IPOs, to xStocks Alliance members. To learn more about Pre-IPO Access and Payward Services, visit https://www.payward.com/payward-services.

About Payward Services:

Payward Services is the B2B infrastructure platform built on 15 years of operating Kraken, one of the world's largest crypto platforms. Through a single integration, partners can access crypto and tokenized equity trading, fiat and stablecoin payments, yield, lending, prediction markets and derivatives. Fintechs, banks, brokerages, payment providers, exchanges, consumer tech platforms and asset managers can use Payward Services to offer digital assets to their clients without building the stack themselves.

Liquidity, custody, payments, compliance, risk and settlement are integrated by design, replacing fragmented multi-vendor stacks with a single regulated foundation. Partners build on the same infrastructure that powers Payward's family of products, deployed as modular services they can scale alongside their own.

For more information, visit https://www.payward.com/payward-services.

About xStocks:

xStocks is the industry benchmark for tokenized real world assets, bringing publicly listed equities and other assets onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional assets on blockchain rails, expanding access to global capital markets with extended availability, global reach, and digital-native settlement. Starting with tokenized U.S. equities, xStocks now spans markets across the U.S., Europe and Asia.

Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks has grown to power billions of dollars in transaction volume across multiple blockchain ecosystems, anchoring a rapidly expanding global network shaping the future of tokenized markets.

For more information, visit https://xstocks.fi.

In the EEA, IPO xStocks are tokenized equities providing price exposure only — not direct ownership. Allocation is not determined by xStocks or Kraken and may be full, partial, or none; it is not guaranteed, and any funds not allocated are returned. The value of IPO xStocks may go down as well as up after listing. xStocks are tokenized securities issued by Backed Assets (JE) Limited ("BAJL") pursuant to an EU-registered prospectus, providing price exposure only, with no voting or dividend rights. IPO xStocks are made available in the EEA by Payward Europe Digital Solutions (CY) Limited ("PEDSL-CY"), authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), licence no. 342/17. Not available in the U.S. or to U.S. persons, or in the United Kingdom, Canada, or Australia. Geo restrictions apply.

IPO xStocks are made available outside the EEA by Payward Digital Solutions Ltd., regulated by the Bermuda Monetary Authority.

Investment services, ancillary services and investment activities (the "Services") in relation to financial instruments are provided and carried out by Payward Europe Digital Solutions (CY) Limited (ex I.F. Greenfields Wealth Ltd) ("PEDSL-CY"). PEDSL-CY is authorised and approved by the Cyprus Securities and Exchange Commission (CySEC) for the provision of the Services with licence number 342/17. PEDSL-CY is registered in Cyprus with registered number HE 356603 and registered office at Athalassas, 62, MEZZANINE, Strovolos 2012, Nicosia, Cyprus. See Risk Disclosures here.

These materials are for general information purposes only and are not investment or financial product advice or a recommendation or solicitation to buy or sell financial instruments or to engage in any specific trading strategy. The unpredictable nature of the financial markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your investment and you should seek independent advice on your taxation position. Geographic restrictions may apply. See Risk Disclosures here.

Outside the EEA, xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (PDSL), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. xStocks are not, nor will they be registered with any local securities regulators. PDSL (Kraken) does not provide investment advice and/or recommendations, and, no communication, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability / appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at assets.backed.fi/legal-documentation to learn more.

xStocks are tokenized debt securities offered by certain regulated subsidiaries of Payward Inc. xStocks are not offered by Kraken Securities and are not offered or available to persons or entities located in the United States. xStocks are not registered with the U.S. Securities and Exchange Commission (“SEC”), nor are they subject to U.S. securities laws or protections, including the investor protections of the Securities Act or the Securities Exchange Act. xStocks are not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), the Securities Investor Protection Corporation (“SIPC”), or any other regulatory or governmental body.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260924162160/en/

Lauren Post
press@payward.com

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