Payward, the parent company of US crypto exchange Kraken, has bought token management platform Magna for an undisclosed amount. Payward said Wednesday that the deal would help Kraken offer more than just trading infrastructure. Moving forward, the exchange would feature a “fully verticalised product suite.” “This acquisition accelerates Kraken’s evolution into a platform where issuers, builders, and investors can rely on institutional-grade infrastructure from inception through scale,” Kraken’s head of ...

Key Takeaways Mike Novogratz said crypto’s “age of speculation” may be ending as institutions reshape risk appetite. He expects tokenized real-world assets and tokenized stocks to lead the next phase, with lower returns. Novogratz blamed the slump on a post-leverage wipeout hangover, not a single “smoking gun” event. He said the industry needs a US market structure bill, including the proposed CLARITY Act, to restore “spirit.” Galaxy Digital CEO Mike Novogratz said crypto’s “age of speculation” ...

Core Insights - Robinhood Markets is set to report its financial results for Q4 2025 on February 10, with a recent upgrade in its rating from "Peerperform" to "Outperform" by a leading analyst [1][5] - The company has gained popularity among young traders since its founding in 2013, primarily due to its zero-commission stock trading model [1] - Robinhood launched crypto trading in 2018 and began offering tokenized stocks last year, although these offerings are currently available only to traders outside the U.S. [2][3] Financial Performance - In Q3 2025, Robinhood reported adjusted earnings per share (EPS) of $0.61, exceeding the consensus estimate of $0.53, while revenue reached $1.274 billion, surpassing forecasts of $1.21 billion [3] - The company earned a spot on the S&P 500 benchmark in September 2021, indicating its growing significance in the market [3] Analyst Insights - Steven Chubak from Wolfe Research has set a price target of $125 for Robinhood, citing a potential over 40% price upside [5] - The recent market downturn has brought Robinhood's stock price back to levels where it was downgraded a year ago, despite the company's higher earnings potential from new offerings [6] - Chubak anticipates continued growth in prediction markets for Robinhood, although this segment may face regulatory challenges and competitive pressures in the future [6] Strategic Considerations - During an earnings call, CFO Shiv Verma mentioned that the company is still contemplating the establishment of a digital asset treasury [4]

Core Insights - Ondo is positioning itself for significant growth in 2025, focusing on expanding its core businesses beyond asset issuance to include various services [1][3] - The company is currently a leading issuer in tokenized U.S. Treasuries, with over $2 billion in total value locked (TVL), and holds approximately 60% market share in tokenized stocks and ETFs, with a TVL of around $600 million [6] - Ondo's new platform, Ondo Perps, will allow tokenized stocks and ETFs to be used as collateral for perpetual futures, aiming to attract market makers and enhance liquidity [6] Market Context - Tokenization is still in its early stages, and revenue generation is not the primary focus for Ondo at this time [2] - Retail adoption of tokenized assets is already evident outside the U.S., indicating growing interest in these financial products [4] Future Ambitions - Ondo's long-term goal is to establish an on-chain prime brokerage service, which will integrate various asset classes into a single trading application [5][6] - The company is actively building scalable infrastructure to support this vision, prioritizing the development of "the pipes" before full monetization occurs [6] Strategic Partnerships - Ondo has formed partnerships with major financial institutions such as Mastercard and JPMorgan, enhancing its credibility and reach in the market [6] Market Dynamics - The current phase is described as a "land grab," with various financial entities competing to transition assets onto blockchain platforms [6] - Ondo's tokenized stocks platform has experienced consistent net inflows since its launch, indicating strong market demand [6]

SEC Chair Paul Atkins on Wednesday opened the door to crypto in $12.5 trillion worth of 401(k) retirement accounts but simultaneously issued new guidance on the synthetic tokenized stock market, requiring issuer approval for legitimate equity tokens. The 401(k) Crypto Green Light Atkins told CNBC the “time is right” to allow crypto exposure in 401(k) plans, noting millions of Americans already hold digital assets through professionally managed pension funds. The structure matters. In pension funds, prof ...

