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In mid-August 2025, Bullish, a crypto exchange backed by Peter Thiel, debuted on the New York Stock Exchange. A few moments after listing, Bullish stock (BLSH) jumped from the listing price of $37 to an all-time peak of $118. This stock ended the day trading at $68, which represents a gain of 83% merely hours after listing.
&nbsp;
While the original valuation of the company at listing was just about<a href="https://www.cnbc.com/2025/08/13/crypto-exchange-bullish-prices-ipo-at-37-per-share-ahead-of-nyse-debut.html"> $5.6 billion</a>, the numbers quickly surged to hit new peaks at $10 billion by the end of the day. In this IPO, Bullish sold about 30 million shares, only 19.9% of the total number of shares.
&nbsp;
At the center of this IPO was Tom Farley, a man who served as the president of the New York Stock Exchange. Tom Farley commented on Bullish going public with a clear message that Institutions will be the new wave of crypto revolution. Tom Farley <a href="https://www.cnbc.com/video/2025/08/13/bullish-ceo-tom-farley-the-institutional-wave-in-crypto-has-begun.html">said</a>:
<blockquote>
"The last leg of growth in crypto, the last 10 years, was basically all retail. And if you look now, the institutional (crypto) wave has begun... It's a question of how big it will be."
</blockquote>
But who is this Tom Farley?
&nbsp;
&nbsp;
<h2 dir="ltr">From Wall Street to Web3</h2>
&nbsp;
Born in 1975 in New York, Tom Farley's career started in the TradFi space. Farley's career peaked when he served as the president of NYSE Euronext and the NYSE itself between 2014 and 2018. After his tenure at NYSE, Farley set his eyes on crypto, intending to take over Bullish, a crypto company. In a $9 billion deal, SPAC, then headed by Farley, would <a href="https://finance.yahoo.com/news/ex-nyse-president-crypto-firm-143500692.html">merge</a> with Bullish, with the former Wall Street head becoming the CEO of the crypto firm post-merge.
&nbsp;
In a <a href="https://www.cnbc.com/2021/07/09/ex-nyse-president-tom-farleys-spac-to-merge-with-bullish-to-bring-planned-crypto-exchange-public.html">past interview</a> on CNBC's Squawk Box, Farley&rsquo;s determination to bridge institutional finance and blockchain infrastructure became clear. Farley said:&nbsp;
<blockquote>
"This is a big idea whose time has come&hellip; Digital assets are here to stay. The smartest engineering talent is going into digital assets; digital assets are solving very important problems. Anybody who tells you they know exactly how it's going to turn out is lying or delusional, but in general, you're going to see more and more interesting use cases, more and more dollars go into the space."
</blockquote>
Now, in 2025, a long-awaited Bullish IPO and takeover happened. While giving another interview on CNBC's Squawk on the Street, Farley made it clear that institutions will spearhead the next chapter in crypto. For Bullish, the IPO sent a message to institutions and an offering to the public.
&nbsp;
&nbsp;
<h2 dir="ltr">Why NYSE and NOT NASDAQ?&nbsp;</h2>
&nbsp;
When asked if there was a contest between NASDAQ and NYSE for listing the Bullish Stock (BLSH), Farley said, No. He decided to list where he once called home.
&nbsp;
The ex-NYSE boss painted a picture of how returning to the NYSE was a homecoming moment. The return to a familiar environment, at post 9, with security guards, Courtney, the photographer, was a proud moment.&nbsp;
&nbsp;
Moreover, Farlley spoke of meeting old colleagues and former NYSE leaders like Stacy Cunningham and Lynn Martin. By making a return in one of the largest global markets, Farley sent a signal that institutions are fast stepping into crypto.
&nbsp;
&nbsp;
<h2 dir="ltr">Bullish's Business Model and Institutional Differentiation</h2>
&nbsp;
Though what is the business model of Bullish? Is it similar to Coinbase or Binance? The answer is a straight no! The ex-NYSE head spoke of the business model of Bullish, which consists of an exchange, data, and media infrastructure. In November 2023, the crypto exchange&nbsp;<a href="https://www.coindesk.com/business/2023/11/20/crypto-exchange-bullish-completes-purchase-of-coindesk-wsj">completed</a> the acquisition of popular crypto news platform Coindesk.&nbsp;&nbsp;
&nbsp;
This model works to serve its over 1000 institutional clients. And it's when commenting about this business model that Farley said the "institutional (crypto) wave has begun."&nbsp;Farley also mentioned the Genius Act and the Clarity Act as primary catalysts for unlocking institutional capital.&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">The Enormous Growth Opportunity in True Tokenization</h2>
&nbsp;
While distinguishing between the already seen tokenization and what he believes is coming, Farley said the opportunity is "absolutely gigantic." He believes that the tokenization so far is essentially a repackaging of already existing assets. His words: "You create a token that's sort of a contractual right to what already exists."
&nbsp;
However, Farley <a href="https://www.cnbc.com/video/2025/08/13/bullish-ceo-tom-farley-the-institutional-wave-in-crypto-has-begun.html">says</a> the Clarity Act is the primary cause of the contrast with the upcoming tokenization. Under the Clarity Act, as long as a blockchain network is trustworthy and secure, regulators could approve the issuance of stock, your treasury, and the title to your house, all on a public blockchain.&nbsp;
&nbsp;
The Bullish head even cited the post-IPO performance of Coinbase Global, whose stock surged 11x-12x. In his words, if public blockchains meet the technical, regulatory, and security standards, more institutional players could move in.&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">Pragmatic Perspective on Tokenization Adoption</h2>
&nbsp;
Albeit the euphoria surrounding asset tokenization, Farley maintains a more pragmatic take. Tokenization will happen "slowly, slowly, slowly but suddenly", Farley said. He recounts a meeting with investors and TradFi CEOs that changed his perspective about them.
He also talked about watchdogs becoming positive. In fact, Farley quoted SEC leadership saying, "crypto and America share one thing in common, freedom. "crypto and America share one thing in common, freedom." The regulator is looking to promote crypto and blockchain tech for its many perks. But still, tokenization is not happening overnight, according to Farley.&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">Current State of Regulations and Technology</h2>
&nbsp;
The evolution of the US regulatory environment, while bringing improvements, is still young. Yes, the world watched as America passed two critical regulations, the Genius and Clarity Acts.&nbsp;
But, Farley believes other US watchdogs like the SEC, the Office of Comptroller of the Currency (OCC), and the Commodity Futures Trading Commission (CFTC) are all still behind in introducing crypto regulations.&nbsp;
There is much progress outside the US, with the European region introducing the <a href="https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica">Markets in Crypto‑Assets Regulation</a> (MiCA) and Hong Kong also bringing a more complete framework.
&nbsp;
<h2 dir="ltr">IPO Innovations and Retail Participation</h2>
&nbsp;
While Bullish is mainly centered on Institutional participants, it keeps a keen eye on retail investors. The IPO allocated 6 million shares to the retail market. Farley commented on the same, saying the retail investors are "under-invested, underestimated in sophistication" and can still be "marginal price setters."
&nbsp;
&nbsp;
<h2 dir="ltr">What This Means For Financial Markets</h2>
&nbsp;
The IPO of Bullish exchange is a statement to financial markets: a new regime is here. For years, retail speculators and grassroots adoption were the primary themes of cryptocurrency. However, with Bullish, institutions now get the chance to define the future of cryptocurrency.&nbsp;
&nbsp;
BLSH&rsquo;s demand on day one of trading, and the leadership of ex-NYSE president, all point to the same conclusion: institutions will drive the next wave of crypto growth. And this matters because with institutions on board, crypto gains scalability, liquidity, compliance, and clarity around compliance.&nbsp;&nbsp;
&nbsp;
For other industry stakeholders, investors, builders, and policymakers, the IPO signals that tokenization is a competitive race.
&nbsp;
With tokenization gaining ground and acceptance from TradFi institutions, it will be a good move for companies and individuals to position themselves for the opportunities it offers. To position, knowing how tokenization and Web3 work is key, and uCubed will help with that. uCubed is a platform created to impact businesses, individuals, and institutional investors with the knowledge and understanding of how tokenization and Web3 work. Learn more about the future of finance today through uCubed.

