Wall Street Closes at 4 as Tokenized Stocks Keep Trading After Hours

Tokenized stocks are increasingly finding a buyer outside traditional market hours, as trading volume for onchain equities shifts to evenings and overnight sessions. New figures compiled from industry datasets suggest that for platforms operating on networks including BNB Chain, Solana and Base, the “after-hours” pattern is no longer an edge case—it is where most activity is happening.

Meanwhile, the wider crypto business agenda moved forward on three other fronts: corporate Bitcoin treasury expansion at Strive, rising financing friction for miners chasing AI-era compute, and a proposed US accounting change that could make certain stablecoin holdings easier for companies to treat as cash equivalents. Here’s what to know.

Key takeaways

• More than 70% of tokenized stock trading volume on BNB Chain occurs outside US regular trading hours, according to Blockworks data cited by The Kobeissi Letter.
• Tokenized equities reached nearly $3.3 billion in total value onchain over the past 30 days, based on RWA.xyz figures, indicating sustained growth rather than a temporary spike.
• Strive added 3,311 BTC to its holdings for a total of 32,773 BTC after investors exercised $208 million in warrants, per its SEC filing.
• Bitcoin miners’ AI expansion may be constrained by higher borrowing costs and deal structure risk, with BlocksBridge Consulting describing a growing financing “gap.”
• A proposed FASB accounting update could allow qualifying stablecoins to be treated as cash equivalents, but redemption rights with issuers would likely be required.

After-hours demand becomes the defining feature of tokenized stocks

One of the clearest signals in tokenized equities is where trading actually takes place. According to Blockworks data cited by The Kobeissi Letter, more than 70% of tokenized stock trading volume on BNB Chain occurs outside the standard 9:30 am to 4:00 pm Eastern window. On Solana, the share is 63%, while on Base it is nearly 60%.

Similar themes appear in broader adoption metrics. RWA.xyz reports the value of tokenized stocks has risen about 15% over the past 30 days to nearly $3.3 billion, while Jupiter reported a 50% month-over-month increase in tokenized asset trading volume. Taken together, the trend points to a market that is not just “always on,” but actively used during periods when conventional equities typically cannot trade.

This matters for investors because 24/7 access can redistribute liquidity over time zones and reduce dependence on US session timing. In practical terms, the appeal is straightforward: holders and traders can manage exposure without waiting for Wall Street’s opening bell—an important difference for global participation and for those who monitor positions outside standard hours.

Regulatory developments could accelerate the shift, but access constraints remain. The SEC’s “innovation exemption,” as covered by Cointelegraph earlier, is designed to create a pathway for qualifying platforms to trade tokenized US-listed stocks on public blockchains, with disclosure and shareholder protection requirements. Still, current tokenized stock offerings cited in the reporting—such as xStocks and Ondo Global Markets—remain largely unavailable to US investors, which limits who can fully benefit from the after-hours liquidity trend.

For readers watching this space, the key question is whether more platforms will gain eligibility under existing regulatory frameworks—and, if so, whether volume outside US hours will continue to dominate as US participation expands.

Strive grows its Bitcoin treasury after major warrant exercises

Strive’s corporate Bitcoin position continued to expand as investors exercised warrants worth hundreds of millions of dollars. In a Tuesday filing with the US Securities and Exchange Commission, the company disclosed that it purchased 3,311 BTC during the week ending Oct. 9 at an average price of roughly $84,500 per coin.

The buys increased Strive’s total holdings to 32,773 BTC, placing the firm among the largest publicly traded corporate Bitcoin holders, according to the filing cited in coverage. The same filing tied the additions to investor warrant activity: Strive said investors exercised $208 million in warrants, with about $15.3 million still outstanding ahead of the Tuesday expiration.

Strive also amended its governing documents to establish a binding $100 minimum issuance price for its SATA preferred shares, which were reportedly trading around $99.40 at the time mentioned in the coverage. On market context, Bitcoin was noted as trading near $83,300 at the time, below Strive’s average purchase price for the week, while Strive’s common stock (ASST) was described as little changed at $27.52.

For market participants, the significance isn’t only the size of the treasury increase, but the mechanism: warrant exercises can create a predictable flow of capital that companies can deploy into Bitcoin exposure. Investors should watch whether additional warrant tranches, issuance rules, or changes in financing costs influence the pace of future treasury expansion.

AI ambitions raise the stakes for Bitcoin miners’ financing math

Bitcoin mining companies that want to pivot toward artificial intelligence and high-performance computing are facing a more complicated financing environment. BlocksBridge Consulting’s Miner Weekly, as cited in this coverage, suggests that securing AI customers is only part of the challenge—miners also need large-scale capital to fund data center construction, equipment purchases, and power infrastructure.

The core issue appears to be how lenders price risk. Financing terms increasingly depend on who the AI customer is and how likely the project is to be completed. That structure risk—customer contract quality, delivery timelines, and execution feasibility—can translate into higher effective borrowing costs, making it harder to finance expansions on attractive terms.

The reporting highlights the spread in financing deals. IREN secured $3.65 billion in financing in June at a blended interest rate of 6%, then reportedly arranged another $2.4 billion in August at a fixed 9% rate. While the projects differ, the contrast illustrates how funding costs can vary materially across deals.

Earlier analysis cited by the report, including a June BlocksBridge review referencing VanEck, estimated that publicly traded Bitcoin miners may have required $50 billion to support AI infrastructure ambitions. Within that gap, the analysis attributed large portions to individual miners—IREN at $21.1 billion, Riot Platforms at $7.2 billion, and HIVE Digital Technologies at $4.6 billion—though the direct comparability of individual projects was acknowledged.

What to watch next is whether improved AI customer traction can stabilize financing terms—or whether the market continues to reprice risk upward, forcing miners to scale plans back, seek alternative funding structures, or prioritize projects with more secured revenue.

Proposed FASB rules could help companies treat stablecoins like cash—if redemption works

Stablecoins may be closer to mainstream corporate accounting comfort if the US Financial Accounting Standards Board adopts a proposal that treats qualifying stablecoin holdings as cash equivalents. According to a report from payments blockchain Tempo, the proposed change would allow companies to recognize certain stablecoins on their balance sheets more similarly to cash—an improvement over current practices where stablecoin holdings may not count as cash reserves.

Under current reporting, that gap can affect liquidity ratios and even loan covenants, despite the fact that many stablecoins are designed to remain backed by US dollars. The Tempo report indicates the FASB proposal could alter those outcomes by changing which tokens qualify.

The catch is redemption. Tempo noted that companies would need direct redemption rights with stablecoin issuers to meet the proposed conditions. In other words, buying USDC through an exchange may not automatically satisfy eligibility. Cointelegraph also noted that Coinbase already classified USDC and other payment stablecoins as cash equivalents in its 2025 annual report, referencing its redemption arrangement with Circle.

The proposal is open for public comment until Nov. 19. After that, FASB will review feedback before deciding on final rules and determining when any new guidance would take effect.

For corporate treasurers and finance teams, this is a practical development to monitor: easier cash-equivalent treatment could reduce accounting friction and make stablecoin allocations more feasible—provided the final conditions align with how companies can obtain and document redemption rights.

Across these stories, a common thread emerges: tokenized financial products and crypto treasury strategies are moving from experimental to operational. The next steps—whether regulatory eligibility expands for tokenized equities, how financing costs evolve for miner-led compute plays, and what FASB ultimately decides on stablecoin accounting—will shape how quickly institutional adoption can accelerate.