Understanding Tokenized Equities

Launched just a few months ago, xStocks offers investors a novel way to engage with the stock market. By allowing the purchase of tokens that mimic the price movements of popular stocks like Tesla, Apple, and Nvidia, xStocks has created a bridge between traditional stock investing and the burgeoning world of cryptocurrencies.

Trading Volume Milestone

The total trading volume for these tokenized shares has recently crossed the $2 billion mark, according to data from a Dune dashboard. A large proportion of this trading activity, approximately $1.94 billion, has been facilitated through centralized exchanges (CEXs) such as Kraken, Bybit, and Gate. Meanwhile, decentralized exchanges (DEXs) account for $103.8 million of the trading volume.

Popularity and Engagement

Despite the impressive trading numbers, the number of unique holders of xStocks tokens remains relatively modest, with around 25,500 holders. The total assets under management for xStocks stand at $43.6 million, highlighting potential for further growth and adoption.

Leading xStocks

Among the various tokenized options, Tesla’s tokenized stock leads in popularity, boasting over 11,000 holders. Following closely is an S&P 500 token, with nearly 10,000 holders. Other popular tokens include those tracking Apple, Nvidia, and Circle.

The Future of Tokenized Equities

Proponents of tokenized equities are optimistic about the future. Such innovations could democratize access to U.S.-listed stocks for international investors and provide the benefit of 24/7 trading. Notable exchanges like Coinbase and Kraken are exploring further expansion in this arena.

In January, BlackRock’s CEO Larry Fink expressed his desire for the U.S. Securities and Exchange Commission to expedite the approval of tokenized bonds and stocks. Robinhood has also announced plans to offer European users the ability to invest in over 200 tokenized U.S. stocks.

Recent Developments

In recent developments, Backed, along with Kraken, has expanded xStocks’ reach from Solana to the BNB Chain. This move allows users to trade tokenized U.S. equities as BEP-20 tokens, reflecting the industry’s shift towards a multichain, composable future.

Kraken co-CEO Arjun Sethi remarked on the momentum, stating, “The response to xStocks has made one thing increasingly clear — the future of capital markets will be chain-neutral, composable, and multichain by design.”

Please note: This article is provided for informational purposes only and is not intended as legal, tax, investment, or financial advice.

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Less than three months since its launch, Backed’s xStocks has allowed investors to engage with tokenized equities, providing a novel way to track the price movements of major stocks through tokens. The platform’s trading volume recently surpassed an impressive $2 billion, as revealed by a comprehensive Dune dashboard analysis.

Centralized Exchanges Lead the Way

Most of the trading activity for xStocks has occurred on centralized exchanges (CEXs), accumulating a staggering $1.94 billion in volume. Leading the pack are well-known exchanges such as Kraken, Bybit, and Gate. Meanwhile, decentralized exchanges (DEXs) have contributed $103.8 million to the total trading volume, highlighting a significant yet smaller role in the ecosystem.

Tokenized Equities: A Growing Market

Despite the promising figures, the number of unique holders of xStocks tokens remains modest, with approximately 25,500 investors. The total assets under management for these tokenized shares amount to $43.6 million. Among the available options, the tokenized Tesla stock stands out with over 11,000 holders, followed closely by an S&P 500 token with nearly 10,000 holders. Other popular choices include tokens tracking Apple, Nvidia, and Circle.

The Future of Tokenized Equities

The potential of tokenized equities is being recognized by both crypto enthusiasts and traditional finance leaders. This innovative market could simplify access to U.S.-listed stocks for international investors while enabling 24/7 trading capabilities. Exchanges like Coinbase and Kraken are already exploring the introduction of tokenized equities.

In a statement earlier this year, BlackRock CEO Larry Fink advocated for the rapid approval of tokenizing bonds and stocks, emphasizing the transformative potential of this market. Furthermore, Robinhood is expanding its digital asset offerings, planning to allow EU users to invest in over 200 tokenized U.S. stocks.

Backed, in collaboration with Kraken, has recently announced an expansion of xStocks’ support to the BNB Chain, transitioning from Solana. This move will enable users to trade tokenized U.S. equities as BEP-20 tokens, further enhancing the platform’s versatility.

Kraken co-CEO Arjun Sethi highlighted the significance of this development, stating, “The response to xStocks has made one thing increasingly clear — the future of capital markets will be chain-neutral, composable, and multichain by design.”

