tZERO: A Look Back and a Leap Forward

2025 was a pivotal year for tZERO and the tokenization space. The year when tZERO recommitted itself as a leader in tokenization infrastructure and – with real execution – catalyzed brand momentum, strategy and operational footprint. The year when tZERO lived up to its values – Digital First and Always, Speed, Results, Innovation & Transparency and Community & Trust. The year when tZERO drove home its reset vision to redefine how capital is raised, traded and owned by bridging traditional finance and Web3 through compliant, interoperable and multi-asset digital rails, leveraging a network of partnerships to drive supply, demand/liquidity, global convergence, and DeFi connectivity.

Tokenization is the great unifier. Like what the internet did for data, tokenization tears down silos and creates a unified connective tissue for financial markets. It makes asset types interoperable and thereby unlocks trapped liquidity, bridges borders, converges TradFi and DeFi and user experiences and serves as a vehicle for AI automation. This shared digital language for assets, platforms and geographies, coupled with the efficiency and transparency of single database and smart-contract architecture and the customization that turns financial assets into experiences, is the category killer.

tZERO sits at the heart of the tokenization transformation, operating a fully integrated, regulated stack covering issuance, trading, settlement, and on-chain custody, as part of an expanding multi-asset and global 24/7 vision. This vision is community based. The technology, regulatory permissions, know-how and talent we developed are unmatched and serve as an easy plug-and-play solution for end-to-end support for institutional API partners who choose not to reinvent the wheel that we already built and want to work towards a less fragmented and open ecosystem for securities, real-world assets (RWAs) and other assets.

Unprecedented changes in US national politics fundamentally changed the psychology around digital asset innovation. 2025 was marked by maturation of the industry and a shift from advocacy, R&D and monoasset focus on crypto to convergence – of assets, venues, rails, and regulation – and a shift from monoasset focus on crypto and artisanal use cases to demand for asset, protocol and geography agnostic infrastructure that can support a range of use cases. This makes for a rare opportunity set uniquely made for us with TradFi reshaping how markets operate and moving on-chain as it converges with crypto, private assets and other assets amidst a once-in-a-lifetime favorable US regulatory climate. Against this backdrop, tZERO is uniquely positioned for growth. tZERO’s operational trinity of Tokenize, Trade and Connect work together to bring every asset on-chain, deliver multi-asset platform access through integrated solutions, build beyond borders through our white label or API-driven global partnership network, and connects assets, investors, financial firms and on-chain infrastructure for seamless, follow-the-sun market access. Liquidity emerges where infrastructure is shared – not contained in walled gardens.

In September, tZERO appointed Alan Konevsky as CEO, marking a strategic inflection point. Under new leadership, tZERO reset its strategic vision and articulated a set of ambitious objectives for the remainder of the year, framed around themes of strategic partnerships and ecosystem development, driving supply and demand/liquidity on its platform, expanding beyond its US tokenized securities niche into a broader multi-asset footprint to drive asset interoperability and community, and, of course, doing so with transparency and accountability. The shift reinforced tZERO’s role not as a single venue – but as connective tissue across tokenized markets, particularly as tokenization shifts towards traditionally more liquid asset classes, such as public equities (having started and made its life much harder with fairly illiquid ones).

The shift has been marked with relentless execution, including:

• 24/7 order entry and extended ATS trading hours;
• Uphold and tZERO partnership to provide the regulated trading, clearing, and custody infrastructure;
• Partnerships with Polymath/Polymesh and collaborations with other Layer 1 and 2 protocols to support a multi-chain flywheel for the tZERO platform;
• A redesigned brand identity and website – not cosmetic changes, but indicators of organizational readiness;
• FINRA approval to be a mutual fund retailer;
• Fully tokenizing TZROP, a leading asset on our platform;
• Enhancing our sales and legal/regulatory executive bench and board composition;
• Launching On-ChainPass, a blockchain-based, tokenized investor passport;
• Launching Lynq, a real-time, interest-bearing settlement network, with our other launch partners;
• tZERO and Voatz partnering to launch a blockchain-based proxy voting system;
• Launching tZERO Connect, an API-first platform that enables integrations for institutions, broker-dealers, and fintechs;
• FINRA approval to support self-hosted wallets on the platform;
• tZERO and Alphaledger partnering to accelerate tokenization across public and private markets;
• Applying for CFTC licenses to unify a range of digital assets on a single, regulated platform;
• FINRA approval to trade corporate debt securities;
• Launched correspondent clearing for tokenized and conventional securities as a service to other broker-dealers;
• Launched Overstock and Buy Buy Baby IP branded securities;
• Launching a Private Market Auction platform to give private companies issuer-controlled liquidity solutions and a seamless path toward future tokenization;
• Partnering with crypto infrastructure provider zerohash to enable stablecoin and cryptocurrency funding for brokerage accounts, advancing its vision of a unified, regulated multi-asset platform that bridges traditional and digital finance;
• Working towards a potential public company footprint as part of public equities tokenization infrastructure development; and
• Partnering with Archax on cross-border initiatives in the US, UK and European markets.

