“Tokenization Is Going to Eat the Entire Financial System” Says Robinhood CEO
Jason Dussault
Chief Executive Officer, Co-Founder
Blog
8 min read
This Post is disseminated on behalf of Intellistake Technologies Corp.
When Vlad Tenev said that tokenization would eventually “eat the entire financial system,” 1it sounded like one of those lines designed to stir debate rather than describe a timetable.
A few weeks into 2026, that comment feels less provocative and more descriptive. Not because anything dramatic has happened overnight, but because a series of quiet, procedural steps have continued to stack up behind the scenes.
None of it feels rushed. But none of it feels accidental either.
Nasdaq Moves Tokenization Into the Main Market
Back in September 2025, Nasdaq filed a rule change asking the U.S. Securities and Exchange Commission for approval to let listed stocks and ETFs trade in tokenized form2.
At the time, it was easy to see that as a long-dated idea.
But, what made it feel relevant again was Nasdaq’s messaging in December, where its digital assets leadership described securing SEC approval for tokenized equities as a top priority, stating the exchange would move “as fast as we can” within the regulatory process3.
This wasn’t framed as a new product. Nasdaq was also clear that tokenized shares would be the same securities, using the same ticker and CUSIP, with the same voting and dividend rights, just delivered in a different technical wrapper2.
Same Order Book, Same Rights
Under the proposal, tokenized and non-tokenized shares would trade in the same order book, follow the same execution rules, and carry identical shareholder protections. Investors would simply choose, trade by trade, how settlement occurs.
As Carlton Fields noted in a January commentary on the proposal:
“If the SEC presses play, tokenized trading could go live by late 2026”.4
Nasdaq itself has described this as an evolutionary step, closer to the shift from paper certificates to electronic shares than any attempt to remake finance.
Larry Fink on CNBC: “It Wasn’t One Thing”
Around this time, Larry Fink was speaking on CNBC about BlackRock’s quarterly results, and the way he described them felt telling.
“What really identified us… was the breadth of where we grew,” Fink said, explaining that performance wasn’t driven by a single product or region, but by cash, systematic equity strategies, AI-based equity teams, ETFs, private markets, and investment technology all moving together5.
In commentary published in The Economist and on BlackRock’s website, Larry Fink and COO Rob Goldstein compared tokenization to the early internet, arguing it could reshape finance in much the same way6.
“Ledgers haven’t been this exciting since the invention of double-entry bookkeeping,” they wrote, pointing to roughly,
300% growth in tokenized real-world assets over the past 20 months6.
Much of it is happening quietly.
Their view isn’t that tokenization replaces the existing system, but that it acts as a bridge; modernising how assets like stocks and bonds are recorded and settled, in a way that feels early, fast-moving, and easy to underestimate until it’s everywhere5.
Where This Was Reinforced, Not Discovered
I’ve been around this space long enough to know that views usually form well before they become popular. We built Intellistake around the idea that tokenization would eventually need to function inside real market infrastructure, not outside it.
One point that sticks out to me–myself and Gregory–being at Token2049 in Singapore, my view didn’t change…
But, what stood out was how many conversations pointed in the same direction; settlement, compliance, custody, governance and how little time was spent debating whether tokenization belongs at all.
Different backgrounds, different incentives, but a shared understanding that infrastructure is where this either works or doesn’t. That’s the layer Intellistake has always focused on, and it was reassuring to hear others arriving at similar conclusions through their own paths.
A Shift Measured in Process
So, taken together these developments don’t read like a dramatic turning point. They read like coordination. A rule filing in September. Reinforced priorities in December. Regulatory permissions quietly granted. Asset managers talking about infrastructure instead of hype.
That’s typically how large changes in finance take shape — not through a single moment, but through a period where the groundwork is laid piece by piece, largely out of view.
There has been significant volatility in digital assets and their value can decline rapidly, which in turn would lead to a decline in the stock price of companies holding digital assets. Intellistake is a start-up that does not have the same access to capital as other larger more established companies.
Intellistake has just commenced operating its business and is at an early stage of development. Intellistake is entering this space by acquiring and operating blockchain validator hardware that supports AI networks and investing in AI-related digital tokens to primarily operate validator hardware.
Intellistake is reliant on Orbit AI for the financing and technical execution of the planned satellite launches. Intellistake’s involvement is limited to providing the validator and node infrastructure. The amount of any future revenues or benefits that may accrue to Intellistake has not yet been determined.
Intellistake is presently evaluating the regulatory framework for tokenization. Any tokenization will be subject to it being completed in compliance with applicable law, regulatory requirements and terms of any underlying agreements associated with the underlying assets. The actual structure of such tokenization, the assets that would be subject to tokenization, and the associated timeline, have not yet been determined. Intellistake will provide further updates as material developments related to this tokenization strategy occur.
Intellistake is developing custom AI software systems called "AI Agents" for businesses. It recently announced the development of IntelliScope, a newly designed enterprise artificial-intelligence (AI) suite that applies decentralized AI technologies to deliver transparent and verifiable corporate intelligence. IntelliScope, which is in testing, is being publicly introduced as Intellistake's enterprise AI suite, reflecting the Company's focus on advancing practical applications of decentralized AI technologies.
