Bullish shares fall 4.91% after announcing tokenized-equity coalition

Bullish shares fell 4.91% to $37.74 on Friday afternoon, according to Benzinga Pro data. Bullish announced the Issuer Sponsored Token Coalition with Equiniti, a shareholder-services firm that Bullish is acquiring. Alpaca, Apex Fintech Solutions and DriveWealth also joined the coalition. The coalition seeks technical standards and regulatory frameworks for tokenized public securities. Bullish's issuer-sponsored model seeks to connect digital tokens directly to a company's authoritative shareholder register. The framework is designed to give token holders legal ownership. That ownership includes voting rights, dividend distributions and corporate-action entitlements. The initiative follows a September 17 exemption from the U.S. Securities and Exchange Commission. The exemption permits limited on-chain trading of U.S.-listed equities. The coalition does not immediately launch a new retail product. The coalition does not bind participants to commercial agreements. Coalition members are scheduled to meet with corporate issuers at the New York Stock Exchange on October 27. The meeting will evaluate smart-contract architectures, regulatory compliance and potential pilot programs.