Will IPOs Move On-Chain? CZ Says Yes, and the Infrastructure Says Already

Binance founder Changpeng Zhao expects initial public offerings (IPOs) to move on-chain. His call lands at a point where on-chain IPOs already run on live, regulated infrastructure.

Zhao gave no timeline and no details. However, the plumbing he described already works, and the first deals have gone through. For investors, three things change, and one important thing does not.

What On-Chain IPOs Change for Investors

IPOs will move on chain.

— CZ 🔶 BNB (@cz_binance) September 8, 2026

Access comes first. A tokenized offering can open to retail buyers on day one. Traditional allocations still run through institutions and accredited clients.

Timing comes second. Tokenized venues quote around the clock, so a listing no longer waits for an opening bell. Size comes third, because shares divide natively into small fractions.

Costs matter as well. Underwriters, lawyers and auditors take a slice of every traditional listing, and automation removes part of that chain.

Money is following the idea. Tokenized stocks now hold about $2.9 billion in on-chain value, according to rwa.xyz, up roughly 14% in a month. Grayscale names BNB Chain among the leading tokenized stock chains.

What Stays Exactly the Same

The format changes, the law does not. In January, the Securities and Exchange Commission (SEC) said that tokenizing a share leaves registration and disclosure duties intact.

Ownership deserves a closer read, though. Some listed products track a share price without granting shareholder rights, and the fine print decides that.

Established venues are moving too. The New York Stock Exchange filed a rule in April that took immediate effect. Tokenized versions of large-cap stocks may now trade beside conventional ones, settling the next day. In Europe, an exchange licensed under the bloc’s distributed ledger pilot regime hosted the first on-chain IPO that same month.

Liquidity is the open question. A tokenized listing can trade around the clock, yet thin order books still move prices hard.

Zhao has made several bold market calls this year. This one already has working examples behind it, so the open question is scale rather than feasibility. The next signal is whether a household-name issuer picks the same route.