Disclaimer: The Block operates independently to provide objective and timely information about the crypto industry.

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Tesla, a major player in the tech industry, is among the “Magnificent 7” of Big Tech, offering insights into the market’s risk and reward dynamics. According to Google Finance, Tesla’s stock (TLSA) concluded the after-hours trading at $317.80.

Tesla’s automotive revenue experienced a 16% year-over-year decline in the second quarter, contributing to a 12% decrease in the company’s total revenue. However, Tesla remains ambitious in its pursuit of leadership in AI, robotics, and related services, launching its robotaxi service in Austin just last month.

As of the end of the second quarter, Tesla’s Bitcoin holdings stood at a value of $1.23 billion. This increase in value is attributed to Bitcoin’s price appreciation rather than new acquisitions of the cryptocurrency.

Tesla’s CFO, Vaibhav Taneja, known as “DevOps Ninja” by Musk, stated that other income rose to $284 million in Q2, a significant increase from a $125 million loss in Q1. This growth is partly due to a mark-to-market adjustment on assets, including Bitcoin.

Despite holding 11,509 BTC, valued at $1.36 billion, Tesla has dropped to the tenth position among publicly traded companies that include Bitcoin in their treasury reserve. This is due to other companies aggressively investing in Bitcoin.

In an intriguing development, Tesla CEO Elon Musk hinted at enhancing the robot workforce at Tesla’s newly opened retro diner with “cute” outfits. Musk anticipates these robots will start serving food to customers’ cars by next year. Currently, Tesla’s Optimus robot only serves popcorn to patrons.

Although the diner, which can accommodate over 250 customers at a time, has received criticism for its high prices, the opening has been largely successful. An AI chatbot, Grok, even compared Tesla’s prices to other diners, stating that “Tesla aligns with upscale diners but pricier than budget chains.”

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This update is particularly significant considering Musk’s larger vision. During the livestream, Musk stated that Grok would interact with the physical world through Tesla’s Optimus robot. Musk, the head of Tesla, an electric vehicle and robotics company, further revealed that Grok would be incorporated into Tesla cars as early as next week, according to a post on X.

Musk believes that this integration will enable Grok to validate its theories in the real world, a strategy that implies the AI chatbot may develop beyond text-based output to real-world scientific experimentation.

Musk also expressed his expectation that Grok would “unearth new, genuinely useful technologies no later than next year, possibly even by the end of the current year.” He further stated: “It might uncover new physics by next year. And within two years, almost certainly.”

Musk is known for his ambitious predictions about AI. He recently stated that xAI would retrain Grok using a new knowledge base devoid of “garbage” and “unverified data”, even suggesting that the AI could potentially reinterpret history.

During the livestream, Musk also predicted that AI would lead to “an economy that is thousands, or maybe millions, of times larger than our present economy”, even referencing the Kardashev civilization classification scale.

The xAI team also hinted at a new AI programming model, which is reportedly “fast and intelligent” and is expected to be launched in the coming weeks. This announcement comes on the heels of xAI securing $10 billion in additional capital earlier this month as it continues its challenge to OpenAI, escalating the competition to control the AI arena. Earlier in May, the company also tentatively agreed to incorporate its AI chatbot Grok across Telegram in a deal worth $300 million.

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Data from BitcoinTreasuries.NET indicates that Metaplanet is currently the fifth-largest corporate holder of Bitcoin globally. The company surpassed Tesla’s Bitcoin holdings in late June when it purchased an additional 1,234 BTC, bringing its total Bitcoin holdings to 12,345 BTC compared to Tesla’s 11,509 BTC. Metaplanet also outpaced Bitcoin mining company CleanSpark, which has 12,502 BTC, with a separate purchase of 1,005 BTC valued at $108 million, announced on June 30.

Corporate Bitcoin holdings continue to grow, with Strategy, the world’s top corporate Bitcoin holder, announcing the acquisition of another 4,980 Bitcoin for $531.1 million on June 30. The purchase took the firm’s total Bitcoin holdings to 597,325 BTC, acquired for approximately $42.4 billion at an average price of $70,982 per coin. Meanwhile, ProCap, a firm owned by crypto entrepreneur Anthony Pompliano, made its first Bitcoin purchase of 3,724 BTC for $386 million in late June. Healthcare technology company Semler Scientific also announced last month its plans to increase its Bitcoin holdings from 3,808 to 105,000.

