Crypto Biz: Wall Street closes at 4. Tokenized stocks keep trading
Tokenized stock trading volume on BNB Chain, Solana, and Base occurs mostly outside US market hours, with 70%+ on BNB Chain, according to Blockworks data. Trading volume increased 50% month-over-month, with tokenized stocks valued at $3.3B. Strive added 3,311 BTC to its holdings, increasing its total to 32,773 BTC. Bitcoin miners face high financing costs for AI expansion, with IREN securing $3.65B at 6% and $2.4B at 9%.
How this was made
The 30-second read
Why it matters
For STRV, the SEC filing provides a concrete, time-bounded BTC purchase and warrant exercise update that can influence BTC-per-share positioning and perceived dilution risk. For COIN, the stablecoin accounting proposal is a second-order catalyst, mainly relevant if it increases corporate stablecoin usage and treasury adoption.
Market read
Traders get actionable, company-specific treasury and warrant details for STRV, plus a watch item on stablecoin accounting rules that could affect corporate stablecoin demand and sentiment around crypto rails.
What to watch
For STRV, BTC price relative to its stated average purchase cost can dominate the treasury story; for COIN, regulatory or redemption-structure constraints could matter more than accounting optics.
Background
The article frames tokenized stocks as increasingly trading outside US market hours and links the trend to regulatory accommodation for tokenized US-listed stocks, while also covering corporate Bitcoin treasury activity and a proposed stablecoin accounting change.
Ticker impact
The article notes Coinbase classified USDC and other payment stablecoins as cash equivalents in its 2025 annual report, citing its redemption arrangement with Circle.
Likely neutral-to-positive, with upside if the rule change is perceived as validating stablecoin accounting and improving corporate demand.
The piece is about a proposed accounting change, and COIN’s mention is descriptive rather than a new COIN-specific decision or filing.
Market effects
Tokenized equities trading outside US hours highlights growing demand for 24/7 settlement rails, while stablecoin accounting reform could shift corporate treasury behavior.
US market-hours liquidity may face incremental competition from onchain venues operating across time zones.
The financing-cost discussion for AI-driven Bitcoin mining points to global capital allocation pressures for large data-center builds.
Counterpoint
The tokenized-equities volume stats may reflect venue-specific routing rather than durable demand, and the FASB proposal may change slowly or fail to qualify many issuers.
Key entities
- public_companyStrive
Corporate Bitcoin treasury company that disclosed BTC purchases and warrant exercise proceeds in an SEC filing.
- public_companyCoinbase
Exchange/platform referenced for its prior classification of USDC as cash equivalents based on redemption arrangements.
- regulatorFASB
US accounting standard-setter considering a proposal that could allow qualifying stablecoins to be treated as cash equivalents.
