Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions contained in the article represent solely the author's views and do not necessarily reflect the stance of Decrypt. You may also follow their daily news program, FOMO HOUR, which covers all major news stories and market trends.
GM!
Today's Top News:
- Mainstream cryptocurrencies show a slight weakening and continue to decline; Bitcoin trades at $80,300.
- Bitcoin ETF saw a net inflow of $110 million; Ethereum ETF experienced a net outflow of $88 million.
- Strategy did not buy Bitcoin but instead increased its holdings of STRC by $205 million; STRC reported a price of $99.11.
- Galaxy Research announces the end of the bear market, stating that the low point in June is the bottom
- Hyperliquid indicates that Kraken, the parent company of Payward, will become the first hip-3 deployer to be regulated by CFTC.
The battle over tokenized stocks will intensify at the Robinhood earnings conference
This weekend, someone purchased a full-page ad in The Wall Street Journal to tell listed companies CEO: Cryptocurrencies are coming after their stocks.
The advertisement reads: "Your stocks. Their tokens. Your trouble." This advertisement was paid for by the conservative non-profit organization Common Sense Leadership Fund. The advertisement lists eight risks: pricing discrepancies, obscured ownership, impaired financing capabilities, cyber theft, vulnerabilities in AML and KYC, lack of investor protection, and legal liabilities. The call to action in the advertisement is also very direct: SEC has already given you the right to exit, and you have 30 days; this is your only chance.
A "war" over tokenized stocks is brewing.
On October 15th, 9 companies opposed the tokenization of their stocks on the OKX-ICE platform. By October 19th, that number had increased to 16. By October 23rd, the list grew to 22 companies, including Wells Fargo, Cisco, Marvell, Arm, Moderna, and Intuit. Microsoft, Alphabet, Goldman Sachs, Verizon, Broadcom, and UnitedHealth also joined the list. In just 8 days, this number more than tripled, accounting for about 35% of the 63 companies planned to go live on the platform.
OKX-ICE Even on October 19th, the rules were amended to allow issuers to tokenize their own stocks, which should have returned control to the issuers. However, not a single opponent accepted this arrangement. They didn't want a better version; they simply didn't want the product at all.
This leads to today's topic.
Robinhood will announce its third-quarter results after the market closes, and no company is more directly affected by how this dispute resolves itself.
Robinhood Chain launched its mainnet on July 1st. In its first quarter, it generated approximately $51 million in revenue, surpassing Ethereum's $41 million, while Ethereum's own network revenue saw a decrease of 35%. The chain processed about $65 billion in DEX transactions, ranking fourth among all networks.
Of this amount, $13.7 billion came from tokenized stocks. In just one quarter, this business accounted for one-fifth of all transactions on the blockchain, and it started from scratch.
The stock tokens of Robinhood have drawn criticism (AMC's CEO referred to them as "despicable"), yet the company is building an entire ecosystem around these tokens. Long.xyz pairs the meme coins with tokenized NVDA and TSLA; trades between meme coins and stocks have now become the source of most of the trading volume for stock tokens on this chain. Orbio uses tokenized NVDA purchased with creator fees to fund AI bonus points. If the stock tokens are removed, many parts of this architecture would lose their support.
So, will Vlad Tenev respond to this battle of tokenized stocks? That's a question worth a billion dollars. A tweet on Monday seems to indicate that he might just do so. We'll find out soon enough...
🌎 Macroeconomics, Cryptography, and Markets
- The prices of major encrypted currencies have seen a slight decline; BTC down 0.6%, at $80,300; ETH down 0.6%, at $2,340; SOL down 1%, at $101; HYPE up 1%, at $79; ZEC up 2%, at $1,270.
- The top-performing altcoins in terms of increase include Morpho (+7%), VVV (+4%), and DASH (+3%).
- Crude oil remains at $101; gold stays at $4,025.
