Crypto Prime Tokenizing TBIL: F/m’s Alex Morris Explains
Mar 4, 2026
Alex Morris, CEO of F/m Investments, leads the firm’s push to offer tokenized share classes for its TBIL ETF. He explains how tokenized shares change operational mechanics, why a permissioned blockchain matters for compliance, and what trading, settlements, and regulatory work could look like as securities go on-chain.
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How ETFs Record Ownership Today
- Traditional ETF ownership relies on centralized registries like DTC and multiple intermediaries to record and obscure beneficial ownership.
- Tokenization aims to replace those steps with a shared blockchain ledger to make ownership more direct and transparent on-chain.
What FM's Tokenized Share Class Actually Does
- FM's filing creates a tokenized ETF share class that mints and burns tokens on-chain and maps them to the fund's transfer agent as a separate share class.
- That lets token holders convert into traditional ETF shares and trade on whitelisted ATSs and blockchains while preserving ETF mechanics.
Choose Permissioned Chains To Preserve Compliance
- Use a permissioned blockchain for tokenized ETF shares to enforce KYC/AML and control who can convert tokens into ETF shares.
- That prevents unrestricted token issuance and protects the integrity of conversions back into the fund.