Tokenized Stocks Surge in After-Hours Trading as Wall Street Hours Fade
Tokenized stocks move beyond the trading bell
Most trading in tokenized US stocks now happens outside traditional Wall Street hours, according to the latest data. Tokenized stocks are digital tokens on a blockchain that represent real company shares, letting people trade them around the clock.
Blockworks data, cited by The Kobeissi Letter, shows more than 70% of tokenized stock trading volume on BNB Chain occurs outside the standard 9:30 a.m. to 4 p.m. Eastern market window. Solana sits at 63%, and Base is near 60%.
The total value of tokenized stocks onchain has climbed to about $3.3 billion, up 15% over the past 30 days, according to RWA.xyz. On Solana, trading platform Jupiter reported a 50% month-over-month increase in tokenized asset volume.
Key numbers
- More than 70% of BNB Chain tokenized stock volume trades after regular US market hours
- 63% on Solana, nearly 60% on Base
- $3.3 billion in total tokenized equities onchain, up 15% in 30 days
- 50% month-over-month increase in tokenized asset volume on Jupiter
- SEC innovation exemption now allows qualifying platforms to trade tokenized US stocks on public blockchains
Who can actually trade
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 rules.
However, platforms like xStocks and Ondo Global Markets remain largely unavailable to American investors, limiting domestic participation in the market despite regulatory progress.
Strive adds 3,311 Bitcoin to its reserves
Bitcoin treasury company Strive increased its holdings by more than 11% last week, purchasing 3,311 BTC at an average price of roughly $84,500 per coin. The company filed the purchase details with the SEC, bringing 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 to fund the buys, with about $15.3 million still outstanding ahead of a recent expiration.
Strive also set a $100 minimum issuance price for its SATA preferred shares. At the time, Bitcoin traded near $83,300 and Strive's common stock, ASST, was little changed at $27.52.
Bitcoin miners face high costs for AI pivot
Bitcoin mining companies expanding into artificial intelligence and high-performance computing face widening borrowing costs as lenders assess the risks of large data center projects. Securing AI customers is only part of the challenge, according to BlocksBridge Consulting's Miner Weekly. Miners also need billions to build facilities, buy equipment, and secure power infrastructure.
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, making direct comparison difficult.
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.
Accounting change could boost stablecoin use
A proposed change to US accounting standards could make stablecoins more attractive to corporations by allowing qualifying tokens to be treated as cash equivalents on company balance sheets. Under current rules, stablecoin holdings may not count toward a company's reported cash reserves, which can affect liquidity ratios and loan agreements even when the tokens are fully backed by US dollars.
The Financial Accounting Standards Board proposal would require companies to have direct redemption rights with stablecoin issuers to qualify. Simply buying USDC on a cryptocurrency exchange would likely not meet that requirement, according to payments blockchain Tempo.
Coinbase already classified USDC and other payment stablecoins as cash equivalents in its 2025 annual report, supported by its redemption arrangement with issuer Circle. The proposal remains open for public comment until November 19.
What remains unclear
It is unclear how many US-based investors will participate in tokenized stock platforms once they become available domestically. The financing gap for Bitcoin miners pursuing AI expansion also remains wide, and terms continue to vary significantly between deals.
Why this matters
Tokenized stocks trading after hours signal that blockchain-based equity markets are beginning to operate on a different schedule than traditional finance. For miners, the AI pivot offers a potential new revenue stream but at a steep financing cost. The accounting proposal, if adopted, could simplify how companies treat stablecoins and encourage broader corporate adoption.
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.