bullish-ipo-institutional-crypto-wave-tom-farley.webp

Bullish IPO surges on NYSE as Tom Farley says institutions will drive the next phase of crypto and tokenisation.

Bullish IPO Signals Institutional Crypto Wave, Says Tom Farley

Institutional Crypto Wave, Tom Farley on Bullish IPO

In mid-October, Larry Fink, the CEO and Chairman of asset manager BlackRock, reignited a conversation on tokenisation, after saying in an interview that &ldquo;we&rsquo;re at the beginning of the tokenisation of all assets.&rdquo; In the comments, the BlackRock head called this a &lsquo;major opportunity for BlackRock&rsquo;, which is already a trillion-dollar asset manager.
&nbsp;
Fink outrightly stated that BlackRock plans to evolve beyond just the TradFi space by exploring more futuristic opportunities. But, is this really happening for BlackRock, or were Fink&rsquo;s statements merely a cryptic soundbite? Let&rsquo;s look into it!
&nbsp;
&nbsp;
<h2 dir="ltr">BlackRock&rsquo;s Performance Highlights</h2>
&nbsp;
Blackrock is" managing over $13.4 trillion as per the Q3 2025&nbsp;<a href="https://www.reuters.com/business/blackrocks-assets-hit-record-1346-trillion-third-quarter-markets-rally-2025-10-14/">report</a>. Although the firm is primarily in traditional finance, numbers provide testimony of increased efforts by BlackRock to bring TradFi into blockchain.
&nbsp;
BlackRock is behind the largest tokenised money market fund in the digital space. It manages the $2.8 billion BlackRock USD Institutional Digital Liquidity (BUIDL) fund, which was created with the help of tokenisation specialist <a href="https://securitize.io/">Securitize</a>. BUIDL is available on top chains like Solana, Ethereum, and Avalanche.
&nbsp;
While the aspirations of BlackRock leading the tokenisation charge might seem far-fetched, the company is already managing close to $100 billion in Bitcoin ETFs through its iShares platform. Even more interesting is the <a href="https://www.coindesk.com/business/2025/10/14/blackrock-ceo-larry-fink-eyes-bigger-role-in-tokenization">$61 million</a> in revenues reported only from digital asset products. While this is only a small fraction of the company&rsquo;s $6.5 billion earnings, it represents a minor income opportunity.
&nbsp;
The numbers paint a picture of a giant already shining in TradFi and speedily adopting digital finance through tokenisation.&nbsp;&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">Fink&rsquo;s Vision for Tokenisation</h2>
&nbsp;
Remember what Fink said? In an interview with CNBC, BlackRock&rsquo;s CEO made a bold statement:
<blockquote>
&ldquo;We&rsquo;re just at the beginning of the tokenisation of all assets, from real estate to equities to bonds &hellip; across the board.&rdquo;
</blockquote>
&nbsp;
<h3 dir="ltr">Though, what is asset tokenisation?</h3>
&nbsp;
Tokenisation is a process where ownership or rights of a physical or digital asset are moved into a blockchain turning it into a digital token. With asset tokenisation, you can create a blockchain-based token representing a real-world asset like a building, a share of equity, or even a corporate bond. The idea is to ensure you can trade and settle on the distributed ledger.
&nbsp;
Why is the promise of tokenisation really compelling? Tokenisation promises to remove friction between settlements and provide proper access for everyone.
&nbsp;
Now, back to Fink&rsquo;s vision. The BlackRock CEO doesn&rsquo;t see tokenisation as just a speculative opportunity, but a global financial shift. Fink pointed to the <a href="https://coinmarketcap.com/charts/">$4.1 trillion</a> value of crypto held in wallets, stablecoins, and other blockchain assets. According to the investor, the value of crypto represents a much bigger opportunity.&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">BlackRock&rsquo;s Role in Tokenisation</h2>
&nbsp;
According to BlackRock&rsquo;s CEO, the financial asset management firm is not going to remain behind the scenes. The firm aims to lead what Fink called &ldquo;the next wave of opportunity &hellip; over the next tens of years.&rdquo;
&nbsp;
The BUIDL fund is a prime example. This first tokenised BlackRock Money Market Fund (MMF), launched in March 2024, is already breaking ground and setting records in the finance world. For instance, in March 2025, the BUIDL paid about $4.17 million as monthly dividends.&nbsp;
&nbsp;
BlackRock&rsquo;s active involvement in tokenisation also led to a partnership with BNY Mellon. The mission? Creating a class for the Treasury Trust Fund. The name of the shares is DTL Shares, which will live on the blockchain, but represent traditional assets.
&nbsp;
The BlackRock head has, on multiple occasions, been vocal about the tokenisation of bonds and tokens.
&nbsp;
&nbsp;
<h2 dir="ltr">Why Tokenisation Matters for Investors</h2>
&nbsp;
You might be asking yourself, 'What is the relevance of this BlackRock tokenisation story to me as an investor?' Well, here are some benefits that comes with asset tokenisation:
<ul>
<li dir="ltr" aria-level="1">
Most businesses and organisations&nbsp; want efficient and cost-effective structures and opportunities. Tokenisation helps achieve this by reducing intermediaries, leading to quicker and cheaper settlement during transactions.&nbsp;&nbsp;
</li>
<li dir="ltr" aria-level="1">
Tokenisation encourages inclusivity. Through&nbsp; tokenisation of real estate, ownership can be fractionalised, giving people with lower financial means easy access to owning properties.
</li>
<li dir="ltr" aria-level="1">
According to Fink, tokenisation offers the possibility of combining passive, active, public, and private markets on a single digital ledger. This gives opportunities for portfolio diversification.
</li>
</ul>
&nbsp;
&nbsp;
<h2 dir="ltr">Market Context &amp; Industry Implications</h2>
&nbsp;
As the crypto industry expands, especially with increase in institutional adoption, Fink believes there are massive opportunities for growth and wealth creation. However, there are things to consider before going all Into tokenisation. In this emerging industry, regulatory frameworks are still being shaped, while operational and legal frameworks, especially for real-world assets (RWAs), are still in their infancy stage
&nbsp;
Also, with BlackRock actively building strategies, with public and private markets, the inculcation of a digital tokenisation is easier. However, such a move can give the investment giant power to maintain a competitive edge in the space, leading to market monopoly.
&nbsp;
&nbsp;
<h2 dir="ltr">The Value of Long-Term Thinking</h2>
&nbsp;
Institutional investors like Fink are already advocating investing long-term rather than speculating and short-term betting on tokenised assets. This type of expert investment advice is to avoid any speculative distractions.&nbsp;
&nbsp;
The new mindset Larry Fink is encouraging is to invest, hold, and compound. Go for tokenised versions of equity and real-world assets for the long-term.&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">Conclusion</h2>
&nbsp;
Larry Fink&rsquo;s pronouncement that &ldquo;we&rsquo;re at the beginning of the tokenisation of all assets&rdquo; was not merely a story; BlackRock is already living it. For BlackRock, tokenisation is not a side project, but the core of the firm's future and the financial space.&nbsp;
&nbsp;
BlackRock investors benefit from a duality of opportunities: First, the perks that come with investing in traditional finance, and the benefits that tokenisation brings. Very soon, portfolios will be filled with digital ledgers, tokenised RWAs, wallets, and not brokerage accounts.&nbsp;
&nbsp;
Whether you join the tokenisation journey or not, the movement is already underway, and the line between TradFi and digital finance is slowly blurring. For companies and individuals, now is the time to broaden your knowledge of tokenisation with <a href="https://www.ucubed.au/">uCubed</a>, a platform that provides the necessary framework and education to navigate tokenised markets.

larry-fink-blackrock-tokenisation-vision.webp

BlackRock CEO Larry Fink says tokenisation of equities, bonds and real estate marks the next era of global finance.

