Tokenization is reshaping how traditional financial markets operate, with equities increasingly moving onto blockchain platforms. Recent data shows over $3.3 billion in tokenized stocks now exist on-chain, according to RWA.xyz, but a key development is the timing of trading activity. More than 70% of trading volume for tokenized stocks on BNB Chain occurs outside standard U.S. market hours, with similar trends observed on Solana and Base. This shift allows investors to trade U.S. stocks across time zones without waiting for Wall Street’s opening bell, potentially altering how liquidity is distributed throughout the day.

Activity is accelerating. Blockworks data cited by The Kobeissi Letter found that over 70% of tokenized stock trading on BNB Chain happens outside the traditional 9:30 a.m. to 4:00 p.m. Eastern window. The figure stands at 63% on Solana and nearly 60% on Base. Jupiter reported a 50% month-over-month increase in tokenized asset trading volume, while RWA.xyz recorded a 15% rise in the value of tokenized stocks over the past 30 days, reaching nearly $3.3 billion.

The trend emerges as the U.S. Securities and Exchange Commission’s innovation exemption creates pathways for qualifying platforms to trade tokenized U.S.-listed stocks on public blockchains, provided they meet disclosure and shareholder protection requirements. However, offerings such as xStocks and Ondo Global Markets remain largely inaccessible to U.S. investors, limiting domestic participation despite growing global interest.

Strive expands Bitcoin holdings through warrant exercises

Bitcoin treasury firm Strive increased its cryptocurrency holdings by more than 11% last week, using proceeds from warrant exercises to expand its Bitcoin reserves. In a filing with the SEC, the company disclosed purchasing 3,311 BTC during the week ending October 9 at an average price of approximately $84,500 per coin. This brought its total holdings to 32,773 BTC, positioning it as the fifth-largest publicly traded corporate Bitcoin holder.

CEO Matt Cole stated that investors exercised $208 million in warrants during the period, with about $15.3 million still outstanding ahead of the warrants’ expiration on Tuesday. Strive also amended its governing documents to establish a binding $100 minimum issuance price for its SATA preferred shares, which had been trading at $99.40. At the time of the filing, Bitcoin traded near $83,300, below Strive’s average purchase price for the week, while its common stock, ASST, showed little movement at $27.52.

Bitcoin miners navigate rising financing costs amid AI expansion

Bitcoin mining companies expanding into artificial intelligence and high-performance computing are encountering growing financing challenges as lenders assess the risks of large-scale data center projects. BlocksBridge Consulting’s Miner Weekly notes that securing AI customers is only part of the hurdle; miners also require billions of dollars to build facilities, acquire equipment, and secure power infrastructure, with financing terms increasingly tied to customer commitments and project feasibility.

Recent deals illustrate the disparity in financing conditions. IREN secured $3.65 billion in June at a blended interest rate of 6%, followed by an additional $2.4 billion in August at a fixed 9% rate. These agreements cover different projects, complicating direct comparisons. BlocksBridge analysis, citing VanEck, estimated that publicly traded Bitcoin miners collectively needed $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.

Proposed accounting change could benefit stablecoin adoption

A proposed update to U.S. accounting standards may increase the appeal of stablecoins to corporate treasuries by permitting qualifying tokens to be classified as cash equivalents on balance sheets, according to a report from payments blockchain firm Tempo. Under current rules, stablecoin holdings are often excluded from reported cash reserves, potentially affecting liquidity ratios and loan covenants even when tokens are fully backed by U.S. dollars.

The Financial Accounting Standards Board’s proposal would allow such classification if companies hold direct redemption rights with stablecoin issuers. For instance, merely acquiring USDC through an exchange would not automatically qualify. Coinbase has already classified USDC and other payment stablecoins as cash equivalents in its 2025 annual report, citing its redemption arrangement with Circle.

The FASB is accepting public comments on the proposal until November 19, after which it will review feedback and determine final rules and implementation timelines.

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