Kraken Co-CEO Says Crypto’s New Wave Is Tied to AI and Tokenized Equities

Kraken co-CEO Arjun Sethi says capital in crypto is rotating into three areas: perpetuals, pre-IPO companies and tokenized equities. The last group, he says, includes assets linked to the AI boom. He made the comments in an interview published by CNBC.

For anyone holding large caps, the useful part is not a new token to buy. It is where the co-CEO of a large exchange says the money is going. That means futures-style contracts that never expire and private companies before they list. It also means public equities wrapped so they can trade on-chain. Sethi is co-CEO of Kraken and Payward.

Sethi Says On-Chain Markets Can Widen Access

Sethi's second point is about who gets to hold these assets. He says permissionless, on-chain markets can give investors worldwide access to tokenized traditional assets. That is the same equity exposure. A brokerage account, a country of residence or an accreditation rule currently gates it.

That is the argument for tokenized equities generally. It is the same pitch made for stablecoins and tokenized treasuries. Whether it holds depends on the plumbing. Who custodies the underlying share, and who can redeem it? What is the token worth if that link breaks?

Where Crypto Markets Are Heading

Sethi’s comments point to a broader shift in how crypto markets are evolving. Perpetual contracts are expanding access to futures-style trading, while private-market products are bringing pre-IPO companies closer to crypto investors.

Tokenized equities add another layer by putting traditional stocks onchain. Sethi sees AI-focused companies as an important part of that trend, linking the growth of tokenized assets with the wider interest in artificial intelligence.

For crypto platforms, this creates a market that extends beyond traditional tokens. Perpetuals, private-company exposure and tokenized equities could become increasingly important as exchanges look to bring more types of financial assets onchain.

This framing keeps the ending positive and forward-looking, while still accurately presenting Sethi's comments as his view rather than turning the article into a doubtful fact-check.