US Tokenization Series | Part 1 of 4
From the private ledger to the first delivered share, on the traditional rail and the tokenized rail. Select a joint to see who runs it, what it costs and which rule binds it.
← Series indexStages 1 to 5 issuance | 6 to 9 trade | 10 holder. Status as of 5 Nov 2026 (v1.0).
Record stays at DTC. Live since 28 Oct 2026.
LIVETransfer agent's file is the record. Announced.
ANNOUNCEDReal shares in custody. Ondo, live 2 Jul 2026.
LIVEA claim on a third party. No vote. Excluded from the exemption.
NOT THE STOCKModel D meets a closed valve: synthetic tokens are excluded from the Innovation Exemption and carry no vote in the issuer.
Select a joint to see who runs it, the fee and the rule on each rail.
Company or agent keeps a stock ledger; transfers by board or agent action.
About $1 per shareholder tabulation, $45 rush transfer (illustrative small-cap schedule)
Company counsel, cap-table vendors, private transfer agents
Securities Act exemptions, Delaware ledger rules, UCC Article 8
Delaware lets a distributed ledger be the stock ledger, since 1 Aug 2017. Exodus issued stock natively onchain in late 2024.
Not published
Securitize TA (SEC-registered, 21 chains)
Still subject to the 1933 and 1934 Acts. Outside the Innovation Exemption, which covers NMS stock only.
Draft registration, staff comments, effectiveness, Rule 424(b) prospectus, Form 8-A.
SEC fee about $138.10 per $1M, so about $13,810 on $100M
Issuer counsel, auditors, financial printers, EDGAR agents
Securities Act Section 5, Regulation S-K
The law is unchanged. My inference: the S-1 should describe the token form, the ledger and the transfer agent.
Same registration fee
Plus the tokenization platform and transfer agent. Securitize filed its own S-1 in 2026.
No primary issuance on a tokenized venue. Regulation Crypto Assets (proposed) is not the route for equity.
Firm-commitment syndicate, roadshow, bookbuilding, pricing, over-allotment.
Spread 4% to 7%, 7% for mid-size deals. $7.0M on $100M. Common split 20/20/60.
Lead bookrunners and syndicate members
Securities Act, FINRA underwriting rules, Regulation M
Securitize and Cantor Fitzgerald announced a framework to run IPOs and follow-ons onchain (15 Jul 2026). No deal named.
No pricing disclosed. My analysis: the 60% selling concession is the exposed slice.
Cantor Fitzgerald, Securitize Markets
Same. The deal must be registered or exempt.
Issuer gets a CUSIP, appoints a transfer agent. Underwriter sponsors DTC eligibility.
$1,000 per new CUSIP at DTC, charged to the transfer agent
Computershare (about 58% of S&P 500 per one aggregator), Continental, Equiniti, DTC
Exchange Act Section 17A
Same CUSIP and symbol on Nasdaq (approved Mar 2026). For issuer-sponsored tokens the transfer agent keeps the register and mints the token.
No incremental CUSIP fee. DTC tokenization fees not published.
Securitize TA, Computershare issuer-sponsored tokens, Oasis Pro TA
Transfer agent proposal of 1 Sep 2026 (blockchain as official record, Form TA-2). Not final.
Net proceeds to the issuer, shares delivered through DTC. T+1, with a T+2 allowance for late-priced deals.
Wire
Underwriters, DTC
Rule 15c6-1, prospectus delivery
Shares enter DTC book entry first, then convert to tokens within the 34-security list. Onchain primary delivery is not yet demonstrated.
Wire today
DTC participants. Securitize placed its own stock on Avalanche and Solana.
The exemption bars primary issuance on a tokenized venue.
Sources: DTCC, SEC Innovation Exemption, SEC staff statement of 28 Jan 2026, Nasdaq, Broadridge, Ondo, Securitize, a May 2026 S-1 fee exhibit, PwC IPO study. The numbered list is on the status page.
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