The Bezos of 1994 saw the Internet taking off and chose books as the first product to build around it If Bezos were starting today, we think he’d look at asset tokenization on blockchains taking off and choose to tokenize stocks first The logic is similar The Internet didn’t change the underlying book. It changed the experience around it: access to a vastly larger catalog, 24/7 availability, and better search and discovery Tokenization doesn’t change the underlying stock. It changes the experience around it: broader global access, 24/7 trading and transfers, and interoperability across trading, lending, and collateral markets In both cases, the underlying product stays the same while a new technological substrate creates room for customer-facing differentiation Public equities are one of the world’s largest asset classes, yet only $2.8B (excl. ETFs) is represented onchain today That’s the type of opportunity Bezos repeatedly looked for: a huge existing market where a new technology can create a better customer experience, with the potential to reach massive scale Books were Amazon’s entry point into Internet commerce We think stocks could be the equivalent entry point into onchain finance