Larry Fink Says Tokenisation of All Assets Is Just Beginning

Larry Fink on Tokenisation: BlackRock’s Vision

In October 2025, while speaking at the Token2049 crypto conference in Singapore, Vlad Tenev, the CEO of Robinhood, made comments about tokenisation,&nbsp;<a href="https://www.cnbc.com/2025/10/02/tokenization-of-assets-is-freight-train-coming-to-markets-robinhood-ceo.html">saying</a>:&nbsp;
<blockquote>
"Tokenisation is like a freight train. It can't be stopped, and eventually it's going to eat the entire financial system."
</blockquote>
For many already in the train, the comments were positive, a signal of a dynamic shift in global finance. But, for a bigger lot, Tenev's words were a wake-up call.
&nbsp;
<h3 dir="ltr">The big question: what is tokenisation?&nbsp;</h3>
&nbsp;
Tokenisation is the creation of digital, blockchain-based tokens that represent assets in the real world. With tokenisation, anything can be sold or held on blockchain ledgers. Imagine holding equities, bonds, real estate, private credit, infrastructure, and even commodities as tokens on the ledger.
&nbsp;
The relevance of tokenisation lies in the perks it brings, including 24/7 markets, global asset accessibility, and efficiency.
&nbsp;
&nbsp;
<h2 dir="ltr">Robinhood Markets and Tokenisation</h2>
&nbsp;
True to Tenev's words, Robinhood is already leading the tokenisation journey. In June this year, news of Robinhood launching tokenised versions of over 200 U.S stocks for EU-based customers rocked the finance space. Some of the already listed tokenised stocks included those of Nvidia<a href="https://www.reuters.com/markets/companies/NVDA.O"> (NVDA.O)</a>, Apple <a href="https://www.reuters.com/markets/companies/AAPL.O">(AAPL.O)</a>, and Microsoft <a href="https://www.reuters.com/markets/companies/MSFT.O">(MSFT.O</a>).
&nbsp;
While Tenev believes tokenisation would allow markets to operate 24/7, the tokenised versions of the 200 stocks began trading 24 hours a day, for 5 days a week. But Robinhood's journey would not end with the 200 tokens. Speaking at an earlier event in France, Robinhood's top executives mentioned that the platform is already planning to offer tokens linked to stocks of some private companies, including Elon Musk's SpaceX and Sam Altman's OpenAI.
&nbsp;
While the offering of U.S. equities in the form of tokens is a service only for the E.U., others across the globe showed interest, as a way to gain exposure.
&nbsp;
&nbsp;
<h2 dir="ltr">Interview Highlights: Tenev's Key Messages at Token2049</h2>
&nbsp;
During his interview, Tenev made powerful comments on how tokenisation would be a central innovation in the finance space. Speaking about Robinhood's decision to offer tokenised U.S. stock in the EU, Tenev highlighted that they want to reach global markets. According to the Robinhood boss, the exchange aims to bring exposure to international markets through tokenisation. He said:
<blockquote>
"Tokenised stocks will become the default way for people outside the U.S. to get exposure to American equities."
</blockquote>
Tokenisation, according to Tenev, is the key to marrying the worlds of traditional finance and crypto. He stated:
<blockquote>
"Crypto and traditional finance have been living in separate worlds, but they'll fully merge. In the future, everything will be on-chain in some form, and the distinction will disappear."
</blockquote>
Although he firmly believes that tokenisation is the future, Tenev argues that it will take time for everyone to be comfortable with it. Major markets will introduce proper regulatory and infrastructural frameworks for tokenisation within the next five years, according to Tenev. But full adoption of this new model in all asset classes will happen within the next decade.
&nbsp;
&nbsp;
<h2 dir="ltr">Robinhood and the CEO's Vision</h2>
&nbsp;
Robinhood's vision was primarily to expand into an untapped market, where global investors can trade U.S.-based equity. And, according to many, Robinhood has a competitive advantage when compared to others. But why?
&nbsp;
The equities exchange enjoyed a massive user base, coming primarily from its days in TradFi. In 2024, Robinhood had 25.2 million funded accounts, with the preceding year reporting about 23.2 million users. The number of monthly active users as of 2023 stood at 10.6 million. The new Robinhood, a tokenisation-focused platform, inherits all these users.&nbsp;
&nbsp;
