Tokenized Stocks Transform After-Hours Trading and Corporate Crypto Strategies

Tokenized stocks are driving expanded trading activity beyond conventional market hours.

Latest data indicates that over 70% of tokenized stock trading volume on the BNB Chain takes place outside regular U.S. market hours, with similar trends observed on Solana and Base networks.

By enabling investors worldwide to trade U.S. stocks without waiting for the Wall Street opening bell, tokenized equities have the potential to alter liquidity distribution throughout the entire day.

However, many platforms facilitating this trading remain unavailable to U.S. investors, even as regulators in America begin creating frameworks for tokenized stock trading.

This edition of Crypto Biz covers the growth of tokenized stock trading, economics of bitcoin mining, proposed accounting standards aimed at simplifying stablecoin classification as cash equivalents for companies, and Strive’s latest bitcoin treasury expansion.

On Solana and BNB Chain, the majority of tokenized stock trading now occurs outside the typical U.S. market hours, underscoring the growing demand for around-the-clock access to blockchain-issued equities.

According to data from Blockworks cited by The Kobeissi Letter, more than 70% of tokenized stock volume on BNB Chain happens outside the standard 9:30 a.m. to 4 p.m. Eastern Time trading window. Similar figures stand at 63% for Solana and about 60% for Base.

Trading activity is rising steadily. Jupiter reported a 50% monthly increase in tokenized asset trading volume. Meanwhile, RWA.xyz data highlights a 15% increase in the total market value of tokenized stocks over the last 30 days, reaching nearly $3.3 billion.

This upward trend coincides with the U.S. Securities and Exchange Commission’s introduction of an innovation exemption, which permits qualifying platforms to trade tokenized U.S.-listed stocks on public blockchains, subject to disclosure rules and shareholder protections. Yet, existing platforms like xStocks and Ondo Global Markets remain largely inaccessible to U.S. investors, limiting domestic participation in this emerging market.

Strive, a bitcoin treasury management company, boosted its holdings by over 11% last week, using proceeds from investor warrant exercises to expand its bitcoin reserves and increase bitcoin exposure on a per-share basis.

In an SEC filing on Tuesday, Strive revealed that it acquired 3,311 bitcoins during the week ending October 9, at an average cost of about $84,500 per bitcoin. These purchases raised its total bitcoin holdings to 32,773, positioning Strive as the fifth-largest publicly traded corporate bitcoin holder.

CEO Matt Cole noted that investors exercised $208 million worth of warrants, with roughly $15.3 million still unexercised just before expiration on Tuesday.

Strive also amended its corporate documents to set a binding minimum issuance price of $100 for its SATA preferred shares, which were trading at $99.40. At the same time, bitcoin’s price hovered near $83,300 — below Strive’s average purchase price — while its common shares (ticker ASST) were steady at $27.52.

Bitcoin miners expanding into artificial intelligence (AI) and high-performance computing confront rising borrowing costs as lenders weigh risks tied to large-scale data center projects.

According to Miner Weekly from BlocksBridge Consulting, securing AI clients is only part of the challenge. Miners require billions in financing to build facilities, purchase equipment, and secure power infrastructure, with financing terms increasingly dependent on specific customers and the feasibility of project completion.

Recent financing deals illustrate wide disparities. For example, IREN raised $3.65 billion in June at a blended rate of 6%, followed by $2.4 billion in August at a fixed 9% rate. These relate to distinct projects, making direct cost comparisons difficult.

Funding needs are immense. A BlocksBridge analysis citing VanEck in June estimated that publicly traded bitcoin miners require $50 billion to achieve their AI infrastructure goals. IREN alone faces a funding gap of $21.1 billion, with Riot Platforms and HIVE Digital Technologies needing $7.2 billion and $4.6 billion, respectively.

A proposed update to U.S. accounting standards could boost stablecoin appeal for corporate treasuries by allowing qualifying tokens to be classified as cash equivalents on company balance sheets, reports blockchain payments platform Tempo.

Currently, stablecoin holdings may not qualify as part of a company’s cash reserves, affecting liquidity metrics and loan covenants, even when tokens are fully backed by U.S. dollars.

The Financial Accounting Standards Board’s (FASB) proposal could change this. However, Tempo highlights that companies would need direct redemption rights from stablecoin issuers to qualify—for example, simply purchasing USDC on an exchange may not meet the criteria.

Coinbase already classifies USDC and other payment stablecoins as cash equivalents in its 2025 financial report, supported by its redemption agreement with Circle.

The proposal is open for public comment until November 19. After that, FASB will review feedback before finalizing the standards and determining their effective date.

Crypto Biz offers a weekly overview of blockchain business and cryptocurrency markets, delivered to subscribers every Thursday.

Tokenized trading outside regular hours exemplifies how blockchain innovation extends market accessibility beyond traditional constraints, while corporate bitcoin purchases and emerging accounting rules highlight evolving strategies and frameworks shaping the crypto industry’s integration with mainstream finance.

Tokenization extends stock market liquidity beyond U.S. trading hours, offering global investors continuous access. At the same time, growing corporate bitcoin treasuries and potential accounting reforms signal increasing institutional adoption and regulatory clarity for digital assets.

These developments reflect a broader shift towards 24/7 market participation and enhanced corporate engagement with cryptocurrencies, potentially transforming liquidity, capital allocation, and regulatory compliance within financial ecosystems.

Strive’s bitcoin accumulation through warrants shows how companies leverage crypto to strengthen balance sheets, while stablecoin accounting proposals could further legitimize digital currencies as cash equivalents for corporate treasuries.