Tokenized stocks are reshaping how equities trade across time zones, with trading increasingly concentrated outside traditional US market hours. According to Blockworks data, more than 70% of tokenized stock trading volume on BNB Chain now occurs outside the 9:30 am to 4:00 pm Eastern trading window, while similar patterns emerge on Solana and Base, where 63% and nearly 60% of volume respectively occurs beyond regular hours.
The shift reflects a fundamental change in market structure. Tokenized equities allow investors to trade US stocks around the clock without waiting for Wall Street's opening bell, potentially redistributing liquidity throughout the day and across time zones. Trading activity is accelerating, with Jupiter reporting a 50% month-over-month increase in tokenized asset trading volume, while the total value of tokenized stocks climbed 15% over the past 30 days to nearly $3.3 billion.
However, regulatory constraints limit participation. The US Securities and Exchange Commission's innovation exemption permits qualifying platforms to trade tokenized US-listed stocks on public blockchains, subject to disclosure and shareholder protections. Yet existing offerings such as xStocks and Ondo Global Markets remain largely unavailable to American investors, confining much of the current growth to offshore participants.
Corporate Bitcoin Holdings Expand
Bitcoin treasury company Strive increased its holdings by 3,311 BTC during the week ending October 9, raising its total to 32,773 BTC and positioning itself as the fifth-largest publicly traded corporate Bitcoin holder. The purchases occurred at an average price of roughly $84,500 per coin, funded through $208 million in warrant exercises by investors.
Mining Sector Faces Rising Financing Costs
Bitcoin mining companies expanding into artificial intelligence and high-performance computing face widening financing cost gaps as lenders assess project risks. According to BlocksBridge Consulting's Miner Weekly, the funding needs are substantial: publicly traded Bitcoin miners require approximately $50 billion to fund AI infrastructure ambitions, with IREN alone facing a $21.1 billion funding gap.
Recent financing deals illustrate varying terms. IREN secured $3.65 billion in June at a 6% blended rate, followed by $2.4 billion in August at 9%, highlighting how borrowing costs fluctuate based on project structure and completion likelihood.
Stablecoins May Gain Corporate Treasury Appeal
A proposed change to US accounting standards could make stablecoins more attractive to corporate treasuries. The Financial Accounting Standards Board proposal would allow qualifying stablecoin holdings to be treated as cash equivalents on company balance sheets, potentially affecting reported liquidity ratios and loan covenants.
Currently, stablecoin holdings may not count toward a company's reported cash reserves even when fully backed by US dollars. Under the proposal, companies would need direct redemption rights with stablecoin issuers to qualify. Coinbase has already classified USDC as a cash equivalent in its 2025 annual report, supported by its redemption arrangement with Circle. The comment period for the proposal closes November 19.
