Crypto Daily | Coinbase, Robinhood, Circle Could Be Early Winners of SEC's Tokenized-Stock Push, Analysts Say

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Coinbase, Robinhood, Circle Could Be Early Winners of SEC's Tokenized-Stock Push, Analysts Say

The SEC’s tokenized-stock experiment may be narrow for now, but analysts are already pointing to Coinbase, Robinhood and Circle as potential beneficiaries if more U.S. securities move onchain.

The Securities and Exchange Commission’s five-year innovation exemption creates a path for tokenized U.S. stocks to trade through automated market makers on public blockchains. To qualify, the tokens must preserve shareholder rights such as dividends and voting, while venues face limits on trading volume and the number of stocks they can offer.

Goldman Sachs said Coinbase could benefit across several parts of its business.

Crypto Platform Gemini’S Stock Is Down 80% from Its IPO. That’S Reviving Takeover Speculation

Gemini Space Station, a crypto platform, has seen its price drop roughly 80% since its public debut, reviving questions about whether the platform founded by the billionaire Winklevoss twins could eventually become an acquisition target.

Lorenzo Valente, director of digital assets research at ARK Invest, argued in a post on X last month that Hyperliquid, the offshore perpetual-trading platform, should acquire Gemini and use it as a regulated U.S. gateway for perpetual futures and prediction markets, with the Winklevoss twins’ concentrated voting control potentially simplifying the deal.

While there is no indication that Hyperliquid is actively pursuing a deal to buy Gemini, Valente's proposal raises a broader question: What is Gemini's value proposition to a potential buyer if its regulatory infrastructure is worth more than its shrinking spot-exchange business?

Visa to Close Crossmint Memecoin Rewards Loophole Following The Block Investigation: Report

Visa is moving to restrict the use of a digital-media merchant code by payment processors for memecoin purchases, a loophole that saw credit card purchases of memecoins earn ordinary points or cash back rewards, per a Friday report from Crypto in America.

The move follows The Block’s investigation into Crossmint, the firm powering credit card purchases of memecoins on the apps Fomo and Robinhood Wallet, and its payment processor Checkout.com, which was reportedly told directly to end the practice. 

Though the Crossmint-powered memecoin sales are still live on both apps, Visa’s grace period is expected to end next week, per the report. 

Bitcoin & Ethereum Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Friday was $433.03 million. The total net asset value of Bitcoin spot ETFs is $102.53 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.29%.

The Bitcoin spot ETF with the highest net inflow on September 18 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of $310.72 million, according to SoSoValue.

Source: SoSoValue

The overall net inflow of the US Ethereum spot ETF on Friday was $143.80 million. The total net asset value of Ethereum spot ETFs is $16.72 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.20%.

The Ethereum spot ETF with the highest net inflow on September 18 was iShares Ethereum Trust ETF (ETHA), with a net inflow of $114.32 million, according to SoSoValue.

Source: SoSoValue