Tokenization is beginning to reshape traditional financial markets, with stocks increasingly in focus. Much of the attention has centered on the $3.3 billion in tokenized equities now onchain, according to RWA.xyz, but one of the biggest innovations may be what happens before Wall Street opens and after it closes.
According to the latest industry data, more than 70% of tokenized stock trading volume on BNB Chain now occurs outside regular US market hours, with similar patterns emerging on Solana and Base.
Tokenized equities allow investors to trade US stocks across time zones without waiting for Wall Street’s opening bell, potentially changing how liquidity is distributed throughout the day.
However, many platforms driving this activity remain off-limits to American investors, even as US regulators begin to make room for tokenized stock trading.
This week’s Crypto Biz looks at tokenized stock trading, the economics of Bitcoin mining, proposed accounting rules that could make it easier for companies to treat stablecoins as cash equivalents, and Strive’s expanding Bitcoin treasury.
Tokenized stocks find an audience beyond Wall Street’s trading hours
Most tokenized stock trading on Solana and BNB Chain now takes place outside regular US market hours, suggesting that around-the-clock access is becoming a major selling point for equities issued onchain.
According to Blockworks data cited by The Kobeissi Letter, more than 70% of tokenized stock trading volume on BNB Chain occurs outside the traditional 9:30 am to 4:00 pm Eastern trading window. The figure is 63% on Solana and nearly 60% on Base.
Activity is also picking up. Jupiter reported a 50% month-over-month increase in tokenized asset trading volume, while RWA.xyz data showed the value of tokenized stocks climbing 15% over the past 30 days to nearly $3.3 billion.
The trend comes as the US Securities and Exchange Commission’s innovation exemption opens the door for qualifying platforms to trade tokenized US-listed stocks on public blockchains, subject to disclosure and shareholder protection requirements. However, existing offerings such as xStocks and Ondo Global Markets remain largely unavailable to US investors, limiting domestic participation in the growing market.
Source: The Kobeissi Letter
Strive adds 3,311 Bitcoin as investors exercise $208 million in warrants
Bitcoin treasury company Strive increased its holdings by more than 11% last week, using proceeds from warrant exercises to expand its cryptocurrency reserves while increasing Bitcoin exposure per share.
In a Tuesday filing with the SEC, Strive disclosed that it purchased 3,311 BTC during the week ending Oct. 9 at an average price of roughly $84,500 per coin. The purchases brought its total holdings to 32,773 BTC, making it the fifth-largest publicly traded corporate Bitcoin holder.
CEO Matt Cole said investors exercised $208 million in warrants, with about $15.3 million still outstanding ahead of Tuesday’s expiration.
Strive also amended its governing documents to establish a binding $100 minimum issuance price for its SATA preferred shares, which were trading at $99.40. Meanwhile, Bitcoin traded near $83,300, below Strive’s average purchase price for the week, while its common stock, ASST, was little changed at $27.52.
Source: Matt Cole
Bitcoin miners face steep financing costs in AI expansion
Bitcoin mining companies expanding into artificial intelligence and high-performance computing face a widening gap in borrowing costs as lenders examine the risks of large-scale data center projects.
According to BlocksBridge Consulting’s Miner Weekly, securing AI customers is only part of the challenge. Miners also need billions of dollars to build facilities, purchase equipment and secure power infrastructure, with financing terms increasingly dependent on the customer and likelihood of project completion.
The differences are evident in recent deals. IREN secured $3.65 billion in financing in June at a blended interest rate of 6%, followed by another $2.4 billion in August at a fixed 9% rate. The agreements cover different projects, however, making direct comparisons difficult.
The financing needs are substantial. A June BlocksBridge analysis citing VanEck estimated that publicly traded Bitcoin miners required $50 billion to fund their AI infrastructure ambitions. IREN alone faced a $21.1 billion funding gap, followed by Riot Platforms at $7.2 billion and HIVE Digital Technologies at $4.6 billion.
US accounting proposal could give stablecoins a corporate boost
A proposed change to US accounting standards could make stablecoins more attractive to corporate treasuries by allowing qualifying tokens to be treated as cash equivalents on company balance sheets, according to a report from payments blockchain Tempo.
Under current accounting practices, stablecoin holdings may not count toward a company’s reported cash reserves, potentially affecting liquidity ratios and loan covenants even when the tokens are fully backed by US dollars.
The Financial Accounting Standards Board (FASB) proposal could change that, though Tempo noted that companies would need direct redemption rights with stablecoin issuers to qualify. For example, simply purchasing USDC through a cryptocurrency exchange would not necessarily meet that requirement.
Coinbase already classified USDC and other payment stablecoins as cash equivalents in its 2025 annual report, supported by its redemption arrangement with Circle.
The proposal is open for public comment until Nov. 19, after which FASB will review the feedback before determining the final rules and their effective date.
Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.