Bullish

Bullish, Equiniti, Alpaca, Apex Fintech Solutions and DriveWealth have formed a coalition focused on issuer-sponsored tokenized securities. The initiative aims to keep onchain shares connected to official shareholder records, preserving rights such as voting, dividends and corporate action participation.

The SEC’s new five-year exemption creates a clearer route for tokenized U.S. stocks that preserve full shareholder rights, while leaving synthetic stock tokens outside the framework. The move could benefit tokenization firms, qualifying custodial models and regulated DeFi venues, though access controls and issuer objections may slow adoption.

Tokenization-linked shares including Bullish, Coinbase and Circle moved lower after a fresh regulatory delay weighed on investor confidence. The setback may slow adoption of tokenized securities, though market participants still see momentum behind round-the-clock trading infrastructure.

Crypto companies are facing a tougher path to public markets as investor caution, weaker trading conditions and capital rotation into artificial intelligence weigh on listing plans. Market participants say access to capital, not regulation, has become the central obstacle for would be crypto IPO candidates.

Ark Invest added more than $75 million in crypto-linked stocks in June as the sector sold off, reinforcing its buy-the-dip strategy. Coinbase, Circle and Bullish were the main beneficiaries even as Circle suffered a steep monthly decline.