Bullish and Equiniti have expanded their Issuer Sponsored Token Coalition with three new participants: Qube Research & Technologies (QRT), Vertalo and zerohash. The companies announced the additions on October 26 as the group develops infrastructure for public-market securities represented on blockchain networks.
The three firms bring expertise in quantitative trading, transfer agency and digital asset infrastructure. The coalition’s stated aim is to build a model in which issuers remain connected to shareholders instead of losing control when third parties create blockchain-linked versions of their shares.
Three firms join tokenization initiative
Bullish’s official announcement named QRT, Vertalo and zerohash as the newest members. Bullish and Equiniti formed the coalition on September 24 alongside Alpaca, Apex Fintech Solutions and DriveWealth.
Each participant represents a different part of the infrastructure needed for securities trading. That matters because turning a stock position into an on-chain record requires more than a token contract. Platforms must also address issuance, shareholder records, settlement, custody and the legal obligations attached to securities.
What issuer-sponsored shares are designed to do
The coalition favors an issuer-sponsored approach: a listed company participates in how its shares are tokenized and how holders’ interests are tracked. The goal is to preserve the relationship between the company and investors, including rights and records associated with conventional equity.
This differs from products that merely track a stock’s price without giving the token holder ownership rights in the underlying company. Even where securities are represented as tokens, the exact rights depend on the instrument’s terms, applicable law and the infrastructure connecting token balances to official records.
Membership in the coalition does not mean every participant has launched a live tokenized-stock venue or that regulatory approval has been granted for a specific product.
Issuer consent moves into focus
The latest announcement comes as public companies debate the use of their shares on digital trading platforms. In a separate proposed arrangement, Wells Fargo, Arm and Intuit were among companies reported to have objected to third-party tokenized share listings.
For context, read BlockBriefing’s coverage of issuer objections and its report on the SEC’s conditional tokenized-stock framework. Those developments concern separate arrangements and should not be treated as rulings on the Bullish-Equiniti coalition.
What the coalition still needs to deliver
The immediate test is whether the group can turn shared principles into usable industry standards and operating systems. Investors and issuers will need clarity on beneficial ownership, voting rights, dividends, transfers and protection when an intermediary fails.
For now, the announcement establishes broader industry participation. It does not itself confirm a new public tokenized-stock listing, a launch date, or a measurable increase in trading volume.
Primary source: Bullish and Equiniti’s October 26, 2026 coalition announcement. This article is informational and is not investment advice.