SEC to Propose Tokenized Stock Framework

Hyperliquid's HYPE jumped 7% in the past 24 hours even as majors tokens dropped and bitcoin slid under $77,000. Why? It may have to do with the launch of SPCX-USDC, a synthetic perpetual futures contract tracking SpaceX's implied valuation, on Hyperliquid. The contract opened at a $150 reference price (implying a $1.78 trillion valuation) and spiked to $216 within hours, settling at $202.89 with $33 million in 24-hour volume. The synthetic structure somewhat sidesteps legal challenges that crushed tokenized stock products from Anthropic and OpenAI last week. Read more →

The SEC is reportedly close to releasing an “innovation exemption” that would let crypto platforms offer tokenized versions of publicly traded stocks. The idea is to give these products a lighter regulatory path, rather than forcing platforms through the full traditional securities-registration process. The important caveat? These tokens would track the price of public-company shares, but may not come with normal shareholder rights like votes or dividends – and in some cases could be issued without the underlying company’s approval. That makes the story both exciting and messy. Read more →

Kraken parent Payward held up better than the broader crypto trading market in Q1, reporting $507 million in adjusted revenue, up 3% year over year. Profitability was much thinner, with adjusted EBITDA falling to $18 million, but Payward says that was intentional. The company is still spending through the cycle on acquisitions, product expansion, and regulatory infrastructure. The pitch is that Kraken is becoming more than a crypto exchange, with futures, tokenized equities, derivatives, stablecoin payments, institutional tools, and B2B infrastructure all becoming part of the platform. There are signs of traction, too – funded accounts rose 47% YoY to 6.1 million, assets on platform hit $40 billion, and Kraken’s spot market share climbed from roughly 3.5% in mid-2025 to 5.2% in March. Still, with IPO timing reportedly pushed back and valuation pressure in the background, the big test is whether all this expansion turns into durable earnings. Read more →

📥️ Want to advertise in CoinSnacks? Learn More