If tokenized stocks are now officially approved… are we underestimating companies building the infrastructure behind them?

I keep seeing people focus on the obvious part of tokenization, like “stocks on blockchain,” but I feel like the bigger opportunity might be sitting one layer deeper.

In March 2026, the SEC approved Nasdaq’s framework for tokenized securities. That means tokenized stocks can trade alongside traditional ones, keep the same legal status, and potentially operate with 24/7 settlement.

That’s not a small update. That’s basically saying the system itself is evolving.

At the same time, the RWA market has already grown to around $28B, and tokenized U.S. Treasuries alone are near $12.8B. That’s real capital moving into this space, not just experiments or pilot programs.

Then you look at what exchanges are doing.

Nasdaq is working with Kraken to expand global access to tokenized equities. NYSE is building infrastructure for instant settlement. Even crypto exchanges like OKX are preparing to distribute tokenized versions of traditional assets.

So here’s what I keep coming back to:

If exchanges are becoming the distribution layer, then someone still has to handle the “trust layer” - valuation, verification, compliance, structuring.

That’s where companies like Datavault AI (DVLT) start to look interesting.

Their model around data monetization and asset evaluation fits directly into this gap. And unlike a lot of early-stage stories, they actually showed real growth. Revenue went from about $2.7M in 2024 to roughly $39.1M in 2025, with Q4 alone bringing in around $33.8M.

That’s not gradual growth, that’s acceleration.

It makes me wonder if the market is still focused on the front-end narrative, while the backend infrastructure players are quietly building relevance.

Curious how others see it.

Are the biggest winners going to be the tokenized assets themselves, or the companies enabling the system behind them?