The End of IPOs? Tokenized Equities Push Markets Toward a New Model

The rapid rise of tokenized equities is forcing a rethink of one of Wall Street’s most established traditions: the initial public offering.

From an editorial perspective, the significance lies in how quickly this conversation has shifted from theory to plausible market structure. What was once a niche blockchain experiment is now being discussed as a potential replacement for IPOs themselves.

In a recent discussion highlighted by, industry veteran outlined a future in which companies may never need to go public in the traditional sense.

“I see a world with no more IPOs,” Kerbrat said, pointing to tokenized equities for private companies as a more flexible and efficient alternative.

As tokenized equities for private companies gain momentum, @JohannKerbrat says he sees a world with no more IPOs. 🤯

Here's why 👇 pic.twitter.com/ZnFuh8iL9K

— Laura Shin (@laurashin) December 21, 2025

How Tokenized Equities Could Replace IPOs

Tokenized equities allow ownership stakes in companies to be issued, traded, and settled on blockchain infrastructure. Unlike traditional public listings, these instruments can offer continuous liquidity, fractional ownership, and near-instant settlement.

For private companies, this model could bypass the costly and time-consuming IPO process altogether — avoiding underwriting fees, lock-up periods, and exposure to short-term public market volatility.

Instead of a single liquidity event, capital formation becomes ongoing, with access to global investors from day one.

What Comes Next for Capital Markets?

The shift toward tokenized equities raises fundamental questions: What defines a “public” company in a blockchain-native world? How will regulators adapt listing rules, disclosures, and investor protections?

While IPOs are unlikely to disappear overnight, momentum is clearly building toward alternative capital-raising models. As these innovations accelerate, the traditional IPO may increasingly look like a legacy solution — functional, but no longer dominant.

In that sense, the future of equity markets may not hinge on whether IPOs survive, but on whether they can evolve fast enough to remain relevant.