Overview
The Fintech & Blockchain Group at international law firm McDermott Will & Schulte and Raven Resources Corp. (Raven) used blockchain-friendly Wyoming laws to take a local revenue generating business on-chain and into the global capital markets. Grove Electric & Lighting Supply Inc. (Grove) is a Raven portfolio company that was founded in 1998 and specializes in providing residential, commercial, and industrial electrical products in its home state of Oklahoma and surrounding states.
McDermott and Raven took Grove on-chain by utilizing Wyo. State. 17-16-625, which specifically authorizes the issuance of blockchain “certificate tokens,” representing equity interests in the issuer. The goal was to sell “certificate tokens” internationally, specifically on German exchanges that specialize in selling cryptocurrencies that represent equity interests. Unlike other states, Wyoming explicitly authorizes equity shares to be issued on the blockchain, stating that “the articles of incorporation or bylaws of a corporation may specify that all or a portion of the shares of the corporation may specifics that all or a portion of the shares of a corporation may be represented by share certificates in the form of certificate tokens.”
After a series of submissions, on July 28, 2025, Germany’s Federal Financial Supervisory Authority (BaFin) formally approved the publication of its Securities Information Sheet under ISIN US3999172022. Accordingly, Grove certificate tokens will now be available in Germany upon publication.
Paul Scribner, CEO of Raven, noted: “Wyoming’s blockchain-focused developments provide a clear path to use on-chain equity to enable U.S. revenue generating businesses to unlock opportunities in global capital markets.”
“We used progressive Wyoming statutes explicitly authorizing on-chain equity to take a U.S. local revenue generating business to global markets,” said McDermott’s Head of Fintech & Blockchain Joseph (Joe) Evans. “Grove paved the way for local businesses to raise capital entirely on-chain.”
In addition to McDermott, Hess Legal, Kane Russell Coleman Logan (KRCL), Black Manta Capital Partners, and Van Sterling Capital advised on the matter.
The McDermott team was led by Joe Evans with assistance from Dan Woodard, Nishi Gupta, Ethan Heller, and Robert Kaylor.
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