Catenaa, Saturday, January 31, 2026-F/m Investments has filed with the US Securities and Exchange Commission seeking approval to record ownership of tokenized shares in its US Treasury three-month bill exchange-traded fund, marking a step toward blockchain-based settlement within regulated markets.

The asset manager said the application would allow shares of its TBIL ETF to be issued and tracked on a permissioned blockchain while remaining fully registered under existing securities rules.

The filing comes as asset managers, exchanges and technology firms test how tokenization can function within long-standing regulatory frameworks.

Under the proposal, tokenized ETF shares would carry the same CUSIP as traditional shares and provide identical investor rights, fees and voting privileges.

The structure would allow the ETF to operate across conventional brokerage systems and digital platforms using a single share class, without altering the fund’s investment objective, portfolio or trading mechanics.

Interest in tokenization has grown as firms look to enable around-the-clock trading, faster settlement and lower operational costs.

Supporters argue blockchain-based record keeping could improve efficiency and liquidity in traditional markets, while regulators continue to assess how such systems align with securities laws.

Other market participants have pursued similar initiatives. Coinbase has previously sought approval to offer tokenized equities, and Nasdaq has said it is working with regulators on introducing trading in tokenized securities.

F/m said its approach differs from unregistered digital tokens by keeping tokenized shares within the Investment Company Act of 1940, ensuring they remain backed by traditional assets and subject to existing investor protections.

The SEC has not yet indicated a timeline for reviewing the filing. The decision is expected to be closely watched as regulators weigh broader adoption of blockchain infrastructure across US capital markets.