Perpetuals.com plans tokenized U.S. stock trading under SEC innovation framework

Perpetuals.com Ltd announced plans on October 14, 2026 to introduce tokenized U.S. stock trading under the SEC's new five-year Innovation Exemption framework. Led by CEO Patrick Gruhn, the company filed a notice of intent to operate via its Delaware subsidiary, Kephas Corporation, utilizing automated market maker pools on the Kronos X Public blockchain. The framework allows 24/7 trading, near-instant settlement, and fractional ownership while preserving full voting and dividend rights for eligible investors.

Perpetuals.com tokenized stock plan

• ▪Perpetuals.com's proposed U.S. trading marketplace will be operated by its Delaware-based subsidiary, Kephas Corporation.
• ▪Perpetuals.com Ltd published a notice of intent on October 14, 2026 to offer tokenized U.S. stock trading under the SEC's five-year Innovation Exemption framework.
• ▪Trading on Perpetuals.com could begin in mid-November 2026 at the earliest, following a required 30-day notice period and compliance preparations.
• ▪Perpetuals.com plans to execute tokenized stock trades through automated market maker liquidity pools on Kronos X Public, an Ethereum-compatible layer-2 blockchain.

SEC Innovation Exemption rules

• ▪The SEC's temporary Innovation Exemption framework sets requirements for eligible Tokenized Securities Venues covering public notice, transaction transparency, recordkeeping, and technology safeguards.
• ▪The SEC's five-year Innovation Exemption framework allows qualifying venues to trade National Market System tokenized U.S. stocks on public blockchains without registering as traditional securities exchanges.
• ▪The SEC Innovation Exemption mandates that tokenized shares carry full dividend and voting rights and gives issuers a 30-day period to object to tokenized trading.

Competitor tokenized stock initiatives

• ▪OKXICE filed plans under the SEC Innovation Exemption to offer round-the-clock trading for more than 60 tokenized U.S. stocks prior to Perpetuals.com's filing.
• ▪Securitize launched global onchain trading of Solana-based tokenized U.S. stock entitlements backed 1:1 by underlying shares including Apple, Microsoft, Nvidia, and Tesla on October 8, 2026.

Commodity tokenization with Datavault AI

• ▪The commodity tokenization agreement between Perpetuals.com and Datavault AI covers five programs tied to gold, copper, geothermal energy, and critical minerals.
• ▪Perpetuals.com signed an agreement with Datavault AI to tokenize real-world physical commodities, targeting over $300 million in combined program issuance.

History of early stock tokens

• ▪Early 2021 stock tokens offered by Binance provided price exposure without voting rights and were discontinued in July 2021 due to European regulatory scrutiny.
• ▪Perpetuals.com CEO Patrick Gruhn co-founded Digital Assets AG, which developed early stock-linked tokens for Binance and FTX before being acquired by FTX Group.