When the design platform Figma filed for an IPO in July 2025, the startup, already renowned for its collaborative interface and Silicon Valley popularity, sparked widespread discussion once again. This time, however, the market's attention wasn't solely focused on its product innovations or valuation expectations, but rather on a rather experimental move: Figma's plan to issue blockchain-based "equity tokens" in addition to traditional stocks, allowing global users to trade its shares directly on-chain. This attempt broke down the inherent geographical and financial barriers to IPOs and signaled a fundamental shift in the logic of asset issuance. This wasn't an isolated case. While Figma was sparking heated discussions about on-chain IPOs, a group of "tokenized stocks"—issued on the blockchain and anchored to real-world company stocks—was quietly emerging. On another level, a growing number of tech companies are doing the opposite: incorporating cryptocurrencies (especially ETH and SOL) into their corporate assets and launching stocks, signaling to the public that they are crypto natives. Crypto and stocks, two systems that were once supposed to operate at different points in the financial system, are now rapidly converging, jointly forging a wave of integration between "securitization" and "tokenization." Stock Tokenization: Traditional US Stocks Embark on a New Path of On-Chain Trading Against the backdrop of gradually loosening regulations in Europe and the United States and the maturing of on-chain infrastructure, the concept of tokenized US stocks quickly took off in mid-2025. With Swiss custodian Backed Finance at its core, the xStocks series, jointly launched by trading platforms such as Kraken, Bybit, and BNB Chain, officially issued 1:1 backed tokens on the Solana chain for over 60 major US stocks and ETFs, including Apple, Tesla, Microsoft, Nasdaq 100, and SPY ETF. Even though it is limited to overseas channels, it provides "24/5 all-weather trading" and "deep integration with DeFi market making" services, becoming one of the world's first large-scale tokenization platforms for publicly listed companies' stocks. Meanwhile, Robinhood launched an Arbitrum-based stock token service for EU customers, covering over 200 US stocks and ETFs. In addition to traditional giants like Apple, Tesla, and Nvidia, it also includes over-the-counter technology targets such as OpenAI and SpaceX (although these tokens currently do not have real shareholder rights). However, with zero commissions, transparent spreads, and the use of crypto infrastructure for matching, it has sparked market enthusiasm. These tokenized assets are not traditional securities transactions, but rather real stocks held in custody by brokerages, and then issued on-chain through smart contracts. This model attracts crypto investors and DeFi market participants, enabling them to "buy and sell mainstream US stocks at any time," significantly reducing traditional trading timelines and barriers to entry—a direct reflection of the current trend toward "asset transparency and embedded liquidity." Cryptocurrency Equityization: Companies Transform Digital Assets Like ETH and SOL into Treasury Cores If tokenized US stocks represent the on-chain transfer of securities, another trend is companies positioning themselves as "crypto asset treasury companies," using ETH, SOL, and other assets as strategic reserves. MicroStrategy's name change to Strategy was a groundbreaking move: in early 2025, the company officially changed its business name to Strategy, defining itself as "the world's first Bitcoin treasury company." Its founder, Michael Saylor, claimed that the company had "verified its strategy of transitioning cash to crypto reserves." SharpLink Gaming followed closely behind, completing a $425 million PIPE private placement in May 2025. The company explicitly defined ETH as a primary treasury asset, becoming one of the first publicly traded companies after Strategy to use Ethereum as a core reserve asset. During the fundraising, Consensys Software CEO Joseph Lubin served as chairman. The funds were used to purchase ETH in batches and fully pledge it. By the end of July, his holdings exceeded 200,000 ETH, making him the world's largest publicly listed company's Ethereum treasury at the time. The company's announcement indicated that this strategy was intended solely for financial reserves, not product marketing.
