In this article5 sections
Tokenized equities are trading well past the 4:00 pm Eastern close that governs US stock exchanges. On BNB Chain, more than 70% of tokenized stock volume now happens outside the regular market window, Cointelegraph reported on Oct. 16, citing trade data quoted by The Kobeissi Letter. On Solana the figure was 63%, and on Base it was nearly 60%.
Cointelegraph put the onchain value of tokenized stocks at close to $3.3 billion, up 15% in 30 days, according to RWA.xyz. Jupiter separately logged a 50% month-over-month rise in tokenized asset volume, indicating the market’s turnover is growing as well as its size.
Also read: 50,000 Europeans Urge EU to Ease MiCA Stablecoin Reward Rules
Key facts
- BNB Chain carries more than 70% of tokenized stock volume outside 9:30 am to 4:00 pm Eastern trading; Solana is at 63% and Base at nearly 60%, per Blockworks data.
- Strive bought 3,311 BTC in the week ending Oct. 9 at roughly $84,500 per coin, taking its total to 32,773 BTC and making it the fifth-largest corporate holder among public companies.
- IREN raised $3.65 billion in June at a blended 6% rate and another $2.4 billion in August at a fixed 9%, per BlocksBridge Consulting’s Miner Weekly.
- A Financial Accounting Standards Board proposal would let qualifying stablecoins be booked as cash equivalents; public comment runs until Nov. 19.
- Ripple Prime now offers eligible institutional clients perpetual derivatives tied to equities, commodities and foreign exchange through infrastructure from Trade.xyz, which runs on Hyperliquid, per Bitcoinist.
Wall Street hours, divided by chain
The pattern is a departure from how equities have traded for decades: liquidity concentrated in a single session. Tokenized versions let holders trade US stocks across time zones, which spreads volume across the full day. Cointelegraph noted that many of the platforms behind this activity are still off-limits to US investors, even as the Securities and Exchange Commission’s innovation exemption allows qualifying venues to list tokenized US-listed stocks on public blockchains, subject to disclosure and shareholder protection rules. xStocks and Ondo Global Markets remain largely unavailable domestically, the outlet said.
Bitcoinist, covering the same theme from the institutional side, reported that Ripple’s prime brokerage and clearing arm launched access to perpetual contracts referencing traditional markets. That service is restricted to eligible professional counterparties, and Bitcoinist stressed that holders of tokenized or synthetic exposure do not directly own the underlying stocks or commodities — a distinction the report said retail traders should grasp before using leveraged derivatives.
Also read: Tether Signs Kazakhstan MoU for Tenge Stablecoin Study
Miners pay a premium to build AI capacity
The financing gap for Bitcoin miners moving into AI and high-performance computing is widening, Cointelegraph reported, citing BlocksBridge. Lenders are pricing in project completion risk, so terms vary with the customer behind each data center. IREN’s two 2026 raises, at 6% and then 9%, illustrate the spread, though the deals covered different projects. A June BlocksBridge analysis using VanEck figures estimated that listed miners needed $50 billion for AI infrastructure, with IREN facing a $21.1 billion shortfall, followed by Riot Platforms at $7.2 billion and HIVE at $4.6 billion.
Separately, Cointelegraph reported that Strive’s Matt Cole said investors exercised $208 million in warrants, with about $15.3 million still unexercised before Tuesday’s expiry. Strive amended its governing documents to set a binding $100 minimum issue price for its SATA preferred shares, which were trading at $99.40. ASST was little changed at $27.52, and Bitcoin traded near $83,300.
On stablecoins, the FASB change would let qualifying tokens count toward reported cash, potentially easing loan covenants, though direct redemption rights with the issuer would be required. Coinbase already classifies USDC as a cash equivalent in its 2025 annual report, based on its arrangement with Circle. Nothing here is financial advice, and crypto and tokenized markets are volatile and uncertain.
Why it matters
If a majority of tokenized equity volume settles outside exchange hours, price discovery drifts toward venues US regulators do not fully police, and overseas traders get first access to overnight news. Miners that borrow at higher rates to host AI tenants add balance-sheet risk to a business already exposed to Bitcoin’s price. The stablecoin accounting question determines whether corporate treasuries treat dollar tokens as spare cash or as investments, which affects liquidity ratios companies report.
What to watch
Nov. 19 is the deadline for comments on the FASB stablecoin proposal, after which the board sets final rules and an effective date. Also worth tracking is whether the SEC’s exemption draws more US-eligible listings, and how IREN and Riot fund the remaining gaps on their data center buildouts.
Reported by cointelegraph.com.
Sources: Cointelegraph, Bitcoinist