Nasdaq digital assets chief Matt Savarese announced the exchange has made its tokenized-stock proposal a top priority and will “move as fast as we can” with the SEC to secure approval.

The proposal would allow trading of on-chain “stock tokens,” digital representations of publicly listed shares, under existing national market system rules.

Speaking in a CNBC interview, Savarese emphasized that Nasdaq isn’t trying to upend the existing system but aims to bring tokenization into the mainstream responsibly under SEC oversight.

“We’re not creating a new exotic instrument. The stock is the stock,” he said, stressing that investors would retain full rights and title as shareholders.

The exchange filed its rule change application in September, seeking to permit listed equities and exchange-traded products to trade in tokenized form while maintaining the same investor protections and execution standards as traditional securities.

Nasdaq Frames Tokenization as Evolution, Not Revolution

The exchange’s approach centers on maintaining the current market structure while adding blockchain-based settlement options.

“The rules have existed for decades, and we don’t want to just completely rip out and upend the entire process,” Savarese explained, noting that trades would continue flowing through Nasdaq’s order book under SEC rules and national market system oversight.

Under the proposal, tokenized shares would carry the same rights as their underlying securities, including voting privileges and dividend rights.

“It’s fully fungible between the token and its traditional form,” he said, explaining that clearing firms and the Depository Trust Company would process tokenized orders alongside conventional stocks under the same ticker symbols and CUSIP identifiers.

The executive stressed that Nasdaq positions itself as “the original innovator” in market infrastructure evolution, comparing tokenization to the exchange’s earlier shift from paper-based to electronic trading.

“It’s evolutionary. It’s not really revolutionary,” he said, describing the effort as bringing the ecosystem along gradually while ensuring investor-first principles remain paramount.

SEC is developing a plan to enable stocks to trade like crypto on a blockchain, backed by Nasdaq, despite resistance from Wall Street incumbents.#Stock #Crypto #SEChttps://t.co/A09i0i1JCi

— Cryptonews.com (@cryptonews) September 30, 2025

Post-Trade Efficiency and Collateral Mobility Drive Near-Term Benefits

Savarese outlined a phased timeline for tokenization benefits, with near-term gains focused on back-end processing improvements.

Tokenized settlement would create process efficiencies immediately, though the exchange plans to maintain seamless integration with existing member firm systems before pursuing faster settlement speeds.

Beyond settlement, enhanced collateral mobility emerged as a critical medium-term advantage.

“Being able to take that equity, put it into a collateral pool, allow folks to be able to move that asset instantaneously can help along the lines of making sure that you have capital efficiency,” Savarese said, noting this would eliminate the need to overcollateralize positions.

Longer-term applications extend to corporate actions, proxy voting, and programmable smart contract functionality.

“You start to get the programmable nature of what blockchain is and smart contracts are intended for,” he explained.

Nasdaq’s acquisition of Calypso through its Adenza deal provides the exchange with what Savarese called “the gold standard” in collateral management software, now integrated with blockchain rails to support tokenized asset movement.

Regulatory Path Forward Remains Central Focus

The exchange has entered the public comment period following its September filing, with responses closed by mid-October.

“We’ll move as fast as we can with the SEC and make sure that we try to push this through,” Savarese said, expressing confidence that tokenization represents a priority topic for the current administration.

While declining to provide specific approval timelines given uncertainties, including recent government disruptions, the executive emphasized Nasdaq’s collaborative approach.

“We’re not looking at kind of upending the system. We want everyone to come along with us for that ride and bring tokenization more into the mainstream, but we want to do it in that responsible investor-led way,” he said.

SEC Chair Paul Atkins has directed the agency to develop clear rules on digital asset classification.

At the same time, Commissioner Hester Peirce recently affirmed the regulator’s willingness to work with tokenization firms, provided they maintain full disclosure about asset characteristics.

Nasdaq already filed SR-NASDAQ-2025-072 to list tokenized equities/ETPs, and the SEC’s public-comment window closes Oct 14. Commissioner Hester Peirce also said today the agency is willing to work with tokenization efforts—signaling tangible follow-through, not just chatter.

— Briefing Block (@briefing_block_) September 30, 2025

Nasdaq’s filing comes as global tokenized stock markets have surged past $465 million in market value, with monthly transfer volumes climbing more than 280% according to RWA.xyz data.

