Tokenized SpaceX flops

Glassnode data suggests bitcoin’s drop into the low $60,000s is starting to attract buyers. Its Accumulation Trend Score – which tracks whether larger onchain entities are adding or distributing BTC – has turned higher across multiple wallet cohorts. In other words, after the latest correction, more investors appear to be buying the dip rather than continuing to sell into weakness. Read more →

Justin Bechler’s latest Nakamoto (NAKA) essay argues that Kraken has effectively taken control of Nakamoto’s bitcoin treasury. According to the company’s latest SEC filing, roughly 85% of NAKA’s bitcoin now sits in a Kraken-affiliated collateral account tied to its loan agreement. The same filing also shows Nakamoto sold about 600 BTC and sent most of the proceeds to Kraken to pay down debt – a move the company said “strengthened” its capital structure. To tie this all together – if most of the bitcoin is pledged to Kraken, the lender can demand more collateral, then NAKA’s treasury strategy is increasingly being dictated by its lender. Read more →

Tokenized stocks had another rough launch. According to Protos, nearly 28,000 crypto wallets pledged about $557 million through Binance alone to participate in a tokenized version of the SpaceX IPO – and received zero shares. Across Binance, Bybit and Bitget Wallet, customers reportedly committed more than $1 billion before the campaigns were canceled on launch day. The issue appears to trace back to xStocks, the tokenized-equity issuer acquired by Kraken, which could not source the underlying SpaceX shares. Read more →

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