Core Insights - Tokenized stocks are rapidly gaining traction, with Ondo Finance's president Ian de Bode highlighting their practicality and scalability in the crypto space [1] Group 1: Market Performance - Ondo's tokenized equity platform, Ondo Global Markets, has achieved over $500 million in total value locked and recorded over $7 billion in trading volume since its launch in September 2025, making it the largest provider in the market [2] - The overall market for stock tokens is approaching $1 billion, having grown by 27% in the past month [2] Group 2: Company Strategy - Ondo initially focused on tokenized U.S. Treasuries and is now the leading issuer with over $2 billion in assets, concentrating on stocks and ETFs that offer strong price discovery and deep liquidity [3] - The company issues tokenized notes backed by stocks held via clearing brokers, allowing for free movement across wallets similar to stablecoins, with KYC required only at the minting stage [4] Group 3: Trading Mechanism - A significant advantage of Ondo's platform is the instant minting and burning of tokenized equities, enabling large investors to trade substantial amounts without premiums or slippage [5] - The platform has attracted users from regions such as Africa, Southeast Asia, and Latin America, as well as crypto-native investors looking to switch between cryptocurrencies and stocks seamlessly [6] Group 4: Market Challenges - Liquidity tends to decrease on weekends due to the operational hours mismatch between crypto markets (24/7) and traditional finance (Monday to Friday), complicating hedging for market makers [6] - The situation may improve if major exchanges like NYSE and Nasdaq implement 24/7 tokenized stock trading, aligning the operational hours of traditional and decentralized finance [7]

A deepening dispute over tokenized stocks threatens to derail Washington’s push for comprehensive crypto regulation as industry executives split over language in the Senate Banking Committee’s portion of the landmark digital assets bill. Coinbase CEO Brian Armstrong called the contested section a “de facto ban” on tokenized equities earlier this month, while traditional finance stalwarts, including Ken Griffin’s Citadel Securities, argue firms should follow identical rules whether dealing in blockchain-ba ...

Core Viewpoint - Robinhood CEO Vlad Tenev advocates for the adoption of tokenized stocks to modernize the U.S. equity market and enhance trading resilience, aiming to prevent disruptions similar to the 2021 GameStop trading freeze [1][6]. Group 1: Market Disruption and Structural Issues - The January 2021 trading freeze was attributed to structural limitations in the financial system rather than misconduct, with slow settlement processes and extreme trading volumes leading to increased collateral requirements and trading limits [3][4]. - Robinhood and other brokerages halted purchases of volatile stocks during this period, highlighting the strain on traditional market infrastructure under extreme volatility [4][5]. - The trading halt sparked criticism and regulatory scrutiny, marking a significant moment in discussions about market resilience and fairness [5]. Group 2: Tokenized Stocks as a Solution - Tenev positions tokenized stocks as a potential solution to the structural issues faced by traditional markets, offering benefits such as faster settlement, 24/7 trading, and increased transparency through blockchain technology [6][7]. - Robinhood has already tested tokenized equities and ETFs in the European Union, indicating a move towards integrating blockchain applications into mainstream financial markets [7]. - Tokenized assets could reduce reliance on legacy settlement cycles, which currently take several days and can lead to significant collateral calls during market turbulence [7]. Group 3: Controversies and Regulatory Discussions - Despite the potential benefits, tokenized stocks face controversy, with critics questioning whether these offerings represent actual equity and how they should be regulated [8]. - Robinhood is in discussions with regulators regarding its plans for tokenized equity, reflecting ongoing regulatory challenges in this area [8].

Core Insights - PwC indicates that institutional adoption of crypto has reached a point of no return, signifying a structural shift in the engagement of large financial players with digital assets [2][5] - Institutions are no longer merely testing crypto; they are developing long-term strategies and systems, making a retreat impractical even in adverse market conditions [3][6] - The involvement of a Big Four accounting firm like PwC in crypto discussions adds significant weight to the narrative, highlighting a growing interest from traditional finance players [4] Industry Implications - The report addresses concerns regarding potential political shifts affecting crypto adoption, suggesting that once institutions invest in crypto-related infrastructure, it becomes too costly to disengage [5][6] - Multi-year investments in custody systems, compliance frameworks, and tokenized products are now embedded in core business processes, indicating a long-term commitment to the crypto space [6] - The current momentum in crypto adoption may position the industry for sustained growth over the coming decades [8]

Key Takeaways xStocks’ tokenized equities have crossed $3 billion in on-chain transfer volume. More than $500 million of that activity came from DEXes, signaling rising peer-to-peer trading. Combined centralized and on-chain trading now exceeds $17 billion, with over 57,000 unique wallet holders. While much of the crypto market has struggled to find direction in early 2026, one corner of blockchain finance is quietly accelerating. Tokenized stocks—digital representations of traditional equities—a ...