Despite momentum, resistance persists from traditional financial institutions.

The World Federation of Exchanges has urged regulators to tighten oversight of tokenized equities, warning that blockchain-based products may “mimic” traditional stocks without conferring shareholder rights or market safeguards that characterize regulated securities trading.

The post Nasdaq Pledges Swift Push for SEC Approval of Tokenized Stocks appeared first on Cryptonews.

IBIT options now account for nearly all, or 98%, of the Bitcoin ETF options trading, according to Bloomberg News.

Bitcoin may be closing in on a new all-time high after moves in the derivatives market and fresh buying from large holders, according to market watchers and on-chain data.

Max Keiser, a long-time Bitcoin advocate, pointed to a filing by Nasdaq to increase options limits for BlackRock’s IBIT to 1 million contracts — a jump that represents roughly a 40x expansion from prior levels — as a key development that could remove barriers to bigger institutional flows.

Options Market Expands Significantly

According to Nasdaq paperwork and public commentary, the previous 25,000 contract cap had been seen by some as too small for rising volume.

Market experts argued that earlier limits were “discriminatorily small” and suggested that 400,000 contracts would be a more reasonable baseline given current demand.

Some described the change as a move that could place IBIT into a mega-cap derivatives category, unlocking follow-on effects for how banks and funds structure exposure to bitcoin.

I first explained this in 2017:

Now that BTC derivatives market was just expanded by 40x

New ATH’s are in play.

**November 2, 2017**

Max Keiser first discussed Bitcoin market makers needing to expand their inventory to support higher prices in this X post: “Wall St traders… https://t.co/aBQ5DdSDay

— Max Keiser (@maxkeiser) November 27, 2025

Banks And Market Makers React

Market makers will be able to hedge larger positions without hitting the old size wall, which can lower spreads and deepen available liquidity.

Based on reports, that also means banks can build structured notes that use IBIT as a reference without tripping existing risk caps — and JPMorgan is reportedly preparing Bitcoin-backed structured notes that would track BlackRock IBIT.

Those products could channel steady, institutional flows into the market rather than one-off spikes.

On-Chain Buyers Step In

According to Glassnode’s Accumulation Trend Score by cohort, holders of 10,000 BTC or more have flipped to net accumulation and now show a score of 0.8, signaling strong buying.

The 1,000 to 10,000 BTC group has also turned positive for the first time since September, while the 100 to 1,000 BTC cohort has been in active accumulation since October and continued buying through recent declines. Even retail holders with less than 1 BTC are showing their strongest accumulation since July.

Price Action And Value Zones

Bitcoin’s price behavior supports the buying narrative. The token fell into the low $80,000 area that served as support in May and then climbed back above $90,000 quickly, which many traders took as a sign that the market sees value in the $80,000 zone.

Based on reports, the average cost basis for US spot bitcoin ETFs was near $82,000, and that figure has been cited as a reason institutions found the dip attractive.

Market Risks And Short-Term Noise

Keiser had warned previously that when size limits blocked hedging, the market would be prone to pullbacks — and some analysts say that is part of the reason for recent volatility.

Expanding the options cap allows volume sellers to enter more smoothly, which could reduce erratic swings but will not erase market risk.

Price spikes are still possible and downside moves remain a real threat if flows slow or macro conditions shift.

Featured image from Gemini, chart from TradingView

Nasdaq’s ISE asks the SEC to lift iShares Bitcoin Trust options limits to one million contracts, enabling larger institutional hedging but potentially more volatility. Nasdaq’s International Securities Exchange filed a proposal with the U.S. Securities and Exchange Commission on Nov.…

• Naver plans to acquire Dunamu in a KRW 20 trillion stock exchange.
• Upbit controls around 70% of Korea’s crypto trading market.
• Dunamu’s unlisted shares surpassed KRW 400,000 after the merger news.

South Korea’s crypto and fintech landscape is shifting rapidly as Naver prepares to acquire Dunamu in a landmark stock-swap merger that could reshape the country’s global ambitions.

The deal, expected to move through board approvals next week, places Upbit at the centre of Korea’s broader plan to expand into US capital markets.

The move has also revived momentum around a potential Nasdaq listing, with investors and analysts treating the merger as a structural reset that creates the most favourable environment yet for international expansion.

With market prices already reacting, the development signals a new phase for how Korea aims to position itself within the global crypto-fintech race.

