F/m Investments Files for SEC Approval to Tokenize TBIL ETF Shares

F/m Investments has filed with the U.S. Securities and Exchange Commission (SEC) for approval to issue tokenized shares of its U.S. Treasury 3-month bill (TBIL) ETF on a permissioned blockchain, the company said January 21, 2026. The filing seeks to record ownership of TBIL shares—a registered ETF—on a blockchain while maintaining the same CUSIP, investor rights, fees, and voting privileges. The structure would allow the ETF to operate across traditional brokerages and digital platforms using a single share class, without altering its investment objective or mechanics. Unlike unregistered digital tokens, F/m’s approach adheres to the Investment Company Act of 1940. CEO Alexander Morris stated tokenization is inevitable in securities markets, emphasizing the importance of regulatory oversight. “The question is whether it happens inside the regulatory framework investors have relied on for 85 years, or without that set of protections,” he said. Coinbase and Nasdaq are also pursuing tokenized securities initiatives with U.S. regulators.