Morning Minute: Tokenized Stock Battle Looms Over Robinhood’s Earnings Call

By Tyler Warner

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our daily news show 'FOMO HOUR' covering all of the top stories and market action.

GM!

Today’s top news:

• Crypto majors slightly red and continue downturn; BTC at $80.3k
• BTC ETFs see $110M in net inflows; ETH $88M in outflows
• Strategy buys no BTC, adds $205M of STRC; STRC at $99.11
• Galaxy Research declares the bear market over, stating June low marked bottom
• Hyperliquid shares that Kraken parent Payward will be first CFTC regulated hip-3 deployer

Tokenized Stock Battle Looms Over Robinhood’s Earnings Call

Somebody bought a full-page ad in the Wall Street Journal this weekend to tell public company CEOs that crypto is coming for their shares.

“YOUR STOCK. THEIR TOKENS. YOUR PROBLEM,” it read, paid for by the Common Sense Leadership Fund, a conservative nonprofit. They listed eight risks - pricing disparities, obscured ownership, impaired capital raising, cybertheft, market manipulation, AML and KYC loopholes, absent investor protections, legal liability. And the call to action was blunt: the SEC has given you the right to opt out, you have 30 days, this is your only chance.

The war against tokenized stocks is brewing.

Nine companies objected to having their shares tokenized on the OKX-ICE venue on October 15. By October 19 it was 16. By October 23, the list hit 22, including Wells Fargo, Cisco, Marvell, Arm, Moderna and Intuit joining Microsoft, Alphabet, Goldman Sachs, Verizon, Broadcom and UnitedHealth. That’s a two-and-a-half-fold increase in eight days, and 35% of the 63 companies the venue planned to list.

OKXICE even amended its rules on October 19 to let issuers tokenize their own shares, which would hand them control. Not one objector has taken it. They don’t want a better version of the product. They don’t want it.

Which brings us to today.

Robinhood reports third-quarter results after the bell, and no company has more riding on how this fight resolves.

Robinhood Chain launched its public mainnet on July 1. In its debut quarter it generated roughly $51 million in revenue. That’s more than Ethereum’s $41 million, while Ethereum’s own network revenue fell 35%. It processed about $65 billion in DEX volume, fourth among all networks.

Of that, $13.7 billion was tokenized equities. One fifth of everything trading on the chain, in a single quarter, from a zero start.

Robinhood’s stock tokens have already drawn fire (AMC’s CEO called them “contemptible”) and the company is building an entire ecosystem on top of them. Long.xyz pairs memecoins against tokenized NVDA and TSLA, and meme-versus-stock pairs now drive most stock-token volume on the chain. Orbio funds AI inference credits with creator fees paid in tokenized NVDA. Pull the stock tokens out, and a lot of that architecture has nothing to stand on.

So will Vlad Tenev address the tokenized stock war? It’s the billion-dollar question. A tweet from Monday makes it seem like perhaps he will. We will find out soon enough...

🌎 Macro Crypto and Markets

• Crypto majors are slightly red; BTC -0.6% at $80.3k; ETH -0.6% at $2,340; SOL -1% at $101; HYPE +1% at $79; ZEC +2% at $1,270
• Top alt movers include Morpho (+7%), VVV (+4%) and DASH (+3%)
• Oil even at $101; Gold even at $4,025
• Stock futures are green again ahead of big earnings; DOW +0.23%, Nasdaq +0.5%
• Galaxy Research declared the Bitcoin bear market over, with head of research Alex Thorn arguing the June low marked the bottom on day 916 after the halving (within the 777-to-912-day range of past cycles) and noting this drawdown of roughly 53% was the shallowest on record against 77% to 93% previously
• The NBA signed an information-sharing agreement with the CFTC to police insider trading and fraud in prediction markets tied to basketball, joining MLB and NHL
• Anthropic made its IPO filing public, planning to list on Nasdaq under “ANT” after posting $16.29 billion in revenue for the first half of 2026 against $1.16 billion a year earlier
• Ethereum paused the Glamsterdam fork on its Hoodi testnet after auditor ChainSecurity found 13 real-world contracts that could break under EIP-8037 and EIP-8038, because the gas changes mean gas already spent can come back mid-transaction
• Binance applied for a Brazilian crypto license through its local entity BBrasil on October 23, a week before the central bank’s October 30 filing deadline
• CZ was with BNB Standard Corporation to ring the Nasdaq opening bell to mark its rebrand from CEA Industries and the appointment of former YZi Labs partner Alex Odagiu as CEO
• Keystone will destroy 18,835 hardware wallets after attackers stole the authentication key that proves a device is genuine, a permanently embedded code that would let counterfeit units pass the company’s own authenticity checks

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $110M in net inflows on Monday; the ETH ETFs saw $88M in net outflows
• Strategy stopped buying Bitcoin entirely for the first time since mid-September, instead spending $204.9 million repurchasing 2,068,459 shares of STRC
• Tom Lee’s Bitmine added 10,452 ETH worth about $24 million to reach 6,051,933 ETH, or 4.95% of all Ethereum, while repurchasing 2.04 million of its own shares at an average $22.48

Meme Coin Tracker

• Meme leaders were mixed; DOGE even, SHIB even, PEPE -3%, PENGU -1%, TRUMP +1%, SPX +2%, BONK even
• Robinhood chain leaders were mixed ahead of HOOD earnings tonight; Pons +4% to $166M; Cashcat +10 at $99M; AI -10% at $52M; Torch +20%, Bun +10% and Microuck +50% led top movers
• Solana top movers included Chico +130x, Launch +30%, Nothing +220% and Mask +20%

💰 Token, Airdrop & Protocol Tracker

• Hyperliquid led onchain protocols in revenue with $2.1M on Monday, followed by Pump.fun at $1.96M and Collector Crypt at $926k
• Hyperliquid announced that Kraken parent Payward plans to become the first CFTC-regulated deployer on Hyperliquid, using the chain as the infrastructure layer to offer perp futures to U.S. clients, with its regulated exchange and clearing arm Bitnomial owning and settling the markets and NinjaTrader Clearing carrying customer accounts
• Zcash co-founder Sean Bowe proposed killing the 8% block subsidy that funds Zcash Community Grants and redirecting it to the Network Sustainability Mechanism, arguing the committee’s roughly $125 million treasury already covers years of spending against about $6 million in annual expenses

🚚 What is happening in NFTs?

• NFT leaders were mixed; Punks -1% at 30.25 ETH, BAYC +2.5% at 6.2 ETH, Pudgy -3% at 2.48 ETH
• Milady (+12%) and Azuki (+11%) led top movers

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