ServiceNow Stock vs Kraken NOWx Token: Rights, Custody and Access Differences
Compare direct NOW equity ownership with Kraken’s 1:1-backed NOWx token under xStocks, covering legal rights, custody, geographic limits and redemption risk.
ServiceNow reported $12.883 billion in subscription revenue for 2025, a 21% increase year-over-year, and ended the year with $12.85 billion in current remaining performance obligations, up 25%. These figures describe the operating performance to which direct NOW shareholders have equity exposure.
NYSE-listed NOW common stock confers statutory shareholder rights, including voting, dividend entitlement and information rights, subject to broker and market rules. A direct holder maintains a residual claim on ServiceNow’s business performance and, if declared, its cash distributions.
NOWx, issued under Kraken’s xStocks framework, is described as 1:1 backed by ServiceNow shares held in third-party custody. Kraken’s disclosures state that the token does not confer voting rights, direct dividend entitlement, information rights from ServiceNow, or a legal claim on the underlying shares or residual assets in liquidation.
Kraken’s xStocks risk disclosure notes that redemption value may be lower than the return from owning the underlying stock directly. The holder’s claim is defined by the xStocks arrangement rather than by registration as a ServiceNow shareholder.
NOWx permits fractional purchases starting at $1, on-chain transfers to compatible wallets, and trading outside regular US equity-market hours. Kraken states that xStocks are unavailable to US residents; geographic eligibility beyond the United States is not detailed in the disclosures reviewed.
Exact custody arrangements, the identity of the third-party custodian, redemption mechanics and the fee schedule are referenced in Kraken’s materials but not quantified in the available disclosures.