Based on Decrypt's Morning Minute newsletter, written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.

Tokenized Stocks in the Spotlight

Somebody bought a full-page advertisement in the Wall Street Journal this weekend to tell public company CEOs that crypto is coming for their shares.

“YOUR STOCK. THEIR TOKENS. YOUR PROBLEM,” the ad read. It was paid for by the Common Sense Leadership Fund, a conservative nonprofit, which listed eight risks: pricing disparities, obscured ownership, impaired capital raising, cybertheft, market manipulation, AML and KYC loopholes, absent investor protections, and legal liability. The call to action was blunt: the SEC has given issuers the right to opt out, they have 30 days, and this is their only chance.

The war against tokenized stocks is brewing — fast. Nine companies objected to having their shares tokenized on the OKX-ICE venue on October 15. By October 19, the number was 16. By October 23, the list hit 22, with Wells Fargo, Cisco, Marvell, Arm, Moderna and Intuit joining Microsoft, Alphabet, Goldman Sachs, Verizon, Broadcom and UnitedHealth. That is a two-and-a-half-fold increase in eight days, equal to 35% of the 63 companies the venue planned to list. Whether any of the remaining 41 planned issuers join the objectors is the next scoreboard update to watch in the fight.

OKXICE even amended its rules on October 19 to let issuers tokenize their own shares, which would hand them control. Not one objector has taken it. As the newsletter puts it: “They don't want a better version of the product. They don't want it.”

Which brings us to today. Robinhood reports third-quarter results after the bell, and, per the newsletter, no company has more riding on how this fight resolves.

Robinhood Chain's Debut Quarter

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, even as Ethereum's own network revenue fell 35%. The chain processed about $65 billion in DEX volume, ranking fourth among all networks.

Of that, $13.7 billion was tokenized equities. One fifth of everything trading on the chain, in a single quarter, from a zero start.

Robinhood's stock tokens have already drawn fire — AMC's CEO called them “contemptible” — and the company is building an entire 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. Pull the stock tokens out, and much of that architecture has nothing to stand on.

So will CEO Vlad Tenev address the tokenized stock war? The newsletter calls it the billion-dollar question, and a tweet from Monday suggests he may. The answer will come soon enough.

Macro, Crypto and Markets

Crypto majors were slightly red, extending the downturn: BTC -0.6% at $80.3k; ETH -0.6% at $2,340; SOL -1% at $101; HYPE +1% at $79; ZEC +2% at $1,270. Top alt movers included Morpho (+7%), VVV (+4%) and DASH (+3%).

Oil was even at $101 and gold even at $4,025. Stock futures were green again ahead of big earnings, with the Dow up 0.23% and the Nasdaq up 0.5%.

Galaxy Research declared the Bitcoin bear market over, with head of research Alex Thorn arguing the June low marked the bottom on day 916 after the halving — within the 777-to-912-day range of past cycles. He noted this 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 the NHL.

Anthropic made its IPO filing public, planning to list on the Nasdaq under “ANT” after posting $16.29 billion in revenue for the first half of 2026, against $1.16 billion a year earlier — a roughly fourteenfold increase.

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 joined BNB Standard Corporation to ring the Nasdaq opening bell, marking 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

Bitcoin ETFs saw $110 million in net inflows on Monday, while 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, which traded at $99.11.

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 price of $22.48.

Meme Coin Tracker

Meme leaders were mixed: DOGE even, SHIB even, PEPE -3%, PENGU -1%, TRUMP +1%, SPX +2%, BONK even.

Robinhood chain leaders were mixed ahead of HOOD earnings: Pons +4% to $166M; Cashcat +10 at $99M; AI -10% at $52M; with Torch +20%, Bun +10% and Microuck +50% leading the top movers.

Solana top movers included Chico +130x, Launch +30%, Nothing +220% and Mask +20%.

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 $926,000.

Hyperliquid announced that Kraken parent Payward plans to become the first CFTC-regulated hip-3 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 the committee's roughly $125 million treasury already covers years of spending against about $6 million in annual expenses.

What Is Happening in NFTs

NFT leaders were mixed: Punks -1% at 30.25 ETH, BAYC +2.5% at 6.2 ETH, Pudgy -3% at 2.48 ETH. Milady (+12%) and Azuki (+11%) led the top movers.