A full-page Wall Street Journal ad paid for by Common Sense Leadership Fund warned public company CEOs that crypto is coming for their shares, listing eight risks and giving companies 30 days to opt out. The number of companies objecting to tokenizing their shares on the OKX-ICE venue rose from nine to 22 in about eight days, equal to 35% of the 63 companies the venue planned to list. Robinhood reports third-quarter results after the bell, and its Robinhood Chain, which launched its public mainnet, generated roughly $51 million in revenue in its debut quarter, more than Ethereum's $41 million. The chain processed about $65 billion in DEX volume, of which $13.7 billion was tokenized equities.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Morning Minute: Tokenized Stock Battle Looms Over Robinhood’s Earnings Call
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Related news
- Tokenized Stock Trading Has Been a Big Hit Overseas. So Why Are Some Publicly Traded Companies in America Objecting?
Robinhood has launched tokenized stock trading in over 120 countries this year but has not yet received U.S. approval. Tokenized stocks are blockchain tokens representing ownership of conventional shares that can be traded 24/7 across borders, yet holders lack voting rights and direct cash dividends because a custodian bank holds the underlying shares. Microsoft, Verizon and McDonald’s are among a growing list of large companies that have filed to bar tokenization of their shares, arguing platforms cannot issue synthetic versions without consent and that the practice compromises investor safety and corporate governance. In September, the SEC issued an “innovation exemption” letting qualifying platforms trade tokenized stocks in the U.S. for up to five years, but it requires equal rights for holders and gives companies 30 days to object. The article suggests Robinhood is unlikely to bring the feature to U.S. investors soon given nearly two dozen major objectors, though its overseas growth remains worth watching.
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Tokens tracking Securitize's shares (SECZ) saw onchain market cap fall from a high of $430.4 million on Sept. 28 to $208.6 million, while tokens tracking Circle (CRCL) gained about 20% since Sept. 28 to a combined $383.6 million, retaking the top spot in the $3.3 billion tokenized stock market. The decline coincided with a sell-off in SECZ's NYSE shares, which erased gains following the Oct. 8 launch of its stock trading platform on Solana. Citi downgraded SECZ from Buy to Neutral on Oct. 13 amid concerns about tokenization revenue. SECZ closed Friday down 2.1% at $7.80, a market cap of $1.27 billion. SECZ remains the largest individual tokenized stock, while Binance's CRCLb on BNB Chain leads Circle's offerings at $154.1 million.
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