RWA
LBank Announces Pre-IPO Tokenization Market With Kalshi-Linked Assets
LBank has announced a Pre-IPO market that will offer eligible users tokenized economic exposure linked to selected private companies and their potential future public-market performance. Its inaugural Kalshi-linked offering includes two assets with different pricing, liquidity and lock-up arrangements, highlighting the legal, valuation and liquidity questions that remain central to tokenized private-market products.
Strategy Explores Preferred-Stock Financing as Bitcoin Treasury Approaches 850,000 BTC
Strategy reported a large third-quarter accounting profit, held nearly 850,000 bitcoin, and outlined a potential preferred-stock financing strategy to support further accumulation. The proposal shifts attention from spot exposure alone to leverage, recurring funding costs, shareholder dilution and institutional custody and governance.
Curve Deploys on Stellar for the First Time, Launches StableSwap and Plans On-Chain FX
Curve Finance has completed its first native deployment on a non-EVM blockchain, bringing StableSwap to Stellar and outlining plans for an FXSwap product after further security audits. The move connects Curve’s automated market-making infrastructure with Stellar’s focus on cross-border payments, fiat-linked assets and institutional use cases.
Coinbase Returns to Profit, but Crypto Holdings Drive Most of the Gain
Coinbase reported third-quarter net income of $719 million, ending a two-quarter losing streak, but roughly $715 million of that result came from gains on crypto assets held on its balance sheet. Revenue was about $1.2 billion, down roughly 35% from a year earlier, underscoring the continued importance of crypto-market cycles to the exchange’s earnings.
22 Public Companies Reject OKX-ICE Tokenized Stock Plan, Highlighting Issuer Caution
Microsoft, Alphabet, McDonald’s, Wells Fargo and Cisco are among 22 public companies that have objected to having tokenized versions of their shares listed on the venue being developed by OKX and Intercontinental Exchange. The pushback underscores that tokenized equities must overcome issuer authorization, regulatory and governance concerns in addition to technical hurdles.
Microsoft, Alphabet and Goldman Sachs Object to OKX-ICE Tokenized Stock Venue
Microsoft, Alphabet, Goldman Sachs and four other companies have objected to their shares being traded on the planned OKX-ICE tokenized stock venue, bringing the disclosed issuer total to 16. The growing list highlights unresolved questions around issuer consent, investor protection, custody and shareholder rights in onchain securities markets.
Aave Reportedly Explores Tokenized U.S. Equity Collateral Lending on Base
Aave is reportedly exploring a Base-based lending model in which tokenized U.S. equities can be used as collateral for USDC borrowing. The initiative could bring real-world assets closer to on-chain credit, while raising significant questions around custody, eligibility, liquidity, valuation and regulation.
MSCI Tightens Review of Bitcoin Treasury Companies, While Strategy Remains in Indexes
MSCI has approved rules that could make companies dominated by investment holdings ineligible for its global equity indexes, putting Strategy, Metaplanet and similar bitcoin treasury firms under closer review. Strategy has not been removed so far, with the affected-company list and final implementation still pending.
Bitcoin-Native Life Insurer Meanwhile Raises $37.5 Million to Target Cross-Border Wealth Transfer
Bitcoin-native life insurer Meanwhile has raised $37.5 million in a round led by Bain Capital Crypto, bringing total funding above $180 million. The Bermuda-licensed company is targeting wealthy clients outside the United States with policies that use bitcoin for premium payments and death-benefit denomination.