Upbit’s position strengthens

Reports from Zoomer and Unfolded indicate that Upbit may be preparing to move into the US market.

This follows local confirmation that Naver Financial intends to acquire Dunamu through a KRW 20 trillion ($14.5 billion) stock exchange.

Once completed, the deal would make the Upbit operator a fully owned subsidiary of South Korea’s dominant internet group.

The merger would connect Naver’s broad fintech network with Upbit’s roughly 70% share of domestic crypto trading.

This creates a platform capable of operating on an international scale and opens new pathways for Upbit to expand beyond its core market.

The alignment of Naver’s technology reach with Dunamu’s blockchain capabilities is seen as a decisive advantage that supports long-term global integration.

Market signals reflect rising expectations

The financial markets have already responded to the merger’s implications.

Dunamu’s unlisted shares climbed above KRW 400,000 for the first time in more than three years.

Naver stock also surged nearly 20% in the days after news of the acquisition emerged.

These market movements reflect growing confidence that the merged entity will target an eventual entrance into the US capital markets.

Experts note that integrating Upbit under Naver creates a corporate structure that is more familiar to US regulators and therefore more suitable for a potential Nasdaq listing.

Research suggests that a listing could be possible as early as 2026, depending on broader market conditions.

Forecasts place the combined valuation of the Naver–Dunamu entity at around KRW 50 trillion, driven by Naver’s fintech scale and Dunamu’s blockchain infrastructure Giwa.

Upbit’s global momentum comes as competitors adjust their public-market plans.

Bithumb, the second-largest crypto exchange in Korea, has regained about 25% of its domestic market share and is reportedly preparing for its own listing attempt.

A new chapter for Asia’s crypto-fintech growth

If approved, the Naver–Dunamu merger could make Korea the first in Asia to attempt to bring a major crypto exchange to Nasdaq.

The development represents a significant step in the region’s broader move to compete more aggressively in global financial markets.

As Naver and Dunamu prepare to combine their strengths, Upbit is emerging as a central player in the next phase of Korea’s push toward international crypto-fintech leadership.

The post Korean crypto ambitions rise as Upbit gains a clearer path to Nasdaq appeared first on CoinJournal.

• Canary Capital launched its spot XRP ETF, XRPC, on 13 November.
• The ETF recorded $58 million in trading volume on day one.
• The listing was approved under Section 8(a) of the Securities Act without objections.

While most of the crypto market was digesting a sharp 3.5% decline on 13 November, Canary Capital’s XRP ETF surged to the top of the Nasdaq, recording the highest first-day trading volume of any fund launched in 2025.

The spot product, listed under the ticker XRPC, registered $58 million in trading activity on its debut, overtaking all previous launches this year.

Despite Bitcoin falling below $99,000 and a broader market slump, the appetite for regulated XRP exposure proved unshaken.

By 9:30 am EST, $26 million in volume had already been clocked.

Trading accelerated rapidly, with over $36 million executed by mid-morning.

Robinhood alone facilitated $500,000 in trades within the first five minutes.

Canary takes the lead in the 2025 ETF competition

XRPC overtook Bitwise’s BSOL ETF, which had previously led the 2025 pack with a $57 million opening day last month.

Both products now sit well ahead of the remaining 900-plus ETFs launched this year.

Bloomberg analyst Eric Balchunas highlighted that the third-most traded ETF debut trails by more than $20 million, underscoring how rare such volume has become in new fund launches.

The listing was certified by Nasdaq on 12 November under Section 8(a) of the Securities Act.

Its approval came without delays due to the absence of pushback during the review period, allowing Canary to activate the launch immediately and avoid the bottlenecks many other issuers face.

XRPC offers direct access to XRP price action

Unlike derivative-based funds or futures products, XRPC holds physical XRP and tracks the CME CF XRP-USD Reference Rate (New York Variant) in real time.

The ETF carries an annual fee of 0.50%. Custody is managed by Gemini Trust Company and BitGo Trust, both of which specialise in secure digital asset storage for institutional clients.

Canary Capital Group, headquartered in Tennessee, already operates ETFs tied to Bitcoin, Ethereum and HBAR.

The firm has positioned XRPC as a compliance-friendly solution for institutions looking to tap into XRP’s role in global payments infrastructure without managing wallet keys or custody operations directly.

