Perpetuals Files to Trade Tokenized US Stocks Under New SEC Exemption
Perpetuals Announces Plans for Tokenized US Stock Trading
Nasdaq-listed Perpetuals.com said on October 14 that it plans to offer tokenized US stocks and has published a notice of intent to use a new SEC exemption to do so.
Tokenized stocks are digital tokens on a blockchain (a shared computer record-keeping system) that represent shares in real companies. The company says it must wait 30 days after publishing its notice before it can begin offering the tokens.
No launch date has been set.
What the SEC Exemption Allows
The SEC issued the Innovation Exemption for Tokenized Securities Venues in September. It gives trading platforms five years of conditional relief to operate traditional US stocks on a blockchain.
The SEC delayed and narrowed the exemption before issuing it, after industry feedback on the attached conditions.
Company Background and Past Work
Perpetuals says its founding team created the first regulatory-approved tokenized stocks in 2021. Those tokens were used by exchanges including Binance, FTX and Bittrex to offer round-the-clock stock trading, and provided pre-IPO contracts for companies including Coinbase, Airbnb and Robinhood.
CEO Patrick Gruhn previously headed FTX Europe. The company's own website describes its founders as including "the former Head of FTX Europe."
Platform and Product Details
Perpetuals operates an existing European tokenization platform used by PM MTF Ltd, an EU-licensed trading facility. The company also sells white-label trading services to other partners.
The announcement follows an agreement with Datavault AI to tokenize more than $300 million in physical commodities. Its consumer product, UpsideOnly, is marketed as a trading and prediction platform where users "never lose money" and share in trading profits. The release does not explain how that works or how the product is funded.
What Is Still Unclear
The company's announcement does not specify which blockchain the tokenized stocks would run on, who would hold custody of the underlying shares, or how voting rights would be exercised. Those questions have been sent to the company's press contact.
The notice of intent is not posted on the company's homepage. The Defiant has asked Perpetuals where the notice was published.
Why This Matters
Perpetuals is one of the first companies to publicly announce it is relying on the SEC's new exemption, turning the regulatory framework into a real-world test of what the conditions actually allow.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.