Crypto.com rolled out tokenized stock derivatives on Wednesday, offering synthetic price exposure to 1,500 U.S. stocks and ETFs without conferring share ownership or voting rights. The offering marks the latest expansion by a major crypto exchange into equities markets, a sector that has grown roughly 600% in value over the past year.
The derivatives are issued by Foris Capital CY Limited, a unit Crypto.com acquired in May 2025 to secure a Markets in Financial Instruments Directive (MiFID) license for regulated financial products in Europe. Underlying assets are held with U.S. broker-dealer Alpaca. Eligible users in the European Economic Area and other approved markets can open positions starting at $1 and trade around the clock.
The product tracks major equities including Apple, Nvidia, and Tesla, as well as ETFs such as SPDR Gold Shares (GLD) and iShares Silver Trust (SLV). Investors in synthetic derivatives receive dividend-equivalent adjustments but do not hold legal or beneficial ownership, shareholder status, or voting rights. This distinguishes them from issuer-sponsored tokenized equity models, which place actual shares onchain while preserving ownership and shareholder protections.
Crypto Exchanges Push Into Equities
Crypto.com, ranked 11th among world exchanges by Coingecko, is not alone in the space. Kraken, Bybit, Bitget, and Robinhood have all rolled out tokenized equity products for investors outside the U.S. in recent months.
The tokenized stock market has expanded rapidly. The current value of tokenized stocks stands at $2.49 billion, driven by growing institutional and retail interest in blockchain-based financial instruments. Citi estimates the broader tokenized securities market could reach $5.5 trillion by 2030, with tokenized equities comprising $2.6 trillion of that figure.
Market Infrastructure Moves Forward
Traditional financial infrastructure is beginning to adapt to tokenized assets. The Depository Trust and Clearing Corporation (DTCC), which underpins U.S. securities settlement, has begun testing tokenized securities infrastructure. Nasdaq and the New York Stock Exchange have each unveiled tokenization initiatives.
Debate persists over the proper structure of tokenized stocks. Synthetic derivatives and issuer-sponsored models represent fundamentally different approaches to blockchain-based equity exposure, raising questions about regulatory standards and what a tokenized stock should ultimately represent.
