Perpetuals.com (PDC), a Nasdaq-listed fintech led by CEO Patrick Gruhn, a former FTX Europe executive, has filed notice to run a tokenized securities venue under the SEC's five-year innovation exemption. It is the second company to pursue this route, after the OKX–ICE joint venture OKXICE, which recently filed plans for round-the-clock trading of more than 60 tokenized U.S. stocks. The exemption requires tokens to carry the same shareholder rights as ordinary shares, including dividends and voting, and gives companies 30 days to object to their shares being traded. Trading would run through permissioned AMM liquidity pools on Kronos X Public, pairing tokenized stocks with USDC, and could start in mid-November at the earliest, though no firm date is set. The firm reported $65.2 million in total assets at the end of April and a $17.6 million net loss for its fiscal year.
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