The IntelliScope suite is being developed as a collection of modular AI agents, each intended to address specific enterprise challenges. Development has advanced through internal closed testing, where functionality is being refined and validated. Built to leverage decentralized AI technologies developed within the ASI Alliance FET token ecosystem, IntelliScope is now preparing to move into closed beta testing with an enterprise client, a phase focused on gathering feedback to shape premium features and expand real-world use cases.
The Company intends to deliver these solutions either as one-time projects or ongoing subscription services. Revenue is expected to come from implementation fees and monthly subscription payments. The Company does not presently have any customers. Intellistake is just commencing operations. It is targeting significant growth but its business is subject to several risks related to general business, economic and social uncertainties; the sufficiency of cash to meet liquidity needs; legislative, political and competitive developments; the inherent risks involved in the digital currency and general securities markets; the volatility of digital currency prices and the additional risks identified in the "Risk Factors" section of the Company’s filings with applicable securities regulators. Intellistake has not yet developed or commercialized its AI solutions.
Completion of the Singularity Venture Hub (“SVH”) acquisition remains subject to completion of satisfactory due diligence, the negotiation, and execution of a definitive agreement ("Definitive Agreement") that will include representations, warranties, covenants, indemnities, termination rights, and other provisions customary for a transaction of this nature, no objection from the Canadian Securities Exchange, and shareholder approval of SVH, if required.
This report contains "forward-looking information" concerning anticipated developments and events related to the Company that may occur in the future. Forward looking information contained in this report includes, but is not limited to, all statements in respect of the Company's growth and development, the operations and business segments of the Company, support for decentralized AI and blockchain networks, the details of the collaboration with Orbit AI and its expected benefits; the Company’s contributions towards the collaboration with Orbit AI; the timelines for Orbit AI’s operation; and Intellistake’s strategy to support tokenized, decentralized AI infrastructure.
In certain cases, forward-looking information can be identified by the use of words such as "expects", "intends", "anticipates" or variations of such words and phrases or state that certain actions, events or results "may", "would", or "might" suggesting future outcomes, or other expectations, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this report is based on certain assumptions regarding, among other things, the Company and Singularity Venture Hub (“SVH”) are satisfied with their respective due diligence; the Company and SVH enter into a definitive agreement for the transaction; the Company and SVH satisfy all conditions necessary to close the proposed transaction; the Company will continue to have access to financing until it achieves profitability; the Company is able to raise sufficient financing to complete the announced investment into Orbit AI; obtaining the necessary regulatory approvals; the technology and blockchain industries in which the Company intends to focus its business in will grow at the rate and in the manner expected; the ability to attract qualified personnel; the success of market initiatives and the ability to grow brand awareness; the ability to distribute Company's services; the Company creates strategies to mitigate risks associated with cryptocurrency price fluctuations; the Company and SVH remain compliant with all applicable laws and securities regulations and applicable licensing requirements; the Company engages and collaborates with local experts, as necessary, to address jurisdiction-specific matters and ensures compliance with foreign regulations to avoid penalties; the Company addresses any potential cybersecurity threats promptly and effectively; the ability of the Company to develop its technology, acquire customers and have revenue; the ability to successfully deploy the new business strategy as a result of the change of business. While the Company considers these assumptions to be reasonable, they may be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed by the forward-looking information. Such factors include risks related to general business, economic and social uncertainties; the Company fails to raise sufficient financing to complete the announced investment into Orbit AI; Orbit AI is unable to raise sufficient financing to complete its launch of satellites on the timelines proposed or at all; technical risks associated with Orbit AI’s planned operations; failure of the Company and SVH enter into a definitive agreement for the transaction; failure of the Company and SVH to satisfy all conditions necessary to close the proposed transaction; failure to raise the capital necessary to fund its operations; inability to create strategies to mitigate the risks associated with cryptocurrency price fluctuations; the costs of regulation in the digital asset industries increase to the extent that the Company is no longer generating sufficient returns for shareholders; failure to promptly and effectively address cybersecurity threats; insufficient resources to maintain its operations on a competitive basis; and the actual costs, timing and future plans differs expectations; legislative, environmental and other judicial, regulatory, political and competitive developments; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company's operations; the Company's success may depend on the continued involvement of key personnel, including advisors, whose involvement cannot be guaranteed; institutional adoption of decentralized AI infrastructure remains uncertain and may not occur at the pace or scale anticipated; evolving regulatory frameworks, including those related to AI (such as Canada's proposed Artificial Intelligence and Data Act), may impose additional compliance burdens or restrict certain business activities; valuation figures are based on publicly available market data and internal assessments at the time of the referenced transactions and may not reflect current or future valuations; the volatility of digital currency prices; the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties; delay or failure to receive regulatory approvals; failure to attract qualified personnel, labour disputes; and the additional risks identified in the "Risk Factors" section of the Company's filings with applicable Canadian securities regulators.
Although the Company has attempted to identify factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause results not to be as anticipated. Readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this report. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update forward-looking information.
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