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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.

Bullish Prices IPO Above Range, Raises $1.11 Billion

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Bullish, the cryptocurrency exchange backed by billionaire Peter Thiel and owner of media outlet CoinDesk, has priced its U.S. initial public offering (IPO) at $37 per share, above its earlier target of $32–$33. The offering raised $1.11 billion from 30 million shares, valuing Bullish at $5.41 billion.

The IPO comes as U.S. equity markets see a rebound after more than two years of a dry spell. Other high-profile recent offerings include stablecoin issuer Circle Internet, whose shares have surged over 400% since its IPO in June, and design software maker Figma, which jumped 250% in its market debut two weeks ago.

Bullish, led by former NYSE president Tom Farley, operates a crypto exchange offering spot trading, futures, and derivatives, and is expected to begin trading on the NYSE under the ticker “BLSH” on Wednesday. Institutional investors such as BlackRock and Cathie Wood’s Ark Investment Management have committed to buy up to $200 million in shares. JPMorgan, Jefferies, and Citigroup are the IPO’s lead underwriters.

The listing reflects growing investor confidence in crypto, bolstered by U.S. President Trump’s July law creating a regulatory framework for stablecoins—a move widely seen as legitimizing the crypto industry.

Singapore’s Carro Eyes US IPO with $3 Billion+ Valuation

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Singapore-based Carro, the largest used-car online marketplace in Southeast Asia, is preparing for a U.S. initial public offering as early as 2026, targeting a valuation exceeding $3 billion and potentially raising up to $500 million, sources familiar with the matter told Reuters.

If successful, Carro’s IPO would be the largest Southeast Asian U.S. listing since SEA’s $989.3 million debut in 2017 and rank as the third largest Southeast Asian tech IPO in the U.S., according to LSEG data. It would also mark the first major automotive tech and AI-driven commerce startup from Singapore to go public in the U.S.

Carro is on track to generate $100 million in annual EBITDA by its fiscal year ending March 2026, one source said. The IPO size remains subject to change based on market conditions.

Founded in 2015, Carro operates a digital platform facilitating vehicle buying and selling for consumers and dealers, while providing insurance, financing, and after-sales services. It has expanded across the Asia-Pacific region, including Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong.

With a workforce of over 4,500 employees, Carro has raised more than $1 billion in combined debt and equity funding from investors like Temasek, SoftBank, and other sovereign funds.

A successful IPO could open doors for other Southeast Asian unicorns such as Carsome, Traveloka, and Xendit to pursue U.S. listings. Meanwhile, Chinese companies continue to seek U.S. public markets, attracted by potentially higher valuations despite geopolitical challenges.