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French blockchain-based stock exchange Lightning Stock Exchange (Lise) is preparing to host what it describes as a fully onchain initial public offering (IPO), listing aerospace and defense SME ST Group as its inaugural company.
The company called the deal the first IPO on a natively tokenized exchange, where shares are issued and traded as digital tokens rather than recorded through traditional market infrastructure, according to a Thursday announcement shared with Cointelegraph.
CEO Mark Kepeneghian said it could fundamentally change “how markets are built, how companies raise capital, and how investors connect to the real economy.”
The IPO is scheduled for April 9 and is being structured with support from Allinvest Group, acting as both financial adviser and bookrunner. The platform introduces a first-come, first-served allocation for IPO orders and removes subscription and custody fees.
The IPO will test whether tokenized issuance can solve real capital market problems for smaller companies, rather than simply showcase blockchain-based market plumbing. Tokenized securities have <a href="https://cointelegraph.com/news/midas-raises-50-million-instant-liquidity-layer" rel="noopener noreferrer nofollow">long struggled with liquidity,</a> investor access and <a href="https://cointelegraph.com/news/eu-tokenization-dlt-pilot-rules-risk-pushing-onchain-markets-us" rel="noopener noreferrer nofollow">regulatory friction</a>, and it remains unclear whether a new venue can attract meaningful trading activity or operate smoothly at scale.
Related: <a href="https://cointelegraph.com/news/nyse-securitize-24-7-tokenized-securities-platform" rel="noopener noreferrer nofollow">NYSE taps Securitize for 24/7 tokenized securities platform</a>
<h2 id="lise-secures-license-from-french-regulators">Lise secures license from French regulators</h2>
Lise said it holds multiple regulatory approvals, including an investment firm license from the French Prudential Supervision and Resolution Authority and a DLT Pilot Regime authorization from the European Securities and Markets Authority, allowing it to run trading and settlement on blockchain infrastructure, a company spokesperson told Cointelegraph.
Cointelegraph previously reported that the European Commission had proposed <a href="https://cointelegraph.com/news/ecb-stablecoins-tokenized-deposits-central-bank-money" rel="noopener noreferrer nofollow">extending the DLT Pilot Regime</a> as part of broader efforts to support tokenized financial markets in Europe.
“Lise operates both a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) within a single unified platform, built natively on Hyperledger Besu (a private, permissioned blockchain),” the spokesperson said, adding that shares issued on Lise are born as security tokens on the DLT. “The DLT is the golden source for the securities registry,” they said.
Related: <a href="https://cointelegraph.com/news/franklin-templeton-ondo-to-launch-tokenized-etfs-with-24-7-trading-via-crypto-wallets" rel="noopener noreferrer nofollow">Franklin Templeton, Ondo to launch tokenized ETFs with 24/7 trading via crypto wallets</a>
<h2 id="tokenized-stocks-near-1-billion">Tokenized stocks near $1 billion</h2>
Investor demand for blockchain-based tokenized stocks is picking up, with total market value nearing the $1 billion mark. Tokenized equities reached about $941 million in total value, up 2.4% over the past 30 days, <a href="https://app.rwa.xyz/stocks" rel="noopener noreferrer nofollow">according</a> to data from RWA.xyz.
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d4e5d-7c5e-754f-abac-e306fcf3d0b8.PNG" alt="Lise to host tokenized IPO for French defense supplier ST Group">
 <figcaption>Demand for tokenized stocks picking up. Source: <a href="https://app.rwa.xyz/stocks" rel="noopener noreferrer nofollow">RWA.xyz</a>
 </figcaption>
</figure>
Activity has grown sharply in some areas. Monthly transfer volume jumped 85% to $2.94 billion, while the number of holders climbed 17% to more than 201,000.
Magazine: <a href="https://magazine.cointelegraph.com/bitcoin-7-years-upgrade-post-quantum-bip-360-co-author/" rel="noopener noreferrer nofollow">Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author</a>

Lise to host tokenized IPO for French defense supplier ST Group

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