Netz disclosed the product would be one-to-one with crypto markets and redeemable onchain, structured as a security so protocols can pay revenue back to holders.
Posted June 17, 2026 at 5:30 pm EST.
On Wednesday’s episode of Uneasy Money, Luca Netz, CEO of Igloo Inc, the company behind Pudgy Penguins, disclosed that his firm has built a new financial instrument to list crypto tokens directly on the Nasdaq or the New York Stock Exchange.
“Nobody knows this, but I’ll share it on this podcast,” Netz told co-host Kain Warwick. The tokens would trade one-to-one with crypto markets and remain redeemable onchain.
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According to Netz, the structure would take the shape of a security; a designation he argues would let a protocol distribute revenue directly to token holders.
“The beauty about the structure is it’s actually defined as a security. And so you can get fees back to holders directly from the platform. So you can do distributions of the protocol’s revenue directly back to shareholders,” explained Netz.
He compared it to a cross between an IPO and an ICO built on traditional finance rails, with bulge-bracket banks such as Goldman Sachs and Morgan Stanley underwriting the raise, a process he pegged at $10 million to $20 million. He used Aave only as an example of a DAO token that could list, not as a confirmed deal.
Netz framed the instrument as an answer to the weaknesses of existing token-to-Wall-Street vehicles: exchange-traded funds carry fee drag, while digital asset treasury companies depend on trading at a premium to their net asset value. The disclosure came as the hosts debated Coinbase’s June 16 launch of 1:1-backed tokenized stocks, part of a broader race to bring equities onchain.
Netz said Igloo “spent a lot of money” developing the structure and had wanted to discuss it with Superstate, the Robert Leshner firm that already issues SEC-registered tokenized equities. The effort also lands as the SEC weighs an innovation exemption for tokenized stock trading.
For now, Netz offered no product name, launch date, or first listing, and called the project only “happening.” His characterization of the instrument as a security remains his own, not a settled regulatory determination.
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