Nasdaq and the IMF on tokenisation · OpenAI, Bitcoin, Securitize — Fri 9 Oct

Good morning!

Tokenisation is no longer a niche. On the same day, Nasdaq’s chief executive, Adena Friedman, said it could free up billions of dollars stuck in clearing and settlement, and the IMF set out what it takes to get there. Securitize and the Cardano Foundation added news of their own.

Tokenisation was also the topic of Wednesday’s webinar with Virtune. Did you miss it? Watch the recording on Kaupr Events.

Some stories in Kaupr Daily:

💎 Securitize brings Apple, Nvidia and Tesla to Solana
💎 Citrini: AI agents give blockchain its moment
💎 OpenAI’s revenue is $20 billion below earlier reports
💎 Bitcoin falls towards $80,000 as leveraged bets are wiped out

— Morten

Missed yesterday's live event with Virtune? The full session is now available. Virtune's CEO and co-founder Christopher Kock and Chief Sales Officer Andreas Severin discuss what is driving tokenization, which platforms it is built on, and how investors can gain exposure through regulated ETPs. Moderated by Morten Myrstad.

👉 Watch the recording on Kaupr Events →

Nasdaq chief executive Adena Friedman told CNBC that Wall Street's problem is misplaced cash, not a shortage. Billions are stuck in clearinghouses and brokerage systems as collateral and funds held during settlement, and tokenisation could free them. Nasdaq has asked the SEC to allow tokenised settlement of stocks and ETFs on its main market.

Why it matters: For the largest exchanges, tokenisation is about settlement and collateral, using token technology within existing securities rules.

Source: Nasdaq CEO Adena Friedman says tokenization can free billions in trapped capital — Crypto Briefing

The IMF says tokenisation only delivers with legal certainty that tokens carry enforceable rights, platforms that work together and settlement in safe money. Tokenised markets are growing fast but remain small: repo, the largest segment, trades around $300 billion a day, against $13 trillion in the US repo market. Most tokenised trading happens outside market hours.

Why it matters: The IMF warns that faster, interconnected markets can spread fire sales and runs, and that today's slower processes act as buffers a tokenised system could lose.

Source: What Is Needed for Tokenization to Deliver — IMF

Securitize has launched tokenised shares of 12 US companies on Solana, including Apple, Nvidia, Tesla and Circle. Each token is backed by a real share, with dividends and voting rights, and trades settle in USDC. Eligible investors in the US and Europe can trade, and listing on NYSE's planned round-the-clock platform and OKXICE is expected.

Why it matters: Tokenised stocks are moving from crypto platforms towards the venues where shares are traded today, once those venues launch.

Source: Securitize brings Apple, Nvidia and Tesla to Solana with NYSE trading in the works — CoinDesk

The Cardano Foundation has spun out Veridian, a Swiss digital identity company whose tools let governments, businesses and AI agents prove who they are without a central database. Most of its shares are tokenised on CIP-0113, a new Cardano standard that lets issuers control who can hold a token. The shares are not offered publicly.

Why it matters: CIP-0113 targets regulated products such as stablecoins, funds and securities, where issuers must be able to restrict or freeze transfers.

Source: Cardano Foundation spins out Veridian, tokenizes its shares on new standard — CoinDesk

Citrini Research argues that blockchains have found their purpose: AI agents that move money around the clock need programmable, always-on infrastructure, and financial assets are now coming onchain. It cites tokenised stocks moving between apps and chains, Solana briefly processing more trades than the NYSE in September, and the SEC's exemption for tokenised stock trading.

Why it matters: Citrini asks what happens when millions of agents move deposits to the highest bidder, and whether banks could lose the cheap funding they rely on.

Source: Breaking The Wall: Has Blockchain Finally Reached Its Moment? — Citrini Research

OpenAI has told investors its annualised revenue is approaching $50 billion, the Financial Times reports, well below the nearly $70 billion Axios reported in late September. The higher figure came from investors comparing OpenAI with Anthropic, which, unlike OpenAI, counts sales through its cloud partners. OpenAI's IPO has slipped to early 2027.

Why it matters: OpenAI raised $122 billion in March alone, and investors are watching whether revenue can keep pace with its spending before it lists.

Source: OpenAI's revenue is reportedly $20 billion less than previously projected — TechCrunch

Bitcoin fell 2.1% to $81,658 on Thursday, while ether and altcoins such as Cardano and Solana fell further. The source points to rising oil prices tied to Middle East tensions, high US Treasury yields and continued outflows from spot crypto ETFs. Leveraged trading made the fall worse.

Why it matters: Higher oil prices and bond yields are weighing on risk assets, and crypto ETFs are no longer offsetting the pressure with inflows.

Source: Bitcoin Falls Below $82,000; Cardano, Solana Lead Altcoin Losses — CryptoProwl

More than $1 billion in leveraged positions were wiped out in 24 hours, almost all of them bets on rising prices, CoinGlass data show, with ether hit hardest. Short-term holders sold at a loss on a scale not seen in nearly four months, according to CryptoQuant. Bitcoin briefly touched $80,000.

Why it matters: Glassnode sees buy orders around $81,000 on Binance as the nearest support, with more potential liquidations near $75,000.

Source: Bitcoin crashes through $81,000 buy wall as $1 billion crypto liquidation bloodbath unfolds — CryptoSlate

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Wishing you a great weekend — Kaupr Digest arrives on Sunday, and Kaupr Daily is back on Monday morning.

Best regards Morten Myrstad Founder & Editor