A full-page advertisement in the Wall Street Journal this weekend warned public company CEOs that crypto is coming for their shares, intensifying a debate over tokenized stocks just as Robinhood prepares to report third-quarter results after the bell.
The ad, paid for by the conservative nonprofit Common Sense Leadership Fund, read: “YOUR STOCK. THEIR TOKENS. YOUR PROBLEM.” It listed eight risks—pricing disparities, obscured ownership, impaired capital raising, cybertheft, market manipulation, AML and KYC loopholes, absent investor protections, and legal liability—and urged companies to act within 30 days, stating that the SEC has given them the right to opt out.
Issuer objections mount
Nine companies objected to having their shares tokenized on the OKX-ICE venue on October 15. By October 19, the number had risen to 16, and by October 23 it reached 22—including Wells Fargo, Cisco, Marvell, Arm, Moderna, and Intuit, joining Microsoft, Alphabet, Goldman Sachs, Verizon, Broadcom, and UnitedHealth. That represents a two-and-a-half-fold increase in eight days and 35% of the 63 companies the venue planned to list.
OKXICE amended its rules on October 19 to allow issuers to tokenize their own shares, giving them control over the process. According to the report, not one objector has taken up the offer.
Robinhood’s tokenized equity exposure
Robinhood Chain launched its public mainnet on July 1. In its debut quarter, it generated roughly $51 million in revenue—more than Ethereum’s $41 million, while Ethereum’s own network revenue fell 35%. The chain processed about $65 billion in DEX volume, ranking fourth among all networks.
Of that volume, $13.7 billion was tokenized equities, representing one fifth of everything trading on the chain in a single quarter from a zero start.
Robinhood’s stock tokens have already drawn criticism, including AMC’s CEO calling them “contemptible,” and the company is building an ecosystem on top of them. Long.xyz pairs memecoins against tokenized NVDA and TSLA, and meme-versus-stock pairs now drive most stock-token volume on the chain. Orbio funds AI inference credits with creator fees paid in tokenized NVDA. Without the stock tokens, much of that architecture would lack a foundation.
Whether CEO Vlad Tenev will address the tokenized stock battle on the earnings call remains an open question. A tweet from Monday suggested he might, but the report noted that it will be known soon enough.
Market snapshot
Crypto majors were slightly red, with BTC down 0.6% at $80.3k, ETH down 0.6% at $2,340, SOL down 1% at $101, HYPE up 1% at $79, and ZEC up 2% at $1,270. Top alt movers included Morpho (+7%), VVV (+4%), and DASH (+3%). Oil was even at $101, and gold was even at $4,025. Stock futures were green ahead of major earnings: DOW +0.23%, Nasdaq +0.5%.
Galaxy Research declared the Bitcoin bear market over, with head of research Alex Thorn arguing that the June low marked the bottom on day 916 after the halving—within the 777-to-912-day range of past cycles—and noting that the drawdown of roughly 53% was the shallowest on record versus 77% to 93% previously.
The NBA signed an information-sharing agreement with the CFTC to police insider trading and fraud in prediction markets tied to basketball, joining MLB and NHL.
Anthropic made its IPO filing public, planning to list on Nasdaq under “ANT” after posting $16.29 billion in revenue for the first half of 2026 against $1.16 billion a year earlier.
Ethereum paused the Glamsterdam fork on its Hoodi testnet after auditor ChainSecurity found 13 real-world contracts that could break under EIP-8037 and EIP-8038, because the gas changes mean gas already spent can come back mid-transaction.
Binance applied for a Brazilian crypto license through its local entity BBrasil on October 23, a week before the central bank’s October 30 filing deadline.
CZ was with BNB Standard Corporation to ring the Nasdaq opening bell to mark its rebrand from CEA Industries and the appointment of former YZi Labs partner Alex Odagiu as CEO.
Keystone will destroy 18,835 hardware wallets after attackers stole the authentication key that proves a device is genuine—a permanently embedded code that would let counterfeit units pass the company’s own authenticity checks.
Corporate treasuries and ETFs
The Bitcoin ETFs saw $110 million in net inflows on Monday, while the ETH ETFs saw $88 million in net outflows.
Strategy stopped buying Bitcoin entirely for the first time since mid-September, instead spending $204.9 million repurchasing 2,068,459 shares of STRC.
Tom Lee’s Bitmine added 10,452 ETH worth about $24 million to reach 6,051,933 ETH, or 4.95% of all Ethereum, while repurchasing 2.04 million of its own shares at an average $22.48.
Token, airdrop and protocol tracker
Hyperliquid led onchain protocols in revenue with $2.1 million on Monday, followed by Pump.fun at $1.96 million and Collector Crypt at $926k.
Hyperliquid announced that Kraken parent Payward plans to become the first CFTC-regulated deployer on Hyperliquid, using the chain as the infrastructure layer to offer perp futures to U.S. clients, with its regulated exchange and clearing arm Bitnomial owning and settling the markets and NinjaTrader Clearing carrying customer accounts.
Zcash co-founder Sean Bowe proposed killing the 8% block subsidy that funds Zcash Community Grants and redirecting it to the Network Sustainability Mechanism, arguing that the committee’s roughly $125 million treasury already covers years of spending against about $6 million in annual expenses.
NFT market
NFT leaders were mixed: Punks down 1% at 30.25 ETH, BAYC up 2.5% at 6.2 ETH, and Pudgy down 3% at 2.48 ETH. Milady (+12%) and Azuki (+11%) led top movers.
