Tokenization is starting to reshape traditional financial markets, and publicly traded stocks are moving to the center of the conversation. Much of the attention so far has centered on the roughly $3.3 billion in tokenized equities now onchain, according to RWA.xyz. Yet one of the most consequential shifts may be unfolding before Wall Street opens and after it closes.

Industry data shows that more than 70% of tokenized stock trading volume on BNB Chain now occurs outside regular US market hours, with similar patterns emerging on Solana and Base. Tokenized equities let investors trade US-listed stocks across time zones without waiting for the opening bell, potentially changing how liquidity is distributed throughout the day. Even so, many of the platforms driving this activity remain off-limits to American investors, even as US regulators begin to make room for tokenized stock trading.

This week's Crypto Biz examines tokenized stock trading, the economics of Bitcoin mining, proposed accounting rules that could make it easier for companies to treat stablecoins as cash equivalents, and Strive's expanding Bitcoin treasury.

Tokenized stocks find an audience beyond Wall Street's trading hours

Most tokenized stock trading on Solana and BNB Chain now takes place outside regular US market hours, suggesting that around-the-clock access is becoming a major selling point for equities issued onchain. The pattern is possible because public blockchains run continuously, letting tokenized versions of US-listed shares change hands overnight and on weekends while traditional exchanges are closed.

According to Blockworks data cited by The Kobeissi Letter, more than 70% of tokenized stock trading volume on BNB Chain occurs outside the traditional 9:30 a.m. to 4:00 p.m. Eastern trading window. The figure is 63% on Solana and nearly 60% on Base.

Activity is also picking up. Jupiter reported a 50% month-over-month increase in tokenized asset trading volume, while RWA.xyz data showed the value of tokenized stocks climbing 15% over the past 30 days to nearly $3.3 billion.

The trend comes as the US Securities and Exchange Commission's innovation exemption opens the door for qualifying platforms to trade tokenized US-listed stocks on public blockchains, subject to disclosure and shareholder protection requirements. However, existing offerings such as xStocks and Ondo Global Markets remain largely unavailable to US investors, limiting domestic participation in the growing market. What to watch from here: whether qualifying platforms go live under the exemption, and whether US investors eventually gain access to the offerings driving today's after-hours volume.

Source: The Kobeissi Letter on X

Strive adds 3,311 Bitcoin as investors exercise $208 million in warrants

Bitcoin treasury company Strive increased its holdings by more than 11% last week, using proceeds from warrant exercises to expand its cryptocurrency reserves while increasing Bitcoin exposure per share.

In a Tuesday filing with the SEC, Strive disclosed that it purchased 3,311 BTC during the week ending Oct. 9 at an average price of roughly $84,500 per coin. The purchases brought its total holdings to 32,773 BTC, making it the fifth-largest publicly traded corporate Bitcoin holder.

CEO Matt Cole said investors exercised $208 million in warrants, with about $15.3 million still outstanding ahead of Tuesday's expiration. Warrant exercises deliver fresh capital to the issuer, giving treasury companies like Strive a funding route that does not depend on lenders.

Strive also amended its governing documents to establish a binding $100 minimum issuance price for its SATA preferred shares, which were trading at $99.40. Meanwhile, Bitcoin traded near $83,300, below Strive's average purchase price for the week, while its common stock, ASST, was little changed at $27.52.

: Matt Cole on X

Bitcoin miners face steep financing costs in AI expansion

Bitcoin mining companies expanding into artificial intelligence and high-performance computing face a widening gap in borrowing costs as lenders examine the risks of large-scale data center projects.

According to BlocksBridge Consulting's Miner Weekly, securing AI customers is only part of the challenge. Miners also need billions of dollars to build facilities, purchase equipment, and secure power infrastructure, with financing terms increasingly dependent on the customer and the likelihood of project completion. The expansion effectively builds a second business line in data center services on top of mining income that fluctuates with Bitcoin's price and network economics.

The differences are evident in recent deals. IREN secured $3.65 billion in financing in June at a blended interest rate of 6%, followed by another $2.4 billion in August at a fixed 9% rate. The agreements cover different projects, however, making direct comparisons difficult.

The financing needs are substantial. A June BlocksBridge analysis citing VanEck estimated that publicly traded Bitcoin miners required $50 billion to fund their AI infrastructure ambitions. IREN alone faced a $21.1 billion funding gap, followed by Riot Platforms at $7.2 billion and HIVE Digital Technologies at $4.6 billion. How subsequent financings are priced will offer a running gauge of how lenders view completion risk across the sector.

US accounting proposal could give stablecoins a corporate boost

A proposed change to US accounting standards could make stablecoins more attractive to corporate treasuries by allowing qualifying tokens to be treated as cash equivalents on company balance sheets, according to a report from payments blockchain Tempo.

Under current accounting practices, stablecoin holdings may not count toward a company's reported cash reserves, potentially affecting liquidity ratios and loan covenants even when the tokens are fully backed by US dollars.

The Financial Accounting Standards Board (FASB) proposal could change that, though Tempo noted that companies would need direct redemption rights with stablecoin issuers to qualify. For example, simply purchasing USDC through a cryptocurrency exchange would not necessarily meet that requirement. FASB sets US generally accepted accounting principles, the standards public companies use in their financial reporting, which is why the rulemaking carries weight across corporate treasuries.

Coinbase already classified USDC and other payment stablecoins as cash equivalents in its 2025 annual report, supported by its redemption arrangement with Circle.

The proposal is open for public comment until Nov. 19, after which FASB will review the feedback before determining the final rules and their effective date.

Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered every Thursday. This article was originally published on Cointelegraph.