GameSquare Holdings, also listed on the Nasdaq, announced in July that its board of directors approved an Ethereum treasury plan of up to US$100 million, and has raised an initial amount of approximately US$9.2 million in a public offering to purchase more than 800 ETH. The strategy relies on Dialectic's Medici platform, which uses machine learning and automated optimization systems to execute yield strategies, targeting an annualized return of 8–14% (significantly higher than the 3–4% average for traditional ETH staking). This move, coupled with a rise in stock prices, reflects investors' recognition of the new narrative of ETH as a reserve asset. The board of directors subsequently increased the ETH investment cap to $250 million. Meanwhile, Bit Digital sold all of its BTC reserves and shifted its exposure entirely to Ethereum, acquiring over 100,000 ETH, becoming another representative public company transforming into an Ethereum treasury. However, not all imitators succeeded. EtherStrategy DAO, a project that attempted to replicate MicroStrategy's model, barely raised approximately 270 ETH before its launch (out of an original target of 40,000 ETH). The founding team ultimately withdrew and returned all pledged funds, stating that "launching a DAO without sufficient market interest is inappropriate." This failure revealed that investors had not yet formed their expectations regarding trust, security, and participation mechanisms. On the surface, "stock tokenization" and "cryptoasset equities" appear to be opposites—the former involves putting securities on-chain, while the latter involves companies leveraging on-chain assets to tell capital stories. However, in essence, both are driven by common "tokenization tools," "on-chain liquidity mechanisms," and "asset channel innovation"—they exist at the intersection of the financial capital market and the blockchain economy. The broader context for these two attempts is the ongoing shift toward a more moderate regulatory policy. On July 31, 2025, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), released the "Project Crypto" regulatory policy framework at the America First Policy Institute. This framework proposes a registration and asset classification mechanism for tokenized securities and calls for a gradual compliance path for exchanges, brokerages, and DeFi services. He emphasized, "Despite the SEC's past harsh stance, most crypto assets will not need to be classified as securities in the future," and instructed regulators to assist platforms in issuing on-chain securities. This policy reflects the fact that traditional financial institutions are also trying to align with the blockchain path. For example, Interactive Brokers (IBKR) confirmed to the media at the end of July that it is considering issuing its own stablecoin to allow its clients to top up their securities accounts using the stablecoin, enabling 24/7 asset transfers between accounts. If implemented, this plan will provide a funding bridge between tokenized securities and traditional securities accounts. Based on these policy, technological, and market factors, future development trends are gradually emerging: 1. Building a path toward compliance. With the introduction of new regulatory mechanisms such as Project Crypto, regulated exchanges and custodians will accelerate the launch of compliant tokenized equity products and promote the blockchainization of traditional assets such as ETFs, bonds, and REITs. 2. Asset and liquidity restructuring. Equity tokenization will provide gap pricing and arbitrage opportunities for DeFi and institutional investors. Crypto asset treasury companies will lock on-chain assets as corporate reserves, creating a channel for compounding staking and pledge returns. 3. Changes in valuation structure. Early high-leverage, high-premium treasury companies, such as MicroStrategy, often saw their share prices dependent on the ETH/BTC per-share premium. Once market sentiment fluctuates and financing costs rise, valuations can adjust rapidly. This suggests that future investments must assess the risk of a disconnect between the "capital story" and the "intrinsic value of the asset." 4. Investor protection and awareness of rights. While tokenized stocks break through traditional trading barriers, most platforms currently do not grant token holders voting rights or dividend distribution rights. This creates a "brand misalignment" between tokens and real equity. As user awareness of rights protection grows, platforms may need to introduce voting proxies and token governance structures to enhance product compliance and credibility. These trends aren't a fleeting bubble, but rather a systematic exploration of boundaries. Equity tokenization platforms and ETH Treasury companies are jointly building a value chain connecting on-chain securities and on-chain assets, with the latter providing collateral and returns while the former expands market participation. With clearer national policies, mature clearing mechanisms, and increasing institutional capital involvement, the global scale of tokenized securities could exceed hundreds of billions or even trillions of dollars by 2030. Stocks, bonds, funds, and even real estate interests could all become targets of tokenized transactions.
Stock tokenization and cryptoasset equities represent two directions in the convergence of digital assets and traditional finance: the former, "securities on-chain," attempts to redefine what "tradable, US stocks" mean; the latter, "asset on-chain," emphasizes on-chain reserve and income models. The symbiosis and intersection of the two not only restructures capital flows but also promotes institutional innovation in financial instruments. For the market, this represents a potential shift from the era of "elite users" to "open trading for all." For investors and regulators, it represents a systematic exploration of how to build a trusted bridge between security, transparency, and efficiency.
Weiliang
Alex
Miyuki