ICE Invests in tZERO Funding Round for Tokenized Securities

Intercontinental Exchange (ICE), operator of the New York Stock Exchange, invested in tZERO’s latest funding round as the companies develop infrastructure for a planned NYSE-affiliated tokenized-securities platform.

Announced Sept. 14, the round was led by Marc and Max Cohodes, with participation from ICE, Bill Fleckenstein and Dinari. Neighborhood Intelligence made its commitment contingent on tZERO entering a binding deal involving a merger, an asset sale or a transfer of control.

The financing amount, valuation, security type and ownership stakes were not disclosed. The financing is part of a longer-term capital plan supporting tZERO’s infrastructure-as-a-service business for tokenized securities and other assets.

The investment follows an Aug. 31 memorandum of understanding between tZERO and ICE. Under the agreement, tZERO is expected to help design digital transfer-agent and broker-dealer infrastructure for on-chain settlement on ICE’s upcoming NYSE-affiliated platform.

ICE will receive a license to tZERO’s blockchain patent portfolio, which covers 23 patent families and 103 patents. The companies said they would evaluate whether tZERO’s tokenized assets could be used for collateral management at ICE clearing houses and other affiliates.

“Partnering with ICE to expand our breadth and reach to public equities is a natural step forward for our infrastructure-as-a-service offering,” tZERO Chairman and CEO Alan Konevsky said.

“This is my third investment round in tZERO over the last eight years,” Marc Cohodes said.

The planned platform has not been given a launch date, and trading has not been confirmed. tZERO’s expected status as an approved digital transfer agent and platform subscriber remains subject to regulatory, technology and operational requirements.

The company operates through subsidiaries that include an SEC-registered transfer agent and an SEC-registered broker-dealer. The broker-dealer operates the tZERO Securities alternative trading system.

ICE operates exchanges and clearing houses, including the NYSE. Its planned platform would connect blockchain-based settlement infrastructure with a market platform affiliated with the exchange.

The SEC issued a temporary, conditional “Innovation Exemption” on Sept. 17, 2026, allowing Tokenized Securities Venues to trade certain tokenized National Market System stocks through permissioned automated market makers and liquidity pools. The exemption expires five years after publication and includes symbol and volume limits, issuer protections, auditable smart-contract requirements and coordinated trading halts.

“tZERO’s experience in regulated on-chain infrastructure makes them a valuable partner,” ICE Vice President of Strategic Initiatives Michael Blaugrund said.