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Kaupr Daily — Tuesday August 11, 2026
The money layer has had a busy summer. This week it is the equity side that moves: the exchange, the numbers and a Stockholm-listed fund all took a step onto the chain within a few days of each other.
💎 NYSE is building the venue where tokenized shares would settle
💎 Equities are now the fastest-growing tokenized asset, measured by holders
💎 Hilbert Group puts a regulated fund strategy inside a vault token
💎 Six research desks see the conditions that came before earlier bitcoin bottoms
💎 H100 nearly triples its holdings in the first bitcoin-for-bitcoin public deal
— Morten
The equity layer starts moving
NYSE is building its onchain settlement venue
President Lynn Martin said on Monday that the exchange is still developing its platform for trading and settling tokenized securities, and confirmed NYSE took part in Wall Street's central clearing house tokenization pilot in July. Securitize would act as transfer agent, minting shares as tokens. That clearing house launches its own tokenization service in October.
Why it matters: A tokenized share is only worth something if it is the same instrument as an ordinary one. Settling it through the exchange that lists it is what makes that claim testable rather than asserted.
Tokenized equities have reached their 2019 moment
CoinShares and Token Terminal argue in their quarterly hybrid finance report that tokenized real-world assets have reached the stage stablecoins were at in 2019 — used in practice rather than announced in principle. Equities are now the fastest-growing category measured by the number of holders, ahead of the treasuries and money market funds that led earlier waves.
Why it matters: Holder count is a harder measure than assets under management. It counts people who chose to own something, rather than capital an issuer parked to demonstrate that the product exists.
Source: The Growth of Hybrid Finance, Q2 — CoinShares and Token Terminal
A Stockholm-listed manager puts a regulated fund in a wallet
Hilbert Group, listed on Nasdaq First North in Stockholm, has opened deposits for its BTC Basis+ strategy through Syntetika, the tokenization platform it backs. The strategy stays inside a regulated fund with independent custody, and the vault token is issued and redeemed only at a net asset value attested by a third party.
Why it matters: The notable part is not that a fund can be bought from a wallet. It is that the regulated wrapper survives the trip, with the attestation rather than the chain doing the work of saying what the token is worth.
Source: Hilbert Group Strategy Goes On-Chain as Syntetika Opens Deposits for BTC Basis+ — Modular Finance
Two ways into the same customer
Revolut becomes a bank in France
Revolut has been granted a full French banking licence, assessed jointly by the French supervisor and the European Central Bank. It is the group's second full licence inside the EU, ending its reliance on passporting everything out of Lithuania. That Lithuanian entity remains under restrictions imposed last year over how it approves new products.
Why it matters: A licence settles where a bank may operate, not what it may launch. Revolut now has the first and is still working on the second.
Source: Revolut lands full French banking licence — FinTech Futures
Robinhood puts crypto next to the ISA
Robinhood has begun offering crypto trading to UK customers through Bitstamp UK, the exchange it bought last year, with more than 50 assets available in the same app as stocks, ISAs, options and futures. There are no trading, custody or account fees, though currency conversion costs 0.1% and rises at weekends. Crypto held through Bitstamp UK is not covered by the Financial Services Compensation Scheme.
Why it matters: Placing crypto beside a tax-wrapped savings account changes who encounters it. The protections do not travel across that boundary, and the customer is left to notice the difference.
Source: Robinhood brings crypto trading to main UK app through Bitstamp — The Block
Compute becomes an asset class
Nvidia arranges $500 billion for the people who buy its chips
Nvidia has signed memorandums of understanding with six of the largest US investment firms, among them BlackRock, Blackstone and Goldman Sachs, to build financing platforms intended to mobilize more than $500 billion of third-party capital for AI infrastructure. Jensen Huang describes Nvidia compute as an investable asset with revenue tied to usage and a long working life. The agreements are not yet final.
Why it matters: A supplier helping arrange the money its customers spend with it makes demand harder to read from outside. The scale here is what turns that from an accounting question into a market one.
Source: NVIDIA Partners With Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR — NVIDIA
Calling a bottom, and acting like it
Six research desks now point the same way on bitcoin
Six research desks, among them Glassnode and the Nordic firm K33, have each identified conditions that accompanied previous bitcoin bottoms: accumulation by larger wallets, falling sell-side pressure, holders sitting on losses. None of them says a bottom has been reached. CryptoQuant's figures show holdings outside exchanges and institutions rising to roughly 3.06 million bitcoin since December.
Why it matters: Six desks using different methods and landing in the same place carries more weight than any one of them being right. It is also, historically, how a consensus forms shortly before it gets tested.
Source: Why Six Crypto Research Firms See Signs of a Bitcoin Bottom — The Coin Republic
H100 nearly triples its bitcoin holdings in a share-for-share deal
The listed Nordic treasury company, chaired by Sander Andersen, has completed its acquisition of the companies controlled by bitcoin pioneer Geir Harald Hansen, taking holdings from 1,051 to 3,506 bitcoin. It was paid entirely in shares at net asset value rather than in cash, and Hansen has accepted a twelve-month lock-up. Dilution reached around 70%.
Why it matters: Paying in shares at net asset value leaves the seller exposed to the same outcome as the buyer. Andersen has argued all summer that bear markets are when acquisitions get made, and this is that argument with a signature on it.
Source: Sander Andersen turns bear market into historic bitcoin deal — Kaupr
Ethereum rewrites its roadmap
Buterin lays his 2023 roadmap over the current one
Comparing the two on Monday, Vitalik Buterin found quantum safety pulled forward and several projects that anchored the 2023 plan replaced by newer designs. What struck him most were the items with no 2023 antecedent at all: privacy as a first-class concern, scaling built for a world with quantum computers in it, and rollups run by the protocol itself.
Why it matters: A roadmap is a statement about which problems are considered worth the next decade. What was not on the list three years ago says more than what has moved up it.
Source: Vitalik Buterin's Ethereum Roadmap Prioritizes Quantum Readiness and Privacy — The Defiant
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Wishing you a good Tuesday — and welcome back tomorrow morning for the next edition of Kaupr Daily.
Best regards Morten Myrstad Founder & Editor