Inside Securitize's $1.25B Nasdaq SPAC and Pacific Stock Transfer Acquisition | Billy Miller

Jan 29, 2026

Billy Miller, COO of Securitize, a transfer-agency veteran who led the Pacific Stock Transfer acquisition. He explains how transfer agents moved from back-office role to on-chain infrastructure. Topics include the Exodus tokenization milestone, why early tokenization focused on the wrong assets, 24/7 trading and DeFi utility, institutional standards, and a five-to-ten year shift to tokenized markets.

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INSIGHT

Tokenization Is A Ledger Swap

Tokenization is simply using a different ledger to track securities ownership, replacing legacy record-keeping with blockchain where appropriate.
Transfer agents remain the official record keepers and can adopt blockchain as a more efficient ledger while keeping regulatory responsibilities.

ANECDOTE

First Exposure Through Issuers' Crypto Requests

Billy first encountered tokenization when issuers asked his transfer agency to pay crypto dividends and issue tokens in 2020.
He found Securitize as the first registered digital-only transfer agent and pursued partnership leading to acquisition.

ANECDOTE

Exodus Offering Proved Tokenization Works

The Exodus Reg A+ token issuance was Billy's "aha" moment showing regulated tokenization can scale via an app and wallet flow.
Thousands of tokens issued directly to consumer wallets proved the model worked and simplified investor experience.

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