Payment-focused crypto tokens see renewed demand

The launch of XRPC also highlights a broader trend in digital asset markets.

Utility tokens such as XRP and HBAR are attracting increasing institutional attention.

Earlier this month, Canary’s HBAR ETF raised $70 million within its first week.

Analysts suggest this reflects rising demand for crypto assets linked to real-world use cases like payments and settlements.

However, XRP’s performance is not immune to broader crypto cycles.

With a correlation to Bitcoin of nearly 40%, its price is often influenced by macro trends and volatility in the wider market.

This makes the ETF’s debut performance even more notable, as it succeeded in generating exceptional demand despite overall bearish sentiment.

The strong launch of XRPC suggests investors are still actively seeking structured exposure to crypto assets that offer functional value.

The post Canary shakes Nasdaq as XRP ETF launch hits $58M on day one appeared first on CoinJournal.

• Canary’s fund is set to be the sixth single-crypto ETF if it launches.
• The fund’s official website has gone live ahead of the anticipated debut.
• Past ETFs launched during the government shutdown used automatic effectiveness rules.

The cryptocurrency market is poised for a new addition with the likely debut of the first spot XRP exchange-traded fund, issued by Canary Capital.

On Wednesday, Nasdaq confirmed it had accepted the Form 8-A filing for the Canary XRP ETF, under the ticker XRPC, signalling formal readiness to list the asset.

While the announcement stirred excitement among ETF watchers, the fund still lacks the US Securities and Exchange Commission’s final approval to begin trading.

This has left its launch in limbo, even as industry observers anticipate a possible debut on Thursday.

Canary’s ETF becomes the sixth single-asset crypto fund to reach this milestone following earlier approvals for Bitcoin, Ether, Solana, Litecoin and Hedera.

However, this fund’s progression highlights a more complex regulatory backdrop, influenced by recent shifts in SEC processes during the US government shutdown.

Certification clears Nasdaq listing, but trading awaits

Nasdaq formally notified the SEC that it had received and filed the Form 8-A for Canary’s XRP ETF.

Bloomberg’s ETF analyst Eric Balchunas shared the update on X, stating that “The official listing notice for XRPC has arrived from Nasdaq.”

Despite this progress, the ETF has not yet received the green light to commence trading. The letter issued by Nasdaq confirmed approval of the listing but did not equate to SEC authorisation.

Observers have clarified that the letter is a procedural step and part of the process to join the registrant’s request for the fund to become effective.

Some in the crypto community highlighted the difference, noting that the Nasdaq letter does not declare the fund effective but only acknowledges the listing certification.

The SEC has not issued an effectiveness order, which means trading cannot begin until that step is completed.

Canary’s XRP fund joins crypto ETF roster

Following the Nasdaq filing, Canary Capital launched its official website for the ETF.

Nate Geraci, president of NovaDius Wealth Management, posted about the development, signalling that Canary was likely to be the first to market with an XRP-backed ETF.

If approved, the XRPC ETF will join the growing roster of single-asset crypto ETFs now available to investors. These include Bitcoin, Ether, Solana, Litecoin and Hedera.

Eleanor Terrett of Crypto America also indicated on X that Nasdaq had cleared XRPC for a market open launch, which further raised expectations for an imminent debut. However, the fund cannot proceed to trading without confirmation from the SEC.

ETF timing reflects shutdown-related procedure shifts

Canary’s ETF launch coincides with the recent end of the longest US government shutdown in history.

On Wednesday, President Donald Trump signed legislation that officially reopened government operations.

During the shutdown, ETFs for Solana, Litecoin and Hedera began trading under automatic effectiveness provisions.

These mechanisms allowed trading to begin without active SEC approval during periods when regulatory processes were delayed.

This approach was not used in earlier launches of Bitcoin and Ether ETFs, which both started trading only after formal authorisation from the regulator.

It remains unclear which approach the XRPC fund will follow.

Without a current effectiveness order, Canary’s ETF may be subject to additional delays, unless it qualifies under the same automatic provisions used during the shutdown period.

Launch window narrows as market watches SEC decision

Although Nasdaq has certified the listing and Canary’s infrastructure appears ready, the fate of the XRPC ETF ultimately depends on the SEC.

Canary’s website launch and market interest reflect growing anticipation, but trading cannot begin until regulators give their final approval.

