xStocks, a tokenized equities platform developed by Backed in partnership with Kraken and the Solana Foundation, launched on the Solana blockchain in May 2025, with trading going live on June 30, 2025. The platform enables 24/7 trading of tokenized U.S. stocks and ETFs, including major names like Apple ($APPLx), Tesla ($TSLAx), Nvidia ($NVDAx), and ETFs like SPY ($SPYx), for non-U.S. investors in regions such as Europe, Latin America, Africa, and Asia.

These assets, issued as SPL tokens, are backed 1:1 by real shares held by Backed Finance, ensuring price parity with traditional markets and allowing redemption for cash value. Solana was chosen for its high performance, low latency, and scalability, enabling instant settlement and integration with DeFi protocols like Kamino, Raydium, and Jupiter for uses such as collateral or liquidity provision.

Bybit joined the xStocks Alliance, listing over 60 tokenized assets on its Spot platform. The initiative aims to bridge traditional and decentralized finance, offering borderless, low-cost access to global markets. Kraken and Backed plan to expand xStocks to other blockchains and exchanges, with DeFi Development Corp. ($DFDVx) being the first U.S.-listed crypto treasury firm tokenized on the platform.

This move reflects growing interest in real-world asset (RWA) tokenization, with projections estimating the market could reach $18.9 trillion by 2033. However, regulatory compliance remains a focus, as Kraken is working with global regulators to ensure legal access, and past attempts by exchanges like Binance faced regulatory challenges. Posts on X highlight enthusiasm for xStocks’ role in creating “internet capital markets,” though some question whether tokenized equities will disrupt traditional markets or remain niche.

Non-U.S. investors in regions like Europe, Latin America, Africa, and Asia gain 24/7 access to tokenized U.S. stocks and ETFs (e.g., $APPLx, $TSLAx, $SPYx). This lowers barriers for retail investors, enabling participation in global markets without traditional brokerage accounts or geographic restrictions. Tokenized assets as SPL tokens on Solana can be used in DeFi protocols (e.g., Kamino, Raydium, Jupiter) for collateral, lending, or liquidity provision. This bridges traditional finance (TradFi) and decentralized finance (DeFi), creating new financial products and yield opportunities.

Solana’s high throughput and low transaction costs enable instant settlement and reduce fees compared to traditional markets. This could pressure legacy financial systems to innovate or lose market share. While Kraken emphasizes compliance, tokenized equities face scrutiny, as seen in past regulatory pushback against similar offerings (e.g., Binance’s tokenized stocks). Jurisdictional differences may limit adoption or create legal risks for platforms and investors.

The projected $18.9 trillion RWA tokenization market by 2033 signals significant growth potential. xStocks’ expansion to other blockchains and exchanges, alongside Bybit’s involvement, intensifies competition among platforms like Coinbase or Binance to capture this market. Tokenized equities could enhance liquidity through 24/7 trading and DeFi integration but risk fragmentation if multiple platforms tokenize the same assets. Volatility in crypto markets may also affect tokenized asset stability, despite 1:1 backing.

X posts suggest excitement for “internet capital markets,” but skepticism persists about whether tokenized equities will disrupt TradFi or remain a niche product. Mainstream adoption hinges on user trust, regulatory clarity, and seamless user experience. Overall, xStocks on Solana could reshape how investors access and interact with equities, but success depends on navigating regulatory hurdles, scaling infrastructure, and proving long-term value over traditional systems.

Metaplanet’s issuance of $208 million in bonds to acquire $108 million in Bitcoin has significant implications, both for the company and the broader financial landscape, while also highlighting a growing divide in perspectives on Bitcoin adoption. Metaplanet’s aggressive Bitcoin accumulation, inspired by MicroStrategy, signals a growing trend among corporations to treat Bitcoin as a strategic treasury asset. With 13,350 BTC (valued at ~$1.4 billion), Metaplanet is now a top-tier corporate holder, potentially encouraging other firms to follow suit.

The move diversifies Metaplanet’s balance sheet, hedging against fiat currency devaluation and inflation, particularly in Japan, where the yen has faced persistent weakness.  Issuing zero-interest bonds to fund Bitcoin purchases is a bold, low-cost financing strategy, leveraging Japan’s low-interest-rate environment. However, it increases financial risk, as Bitcoin’s volatility could lead to significant losses if prices drop sharply before the bonds mature in December 2025.

The $5.4 billion equity raise plan to acquire 100,000 BTC by 2026 and 210,000 BTC by 2027 indicates a long-term bullish outlook on Bitcoin but also exposes Metaplanet to market fluctuations and potential liquidity issues if investor sentiment shifts. The 10% surge in Metaplanet’s stock post-announcement reflects strong investor confidence in its Bitcoin strategy, despite being Japan’s most shorted stock. This suggests a polarized market view, with some betting against the strategy’s success.

By aligning with Bitcoin, Metaplanet positions itself as a proxy for crypto exposure in traditional markets, potentially attracting crypto-focused investors while alienating risk-averse ones. Japan, known for progressive crypto regulations, could see Metaplanet’s move as a catalyst for broader institutional adoption, reinforcing the country’s position as a crypto-friendly hub. The strategy may pressure competitors or other Japanese firms to explore similar treasury diversification, potentially influencing global corporate behavior.

Supporters, including crypto enthusiasts and firms like MicroStrategy, view Bitcoin as a store of value and inflation hedge, akin to digital gold. Metaplanet’s move validates this narrative, especially in a high-debt, low-yield environment like Japan. Bitcoin-friendly investors see Metaplanet as a trailblazer, potentially driving stock and Bitcoin price appreciation as adoption grows.

