Canton Strategic Holdings said tokenized versions of its Nasdaq-listed shares could begin trading on a Canton Network venue as early as Nov. 2. Because the company is sponsoring the tokens itself, it avoids the objection process that has slowed the OKX-ICE venue.
A day after the depository at the center of U.S. securities settlement put stocks on a blockchain, a small Nasdaq-listed company said its own shares could start trading on one as soon as Monday.
Canton Strategic Holdings said on Thursday it agreed with TSV, which it describes as "the permissioned venue for tokenized NMS stocks on the Canton Network," to list tokenized versions of its common stock. "Trading is expected to begin as early as Monday, November 2 and is intended to be the first of its kind," the company said in a filing.
The tokens would be issued by Fairmint, an SEC-registered on-chain transfer agent, as "issuer-sponsored stock," and holders would receive the same rights as holders of the Nasdaq-listed shares. Trading would run around the clock through an automated market maker, subject to stoppages, maintenance and volume limits, with simultaneous exchange of tokens and payment at settlement.
Why consent matters
The arrangement relies on the SEC's Innovation Exemption, issued on Sept. 17, and on a notice TSV filed with the agency. TSV filed its notice on Sept. 23, before the OKX and ICE joint venture filed on Oct. 4, CoinDesk reported, and TSV's waiting period has passed.
The bigger difference is who asked. When a third party tokenizes a company's stock, the issuer has 30 days to object. The OKX-ICE venue's planned listings have drawn objections from 33 companies, according to CoinDesk's count. A company tokenizing its own shares avoids that step entirely.
If that model spreads, the fastest path to tokenized U.S. equities may run through issuers that want their shares on-chain, rather than through platforms that list other companies' stock.
The caveats
Canton Strategic is small, with a market value of about $164 million. The company, formerly Tharimmune, holds Canton Coin, the network's token, so it has a direct interest in the success of a Canton-based venue. Its shares rose about 0.7% to about $2.06 in early afternoon.
The listing has not started, and the SEC has not publicly confirmed that TSV may begin trading.
Milestone or showcase?
The milestone view: a live test of tokenized U.S. equities under the new exemption could begin within days, using a route that sidesteps issuer objections, alongside the DTCC tokenization service that went live on Wednesday.
The showcase view: the first issuer is a small company with a financial stake in the network, which says little about whether large companies will choose to tokenize their own shares.
What comes next
Whether trading begins on Nov. 2, volumes and spreads on TSV, whether any larger issuer follows the sponsored route, and progress on the OKX-ICE venue's contested listings.