The CEO wants to see Robinhood create a new record in the Guinness Book of World Records for being the first to tokenise SpaceX and OpenAI equity. Their strategy? Tenev says it is to work closely with companies to make sure they see tangible benefits and welcome tokenisation. In the end, according to Tenev, Robinhood is definitely going to be a leader in private markets.
&nbsp;
&nbsp;
<h2 dir="ltr">The Challenges Ahead?</h2>
&nbsp;
<h3 dir="ltr">Private Companies Pushing Back?&nbsp;</h3>
&nbsp;
While Robinhood intends to tokenise private companies, Tenev argues that many are still uncomfortable with the idea. Case point is OpenAI. Following Robinhood's claims to tokenise OpenAI, the company released a public statement saying:
<blockquote>
"We did not partner with Robinhood, we're not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval, we did not approve any transfer&hellip;&nbsp; please be careful."
</blockquote>
Robinhood's response was:
<blockquote>
"To cap off our recent crypto event, we announced a limited stock token giveaway on OpenAI and SpaceX to eligible European customers. These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood's ownership stake in a special purpose vehicle."
</blockquote>
And the Robinhood CEO actually noted that the tokens are not "equity" but give exposure to private assets. It is clear, based on the OpenAI-Robinhood back and forth, that markets are still not entirely comfortable with the idea. But the wave is here.&nbsp;
&nbsp;
<h3 dir="ltr">Regulatory Clarity</h3>
&nbsp;
The lack of regulatory clarity in some regions, including the U.S., means tokenisation will be slower. According to U.S. regulators, any token representing securities will still fall under the securities laws. Hester Peirce of the US SEC actually&nbsp;<a href="https://www.reuters.com/sustainability/boards-policy-regulation/secs-crypto-mom-says-tokenized-securities-are-still-securities-2025-07-09/">emphasised</a> that "tokenised securities are still securities." However, the regulatory frameworks are still in their infancy.
&nbsp;
Earlier, Tom Farley, the ex-NYSE president and current head of crypto exchange Bullish, said something similar about the U.S. and its lagging pace in regulations.&nbsp;
&nbsp;
Despite the U.S. thriving as a financial powerhouse, jurisdictions that already have regulations will attract innovation. For instance, the Markets in Crypto-Assets (MiCA) is already operational in the E.U., setting the region ahead of others.
&nbsp;
&nbsp;
<h2 dir="ltr">How Will The Financial Market React</h2>
&nbsp;
The &ldquo;freight train&rdquo; analogy by Vlad Tenev is a clear expression of the dynamic reshaping of the global financial system. Early proof is already here with EU investors accessing tokenised stock of U.S equities. Amidst the regulatory gap, the train is already on the move based on the developments.&nbsp;
&nbsp;
The immediate market reaction after Tenev&rsquo;s freight train comment was nothing short of fascinating. For Robinhood, the initial response was a slight dip of about 2.8% on the announcement day, breaking a month-long rally. This was perhaps a show of investors' caution with regulatory and legal clarity around crypto.
&nbsp;
However, the long-term implications of the statement can't be matched. After launching 200 tokenised stocks, Robinhood&rsquo;s market <a href="https://www.cnbc.com/2025/10/02/tokenization-of-assets-is-freight-train-coming-to-markets-robinhood-ceo.html">price surged</a>, reaching a 179% year-to-date gain at one point. Other companies in the tokenisation field reported gains on news that tokenisation was going more mainstream.
&nbsp;
Analysts have been joining the conversation on asset tokenisation. For instance, Tiger Research, <a href="https://x.com/tiger_research/status/1949718240261034263">on X</a>, predicts that by 2030, the tokenisation world&rsquo;s market value will be $1.34 trillion, a 2680x growth. Tiger Research believes that by 2030, the tokenisation space will have reached at least 1% of global stock.&nbsp;
&nbsp;
With all this positivity, there is no better time for TradFi institutions to jump into the &ldquo;freight train&rdquo; than now. When the market is still young and the market value hasn't yet cracked a trillion, it's time for companies to learn about tokenisation. For investors and companies looking to know more about tokenisation, how it works, and what its future holds, <a href="https://ucubed.au/">uCubed</a> is a good place to find all the knowledge and skills that you need to start.&nbsp;

