A new survey by Nickel Digital reveals that industry giants like BlackRock and State Street are driving the shift towards tokenised ETFs, despite existing hurdles in custody, distribution, and regulation. The move signals a potential structural change in how institutional investors approach digital assets.
According to research by Nickel Digital Asset Management, institutional investors and wealth managers are increasingly convinced that tokenised ETFs could catalyse broader acceptance of tokenised investment products, even as practical hurdles temper enthusiasm. The global survey, which covered institutions managing more than $14trn in assets, found 97% of respondents view a potential roll‑out of tokenised ETFs by large asset managers as important to the sector’s growth; roughly 32% described such a development as very important.
The study signals a shift in mindset: nearly 70% of those polled expect the number of tokenised funds and asset classes to rise over the next three years, suggesting tokenisation is moving from theory toward structural market change. Private markets emerged as the principal frontier, with about 69% of respondents singling out private equity as the area with the greatest tokenisation potential. Fixed income (55%) and public equities (42%) were also cited as promising domains for digital transformation.
Respondents highlighted enhanced transparency and secondary‑market tradability as the most attractive attributes of tokenised instruments. At the same time, however, the survey emphasised that implementation, not concept, is the principal obstacle. Distribution limitations were named by 73% of respondents as a key constraint, while 70% expressed doubts about the maturity of custodians, administrators and other service providers. Security concerns (62%), institutional inertia (around 60%) and a limited supply of tokenised products (57%) were further impediments; only 28% said the absence of a long‑term track record was a major worry.
Anatoly Crachilov, chief executive and founding partner at Nickel Digital, told respondents that tokenisation is advancing as institutional familiarity grows and larger managers enter the market. “When firms like BlackRock step in, it fundamentally shifts the conversation,” he said.
Market developments from established players reinforce that dynamic. According to ETF.com, State Street Global Advisors is exploring ways to digitise and fractionalise ETFs and private assets, describing tokenisation as a significant evolution enabled by blockchain and digital processes. Matteo Andreetto, head of SPDR EMEA at State Street, has indicated client demand for SPDR tokenised or digital asset products and flagged collaboration with State Street Bank custodial services as part of the exploration.
BlackRock’s early moves in tokenised products are already cited by industry observers as validation for the approach. Financial reporting shows the firm’s tokenised money market vehicle, BUIDL, launched in 2024, has quickly attracted significant assets, and BlackRock executives have publicly asserted that ‘every asset can be tokenised’. That momentum has prompted speculation that more traditional giants will pilot tokenised ETFs and related structures, a view echoed by Nickel’s survey and by wider industry commentary noting an influx of incumbent managers into digital asset fund launches.
Practical pilots illustrate how traditional ETFs can be overlaid on blockchain rails. Reporting from ETfstream describes how a Swiss start‑up tokenised a BlackRock S&P 500 UCITS ETF into an ERC‑20 token that tracks the underlying ETF, demonstrating technical feasibility and new on‑chain access routes to familiar products.
Despite these proofs of concept and encouraging institutional sentiment, the gap between potential and scalable market infrastructure remains. The Nickel research underlines that the critical tasks ahead are building reliable custody and administration frameworks, expanding distribution channels that reach mainstream investors, and hardening security and regulatory compliance. Industry commentary suggests that collaboration between asset managers, custodians and regulated exchanges will be essential to move tokenised ETFs from niche experiments to widely accessible instruments.
If tokenised ETFs are to deliver on their promise, fractionalised access, 24/7 tradability and greater settlement efficiency, the sector must solve distribution and service‑provider maturity issues while reassuring regulators and end investors. Industry data and recent product launches indicate progress, but the pace and scope of mainstream adoption will depend on how quickly the ecosystem professionalises and integrates with existing institutional channels.
- https://www.moneymarketing.co.uk/news-analysis/institutional-investors-see-tokenised-etfs-driving-wider-market-adoption/ – Please view link – unable to able to access data
- https://www.structuredretailproducts.com/insights/82701/investors-expect-tokenised-etfs-to-drive-next-wave-of-adoption-survey – A recent survey by Nickel Digital Asset Management reveals that 97% of institutional investors and wealth managers believe the potential launch of tokenised ETFs by major asset managers will be crucial for the sector’s expansion. Approximately 32% consider this development very important. The study indicates that professional investors increasingly view tokenisation as an emerging structural shift, with nearly 70% expecting the number of tokenised funds and asset classes to rise over the next three years. Private markets, especially private equity, are seen as having the greatest potential for tokenisation, with 69% highlighting private equity as the asset class with the strongest opportunity. Fixed income (55%) and public equities (42%) are also viewed as promising areas for development. Respondents identified greater transparency and the ability to trade on secondary markets as the most attractive features of tokenised assets. However, challenges such as distribution constraints (73%), concerns about the maturity of service providers (70%), security risks (62%), reluctance to change (around 60%), and the limited availability of tokenised assets (57%) remain significant barriers to adoption. Only 28% identified the lack of a long-term track record as a major concern. The results suggest that investor concerns are shifting from the concept of tokenisation itself to the practical challenges of implementation. Anatoly Crachilov, CEO and founding partner at Nickel Digital, stated that tokenisation is moving closer to real-world adoption as institutional investors become more familiar with the technology and larger asset managers enter the market. He noted that when firms like BlackRock step in, it fundamentally shifts the conversation.
