CoinDesk
Crypto.com began offering tokenized derivatives on Wednesday that track 1,500 U.S. equities and ETFs, including Apple, Nvidia and Tesla, for eligible users in the European Economic Area and other approved markets. The products are issued by Foris Capital CY Limited and backed by assets custodied with U.S. broker-dealer Alpaca. Positions start at $1 and trade around the clock, but the structure delivers synthetic price exposure rather than actual share ownership, with dividend-equivalent adjustments but no voting or other shareholder rights.
Why it matters
The launch lands in a tokenized-stock market that has roughly sextupled in a year, reaching about $2.49 billion across exchanges and blockchain issuers. Citi has estimated the broader tokenized-securities category could grow to $5.5 trillion by 2030, including $2.6 trillion in tokenized equities. Crypto.com's move also leans on the MiFID license it secured via its May 2025 acquisition of Foris Capital, which gave the exchange a regulated European on-ramp for synthetic-equity products at a moment when several competitors are doing the same outside the U.S.
The more consequential debate is structural: what does a "tokenized stock" actually represent. Crypto.com's derivatives track price without conferring ownership, putting them in contrast with issuer-sponsored models that can place actual common shares onchain while preserving shareholder rights. Kraken, Bybit, Bitget and Robinhood have all rolled out tokenized-equity products outside the U.S., and the Depository Trust & Clearing Corporation, Nasdaq and the New York Stock Exchange have begun testing tokenized-securities infrastructure. As volume piles up, regulators and market-structure providers are increasingly being asked to draw a line between synthetic price-tracking and genuine share ownership.
Market impact
For Crypto.com, the rollout gives the world's 11th-largest exchange a regulated foothold in equities under MiFID, complementing its existing spot, derivatives and stablecoin businesses.
Frequently asked questions
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What exactly did Crypto.com launch?
Tokenized derivatives tracking 1,500 U.S. equities and ETFs, including Apple, Nvidia and Tesla, available to eligible users in the European Economic Area and other approved markets, with positions starting at $1 and 24/7 trading.
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Do holders of these crypto token derivatives own the stock?
No. The products are synthetic and issued by Foris Capital CY Limited, providing price exposure without legal or beneficial ownership, voting rights or other shareholder rights. Dividend-equivalent adjustments may apply.
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Who issues the products and where are the underlying assets held?
The derivatives are issued by Foris Capital CY Limited, a MiFID-licensed entity Crypto.com acquired in May 2025. The assets backing the products are held with U.S. broker-dealer Alpaca.
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How big is the tokenized-stock market right now?
Tokenized stocks have reached roughly $2.49 billion in value, up about 600% over the past year. Citi has estimated tokenized securities could grow to $5.5 trillion by 2030, including $2.6 trillion in tokenized equities.
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Which other exchanges offer tokenized equity products?
Kraken, Bybit, Bitget and Robinhood have all rolled out tokenized-equity products for investors outside the U.S., while the Depository Trust & Clearing Corporation, Nasdaq and the New York Stock Exchange are testing tokenized-securities infrastructure of their own.
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