Gemini Introduces Tokenized Strategy Shares in Europe

The cryptocurrency exchange Gemini has granted traders in the EU access to tokenized shares of American companies. The first blockchain product offered is the shares of Michael Saylor’s Strategy.

Tokenized stocks have arrived.

Our customers in the EU can now buy tokenized Strategy (MSTR) on Gemini and take it anywhere onchain. ??

We are starting with MSTR and will be rolling out more tokenized stocks and ETFs in the coming days. pic.twitter.com/uSJx9NRIok

— Gemini (@Gemini) June 27, 2025

MSTR is represented as ERC-20 standard tokens, issued on the Arbitrum second-layer Ethereum network.

According to a statement, the offering will soon expand to include shares of exchange-traded funds and other instruments.

Gemini highlighted the key advantages of tokenized products:

• the possibility of fractional ownership;
• near-instantaneous 24/7 settlements on a single platform;
• enhanced access to the highly liquid American market.

The exchange implemented the initiative in partnership with the tokenization platform Dinari. 

The service offers so-called dShares exclusively to users outside the United States. However, during the Permissionless conference, the company’s business director, Anna Wroblewska, confirmed to Blockworks that Dinari Securities, a subsidiary, has received approval from FINRA for broker-dealer activities in the United States. 

The company plans to enter the U.S. market in the third quarter of 2025. 

RWA Market Grows Rapidly, But Not Due to Stocks

According to a report by CoinGecko, from January 2024 to April 2025, the RWA segment’s volume increased by over $100 billion to a historic high of ~$233 billion. 

However, the contribution of tokenized stocks to this figure was minimal—$11.4 million. Although the offering expanded by an impressive 287% during the period.

Backed Finance and Dinari dominate the market with shares of 77% and 23%, respectively. Experts anticipate further growth, linking its prospects primarily to plans by Kraken regarding tech giant stocks and Coinbase concerning its own shares.

The RWA market remains anchored by US dollar-pegged stablecoins. Their total capitalization reached $225 billion in April.

In the corridors of Permissionless, CoinFund President Christopher Perkins stated that the boom in the “stablecoin” segment could trigger a “DeFi collapse.” In his view, asset holders will seek income opportunities in blockchain alternatives to the traditional financial market. Tokenized stocks could be a major avenue for new capital inflow, Perkins believes.

Inversion founder Santiago Santos also forecasts an influx of funds into the segment due to the expansion of on-chain access to the U.S. stock market for new investors from jurisdictions where it is restricted, such as China. Part of the inflow will come from funds previously directed to other sectors like L1 blockchains or meme tokens, the entrepreneur added.

Back in the wake of the successful IPO of USDC issuer Circle, experts warned of a potential bubble in the “stablecoin” market.

Specialists from the Bank for International Settlements described stablecoins as “unreliable money” that do not meet key parameters.