- https://www.etf.com/sections/features/state-street-aims-tokenize-etfs-private-assets – State Street Global Advisors (SSGA) is exploring the tokenisation of ETFs and private assets, viewing it as a ‘game-changing’ development. Matteo Andreetto, head of SPDR EMEA at SSGA, highlighted the potential of tokenisation to fractionalise and digitise ETFs and private assets, representing a significant evolution facilitated by blockchain and digitalisation. He mentioned that clients would appreciate SPDR digital asset classes or SPDR tokenised ETFs, indicating the firm’s intention to explore this area in partnership with custodians at State Street Bank.
- https://www.fxstreet.com/cryptocurrencies/news/blackrock-exploring-tokenization-of-etfs-following-success-of-buidl-fund-202509120005 – BlackRock is exploring the tokenisation of ETFs following the success of its tokenised money market fund, BUIDL. Launched in 2024, BUIDL has grown to a market capitalisation of over $2.2 billion in less than a year and a half. BlackRock’s CEO, Larry Fink, has previously stated that ‘every asset can be tokenised’, adding that tokenisation could revolutionise the financial market. The firm is also looking to build on its success with crypto ETFs, managing two of the only three crypto ETFs—iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA)—to have reached $10 billion in assets under management (AUM).
- https://www.financialinvestigator.is/news-detail-page/2026/02/25/nickel-tokenized-etfs-expected-to-drive-mainstream-market-adoption – Nickel Digital Asset Management’s global research indicates that major investment firms are considering launching tokenised ETFs, with 97% of institutional investors and wealth managers believing such developments are important for the sector’s expansion. Nearly 70% expect the number of fund managers tokenising investment funds and asset classes to increase over the next three years. The study also highlights private equity as the asset class with the most opportunity for tokenisation, followed by fixed income and public equities. Despite the optimism, challenges such as distribution issues remain significant barriers to adoption.
- https://www.financemagnates.com/cryptocurrency/92-of-asset-managers-expect-more-digital-asset-funds-from-traditional-firms-survey/ – A study by Nickel Digital Asset Management reveals that 70% of institutional investors and asset managers expect a surge in the launch of digital asset-focused funds compared to the previous year, with 14% predicting dramatic growth. The research indicates that established financial players are preparing to take a larger stake in the digital finance ecosystem, driven by the success of tokenised funds like BlackRock’s BUIDL. Additionally, nearly 93% of those surveyed believe that more traditional firms will enter the digital asset sector in the next three years, with 38% anticipating a dramatic increase.
- https://www.etfstream.com/articles/how-blackrock-s-s-and-p-500-ucits-etf-got-tokenised – BlackRock’s S&P 500 ETF was tokenised by Swiss start-up Backed Finance, resulting in the Backed CSPX Core S&P 500 (bCSPX), a first-of-its-kind product on the Ethereum blockchain tracking an ETF as an ERC-20 token. This tokenisation allows investors to access the value of the S&P 500 ETF through blockchain technology, representing a significant development in the integration of traditional financial products with digital assets.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article references a recent survey by Nickel Digital Asset Management, published on 25 February 2026. ([financialinvestigator.is](https://www.financialinvestigator.is/news-detail-page/2026/02/25/nickel-tokenized-etfs-expected-to-drive-mainstream-market-adoption?utm_source=openai)) Similar findings have been reported in previous studies from 2024, indicating that the core information is not entirely new. ([moneymarketing.co.uk](https://www.moneymarketing.co.uk/news/wealth-managers-predict-more-adoption-of-tokenisation-of-funds-over-next-5-years/?utm_source=openai))
Quotes check
Score:
7
Notes:
The article includes direct quotes from Anatoly Crachilov, CEO of Nickel Digital Asset Management. While these quotes are consistent with his previous statements, they cannot be independently verified without access to the original survey data or recordings.
Source reliability
Score:
6
Notes:
The article is published on Money Marketing, a UK-based financial news platform. While it is a known publication, it is not as widely recognised as major news organisations like the BBC or Reuters. The article cites a survey by Nickel Digital Asset Management, a company with a vested interest in the subject matter, which may introduce potential bias.
Plausibility check
Score:
7
Notes:
The claims about institutional investors’ interest in tokenised ETFs align with industry trends and previous reports. However, the article lacks specific details about the survey methodology, sample size, and demographics, making it difficult to fully assess the validity of the claims.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents findings from a recent survey by Nickel Digital Asset Management regarding institutional investors’ views on tokenised ETFs. However, the information largely reiterates previous reports from 2024, and the reliance on a self-conducted survey without independent verification sources raises concerns about the objectivity and reliability of the claims. The lack of specific details about the survey methodology further diminishes confidence in the accuracy of the information presented.