robinhood-vlad-tenev-tokenisation-freight-train.webp

Robinhood CEO Vlad Tenev calls tokenisation a “freight train” set to transform global equity and private markets.

Robinhood CEO Vlad Tenev Says Asset Tokenisation Is Inevitable

Tokenisation of assets is a freight train coming to markets, says Vlad Tenev, CEO of Robinhood Markets

Dinari, a tokenised equity provider, announced a collaboration in early November with Chainlink in a bid to bring a blockchain-focused equities index on-chain. The two, together with S&amp;P Dow Jones Index, aim to create a tokenised index that tracks crypto-oriented companies and cryptocurrencies in one benchmark.
&nbsp;
The announcement of this collaboration between <a href="https://dinari.com/business">Dinari</a>, <a href="https://chain.link/">Chainlink</a>, and <a href="https://www.spglobal.com/spdji/en/">S&amp;P Dow Jones Index</a> gave way to a new financial product, the S&amp;P Digital Markets 50 index. According to <a href="https://decrypt.co/347442/sp-digital-markets-50-index-gain-blockchain-verifiability-chainlink">reports</a>, it is expected to go live on the chain by the end of the year. Combining traditional equities with digital assets.
&nbsp;
As per the announcement, the main parties in this collaboration play a significant role in the product release. For instance, S&amp;P Dow Jones Indices will offer the methodology and composition of the new product.
&nbsp;
Dinari will play the role of tokenizing the Index using its dShares infrastructure. Chainlink balances everything through its <a href="https://chain.link/education/blockchain-oracles">oracles</a> by offering real-time pricing data and verifiable updates. This will be the first time&nbsp; S&amp;P brings real-time pricing using a decentralised oracle network.&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">Chainlink's Role in Price Feeds: Verifiability</h2>
&nbsp;
As already mentioned, Chainlink will handle the&nbsp;<a href="https://blockchaineventsgroup.com/2025/11/sp-digital-markets-50-index-will-gain-blockchain-verifiability-via-chainlink/">technical side</a> of the collaboration, mainly because of its oracle network. In this new Index, Chainlink's responsibility includes:&nbsp;
<ul>
<li dir="ltr" aria-level="1">
Real-time pricing data
</li>
<li dir="ltr" aria-level="1">
Performance updates
</li>
<li dir="ltr" aria-level="1">
Cross-asset market data for both traditional and digital sectors
</li>
<li dir="ltr" aria-level="1">
Verifiable on-chain attestations enabling users to confirm every update independently
</li>
</ul>
This collaboration is a benchmark with no delays, misrepresentations, and manipulations. With Chainlink&rsquo;s presence, the initial darkness of traditional finance is turned into full transparency. Investors and institutions will rely on a transparent data layer that circulates seamlessly into Web3 platforms.
&nbsp;
When speaking about Chainlink's role in the collaboration, the Chief Product &amp; Operations Officer at S&amp;P Dow Jones Indices, Cameron Drinkwater.
<blockquote>
<a href="https://www.globenewswire.com/news-release/2025/11/05/3181567/0/en/Dinari-Announces-Collaboration-With-Chainlink-To-Bring-Real-Time-Verifiability-to-the-S-P-Digital-Markets-50-Index.html">"The integration of Chainlink's decentralised oracle network provides a crucial intermediary for the soon-to-be-launched S&amp;P Digital Markets 50 Index.</a> This collaboration ensures data integrity and connectivity that will bring the S&amp;P Digital Markets 50 Index to market in a transparent, reliable, and efficient manner."
</blockquote>
Fernando Vazquez from Chainlink also added more info on the role of the decentralised oracle provider:&nbsp;
<blockquote>
"Chainlink is enabling one of the first indexes to operate on-chain with verifiable, real-time data spanning both traditional and digital assets."
</blockquote>
The evidence of Chainlink's reliability in on-chain data provision can be seen in the products it already supports. , Only a few days before the announcement of the S&amp;P index collaboration, <a href="https://www.prnewswire.com/news-releases/chainlink-collaborates-with-ftse-russell-to-publish-global-indices-onchain-for-the-first-time-via-datalink-302601997.html">Chainlink and FTSE Russell partnered</a> to publish global indices on-chain through Datalink, a Chainlink product.
&nbsp;
&nbsp;
<h2 dir="ltr">Index Composition and Process</h2>
&nbsp;
The Index, born out of collaboration, represents the best of TradFi and blockchain technology industries. For instance, this Index comes with 35 US-listed equities with solid activity in the digital finance space. While, S&amp;P brings 15 top digital assets, though the Index's actual assets involved have not been disclosed.
&nbsp;
As Dinari is into turning real-world assets into tokens on a 1:1 basis, shares backing the tokens are usually held via a regulated custodian. Once S&amp;P Dow Jones Indices creates the composition of the Index, Dinari tokenises the entire product, Chainlink will power pricing and operational transparency by publishing the data on chain. Dinari's CEO, Gabe Otte summarised the importance of tokenised benchmarks:
<blockquote>
