Perpetuals.com has announced a proposal for blockchain-based tokens linked to U.S. stocks under the SEC’s five-year Innovation Exemption framework. The offering remains conditional on the notice process and the product requirements described in its disclosure.
The company outlined the plan in an October 14 Nasdaq disclosure under ticker PDC. It says a launch would be subject to a 30-day notice period following publication of its venue notice; the announcement does not describe an immediate start of trading.
Proposed features and shareholder rights
The plan combines fractional ownership with trading at all hours and settlement described as near-instant. Perpetuals says traders would reach U.S. equities through blockchain-based tokens, with availability subject to the conditions attached to the proposed offering.
Dividend and voting rights are central to the proposed structure. Perpetuals says token holders would retain those shareholder entitlements. Under the conditions described in the disclosure, qualifying venues would need to ensure rights equivalent to ownership of the corresponding conventional shares.
The announcement also refers to earlier pre-IPO tokenization work involving Coinbase, Airbnb and Robinhood. Those references concern prior work, separate from the conditional U.S. stock-token offering now proposed.
Trading halts and launch conditions
Trading must pause when the underlying stock is halted on its primary exchange. The proposed continuous trading schedule is therefore subject to that limit: token trading would not bypass an exchange suspension affecting the conventional shares.
Perpetuals identifies regulatory developments and market conditions among the factors that could affect implementation. Its stated timetable depends on the venue notice and framework conditions, with the start of trading remaining a planned milestone rather than a completed rollout.