Blockchain's $35B Real-World Push: tZero Eyes 2026 IPO

tZero Group Inc., a leading platform for trading tokenized securities, is preparing for an initial public offering (IPO) in 2026, according to a Bloomberg report. The company, backed by investors including Intercontinental Exchange Inc., has engaged in preliminary discussions with investment banks but has not yet selected an underwriter for the offering. Konevsky also revealed that tZero is exploring a pre-IPO fundraising round, though the firm remains unprofitable despite employing over 50 people.

The move reflects a broader industry trend of integrating real-world assets—such as stocks, real estate, and commodities—onto blockchain networks to enhance transparency and efficiency in asset trading. This year alone, major players like Kraken and BlackRock Inc. have launched tokenized equities, exchange-traded funds (ETFs), and money-market funds on blockchain platforms. According to rwa.xyz, a tracker of blockchain-based assets, approximately $35 billion in real-world assets are now represented on distributed ledger systems, the Bloomberg report noted.

tZero, founded in 2014, specializes in compliance-driven fundraising and trading for tokenized securities. The platform facilitates private offerings under regulations like Regulation D, which allows companies to raise capital without full public registration. It also enables trading of tokenized assets, including its own shares, and has raised roughly $200 million through such methods, the report added. The company's strategy aligns with growing demand for blockchain solutions in traditional finance, particularly as regulators increasingly recognize the potential of digital assets.

tZero is not alone in pursuing public markets. Competitor Securitize is reportedly in talks to go public via a special-purpose acquisition company (SPAC), while exchanges Gemini and Bullish have already completed their listings this year. Kraken, another major crypto exchange, is also targeting a 2026 IPO, according to the Bloomberg coverage. These developments underscore a maturing crypto sector seeking institutional validation and broader market access.

The planned IPO comes amid heightened scrutiny of tokenized securities. Regulators globally are working to establish frameworks that balance innovation with investor protection, a challenge tZero and its peers must navigate. Konevsky emphasized that the company's focus on regulatory compliance positions it to capitalize on this evolving landscape, the report said.