The firm’s ambitious 100,000 BTC goal by 2026 reflects confidence in Bitcoin’s long-term value, appealing to those who believe in its scarcity-driven appreciation (e.g., post-halving dynamics). Critics argue that allocating significant capital to a volatile asset like Bitcoin is reckless, especially with borrowed funds. A sharp Bitcoin price correction could strain Metaplanet’s finances, particularly with $208 million in bonds due by December 2025.

As Japan’s most shorted stock, Metaplanet faces skepticism from traditional investors who doubt Bitcoin’s reliability as a corporate asset, viewing it as speculative rather than a safe haven. Skeptics highlight potential regulatory crackdowns or market manipulation risks in crypto, which could undermine Metaplanet’s strategy and expose it to reputational damage. In Japan, where conservative investment strategies dominate, Metaplanet’s approach is a radical departure, creating a cultural divide between traditional finance and crypto adopters. This could spark debates on corporate governance and risk management.

Metaplanet’s bond issuance and Bitcoin acquisition underscore a high-stakes bet on cryptocurrency as a transformative asset class, potentially reshaping corporate treasury strategies. However, it deepens the divide between those who see Bitcoin as the future of finance and those who view it as a speculative gamble. The success of this strategy hinges on Bitcoin’s price trajectory and Metaplanet’s ability to manage financial risks, making it a pivotal case study in the evolving crypto landscape.

Ric Edelman, a prominent US financial advisor and head of the Digital Assets Council of Financial Advisors, has recommended that investors allocate 10% to 40% of their portfolios to cryptocurrencies, particularly Bitcoin. This marks a significant shift from his 2021 recommendation of just 1% exposure, driven by Bitcoin’s mainstream adoption, the launch of US Bitcoin spot ETFs in January 2024, and the obsolescence of the traditional 60/40 stock-bond model due to increased life expectancy and the need for higher returns.

Edelman argues that crypto’s low correlation with traditional assets like stocks and bonds enhances portfolio diversification and offers higher return potential, with Bitcoin outperforming traditional asset classes over the past decade. However, he acknowledges the high risk, and investors should consider their risk tolerance. Other experts, like those from J.P. Morgan and Motley Fool, suggest more conservative allocations (1%-10%), citing crypto’s volatility. Always consult a qualified financial advisor before making investment decisions.

Crypto’s high volatility (e.g., Bitcoin’s price swings of 20%-30% in short periods) introduces significant risk. A 10%-40% allocation could amplify portfolio losses during crypto market downturns, requiring strong risk tolerance. Edelman’s recommendation challenges the conventional 60/40 stock-bond portfolio, suggesting it’s outdated due to longer life expectancies and insufficient returns for retirement planning. Crypto could fill this gap for growth-seeking investors.

A high-profile recommendation like Edelman’s could drive more institutional and retail investment into crypto, boosting demand and potentially stabilizing prices over time. The launch of US Bitcoin spot ETFs in 2024 has already facilitated institutional access. Large allocations may attract greater regulatory attention, as governments monitor systemic risks from widespread crypto adoption. This could lead to stricter regulations, impacting market dynamics.

Edelman’s stance signals crypto’s growing acceptance among traditional financial advisors, potentially encouraging more advisors to include digital assets in client portfolios. Investors must understand crypto’s speculative nature, including risks like market manipulation, regulatory uncertainty, and technological vulnerabilities (e.g., hacks). Edelman’s advice emphasizes education and due diligence.

Younger investors, more comfortable with digital assets, may embrace higher allocations, while older investors may remain cautious, creating a generational divide in adoption. Financial advisors will need to upskill in crypto markets to guide clients effectively, as evidenced by Edelman’s Digital Assets Council of Financial Advisors.

Advisors like Edelman and firms like Grayscale view crypto as a transformative asset class, citing its historical performance, diversification benefits, and technological innovation (e.g., blockchain). They argue for significant allocations, especially for younger or high-risk-tolerance investors. Bitcoin’s fixed supply (21 million coins), institutional adoption (e.g., ETFs, corporate treasuries like MicroStrategy), and global accessibility make it a hedge against inflation and currency devaluation. These advisors target tech-savvy or growth-oriented investors willing to accept high volatility for potential outsized returns.

Firms like J.P. Morgan, Vanguard, and some Motley Fool analysts recommend far lower allocations (1%-10% or none), emphasizing crypto’s volatility, lack of intrinsic value, and regulatory risks. For example, J.P. Morgan suggests a 1%-5% cap for most investors. Critics argue crypto lacks the stability of traditional assets, with price movements driven by speculation rather than fundamentals. They prioritize capital preservation and proven assets like bonds or blue-chip stocks.

Risk-averse investors, particularly retirees or those nearing retirement, are advised to avoid or minimize crypto exposure. Some advisors advocate a balanced approach, suggesting 5%-10% allocations to capture upside potential while limiting downside risk. This aligns with modern portfolio theory, balancing risk and reward. They recommend diversified crypto exposure (e.g., Bitcoin, Ethereum, or crypto ETFs) rather than single-coin bets, emphasizing professional management via funds.

Younger advisors and clients are more open to crypto’s high-risk, high-reward profile, while traditional advisors prioritize stability. Many advisors lack expertise in crypto, leading to conservative recommendations. Edelman’s council aims to bridge this gap. Crypto’s relatively short history (Bitcoin launched in 2009) and regulatory uncertainty make it contentious compared to established asset classes.

Edelman’s 10%-40% crypto allocation recommendation reflects a bold bet on digital assets as a core portfolio component, driven by their performance and diversification benefits. However, it amplifies risks and diverges from conservative advice, highlighting a divide between progressive and traditional financial advisors. Investors should carefully assess their goals, risk tolerance, and the evolving crypto landscape, ideally consulting a qualified advisor.