However, James Check, lead analyst at Glassnode, suggested on Saturday that the Bitcoin treasury strategy might not be as enduring as many anticipate. According to Check, the easiest gains may already have been realized by new entrants. He emphasized that a company’s product and Bitcoin accumulation strategy must be sustainable, and that investors tend to favor early adopters over later entrants.

In a similar vein, a report from venture capital firm Breed in late June indicated that only a handful of Bitcoin treasury companies will manage to avoid a “death spiral.”

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In the corporate Bitcoin holdings race, Metaplanet has now successfully overtaken Tesla, which maintains a reserve of 11,509 BTC. This advancement makes Metaplanet the fifth-largest corporate Bitcoin holder, highlighting its aggressive accumulation strategy.

The company’s CEO, Simon Gerovich, announced the achievement on Twitter, saying, “1, 2, 3, 4, 5… liftoff. We’ve just surpassed Tesla in the BTC leaderboard. Bolder. Faster. Harder. Elon Musk – we’ll see you on Mars.”

This development follows close on the heels of Metaplanet’s successful funding round, during which it raised ¥74.9 billion (roughly $515 million). The capital injection, mainly aimed at enhancing its Bitcoin treasury, was executed through the issuance of 54 million new shares via the exercise of 540,000 stock-acquisition rights by its primary sponsor, EVO Fund.

The acquisition aligns with the company’s broader objective of owning 1% of Bitcoin’s total capped supply of 21 million coins, putting it amongst the most devoted corporate adopters of the premier asset.

Earlier this year, Metaplanet introduced its “555 Million Plan,” which proposed issuing 555 million new shares to generate approximately $5.4 billion for future Bitcoin purchases. This plan signifies a 92% dilution of existing shares and forms part of a larger strategy to accumulate 30,000 BTC by the end of 2025.

Metaplanet’s long-term goals include reaching a Bitcoin stash of 100,000 BTC by 2026 and 210,000 BTC by 2027. This level of accumulation is only rivaled by business intelligence firm Strategy, the leading corporate holder with over 592,300 BTC in its possession.

Data provided by BitcoinTreasuries reveals that Marathon Digital Holdings ranks second with 49,179 BTC, followed by Riot Platforms with 19,225 BTC, and CleanSpark with 12,502 BTC.

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Refinitiv – Short Read

Stock market movers: XPEV (-2.75%), GMAB (-5.81%), TSLA (-15.43%), TSVT (+5.26%)

KEY HIGHLIGHTS:

For individual stock movements, use the Eikon search string: STXBZ

U.S. stock index futures experienced a small rise on Tuesday, following the largest one-day plummet of the year for Wall Street’s primary indices during the previous trading session, awaiting later job data.

Region: Americas

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“We are attacked on a daily basis, but this particular attack was carried out by a group or perhaps even a country with considerable resources,” Musk stated.

Despite the swift recovery of user functionality, Musk hinted that the onslaught might still be in progress. At the time of reporting, Downdetector had registered over 33,000 outage reports related to X on March 10.

The confirmation of the cyberattack came in response to a social media user who outlined a string of attacks on Musk’s interests, ranging from demonstrations against the Department of Government Efficiency (DOGE) to vandalism of Tesla storefronts.

This is an ongoing story, and as more information becomes available, it will be updated accordingly.

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Key Takeaways:

• Shares of Chinese companies listed in the US have experienced a drop following disappointing economic data.
• The decline in bitcoin prices has led to a subsequent fall in crypto stocks.
• Despite the overall downturn, Airbnb’s stock has risen, buoyed by a positive brokerage rating.
• Futures have been hit hard: Dow by 0.91%, S&P 500 by 1.06%, and Nasdaq by 1.21%.

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Sandeep Rao, a senior researcher at Leverage Shares, highlighted that recent developments in AI have not significantly cut down human labor costs, contrary to earlier promises. Investors, disillusioned by these unmet expectations, are reconsidering their long-term investment strategies. AI-heavy firms have yet to deliver on the anticipated cost savings, leading to a potential shift in investor interest towards other promising stocks.

Investors may begin repositioning themselves, looking beyond the tech giants that have dominated the market in search of new opportunities that promise better returns in the long term.

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