Gemini Launches Tokenized Stocks in Europe with Strategy Shares

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

MSTR shares are represented as ERC-20 tokens issued on the Ethereum layer two network, Arbitrum.

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

Gemini highlighted the key advantages of tokenized products:

The exchange executed this initiative in collaboration with the tokenization platform Dinari.

The service provides what are known as dShares exclusively to users outside the United States. However, during the Permissionless conference, the company’s Chief Business Officer, Anna Wroblewska, confirmed to Blockworks that Dinari Securities has received approval from FINRA to operate as a broker-dealer in the United States.

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

As per CoinGecko’s report, from January 2024 to April 2025, the volume of the Real World Assets (RWA) segment increased by over $100 billion, reaching a historic high of approximately $233 billion.

However, the contribution from tokenized stocks was minuscule, standing at $11.4 million, despite a significant 287% growth in the offering during the same period.

Backed Finance and Dinari dominate the market with shares of 77% and 23%, respectively. Experts suggest further growth, linking its prospects primarily to Kraken’s plans concerning shares of tech giants and Coinbase’s ambitions around its own stocks.

Dollar-pegged stablecoins remain the foundation of the RWA market, with a total market capitalization reaching $225 billion by April.

At the Permissionless conference, CoinFund President Christopher Perkins stated that the boom in the stablecoin segment could potentially lead to a «DeFi downturn.» He believes that asset owners will seek income-generating opportunities in blockchain alternatives to the traditional financial market, with tokenized stocks being a primary avenue for new capital influx.

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

It is worth noting that following the successful IPO of USDC issuer Circle, experts have warned of a potential bubble in the stablecoin market. Analysts from the Bank for International Settlements have labeled stablecoins as «unreliable money,» stating they do not meet key criteria.