"For the first time, investors can access both US equities and digital assets in a single, transparent product. On-chain standards expand the reach of trusted financial benchmarks."&nbsp;
</blockquote>
After creation and tokenisation,people will be able to trade the tokenised version of the Index 24/7.
&nbsp;
&nbsp;
<h2 dir="ltr">What Are KOLs Saying About The New Product</h2>
&nbsp;
Key opinion leaders in the crypto world and finance weighed in on this new developments.&nbsp;
&nbsp;
While announcing the collaboration, Fiona Bassett, the CEO of FTSE Russell in her words;&nbsp;
<blockquote>
"DataLink allows FTSE Russell to securely distribute underlying data of some of our most trusted benchmarks across global on-chain markets, giving institutions and developers the same high-quality data that powers traditional finance."
</blockquote>
Furthermore, Chainlink is already working with the U.S. Department of Commerce to publish macroeconomic data on Bitcoin, Ethereum, and Solana.&nbsp;In a statement, Cameron Drinkwater talked of the transformation:&nbsp;
<blockquote>
<a href="https://press.spglobal.com/2025-10-07-S-P-Global-to-Launch-Innovative-Crypto-Ecosystem-Index,-a-New-Way-to-Combine-Cryptocurrencies-and-Crypto-Linked-Equities?ref=blockhead.co">"Independent, reliable, and user-friendly benchmarks are a key component of financial markets</a>. As with traditional financial markets, independent benchmarks can help bring transparency and accessibility to the digital asset ecosystem."
</blockquote>
Drinkwater, the industry leader, also talked of how cryptocurrencies have evolved from the sidelines into the mainstream. Now, market participants are starting to treat virtual assets as part of their portfolios, according to Drinkwater.&nbsp;Gabe Otte, the Dineri CEOsaid:
<blockquote>
"Financial systems depend on trusted data and transparent infrastructure. Working with S&amp;P Dow Jones Indices and Chainlink allows us to bring that same standard of reliability to tokenised benchmarks, ensuring the S&amp;P Digital Markets 50 operates with integrity and verifiability on-chain."
</blockquote>
Dinari's Chief Business Officer Anna Wroblewska also added:
<blockquote>
"This launch shows how on-chain technology can expand the reach of established financial standards, making them more efficient and globally relevant."&nbsp;
</blockquote>
&nbsp;
&nbsp;
<h2 dir="ltr">A Broader Look At The Tokenisation Wave</h2>
&nbsp;
Tokenisation, traditional assets turning into tokens, is fast expanding into the mainstream. Many platforms like Backed Finance and Robinhood have been actively issuing tokenised versions of equities.
&nbsp;
A few months ago, <a href="https://backed.fi/news-updates/xstocks-are-going-live-tokenized-stocks-for-the-defi-era">Backed Finance announced the dawn of xStocks</a>, a product that includes tokenised shares of Tesla, Apple, Nvidia, Circle, and even the S&amp;P 500. In just about 1 month, the xStocks trading volume peaked at $2 billion.&nbsp;Soon after, Kraken and Backed collaborated to expand xStocks from just Solana into BNB Chain. Kraken CEO Arjun Sethi commented:
<blockquote>
"The response to xStocks has made one thing increasingly clear &mdash; the future of capital markets will be chain-neutral, composable, and multichain by design."
</blockquote>
Robinhood, a titan in the TradFi space, has also been speedily rushing into the tokenisation space. The network launched 200 tokenised versions of some of the most popular stocks in the US to EU customers.
&nbsp;
The CEO of BlackRock is also in favor of tokenisation. Larry Fink actually said that the US Securities and Exchange Commission should "rapidly approve the tokenisation of bonds and stocks. Also, Coinbase, a giant in the crypto business, is already planning to expand its tokenised assets strategy.&nbsp;&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">Verifiability is the New Standard</h2>
&nbsp;
The dawn of the S&amp;P Digital Markets 50 Index is the dawn of a new era for capital markets. It presents a preview of what is to come when global financial data will be verified and distributed, but all on-chain.
&nbsp;
Through their collaboration, S&amp;P DJI, Dinari, and Chainlink introduced a new standard that unites digital assets and traditional equities within a single economy, marking a true innovation.
&nbsp;
As 2025 nearly comes to an end, the gap between TradFi and digital markets is closing, with the two becoming one. The team-up of S&amp;P Dow Jones Indices, Chainlink, and Dinari has significant implications for enterprises and investors. The partnership opens the door to hybrid traditional-digital products backed by S&amp;P&rsquo;s credibility. Moreover, this partnership lowers operational risks and brings 24/7 access to Wall Street-level benchmarks.&nbsp;
&nbsp;
Tokenised benchmarks like the new S&amp;P Digital Markets 50 mark only the start. Businesses and institutions that understand these mechanics early will likely be among the leaders in the tokenisation wave. <a href="https://www.ucubed.au">uCubed</a> is helping founders, enterprises, and investment leaders with tools to understand tokenisation and its possible future financial impact.&nbsp;

