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Nasdaq Moves to Enable Tokenized Securities Trading in Landmark Push

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Nasdaq (NDAQ.O) has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to allow trading of tokenized securities on its main exchange, marking what could be the first time blockchain-based settlement enters the U.S. national market system.

The exchange operator said the rule change would permit listed stocks and exchange-traded products to trade in either traditional digital form or tokenized form, provided tokenized securities retain the same rights and privileges as their conventional counterparts. If approved, Nasdaq expects the first token-settled trades by late 2026, contingent on the Depository Trust Company’s infrastructure being ready.

Investor interest in tokenization—turning assets like stocks, bonds, or real estate into blockchain-based tokens—is surging. Proponents argue it could improve liquidity, settlement speed, and efficiency. Tal Cohen, Nasdaq’s president, called tokenization an “extraordinary opportunity” to automate processes and accelerate trade settlements.

Nasdaq stressed that safeguards from the national market system must remain intact, countering concerns raised by the World Federation of Exchanges and the World Economic Forum, which have warned of liquidity gaps and systemic risks. SEC Commissioner Hester Peirce has also noted that tokenized securities cannot circumvent existing laws.

The proposal comes as the SEC, under new chair Paul Atkins, signals a more crypto-friendly regulatory environment. The move would align Nasdaq with a global push, where some platforms already trade tokenized U.S. equities in Europe—though often without granting actual shareholder rights. Nasdaq said its framework would ensure full investor protections.

If successful, this would mark a major milestone in merging blockchain with traditional finance, offering Wall Street investors regulated access to tokenized securities for the first time.

Fermi Files for U.S. IPO Amid AI-Driven Data Center Boom

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Fermi, a Texas-based data center developer co-founded by former U.S. Energy Secretary Rick Perry, has filed for a U.S. initial public offering (IPO), joining a growing wave of companies tapping investor demand for new listings. The filing comes as Wall Street’s IPO market rebounds strongly post-Labor Day.

Fermi plans to build the world’s largest energy and data complex, integrating nuclear, natural gas, and solar power to meet surging energy needs from artificial intelligence. This marks one of the first major nuclear-backed investments since President Donald Trump’s May executive orders to accelerate nuclear licensing and boost U.S. capacity from 100 GW to 400 GW by 2050.

The company, still pre-revenue just nine months after its founding, closed a $100 million round in August, led by Macquarie Group. It projects rapid market expansion, citing forecasts that the global generative AI sector will grow from $64B in 2023 to $457B by 2027 (Bloomberg Intelligence).

Fermi has applied to list on the Nasdaq under the ticker FRMI and also intends to pursue a London Stock Exchange listing. UBS Investment Bank, Cantor, and Mizuho are acting as bookrunners for the deal.

The IPO comes alongside other high-profile listings this week, including StubHub and Netskope, both launching roadshows to raise hundreds of millions.

Netskope Targets $6.5 Billion Valuation in Upcoming U.S. IPO

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Netskope, a cloud-based cybersecurity company, announced plans to raise up to $813 million in its U.S. initial public offering, aiming for a valuation of up to $6.5 billion. The IPO comes amid a rebound in listings after April’s tariff-driven market slump.

The Santa Clara-based firm will sell 47.8 million shares priced between $15 and $17 each, listing on the Nasdaq under the ticker “NTSK”.

Founded in 2012, Netskope provides cloud security solutions that protect apps, websites, and data from cyber threats. The company operates in the secure access service edge (SASE) market, competing with heavyweights like Palo Alto Networks and Zscaler. Gartner projects the SASE sector will grow from $7B in 2022 to $25B by 2027, reflecting rising demand for AI-powered cybersecurity amid more sophisticated attacks and the cloud shift.

Netskope’s client base includes Qualcomm and BMO, spanning mid-sized firms to global enterprises. Its last funding round in 2021, led by ICONIQ, Sequoia, and Accel, valued the firm at $7.5B.

The IPO follows rival Rubrik’s 2023 debut, whose shares have more than doubled since going public, underscoring investor appetite for cybersecurity plays.

Morgan Stanley and J.P. Morgan are lead underwriters.