TLDR
- F/m Investments manages approximately $18 billion in assets.
- Tokenization enables near-instant settlement and on-chain transfers.
- SEC has not yet confirmed a decision on the filing.
F/m Investments has filed for approval from the U.S. Securities and Exchange Commission (SEC) to tokenize shares of its U.S. Treasury 3-Month Bill ETF (TBIL). This initiative marks the first time a registered investment company’s ETF shares are being considered for tokenization. As of now, F/m Investments manages about $18 billion in assets. The filing was submitted in early 2025 and suggests recording TBIL share ownership on a permissioned blockchain ledger.
The proposal maintains the same CUSIP number, rights, fees, voting, economic terms, board oversight, disclosures, custody, and regulation under the Investment Company Act of 1940. Tokenization would enable nearly instant settlement — T+0 or T+1 — and would allow for on-chain transfers via broker-dealers, along with potential fractional ownership. These changes would not alter the security’s fundamental nature.
Leadership Insights on Tokenization
Alexander Morris, CEO of F/m Investments, expressed that the trend of tokenizing traditional financial instruments is inevitable. He stated, “The question is whether it happens inside the regulatory framework investors have relied on for 85 years, or without that set of protections for investors. We’d rather build an on-ramp that marries technological innovation and investor protection than watch from the sidelines.”
The question is whether it happens inside the regulatory framework…
Alexander Morris, CEO, F/m Investments
Potential Market Influence and Regulation
No direct funding impacts such as allocated dollars, grants, or institutional involvement are detailed, beyond F/m Investments managing the TBIL ETF. The proposal does not specify related or affected crypto assets like ETH, BTC, or altcoins.
The SEC has not confirmed a decision on the F/m Investments filing. However, an exemptive order issued on January 13, 2026, permitted a different fund to offer ETF classes. There are no existing details or regulatory updates from notable crypto figures or authorities like the SEC or CFTC related to this specific filing.
Industry Context and Blockchain Application
The proposal involves a permissioned blockchain for the TBIL ETF shares, rather than public DeFi protocols. There is no available on-chain data such as Total Value Locked (TVL) changes or liquidity shifts.
No further details, quotes, or community sentiments have been identified from social media platforms such as Twitter. No similar past events, affected tokens, or related cryptocurrencies are mentioned in available sources.
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