Although Nasdaq certified the listing and Canary Capital launched its website, the fund did not begin trading immediately after 28 October, the initially anticipated date.

Without a final effectiveness order from the SEC, the ETF remains in limbo. Until that regulatory step is completed, XRPC cannot begin trading, and the market continues to await confirmation.

The post Nasdaq certifies XRP ETF as Canary Capital prepares to enter crypto fund arena appeared first on CoinJournal.

In this edited interview excerpt from a Nasdaq TradeTalk, Check Point CEO Gil Shwed discusses artificial intelligence, the cyber pandemic, ransomware and so much more. Don’t miss this!

What is the big security concern around AI chat technologies, such as ChatGPT?

GS: Oh, there are so many. I think that these technologies are producing a lot of great opportunities for the world, but they are also creating a lot of security threats.

For example, ChatGPT can write malware. You no longer have to be an expert in order to write malware. You can simply use ChatGPT to write malware.

And even when it comes to simple things like writing a phishing email, ChatGPT does an amazing job. We’ve already seen some of these examples in the wild…

How did we enter a cyber pandemic?

GS: I think that when the coronavirus pandemic started and we were forced to work remotely, a lot of things moved to the digital world. In many respects, this is good, but the attack surface also expanded at the same time…

The attack surface is no longer just an enterprise’s network. It’s every home desktop or employee laptop, each of which could potentially be used as a launch point for an attack. If these devices are exploited, attacks can occur fairly quickly and can get out of control.

Why are cyber attackers interested in going after cloud-based networks?

GS: A lot of the computing environment is expanding or even moving to the cloud. And the cloud creates an unbelievable opportunity for attackers. Motives include anything from bitcoin mining (which is simple, but a financial risk), all the way to migrating data out of the cloud and stealing it.

And it’s not only that – When you think about the traditional IT environment, it’s protected by so many layers of security that make it difficult to penetrate. On the cloud, if there is a small breach, it can go directly to the heart of things…

What are the top industry sectors that cyber criminals find most attractive?

GS: First of all, cyber attackers are trying to access almost every attack surface, and they’ll succeed wherever it’s easiest. I don’t think that we should say that if you’re in one sector, you’re not at risk, while if you’re in another sector, you are at risk. Instead, we should say that if you’re not protected with adequate cyber security, you’re at a higher risk of a cyber attack.

However, we have found that certain sectors, like healthcare and government, are more susceptible to cyber attacks. Sometimes, this is because the aforementioned sectors are less protected. And when I’m talking about the government, I’m not talking about the national defense forces – I’m talking about schools (which fall under the government sector umbrella)…or local governments, like city councils and so on…These organizations, in many cases, are not big enough to develop the right security policies or the right security tools.

Can you frame the ransomware problem? Why is it getting worse when there are so many cyber security companies out there?

GS: That’s a very very good question. So first, ransomware hackers have found a very effective means of monetizing their attacks. In the past, people did hacking for ideological reasons, for government-to-government espionage…etc. Some pursued hacking in order to steal money, but it was a difficult undertaking.

With ransomware, hackers found an amazing opportunity to create an attack type and to translate it into ‘big money’. And by the way, when you look at the evolution of ransomware attacks, five or six years ago, a ransomware attack brought in $300-$600. Today, a ransomware attack can bring in hundreds of thousands of dollars. We’ve even seen ransomware attacks that have resulted in companies paying more than $10 million. It’s become a big business.

The problem with security today is that there are so many solutions, there’s so much complexity, and these solutions don’t work together. So, something that would have been blocked on your PC yesterday, could come through your remote access network tomorrow, and it won’t be identified.

It’s our job to work together collaboratively to block these attacks and to build architectures that are far more consolidated and complete in order to block attacks on all attack fronts. At Check Point, we are trying to do just that, and we are investing all of our resources in it.

This article content is an edited excerpt from an interview that was originally broadcast as a Nasdaq TradeTalk. Please watch the entire video clip – here.

If your organization needs to strengthen its security strategy, be sure to attend Check Point’s upcoming CPX 360 event. Register now.

Lastly, to receive cutting-edge cyber security news, best practices and resources in your inbox each week, please sign up for the CyberTalk.org newsletter. 

The post How a fast-changing threat landscape catalyzed a cyber pandemic appeared first on CyberTalk.