Semicon Bull 3X ETF (bStocks Tokenized Stock) Project Update

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Biggest Stories of 2025

• The Crypto Theses 2026 report documented the growth of tokenized public stocks, which rose from $9 million in November 2024 to $633 million in November 2025, with EXOD leading at $148.4 million (23.4% of total) 3. This report framed the rapid adoption of tokenized equities heading into 2026 (December 18, 2025).
• Coinbase's "everything exchange" product rollout expanded into U.S. stock and ETF trading along with prediction markets, with its new Tokenize platform signaling an early step toward participating in the issuance and secondary trading of tokenized stocks 4. Analysts at JPMorgan and Benchmark viewed the rollout as strengthening the bull case for COIN shares (December 18, 2025).
• Ondo Global Markets received regulatory approval from the Liechtenstein Financial Market Authority to offer tokenized stocks and ETFs to retail investors across the EU and EEA 5. This marked a significant expansion of tokenized equity access into European markets (November 18, 2025).
• The State of Crypto x TradFi Q3 2025 report highlighted that the long tail of tokenized stocks expanded 9.7x quarter-over-quarter, with EXOD dominating at $249.6 million (37%) and the "Others" category comprising 261 additional assets 6. This underscored the broadening diversification within the tokenized equity space (October 22, 2025).
• The SEC approved generic listing standards for commodity-based trust shares, allowing exchanges to list and trade Commodity-Based Trust Shares meeting approved standards without first submitting a proposed rule change 7. This streamlined the pathway for new digital asset ETPs (September 17, 2025).
• Sonic Labs increased its token supply following a governance proposal, raising total supply from about 3.41 billion to 3.89 billion S tokens, with portions allocated to pursue an ETF, fund a NASDAQ DAT launch, and establish Sonic USA LLC 8. This reflected the growing intersection of token issuers and traditional financial products (September 2, 2025).
• eToro announced plans to issue 100 of its US-listed equities as ERC20 tokens on Ethereum, enabling 24/7 settlement with future plans for wallet transfers and redemptions 9. This represented another major brokerage entering the tokenized equity space (July 29, 2025).
• REX-Osprey integrated JitoSOL into the portfolio of the REX-Osprey Solana Staking ETF (SSK), with staking conducted directly on the Solana network and 100% of rewards passed through to shareholders 10. This advanced the integration of staking into regulated ETF structures (July 24, 2025).
• Kamino integrated xStocks into Kamino Lend, enabling users to borrow stablecoins against tokenized equities using Chainlink-powered data infrastructure, with eight tokenized equities usable as collateral at launch 11. This created new DeFi lending use cases for tokenized stocks (July 14, 2025).
• xStocks launched on Solana through a collaboration between Backed, Bybit, and Kraken, with Chainlink as the official oracle infrastructure and Kamino, Raydium, and Jupiter as launch partners 12. This established a major competing tokenized equity ecosystem (June 30, 2025).
• eToro listed 34 crypto assets for U.S. users, including Ondo Finance (ONDO), Solana (SOL), and various other tokens 13. This expanded U.S. retail access to a broad range of digital assets (June 26, 2025).
• The SEC approved the Nasdaq ISE amendment to list and trade options on shares of the iShares Ethereum Trust, including an accelerated timeline without the standard 30-day waiting period 14. This expanded derivative products tied to crypto ETPs (April 9, 2025).
• The SEC approved the Bitwise Bitcoin and Ethereum ETF, with the trust's assets allocated to approximate the relative market capitalization of bitcoin and ether 15. This represented continued regulatory progress for diversified crypto ETPs (January 30, 2025).
• Bitwise filed a Form S-1 registration statement for the Bitwise Dogecoin ETF, aiming to provide exposure to the value of Dogecoin held by the trust 16. This reflected the broadening range of crypto assets being packaged into traditional ETF structures (January 28, 2025).