Tokenization company tZERO intends to launch a public offering via a business combination with special purpose acquisition company FG Imperii Acquisition Corp. (FGII), bringing its distributed ledger securities technology to the United States public equities market.
As outlined in a press statement released to CoinDesk on Monday, the agreement assigns tZERO an enterprise valuation of $350 million. Depending on expense deductions and shareholder redemptions, the agreement has the potential to deliver up to $231 million in cash from the SPAC trust.
The newly formed entity aims to list on the NYSE American exchange under the stock symbol TZRO.
This move unfolds as asset management firms and traditional financial institutions increasingly adopt tokenization, investigating methods to integrate equities, debt instruments, and investment funds onto distributed ledgers. Citigroup estimates that the sector could expand to $5.5 trillion by the year 2030, which elevates the demand for the foundational systems required to issue, exchange, and clear these financial instruments.
Operating within the ledger-based security sectors since 2014, tZERO entered the space long before the current trend of institutional tokenization initiatives. Its licensed operational arms offer broker-dealer, trading, record-keeping, and transfer agent solutions for digital assets. Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), stands as one of tZERO’s financial backers and appointed the organization as a primary design collaborator for the NYSE’s distributed ledger securities trading network.
“Domestic and international financial institutions are seeking to deliver tokenized services independently under their own enterprise identities while maintaining oversight of client connections, and tZERO supplies the comprehensive backend framework that powers those services,” Chief Executive Officer Alan Konevsky shared with CoinDesk. “We anticipate that this proposed arrangement will expand our financial resources, allowing us to accelerate the expansion of our Infrastructure-as-a-Service architecture.”
Additionally, the enterprise maintains over 100 distributed ledger patents that address tokenized assets and financial market frameworks. These intellectual property assets have sparked friction, given that tZERO is currently engaged in a patent infringement lawsuit with competitor tokenization enterprise Securitize (SECZ).
Current equity holders of tZERO are anticipated to preserve their ownership stakes within the merged corporation, and backers holding approximately 62% of the fully diluted equity have executed commitments in favor of the arrangement.
Subject to clearance from regulators and equity holders, the transaction is projected to finalize during the early months of 2027, according to the enterprise. Konevsky is anticipated to continue leading the organization as CEO.
Originally published at https://www.coindesk.com/business/2026/11/01/tokenization-firm-tzero-plans-to-go-public-in-usd350-million-spac-deal.
