Tokenized Stocks Drive 24/7 Trading; Bitcoin Miners Face AI Funding Gap

Digital representations of traditional equities are rapidly gaining traction, with a significant portion of trading activity now occurring beyond Wall Street's conventional hours. This shift underscores the growing appeal of tokenization in reshaping financial market liquidity and accessibility.

Industry data indicates that more than 70% of tokenized stock trading volume on BNB Chain takes place outside the 9:30 am to 4:00 pm Eastern trading window. Similar patterns are observed on Solana and Base, where approximately 63% and 60% of volume, respectively, occurs during off-market periods. This round-the-clock access allows investors across different time zones to engage with US stocks without waiting for traditional market openings.

The overall value of tokenized stocks on-chain has climbed by 15% over the past 30 days, reaching nearly $3.3 billion, according to RWA.xyz. Trading volumes are also rising, with platforms like Jupiter reporting a 50% month-over-month increase in tokenized asset activity. While the US Securities and Exchange Commission (SEC) has introduced an innovation exemption to facilitate tokenized stock trading on public blockchains, many existing offerings, such as xStocks and Ondo Global Markets, remain largely inaccessible to American investors.

Bitcoin Miners Pivot to AI

Bitcoin mining companies are increasingly diversifying into artificial intelligence (AI) and high-performance computing (HPC), but this expansion comes with substantial financial hurdles. Miners face a widening disparity in borrowing costs as lenders scrutinize the complex risks associated with large-scale data center developments.

Securing AI customers is just one aspect of the challenge; miners require billions of dollars to construct new facilities, procure specialized equipment, and establish robust power infrastructure. Financing terms for these projects are becoming increasingly dependent on the creditworthiness of the customer and the probability of project completion. For instance, IREN secured $3.65 billion in financing at a blended interest rate of 6% in June, followed by another $2.4 billion at a fixed 9% rate in August, though these deals pertained to different projects.

Estimates from BlocksBridge Consulting, citing VanEck, suggest that publicly traded Bitcoin miners could require up to $50 billion to fund their AI infrastructure ambitions. Individual funding gaps are significant, with IREN facing an estimated $21.1 billion deficit, Riot Platforms $7.2 billion, and HIVE Digital Technologies $4.6 billion.

In related news, Bitcoin treasury company Strive recently expanded its cryptocurrency reserves, increasing its holdings by over 11% last week. The firm purchased 3,311 BTC during the week ending October 9 at an average price of approximately $84,500 per coin, bringing its total to 32,773 BTC and solidifying its position as the fifth-largest publicly traded corporate Bitcoin holder. This expansion was financed by $208 million from warrant exercises, with $15.3 million still outstanding.

Stablecoins Eye Cash Equivalent Status

Proposed changes to US accounting standards could significantly enhance the appeal of stablecoins for corporate treasuries. A new proposal from the Financial Accounting Standards Board (FASB) may allow qualifying stablecoins to be treated as cash equivalents on company balance sheets, according to a report by payments blockchain Tempo.

Under current accounting practices, stablecoin holdings often do not count towards a company’s reported cash reserves. This can negatively impact liquidity ratios and compliance with loan covenants, even when these tokens are fully backed by US dollars. The FASB proposal seeks to address this, though Tempo notes that companies would need direct redemption rights with stablecoin issuers to qualify. Simply acquiring USDC through a cryptocurrency exchange, for example, might not meet this specific requirement.

Coinbase has already classified USDC and other payment stablecoins as cash equivalents in its 2025 annual report, a classification supported by its direct redemption arrangement with Circle. The FASB proposal is open for public comment until November 19, after which the board will review feedback before finalizing the rules and their effective date.

Why it matters

The developments in tokenized equities signal a potential paradigm shift in global market access and liquidity, challenging the traditional trading hours dictated by major financial centers. For Bitcoin miners, the pivot to AI represents a crucial strategic evolution, but the massive capital requirements and rising financing costs highlight the inherent risks and intense competition in this emerging sector. Meanwhile, the FASB's potential reclassification of stablecoins as cash equivalents could legitimize their role in corporate finance, making them a more attractive and integrated component of treasury management.

What to watch

Investors and market participants should closely monitor the regulatory landscape for tokenized assets, particularly how US regulators balance innovation with investor protection. The ongoing financing strategies and operational expansions of Bitcoin mining firms into AI will be key indicators of their long-term viability and growth potential. Furthermore, the final outcome of the FASB's stablecoin accounting proposal will be critical in determining the broader adoption and financial integration of these digital assets within corporate balance sheets.