In the shadowed corridors of regulatory evolution, F/m Investments has thrust a $6B on-chain Treasury ETF into the spotlight with its January 21,2026, SEC exemptive application. This move targets the F/m US Treasury 3 Month Bill ETF (TBIL), seeking to etch ownership records onto a permissioned blockchain while preserving every shareholder right intact. Tokenized shares under the same CUSIP promise seamless integration across traditional brokerages and digital-native platforms, marking a pivotal test for SEC tokenized ETF approval 2026.
The filing stands out as the first from an ETF issuer explicitly chasing relief for tokenized shares of a registered investment company. F/m underscores regulatory fidelity: independent board oversight, daily transparency, third-party custody, and rigorous audits remain unaltered. TBIL’s core mechanics; investment objective, portfolio, index tracking, and exchange-traded status; stay firmly within Rule 6c-11 of the Investment Company Act of 1940. This isn’t reinvention; it’s augmentation, layering blockchain settlement atop proven infrastructure.
Unpacking the Permissioned Blockchain Play
F/m’s choice of a permissioned ledger signals strategic caution amid SEC scrutiny. Unlike public chains buzzing with crypto volatility, this controlled environment aligns with TradFi’s risk appetites, enabling atomic settlements and 24/7 access without upending custody norms. Tokenized TBIL shares would mirror their non-token counterparts in economics, fees, and voting, eliminating dual-class headaches. Investors could toggle between legacy rails and token-aware wallets, fostering liquidity pools that span ecosystems.
Consider the on-chain mechanics: ownership tokenized as digital bearer instruments, transferable via smart contracts yet redeemable through standard ETF creation/redemption. This hybrid model sidesteps the ‘new asset’ pitfalls that have stalled prior tokenization bids, positioning TBIL as a blueprint for the F/m Investments tokenized Treasury ETF surge.
TBIL’s Fortress-Like Foundation
With $6 billion in assets, TBIL embodies stability in a sea of speculative bets. The ETF tracks 3-month U. S. Treasury bills, delivering yields tethered to short-term rates while dodging duration risk. In a 2026 landscape of persistent inflation whispers and Fed pivots, TBIL offers ballast for portfolios chasing yield without equity roulette. Its AUM growth underscores demand: conservative allocators piling in for T-bill purity, now eyeing blockchain efficiency.
On-chain data hints at untapped potential. Permissioned ledgers could unlock granular ownership analytics, real-time NAV attestations, and programmable dividends; all while F/m retains Rule 6c-11 compliance. For commodities traders like my former self, this resonates: Treasuries correlate inversely with crypto drawdowns, and tokenizing TBIL could supercharge cross-chain diversification strategies.
Bridging TradFi and On-Chain Realms Strategically
Approval here ripples beyond F/m. As a test case for the $6B on-chain Treasury ETF, it could greenlight a wave of tokenized products, from equities to alts. Imagine ETF suites where shares fluidly migrate to DeFi yield farms or collateralize on-chain loans, all SEC-blessed. Yet nuance tempers optimism: permissioned chains limit decentralization purists, and SEC timelines stretch unpredictably.
F/m’s $18B total AUM lends credibility, but execution hinges on ledger interoperability. Will it sync with emerging standards like ERC-3643 for compliant tokens? Strategic investors should monitor for interoperability clauses in updates. This filing isn’t mere hype; it’s a calculated pivot, blending blockchain’s speed with Treasury’s sanctuary.