Multiple executives in the cryptocurrency sector have pointed out that the Digital Asset Treasury (DAT) company, which puts stocks on the blockchain, is amplifying risks for both investors and its own business.
Kadan Stadelmann, CTO of the decentralized exchange Komodo, told Cointelegraph: “On-chain markets operate 24/7 without closing, while traditional stock markets have fixed trading hours.”
When on-chain prices experience wild fluctuations during the off-hours of traditional markets, treasury companies that have issued tokenized stocks and traditional stocks may face the risk of being subject to a flash crash, with no time to hedge or stabilize prices. This systemic risk is known as "liquidity gap risk" in the world of crypto assets.
Stadelmann added that vulnerabilities in smart contract code or hacker attacks could not only jeopardize the underlying funds held by crypto treasury companies but also affect tokenized stocks, further amplifying the risks. Kanny Lee, CEO of the decentralized exchange SecondSwap, stated:
“Tokenizing DAT equity is akin to layering another synthetic asset on top of a synthetic asset. Investors face dual risks—on one hand, exposure to the high volatility of treasury crypto assets, and on the other, dealing with the complexities of corporate equity, governance, and securities law. This adds a significant amount of risk on top of already volatile assets.”
Tokenized stocks are gradually gaining popularity, with dozens of companies now issuing tokenized shares, while the U.S. Securities and Exchange Commission (SEC) is also exploring 24/7 capital markets. However, due to a lack of clear legal definitions, tokenized stocks remain in a regulatory gray area.
The SEC is exploring blockchain-based stock trading to modernize traditional trading systems, which close at night, on weekends, and during holidays, while also having longer settlement cycles, whereas digital asset technology can enable instant settlement.
SEC officials are evaluating plans to allow regulated retail crypto exchanges to offer tokenized stock trading to U.S. customers.
Traditional stock exchanges like Nasdaq and the New York Stock Exchange (NYSE), which primarily focus on tech stocks, are also pushing to extend trading hours to keep pace with the around-the-clock trading rhythm of the crypto market.
Nasdaq announced in March plans to offer trading five days a week, 24 hours a day, and aims to launch extended trading hours in the second half of 2026.
Related: Report: Blockchain Network Revenue Decreased by 16% in September
Original: “Crypto Executives: Tokenizing DAT Stocks Increases Investor Risk”
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