Tokenisation on the ETF path? · Bitcoin rally · Compute assets — Mon 24 Aug

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Tokenisation is moving from concept to institutional infrastructure. Today: Ondo compares tokenised assets to early ETFs, onchain RWA value reaches $2.8 billion, and Injective becomes an SEC-registered Transfer Agent. Further down: why Ray Dalio is pointing to Bitcoin as US debt pressures rise, and why Northern Europe is capturing two-thirds of Europe's new AI data centre capacity.

Alongside today's news, we share a fresh episode of our Kaupr Weekly podcast exploring Compute as an emerging asset class, and prepare for our second virtual pre-event ahead of Blockathon Stockholm this Thursday.

In Today's Daily:

💎 Ondo executive compares tokenisation to the 30-year adoption path of ETFs
💎 Tokenised real-world assets reach a record $2.8 billion across public chains
💎 Injective becomes the first Layer 1 registered as an SEC Transfer Agent
💎 Ray Dalio and Scott Bessent warn on US debt as Bitcoin surges past $75,000
💎 AI data centre demand quadruples in Europe with the Nordics securing 66%

— Morten

As AI models expand and infrastructure demand surges, compute capacity is evolving from an operational expense into a distinct financial asset class. In this week's episode, we explore how data centre financing, energy assets, and hardware capacity are being packaged, traded, and integrated into institutional portfolios. Eleven minutes on why compute is becoming the raw material of the digital economy.

Also on Spotify · Apple Podcasts

John Hoffman, Head of Product Portfolio at Ondo Finance, noted at the Wyoming Blockchain Symposium that tokenised real-world assets are following the same 30-year adoption curve as early Exchange-Traded Funds (ETFs). He highlighted that initial skepticism and regulatory uncertainty are gradually giving way to broader institutional integration into traditional portfolios.

Why it matters: Comparing tokenisation to ETFs shifts the conversation from short-term crypto sentiment to long-term structural adoption in global asset management.

Source: Ondo executive says tokenization following same path as early ETFs — The Block

The total market value of tokenised real-world assets (RWA) and equities across public blockchains has reached a record $2.8 billion, according to ecosystem data. The growth is accompanied by the number of RWA-holding addresses passing 230,000, driven by increased institutional issuance and secondary market liquidity.

Why it matters: The $2.8 billion threshold demonstrates that tokenised assets are moving beyond pilot programs into measurable, onchain capital deployment.

Source: Tokenized stock market reaches $2.8 billion — CryptoRank

Injective Institutional Services has been approved by the US Securities and Exchange Commission (SEC) as a registered Transfer Agent under Form TA-1. The registration allows official ownership records for tokenised equities and bonds to be maintained directly on the Layer 1 blockchain state rather than through off-chain manual ledgers.

Why it matters: Having a native Layer 1 entity registered as an SEC Transfer Agent bridges the regulatory gap between public blockchain infrastructure and legally binding securities recordkeeping.

Source: Injective becomes SEC-registered transfer agent in tokenization push — CoinMarketCap

New data centre capacity agreements in Europe reached a record 420 MW in the first half of the year, up from 89 MW in the same period last year, according to CBRE. Northern Europe accounted for 66% of the newly contracted capacity, driven by access to renewable power, cold climates, and expanding neocloud infrastructure.

Why it matters: The physical compute layer behind AI and data processing is concentrating in regions that can offer low-carbon power and scale, placing Northern Europe at the center of Europe's tech infrastructure.

Source: AI demand drives record Europe data centre signings — DCNN Magazine

Anthropic has hired Amir Salek, who previously led Google's Tensor Processing Unit (TPU) hardware division, to lead its silicon team. The move signals Anthropic's intention to develop custom AI chips alongside its existing cloud infrastructure partnerships.

Why it matters: AI developers are moving down the stack to control their own hardware supply chains and reduce long-term dependence on third-party chipmakers.

Source: Anthropic hires former Google TPU chief to lead silicon team — TheStreet

Hugging Face, the open-source platform hosting millions of AI models and datasets, is exploring a potential sale that could value the company at over $13 billion. The platform currently serves as the central hub for open-source AI development globally.

Why it matters: The infrastructure layers that host, route, and distribute AI models are attracting valuations that match major financial software platforms.

Source: Hugging Face exploring sale valuing it at US$13 billion — Business Times

Billionaire investor Ray Dalio and US Treasury Secretary Scott Bessent pointed to accelerating US sovereign debt obligations during recent market discussions. Dalio noted that rising debt monetization is prompting institutional investors to reallocate capital toward neutral, non-devaluable assets like gold and Bitcoin.

Why it matters: As sovereign debt burdens grow, the institutional narrative for holding neutral reserve assets is moving from the margins into core macro portfolio strategy.

Source: Ray Dalio and Scott Bessent warn on national debt — CNBC

A doubling of US Treasury bond buybacks to $4 billion per operation injected fresh liquidity into fixed-income markets late last week. The liquidity shift helped push Bitcoin past key technical resistance levels, triggering liquidations among short-positioned derivative traders and accelerating price momentum.

Why it matters: Sovereign debt management and Treasury liquidity operations directly spill over into crypto derivative markets and leverage positioning.

Source: Treasury buybacks blow up Bitcoin shorts in weekend squeeze — Fortune

📅 Kaupr Event — Blockathon Stockholm, pre-event 2 | Thursday 27 August, 11:00–12:30 CET

Following last week's session on blockchain beyond finance, Kaupr and FirstBlock return on Thursday for the second of three virtual pre-events ahead of FirstBlock-athon in Stockholm.

Join us live on Kaupr’s own channels as we dive deeper into the challenge categories, how teams are forming, and what to expect when Stockholm opens its doors in September.

Free and live stream on Kaupr and YouTube. Hosted and moderated by Kaupr.

👉 Register for Pre-event 2 below:

Missed the first pre-event?

On Thursday we broadcast the first pre-event on what blockchain does outside finance, featuring Fati Hakim (FirstBlock), Ludvig Bergström (Nordic Tech Week), Hani Raisi Halilovic (AI Institutet), Madina Saleh (AIMS Management), Melanie Rideout (Swedish Red Cross), and Arun Maharajan (UNICEF), moderated by Zarina Björklund Rehn and Morten Myrstad.

👉 Watch the recording of Pre-event 1 on Onchain by Kaupr

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Thank you for reading our newsletters!

Wishing you a good Monday — and welcome back tomorrow morning for the next edition of Kaupr Daily.

Best regards,

Morten Myrstad

Founder & Editor