Data from blockchain analytics shows that the majority of tokenized equity transactions now occur when U.S. exchanges are closed. On BNB Chain, more than seven-tenths of the volume is generated outside the 9:30 a.m.–4:00 p.m. Eastern window, while Solana and Base see roughly six-tenths and six-tenths respectively. The shift reflects growing demand for 24-hour access to U.S. equities on public chains, a feature that could reshape how liquidity is supplied throughout the day.
The total market value of these on-chain securities has risen about 15% in the past month, reaching close to $3.3 billion. Growth is also evident in transaction counts, with Jupiter reporting a 50% month-over-month jump in tokenized asset trading. Although the U.S. Securities and Exchange Commission’s innovation exemption now permits qualified platforms to list tokenized U.S. stocks, many services such as xStocks and Ondo Global Markets remain inaccessible to American investors, limiting domestic participation.
Strive expands its Bitcoin treasury after warrant exercises
Corporate Bitcoin holder Strive disclosed a sizeable addition to its reserve last week. Using proceeds from $208 million in exercised warrants, the firm bought 3,311 BTC at an average price near $84,500 each, lifting its total holdings to 32,773 BTC. The purchase represents an 11% increase in the company’s Bitcoin balance and positions Strive among the top five publicly traded entities by Bitcoin ownership.
The warrant activity also left about $15.3 million in outstanding options ahead of the upcoming expiration. In parallel, Strive amended its charter to set a $100 minimum issuance price for its preferred shares, which were trading just below that level at $99.40. Bitcoin’s market price hovered around $83,300 during the same period, slightly under the average cost of Strive’s recent acquisition.
Miners confront high financing costs for AI and HPC expansion
Bitcoin mining firms that are branching into artificial-intelligence workloads and high-performance computing face a widening gap in borrowing terms. Recent financing deals illustrate the disparity: IREN secured $3.65 billion in June at a blended 6% rate and added another $2.4 billion in August at a fixed 9% rate for separate projects. By contrast, analysts estimate that publicly listed miners collectively need roughly $50 billion to fund AI-related infrastructure, leaving a substantial funding shortfall.
Individual miners report sizable gaps: IREN alone faces a $21.1 billion deficit, Riot Platforms about $7.2 billion, and HIVE Digital Technologies roughly $4.6 billion. Lenders are increasingly tying loan conditions to the credibility of AI customer contracts and the likelihood of project completion, driving up the cost of capital for miners pursuing these ambitious expansions.
Proposed U.S. accounting rule could reclassify stablecoins as cash equivalents
A forthcoming amendment to U.S. accounting standards may allow certain stablecoins to be recorded as cash equivalents on corporate balance sheets. Under current rules, holdings of tokens like USDC are often excluded from cash calculations, potentially affecting liquidity ratios and loan covenants despite the tokens being fully dollar-backed.
The Financial Accounting Standards Board’s proposal would require firms to hold direct redemption rights with the stablecoin issuer for the classification to apply. Simple purchases through an exchange would not satisfy the condition. Coinbase has already treated USDC and similar payment stablecoins as cash equivalents in its 2025 annual filing, citing its redemption agreement with Circle. The comment period for the proposal closes on Nov. 19, after which the board will consider feedback before finalizing the guidance.
Why it matters
The expansion of tokenized equities into after-hours trading offers investors continuous market access and could redistribute liquidity across the trading day. Meanwhile, corporate Bitcoin accumulation, as seen at Strive, underscores continued institutional confidence in the cryptocurrency. At the same time, miners seeking to diversify into AI face a financing landscape that may constrain the pace of infrastructure development. Finally, a potential redefinition of stablecoins in U.S. accounting standards could broaden corporate treasury options, influencing how firms manage cash and meet regulatory requirements. Together, these developments illustrate how blockchain-based assets are increasingly intersecting with traditional finance and corporate strategy.