sp-digital-markets-50-tokenised-index-chainlink.webp

S&P, Dinari and Chainlink launch the Digital Markets 50, a tokenised index combining equities and digital assets on-chain.

S&P Digital Markets 50 Index Launches On-Chain With Chainlink

S&P Digital Markets 50 Index: Chainlink Verifiability

<a href="https://www.jpmorgan.com/payments/newsroom/kinexys-fund-flow-awm-citco-transaction">JPMorgan Chase, in conjunction with Citco, completed their first-ever tokenised private-equity fund</a> transaction on October 31, 2025. This move redefined how Wall Street institutions will integrate blockchain technology with TradFi. Reports indicate that Kinexys, the digital assets arm of JPMorgan, was the primary executor of the transaction.
&nbsp;
With the transaction, a new chapter is opened, where the wealthy investors of private equity funds could see tokenisation in action.&nbsp;&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">Kinexys Fund Flow: The Transaction Executor</h2>
&nbsp;
The Kinexys Fund Flow operates on the permissioned Kinexys Digital Assets Blockchain. It collects and records transaction data and the investor register, offering private banking clients direct access to alternative investment strategies.
&nbsp;
In a statement, JPM defined the role of the <a href="https://www.jpmorgan.com/payments/newsroom/kinexys-fund-flow-awm-citco-transaction">Kinexys Fund Flow</a> role as collecting, harmonising, and recording &ldquo;investor register and transactional data on the <a href="https://www.jpmorgan.com/kinexys/digital-assets">Kinexys Digital Assets</a> and permissioned blockchain network.&rdquo; Not just that, the Kinexys Fund Flow provides &ldquo;granular transparency into investor, fund, and capital activity data.&rdquo; It also facilitates the &ldquo;funding of capital calls and distributions using Kinexys by J.P. Morgan&rsquo;s scalable Blockchain Deposit Account network,&nbsp;<a href="https://www.jpmorgan.com/kinexys/digital-payments">Kinexys Digital Payments</a>.&rdquo;
&nbsp;
For traditional alternative investments, they lagged due to poor and fragmented settlement structures. Through Kinexys Fund Flow, all tasks involved in settlements in alternative investments are brought under one umbrella. The result? A more streamlined access to these alternative investments, like hedge funds and private equity funds.&nbsp;With Kinexys Fund Flow, smart contracts help manage tokenised private equity funds transactions. This ensures re-adjustments occur in real time. Furthermore, every stakeholder enjoys a real-time flow of data.
&nbsp;
Kinexys was born to address major pain points in the industry, including Siloed data, legacy payment problems, and manual reconciliations, etc. When speaking about the pain points, the Chief Technology Officer at Citco Group of Companies, Albert Bauer, <a href="https://www.jpmorgan.com/payments/newsroom/kinexys-fund-flow-awm-citco-transaction">said</a>:
<blockquote>
"We are delighted to be part of the launch of Kinexys Fund Flow&hellip; This transformative solution addresses the industry's longstanding challenges of siloed data systems and manual reconciliations that have limited scalability."
</blockquote>
According to Bauer, utilising blockchain technology and smart contracts enhances the experience and outcomes for investors. He further stated the tech will significantly reduce operational inefficiencies.
&nbsp;
&nbsp;
<h2 dir="ltr">What Other Executives Said</h2>
&nbsp;
Executives from the JPM and Kinexys Fund Flow view this innovation as the beginning of a new era for the entire private-fund value chain.&nbsp;When commenting on the development of Kinexys, Anton Pil, the Head of Global Alternative Investment Solutions at JPMorgan Asset Management said:&nbsp;
<blockquote>
"The Kinexys Fund Flow solution is an important step in transforming how our clients allocate and manage private fund portfolios. Enabling real-time tri-party settlement between fund managers, transfer agents, and distributors will ultimately unlock new sources of liquidity and more flexible portfolio construction."
</blockquote>
Pil added:&nbsp;
<blockquote>
"Working across the commercial and investment bank, the private bank, and asset management to develop this capability really showcases the power of JP Morgan."
</blockquote>
On the other hand, Dennis Cristallo, the Head of Wealth Management at Kinexys Digital Assets, talked of the platform&rsquo;s institutional strength and maturity. He said:&nbsp;
<blockquote>
"Kinexys Digital Assets has a thriving ecosystem of some of the world's largest institutions, with a nearly five-year track record of building blockchain applications and settling transactions securely, efficiently, and at scale. Our ultimate goal is to use this technology to improve the experience and outcome for investors."
</blockquote>
&nbsp;
&nbsp;
<h2 dir="ltr">Tokenisation as a Broader Financial Topic</h2>
&nbsp;
JPMorgan's active involvement in the digital space and tokenisation is evidence of the ongoing shift in Wall Street. Prompting Wall Street giants to actively seek opportunities in tokenisation.
