ZAWYA: Al Tamimi & Company advises on landmark tokenized securities offering in ADGM backed by SpaceX shares
Stocks
Al Tamimi & Company has advised Binance on the issuance of tokenized securities representing SpaceX equity within the Abu Dhabi Global Market (ADGM). These tokens, branded as bStocks, were issued by BTECH Holdings Limited and represent a 1:1 beneficial interest in underlying SpaceX shares held in a segregated custody account. Launched on June 12, 2026, the offering follows the record-breaking SpaceX IPO that concluded on June 11, 2026. The tokens are classified as Ledger-Based Securities on the BNB Chain and were approved by the Financial Services Regulatory Authority (FSRA). This transaction marks a significant convergence of traditional equity markets and blockchain infrastructure under a regulated framework. By utilizing the ADGM's legal structure, the offering provides investors with exposure to private-equity-style assets through a transparent, blockchain-enabled format. This development highlights the growing institutional appetite for tokenized real-world assets in the MENA region.
Key points
- ▸Binance issued SpaceX-backed bStocks on the BNB Chain via BTECH Holdings Limited.
- ▸The offering received FSRA approval as Ledger-Based Securities within the ADGM jurisdiction.
- ▸Tokens are 1:1 asset-backed by SpaceX shares held in a segregated custody account.
- ▸The launch occurred on June 12, 2026, immediately following the SpaceX IPO.
Background
The Abu Dhabi Global Market (ADGM) is an international financial center that provides a comprehensive legal and regulatory framework for digital assets. It allows firms to issue and trade tokenized securities under the oversight of the Financial Services Regulatory Authority (FSRA). This environment enables the integration of blockchain technology with traditional financial instruments while ensuring investor protection.
Relevance
9.5/10