Can a SPAC be tokenized — with voting and redemption rights on-chain?
Yes. A blank-check company can issue its shares as tokens from day one: holders vote from their wallets, redeem by burning the token, and watch the trust earn interest on-chain. Nobody has done it yet — every piece it needs already exists. This is how it works.
Text reviewed October 12, 2026
The short answer
- Yes. A SPAC can issue its shares as tokens itself, with an SEC-registered transfer agent keeping the register on-chain. Then the token is the share — with the vote and the redemption right.
- The wrapper tokens most people know (xStocks, Ondo) pass on neither right. That is how those products are built, not a limit of the technology.
- Redemption becomes simpler, not harder: the holder redeems, the token is burned, and their share of the trust — interest included — is paid out in dollars or USDC.
- The trust earns interest for the whole term, as every SPAC trust does today. On-chain it can sit in a tokenized government money fund, where anyone can check the balance and the yield every day.
A tokenized SPAC in six steps
- 1
Write the token into the charter
The sponsor forms the SPAC — usually in Delaware or the Cayman Islands — and its charter says the shares are recorded on a blockchain, how holders vote, how they redeem, and what the trust may hold.
- 2
Appoint a transfer agent that keeps the register on-chain
An SEC-registered transfer agent keeps the official shareholder register. Several already do this on public chains: the wallet that holds the token is the shareholder of record, with the same rights as any other.
- 3
Register the IPO and sell units at $10
The offering is registered with the SEC like any SPAC IPO. Investors pay in dollars or USDC and receive the share tokens (and warrants, if the units carry them) in a wallet whose owner has been identified once.
- 4
Put the trust to work
The proceeds go into the trust and earn interest until a deal or the deadline. Instead of T-bills held at a custodian, the trust can hold a tokenized government money fund: the balance, the daily yield and every movement are visible on-chain.
- 5
Vote on the deal — and redeem if you disagree
When the sponsor finds a target, holders vote from their wallets. Anyone who wants out redeems: the token is burned and their pro-rata share of the trust, with the interest earned, is paid out.
- 6
No deal by the deadline: everyone is paid back
If no business combination closes in time — usually 18 to 24 months under the charter, at most three years under exchange rules — the trust is wound down and every holder receives their share, automatically and at the same moment.
Where the trust could earn its interest
SPAC charters usually allow T-bills of 185 days or less and government money funds under Rule 2a-7. These are the tokenized treasury funds in our data, with today’s yield and whether they fit that wording.
| Token | Yield | Minimum | Fund type |
|---|---|---|---|
| BENJI Franklin Templeton | 3.47% | Low (Benji app) | Registered US government money fund (Rule 2a-7) — fits the usual charter wording |
| WTGXX WisdomTree | ~3.5% | Low (app-based) | Registered US government money fund (Rule 2a-7) — fits the usual charter wording |
| BUIDL BlackRock / Securitize | ~3.59% | $5M (institutional) | Private fund for qualified purchasers — not a 2a-7 fund |
| USTB Superstate / Invesco | ~3.38% (T-bill level) | Qualified purchasers (high) | Private fund for qualified purchasers — not a 2a-7 fund |
| OUSG Ondo Finance | ~3.53% | $5,000 | Private fund that holds money funds — not itself a 2a-7 fund |
JPMorgan’s tokenized money fund MONY, launched on Ethereum in December 2025, is a private fund with a reported $1 million minimum — usable only if the charter names it. All tokenized treasuries by yield →
Planning a tokenized SPAC?
TokenBank works on the structure: on-chain register, redemption by contract, and a trust held in a tokenized government money fund. Sponsors, transfer agents and counsel working on the same idea are welcome to get in touch.
Raising the sponsor’s own capital as a token: the vehicle, the contract and the costs →
Talk to us →Questions
Can a SPAC be tokenized?
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Yes. The SPAC issues its shares on-chain itself and appoints an SEC-registered transfer agent that keeps the register on a blockchain. The token is then the share, with voting and redemption rights.
Do token holders get to vote on the business combination?
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They do when the token is the share itself. The wallet is the holder of record, so it votes like any shareholder — directly on-chain or through the transfer agent. Wrapper tokens that only track a share price (xStocks, Ondo Global Markets) carry no vote.
How does redemption work with a token?
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The holder asks to redeem before the vote. The SPAC burns the token and pays out the holder’s pro-rata share of the trust, including the interest earned, in dollars or USDC. It replaces the usual chain of broker, DTC and transfer agent.
Does the trust earn interest for the full 24 months?
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Yes, that is standard: SPAC trusts hold T-bills of 185 days or less or government money funds, and the interest belongs to the holders. What is not fixed is the rate — rolling T-bills earn whatever short-term rates are. Locking a rate for the full term would take two-year notes, which most charters exclude to keep the SPAC clear of the Investment Company Act. Some charters also let the trust move to cash around month 24 for the same reason.
Which tokenized fund could hold a SPAC trust?
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One that matches the usual charter wording: a registered US government money fund under Rule 2a-7. Franklin Templeton’s BENJI (FOBXX) and WisdomTree’s WTGXX are such funds. BlackRock’s BUIDL, Superstate’s USTB, Ondo’s OUSG and JPMorgan’s MONY are private funds, so a charter would have to allow them expressly.
Has anyone launched a tokenized SPAC?
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Not that we know of. The pieces exist: companies already issue SEC-registered shares on-chain (Superstate’s Opening Bell), Swiss companies keep their share register as tokens (Aktionariat), and Securitize — the platform behind BlackRock’s BUIDL — is itself going public by merging with a SPAC, Cantor Equity Partners II.
Sources
- Typical SPAC trust terms: Treasuries of 185 days or less or Rule 2a-7 money funds (SEC filing, G Squared Ascend II 10-Q)
- Moving the trust to cash at the 24-month mark (SEC filing, IX Acquisition Corp. 10-K)
- Securitize to go public via SPAC merger with Cantor Equity Partners II (CNBC)
- JPMorgan launches the MONY tokenized money fund on Ethereum (InvestmentNews)
This guide describes how such a structure works and is not an offer of any security. The details of a SPAC are set by its charter, its registration statement and its counsel.