Al Tamimi & Company Advises on Landmark Tokenized Securities Offering in ADGM Backed by SpaceX Shares
Stocks
Al Tamimi & Company has successfully advised a Binance group affiliate, BTECH Holdings Limited, on the issuance of tokenized securities representing SpaceX equity within the Abu Dhabi Global Market (ADGM). These tokens, branded as bStocks, were launched on June 12, 2026, following the historic SpaceX IPO on June 11, 2026. The offering utilizes the BNB Chain to provide investors with blockchain-enabled exposure to SpaceX shares, with each token backed 1:1 by underlying equity held in a segregated custody account. The Financial Services Regulatory Authority (FSRA) of the ADGM approved the prospectus, classifying the tokens as Ledger-Based Securities. This transaction is significant as it demonstrates the integration of traditional equity markets with digital asset infrastructure under a rigorous, regulated framework. By facilitating trading on both the Recognised Investment Exchange and the Multilateral Trading Facility, the initiative highlights the growing maturity of the MENA region's digital capital markets. The collaboration between legal experts and crypto exchanges underscores a shift toward institutional-grade tokenization of global technology assets.
Key points
- ▸BTECH Holdings issued SpaceX-backed bStocks on the BNB Chain on June 12, 2026.
- ▸ADGM's FSRA approved the prospectus, classifying the tokens as regulated Ledger-Based Securities.
- ▸Tokens maintain a 1:1 asset-backed ratio via segregated custody accounts for investor protection.
- ▸Trading is enabled on ADGM's Recognised Investment Exchange and Multilateral Trading Facility.
Background
The Abu Dhabi Global Market (ADGM) is an international financial center located in the UAE that operates under a common law framework. It is known for its progressive regulatory environment, specifically designed to foster innovation in fintech and digital assets through the Financial Services Regulatory Authority (FSRA).
Relevance
9.5/10