&nbsp;
For JPM, the journey began decades ago. Back in October 2020, the global banking giant created a unit called <a href="https://www.cnbc.com/2020/10/27/jpmorgan-creates-new-unit-for-blockchain-projects-as-it-says-the-technology-is-close-to-making-money.html">Onyx Digital Assets</a> to house all its virtual asset projects. When speaking of the developments, the global head of wholesale payments at JPMorgan as of then, Takis Georgakopoulos, said:&nbsp;
<blockquote>
"We are launching Onyx because we believe we are shifting to a period of commercialisation of those technologies, moving from research and development to something that can become a real business."&nbsp;&nbsp;
</blockquote>
In 2024, JPM rebranded Onyx to Kinexys Digital Asset, broadening its mission. When making the announcement, the global co-head of JP Morgan Payments, Umar Farooq:&nbsp;
<blockquote>
<a href="https://www.coindesk.com/business/2024/11/06/jpmorgan-renames-blockchain-platform-to-kynexis-to-add-on-chain-fx-settlement-for-usd-eur">"Our goal is to foster a more connected ecosystem to break down disparate systems, enable greater interoperability, and reduce the limitations of today's financial infrastructure."</a>
</blockquote>
The latest advancements with Kinexys, especially the Fund-Flow, send the world of alternative investments into a more tokenised route.
&nbsp;
Other Wall Street giants are also joining the race to tokenise alternative investments,to bring traditional assets on-chain.In July 2025, Goldman Sachs and BNY Mellon teamed up to create tokenised money market funds.
&nbsp;
When speaking of the developments, Global Head of Liquidity, Financing and Collateral at BNY, Laide Majiyagbe, noted that "mirrored tokenisation of MMF shares" was the first step in "enabling scalable and secure solutions that shape the future of finance." The comments hint at more, and perhaps bigger developments ahead.
&nbsp;
Another notable executive, Larry Fink, the CEO of BlackRock. He recently described the tokenisation concept as a "revolution in investing."
&nbsp;
While Jane Fraser, the CEO of Citigroup, describes how institutional clients are in need of real-time cross-border money movements. She notes that such a solution "is best done by tokenised deposits."
&nbsp;
&nbsp;
<h2 dir="ltr">Broad Kinexys Rollout in Early 2026</h2>
&nbsp;
JPM is already planning &nbsp;for what comes next. In early 2026, JPM plans to expand Kinexys Fund Flow to more asset managers and clients. Eventually, the Fund Flow will become a global standard for alternative investment operations.
&nbsp;
JPM's press statement said, "Additional features to help improve investors' outcomes and experience are planned to be rolled out throughout 2026."
&nbsp;
The Kinexys 2026 broader rollout will also focus on enhancing the average investor's experience. Furthermore, JPM targets to bolster transparency, speed up access to liquidity, and reduce errors and costs. Additionally, the upgrades will enable the creation of programmable portfolios.&nbsp;
&nbsp;
&nbsp;
<h2 dir="ltr">Conclusion</h2>
&nbsp;
JPM&rsquo;s recent transaction of the tokenised private equity fund is a sign of the bank's commitment to crypto. The Kinexys Fund Flow introduced a feature that many large institutions are still working on proper tokenisation for alternative investments.&nbsp;
&nbsp;
Like JPM, other Wall Street giants, like BlackRock, BNY Mellon, and Citigroup, are already accelerating their tokenisation plans. Considering all these, 2026 is likely to be an excellent year for crypto, and more specifically, tokenisation.
 As tokenised alternative investments become the new standard, businesses that are slow to adopt will be locked out of a new class of investors. Kinexys marks a shift in how companies raise, manage and distribute funds with on-chain settlements as the new standard. Companies that adopt will enjoy efficiency and a new class of investors.
&nbsp;
Companies that manage to seise opportunities in tokenised assets will be part of the upcoming global interoperable future. <a href="https://ucubed.au/">uCubed</a> is a company aiming to help entities transition into the tokenised future through education to understand tokenisation, and consulting to safely strategise around it.

jpmorgan-tokenised-private-equity-fund-kinexys.webp

JPMorgan executes its first tokenised private equity fund transaction via Kinexys on a permissioned blockchain.

JPMorgan Launches First Tokenised Private Equity Fund on Blockchain

JPMorgan Opens a New Chapter: First Tokenized Private Equity Fund Hits the BlockchainJPMorgan Launches First Tokenised Private Equity Fund on Blockchain

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Tokenisation of assets is a freight train coming to markets, says Vlad Tenev, CEO of Robinhood Markets

S&P Digital Markets 50 Index: Chainlink Verifiability

JPMorgan Opens a New Chapter: First Tokenized Private Equity Fund Hits the BlockchainJPMorgan Launches First Tokenised Private Equity Fund on Blockchain

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