Some of our objectives we fell short on, particularly around adding new assets to our platform in the short, post-transition timeframe. We won’t make excuses for this. Our mission in 2026 will be marked by a singular focus on assets, liquidity and monetization, underpinned by completing our multi-asset platform and technology build-out and continued relentless focus on marketing and industry footprint.

At the risk of being repetitive, we would like to head into the new year setting forth our strengths and growth proposition one last time:

• Leading end-to-end US broker-dealer platform and full-stack architecture for tokenized securities – issuance, trading, and custody – available to investors and infrastructure partners;
• Unmatched experience among broker-dealers in operating our own wallet and keys to custody tokenized securities;
• Unparalleled regulatory head-start – one of the most comprehensive regulated infrastructures in digital assets, built through years of regulatory and operational rigor;
• One of the most active regulated ATSs for tokenized securities in the US with proven track record;
• Regulatory compliance-first services – SEC- and FINRA-regulated broker-dealer, ATS and special purpose broker-dealer; pending CFTC licenses;
• Protocol, platform and asset agnostic – complementary to most industry participants, including through white-labeled “tZERO under the hood” connections;
• Digital Funding Rails – supports stablecoin/crypto account funding, bridging with Web3 liquidity;
• Multi-asset positioning – tokenized/public securities, derivatives and cross-chain interoperability;
• Global rails for tokenized securities through best of breed local partners (incl. Archax);
• Blockchain-related IP portfolio with early priority dates;
• Unmatched transparency and accountability in our DNA, with a digital-first seasoned team;
• Backed by leading institutions, including ICE, the owner of the New York Stock Exchange.

In early January, as we did with the post-reset 2025 period, we will talk to you about our specific objectives for the year. Until then, we thank you for your support and engagement and look to a year of commercial success and industry leadership.

Happy New Year.

Alan and the tZERO Team

About tZERO

tZERO Group, Inc. (tZERO) and its broker-dealer subsidiaries provide an innovative liquidity platform for digital securities. We offer institutional-grade solutions for issuers looking to digitize their capital table through blockchain technology, and make such equity available for trading on an alternative trading system. tZERO, through its broker-dealer subsidiaries, democratizes access to private assets by providing a simple, automated, and efficient trading venue to broker-dealers, institutions, and investors. All technology services are offered through tZERO Technologies, LLC. For more information, please visit our website.

About tZERO Digital Asset Securities, LLC

tZERO Digital Asset Securities, LLC is a broker-dealer registered with the SEC and a member of FINRA and SIPC. It is the broker-dealer custodian of all digital asset securities offered on tZERO’s online brokerage platform. It operates in accordance with the SEC’s statement, dated December 23, 2020, regarding the Custody of Digital Asset Securities by Special Purpose Broker-Dealers. Digital asset securities may not be “securities” as defined under the Securities Investor Protection Act (SIPA) – and in particular, digital asset securities that are “investment contracts” under the Howey test but are not registered with the Securities and Exchange Commission are excluded from SIPA’s definition of “securities” – and thus the protections afforded to securities customers under SIPA may not apply. More information about tZERO Digital Asset Securities may be found on FINRA’s BrokerCheck.[7] [8] [9]

About tZERO Securities, LLC

tZERO Securities, LLC is a broker-dealer registered with the SEC and a member of FINRA and SIPC. It is the operator of the tZERO Securities ATS. More information about tZERO Securities may be found on FINRA’s BrokerCheck.

Investor Notice

Digital asset securities, as well as any particular investment, may not be suitable or appropriate for everyone. Investors should note that investing or trading in securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, and no assurance of liquidity which could impact their price and investor’s ability to sell, and possible loss of principal invested. There is always the potential of losing money when you invest in securities. There are also unique risks specific to digital asset securities, including, without limitation, fraud, manipulation, theft, and loss.

No Offer, Solicitation, Investment Advice or Recommendations

This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by tZERO or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

Forward-Looking Statements

This release contains forward-looking statements. In addition, from time to time, tZERO, its subsidiaries, or its representatives may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which is derived from currently available information. Such forward-looking statements relate to future events or future performance, including financial performance and projections; growth in revenue and earnings; and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including, without limitation: the ability of tZERO and its subsidiaries to change the direction; tZERO’s ability to keep pace with new technology and changing market needs; performance of individual transactions; regulatory developments and matters; and competition. These and other factors may cause actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this release and other statements made from time to time by tZERO, its subsidiaries or their respective representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions. tZERO, its subsidiaries, and its representatives are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this release and other statements made from time to time by tZERO, its subsidiaries or its representatives might not occur.