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Binance was hit by a hack of at least $5.57 billion overnight — more on that further down. Elsewhere, tokenization keeps setting new milestones, from Chainlink's always-on pricing to French fund manager Spiko's SAFO overtaking BlackRock's BUIDL as the largest tokenized fund. Nordic regulators and crypto firms are moving closer together, with Bitcoin Suisse launching locally and Sweden's FI opening up on tokenised money. AI agents are getting access to both portfolios and institutional authority, and Strategy and Coinbase posted opposite Q3 results.

Some stories in Kaupr Daily:

💎 Securitize added Stellar as institutional tokenization gathers steam, following Franklin Templeton and MoneyGram onto the network.

💎 Strategy's Q3 profit hit $19.5 billion on its bitcoin gains, even as the stock fell in after-hours trading.

💎 Agion and SIROS Foundation are teaming up to verify AI agents' identity on an organisation's behalf.

Tomorrow we're live with Hvem lytter til Bitcoin i Norge — and a trip to El Salvador up for grabs.

— Morten

Hot wallets at Binance were drained for at least $5.57 billion overnight, among the largest exchange thefts on record. We sent an extra edition at 06:15 with the details. Binance has pledged to cover losses and Tether/Circle have frozen about $2.8 billion between them, but the final figure, who was behind it, and when withdrawals resume are still open.

Read the extra edition → · We're updating continuously on kaupr.io.

Chainlink has launched always-on market data for tokenized stocks, commodities and other real-world assets, closing the pricing gap that opened every weekend and holiday. Aave, the largest DeFi lending protocol, is the launch partner, using the feed to value tokenized collateral in its institutional platform Horizon.

Why it matters: Lending protocols holding tokenized assets as collateral have had no reliable pricing when traditional markets are closed — a solvency risk Chainlink's new feed is built to remove.

Source: Introducing Chainlink 24/7: Always-On Markets for Real-World Assets — Chainlink

Spiko's cash fund SAFO, managed with Amundi, has overtaken BlackRock's BUIDL and Circle's USYC to become the largest tokenized fund by assets under management — just seven months after launch. More than two-thirds of the fund sits on the Stellar network, where most of its holders also keep their shares.

Why it matters: The milestone came at a pace neither BUIDL nor USYC matched at the same age, underlining how fast tokenized cash products are scaling in Europe.

Source: SAFO Becomes the World's Largest Tokenized Fund, Seven Months After Launch — Stellar (Source: press release)

Securitize, which manages BlackRock's BUIDL fund, has added Stellar to the blockchains it supports, alongside Ethereum, Solana and Avalanche. The move was announced at Stellar's annual Meridian conference in Lisbon, where Securitize's CEO pointed to Stellar's scale among tokenization networks.

Why it matters: Franklin Templeton and MoneyGram already rely on Stellar, so Securitize's move brings another major tokenization player onto a network that's quietly become core infrastructure for real-world assets.

Source: Securitize adds Stellar blockchain as institutional tokenization gathers steam — CoinDesk

Swiss crypto firm Bitcoin Suisse is launching its Nordic operations within the next week, following a MiCA licence secured via Liechtenstein's regulator earlier this year. A formal gathering follows in Stockholm in November, where the leadership team will present its view of the market.

Why it matters: The Nordic general managers argue that institutions have moved past asking whether to look at bitcoin, and are now asking how to hold it properly — a shift Bitcoin Suisse is betting on.

Source: Bitcoin Suisse ready to launch in the Nordics — Kaupr

Sweden's financial regulator is recruiting companies and other market participants for a reference group on tokenised money and DLT-based payments, covering tokenised bank funds, e-money tokens and central bank money. The work runs through a series of joint workshops.

Why it matters: The project signals that Swedish regulators are moving from watching tokenisation from the sidelines to actively shaping how it should be classified and used.

Source: Sweden's Finansinspektionen opens call for input on tokenised money — Kaupr

Crypto tracking platform Kryptos has made portfolio data queryable through a ChatGPT plugin, letting users ask about value, cost basis and gains pulled from their linked wallets and exchanges. The connection is read-only and requires a paid ChatGPT plan.

Why it matters: It's part of a widening pattern of financial platforms opening read-only access to AI assistants, following Bitpanda and Danish Coop Bank doing the same with their investment accounts.

Source: Kryptos connects crypto portfolios to ChatGPT — Kaupr

Finnish AI governance firm Agion and Sweden's SIROS Foundation, an open-source digital identity nonprofit founded by a Yubico co-founder, have partnered to verify AI agents' identity and delegated authority on an organisation's behalf.

Why it matters: As companies let AI agents place orders and carry out tasks autonomously, proving which organisation an agent actually represents is becoming its own infrastructure problem.

Source: Agion and SIROS Foundation to verify AI agents' identity — Kaupr

Strategy's third-quarter profit was driven almost entirely by the rising value of its bitcoin holdings, which now total more than 848,000 BTC. The company also said preferred shareholders approved a move to daily dividend accrual, and confirmed a CFO transition set for early next year.

Why it matters: Executive Chairman Michael Saylor framed the earnings as proof the company is "at the beginning of the next bitcoin bull market," even as the stock fell in after-hours trading.

Source: Strategy reports $19.5 billion in Q3 net income as preferred shareholders approve daily dividends — The Block

Coinbase's net revenue fell sharply from a year earlier as quiet crypto markets weighed on trading activity. Most of its reported profit came from a gain on the company's own crypto holdings rather than from its core business, and the stock is on track for its weakest year since the 2022 crash.

Why it matters: The results show how exposed Coinbase's earnings still are to trading volumes, even as it leans harder into newer products like prediction markets.

Source: Coinbase reports Q3 revenue decline amid crypto slump — Yahoo Finance

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Wishing you a great Friday — and welcome back Sunday morning for the next edition of Kaupr Digest.

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Morten Myrstad
Founder & Editor