TLDR
- Bullish, Equiniti, Alpaca, Apex Fintech Solutions and DriveWealth formed the Issuer Sponsored Token Coalition
- The group will build standards for tokenized securities tied to official shareholder registers
- The move follows the SEC’s September 17 Innovation Exemption for onchain equity trading
- The coalition aims to preserve shareholder rights like voting and dividends in tokenized shares
- Members will meet issuers at the New York Stock Exchange on October 27
A group of financial firms has formed a new coalition to set standards for tokenized stocks. The group includes Bullish, Equiniti, Alpaca, Apex Fintech Solutions and DriveWealth.
🔴 Bullish, Alpaca, Apex form coalition for issuer-backed tokenized stocks
Bullish, Equiniti, Alpaca, Apex Fintech Solutions and DriveWealth formed the Issuer Sponsored Token Coalition to build standards for tokenized securities tied directly to company shareholder registers.… pic.twitter.com/JtnI3Hl6N4
— NewsTongue (@NewsTongueX) September 24, 2026
The coalition is called the Issuer Sponsored Token Coalition. It was announced on Thursday.
Bullish and Equiniti convened the group. Equiniti is a shareholder-services firm that Bullish is acquiring.
What the Coalition Plans to Do
The group wants to build technical standards for tokenized securities. These standards would cover settlement, custody and how securities move between traditional markets and blockchain networks.
Their main focus is issuer-sponsored tokenization. This means a tokenized share stays linked to a company’s official shareholder register.
This structure is meant to protect rights like voting and dividends. It also covers participation in corporate actions.
The topic has drawn attention lately. Some products offer stock price exposure without giving buyers real ownership.
A recent disagreement between AMC Entertainment CEO Adam Aron and Robinhood pointed to this issue. It focused on whether synthetic or tokenized products give investors the same legal rights as registered shareholders.
Issuer-sponsored models try to close that gap. The token stays tied directly to the company’s own records.
“The architecture we establish now matters and that is why we are bringing together this group of leading firms to chart the course,” said Tom Farley, CEO of Bullish.
Why the Timing Matters
The coalition’s launch follows a recent regulatory change. The U.S. Securities and Exchange Commission issued an Innovation Exemption on September 17.
The exemption allows limited blockchain trading of U.S.-listed stocks. It requires platforms to confirm that tokenized shares carry the same rights as traditional shares.
The exemption lasts for five years.
Alpaca said it plans to help connect traditional securities with onchain markets. It will use its Instant Tokenization Network for this work.
“Getting it right means preserving shareholder rights and ensuring onchain markets remain connected to the markets they’re built on,” said Arush Sehgal, head of digital assets at Alpaca.
Apex Fintech Solutions provides infrastructure for broker-dealers and other financial firms. The company said the coalition could help tokenized markets connect with existing systems.
The group will focus on four main areas. These are shareholder rights, interoperability between traditional and blockchain systems, adoption infrastructure and an open marketplace ecosystem.
Work will include reviewing blockchain architectures and smart contracts. The group will also study regulatory requirements and build early prototypes.
Members plan to meet with issuers and capital market leaders on October 27. That meeting will take place at the New York Stock Exchange.
Bullish agreed in May 2026 to acquire Equiniti. The deal is valued at $4.2 billion.
The acquisition is expected to close in January 2027. It still needs regulatory approval.
Joining the coalition does not require firms to sign trade agreements. It also does not mean firms must endorse any specific product.
Other market participants may join the coalition later, according to the announcement.
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