- Before the release of significant financial reports, U.S. stock index futures turned higher again; Dow Jones futures rose by +0.23%, Nasdaq futures rose by +0.5%
- Galaxy Research announces the end of the bear market for Bitcoin; Research Director Alex Thorn believes that the June low point represents the bottom. He pointed out that this low point occurred on the 916th day after the halving, within the range of 777 to 912 days in previous cycles, and stated that this round's retracement of about 53% is the shallower one in history, whereas in the past it ranged from 77% to 93%.
- NBA and CFTC signed an information sharing agreement to combat insider trading and fraud in the basketball-related forecasting market, joining the ranks of MLB and NHL.
- Anthropic has publicly submitted the IPO document, planning to list on NASDAQ under the code “ANT”; its revenue in the first half of 2026 was 16.29 billion US dollars, compared to 1.16 billion US dollars a year ago.
- Ethereum suspended the Glamsterdam fork on the Hoodi test network because the auditing firm ChainSecurity discovered that 13 real-world contracts might become invalid under EIP-8037 and EIP-8038. The reason is that a change in the gas mechanism could result in the gas that has already been consumed in transactions being “returned” during the transaction execution process.
- Binance applied for a Brazilian cryptocurrency license through its local entity BBrasil on October 23, with one week left until the central bank's deadline of October 30.
- CZ and BNB Standard Corporation rang the NASDAQ opening bell together to commemorate the company's name change from CEA Industries, and to announce that former YZi Labs partner Alex Odagiu will take on the role of CEO.
- Keystone will destroy 18,835 hardware wallets because attackers have stolen the authentication keys used to verify the authenticity of the devices; these keys are permanently embedded code that could allow counterfeit devices to pass the company's own authenticity checks.
Enterprise vault and ETF
- On Monday, Bitcoin ETF had a net inflow of $110 million; Ethereum ETF had a net outflow of $88 million.
- Strategy has completely stopped buying Bitcoin for the first time since mid-September, and instead spent $204.9 million to repurchase 2,068,459 shares of STRC.
- Tom Lee's Bitmine holdings increased by 10,452 units, valued at approximately $24 million, bringing its total holdings to 6,051,933 ETH, which represents 4.95% of all Ethereum. At the same time, the company also repurchased 2.04 million of its own shares at an average price of $22.48 each.
Meme Coin Tracking
- Meme coin leaders show divergent performances; DOGE remains flat, SHIB remains flat, PEPE -3%, PENGU -1%, TRUMP +1%, SPX +2%, BONK remains flat.
- The leading coins on the Robinhood chain show divergent performances ahead of HOOD's evening financial report; Pons +4%, with a market value of $166 million; Cashcat +10%, with a market value of $99 million; AI -10%, with a market value of $52 million; Torch +20%; Bun +10%; Microuck +50%, leading the gains.
- Solana The main currencies with significant movements include Ch token issuance with a 130-fold increase, Launch with a +30% increase, Nothing with a +220% increase, and Mask with a +20% increase.
Tokens, Airdrops, and Protocol Tracking
- Hyperliquid leads in revenue from on-chain protocols, with earnings of $2.1 million on Monday, followed by Pump.fun with $1.96 million and Collector Crypt with $926,000.
- Hyperliquid announced that Kraken, its parent company, plans to become the first deployer to be regulated by CFTC and will use this blockchain as the infrastructure layer to provide perpetual contracts to American customers; its regulated exchange and clearing institution, Bitnomial, will be responsible for holding and settling the market, while NinjaTrader Clearing will take over customer accounts.
- Zcash, co-founder, Sean Bowe, proposes to cancel the 8% blockchain subsidy allocated for Zcash Community Grants and redirect it to Network Sustainability Mechanism. He believes that the committee's treasury of approximately $125 million is sufficient to cover expenses for the coming years, with annual expenditures amounting to around $6 million.
NFT What happened?
- NFT Leading stocks show divergence; Punks -1%, closing at 30.25; ETH; BAYC +2.5%, closing at 6.2; ETH; Pudgy -3%, closing at 2.48; ETH
- Milady (+12%) and Azuki (+11%) lead the gains
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