Former New York Stock Exchange president Stacey Cunningham is pushing an issuer-focused approach to tokenized shares after joining digital asset platform Bullish as president. Her strategy centers on giving listed companies control over tokenized stock, rather than developing products without their participation.
According to CoinDesk, 56 of 62 companies selected for a proposed tokenized-stock venue backed by OKX and Intercontinental Exchange had objected by November 6. The group included Apple, Amazon and Tesla, highlighting concerns about tokenization.
"There's a lot of synthetic tokenization happening. Issuers are not part of those conversations," Cunningham told CoinDesk.
The objections do not necessarily reject blockchain technology. Instead, they expose disagreements over shareholder rights, issuer consent and how ownership is represented.
Bullish plans to acquire transfer agent Equiniti for USD 4.2 billion, with completion expected in January 2027, subject to regulatory approval. Equiniti maintains relationships with nearly 3,000 corporate issuers and more than 20 million shareholders.
Transfer agents manage ownership records, connecting shares with blockchain infrastructure. Bullish intends to combine those capabilities with its exchange, custody and automated market-making services.
"I think the interesting thing about Bullish is we really have all the puzzle pieces, because we have an exchange, the transfer agent coming, the custodian, an AMM, their indices," Cunningham said.
Bullish tokenized its own shares on Solana earlier in 2026. In October, it demonstrated the transfer of 61 million reserved tokenized shares administered by Equiniti during a New York Stock Exchange event.
The company also identified Ethereum and Aptos alongside Solana as potential networks, offering issuers blockchain choices.
Cunningham believes tokenization could improve shareholder visibility, settlement efficiency and recordkeeping, although those advantages depend on legal structures and industry adoption.
"Once issuers see the value that tokenization delivers to them, I'm confident we'll see fast adoption," she said.
Bullish must now convert its technology and planned acquisition into attractive services amid regulatory uncertainty and resistance.
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