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XStocks launches tokenized stocks on Ethereum, including Tesla, Nvidia, and other major companies.
BitMine becomes the largest corporate Ether holder with 1.9 million ETH in its treasury.
Figure Technology targets a $4B valuation in its upcoming IPO, highlighting blockchain growth.
The cryptocurrency market has experienced significant changes today with important news on tokenized stock, Ether holdings, and blockchain IPOs. XStocks was released on Ethereum and had a big offering of 60 tokenized stocks, and BitMine became the largest corporate holder of Ether.
Additionally, Figure Technology is about to become a publicly-traded company with a valuation of up to $4 billion, which is part of the current trend of blockchain companies going through IPO. These trends are indicative of growing institutional attention and usage of blockchain technology within conventional finance and the crypto economy.
XStocks, a tokenized stock product provided by Backed Finance, has been officially deployed on Ethereum, which provides around 60 tokenized stocks. These stocks entail highly-rated businesses, such as NVIDIA, Amazon, Tesla, Meta, and Walmart.
The popularity of Ethereum as a major innovative contract network made it an ideal option in this launch. XStocks had been present on other blockchains, including Solana, BNB Chain, and Tron, but Ethereum has a large user base and dominates the field of decentralized finance (DeFi), which made it the right place to grow the reach of the product.
Ethereum is currently the platform with a total value locked (TVL) of $90.8 billion, which is 60 percent of the total amount of all blockchains. This contributes to making it the most popular blockchain for DeFi.
The announcement of tokenized equity on Ethereum is preceded by similar actions of other businesses, including the tokenized stock trading offered by Gemini and the interest in the same prospect.
A tokenized asset is a type of asset that is intended to help bridge the gap between traditional finance and blockchain technology, developing digital forms of physical assets such as stocks.
BitMine Immersion Technologies has become the largest corporate owner of Ether, as it currently has almost 1.9 million Ether, which is approximately 1.6% of the total amount of Ether in circulation.
BitMine is a key player because its holdings are approximately worth $8.1 billion, and the company participates in the Ethereum ecosystem. This follows a sequence of acquisitions that have also expanded BitMine's treasury as institutional interest in Ether grows.
A recent spike in BitMines' stock price, which rose by 1.12% on that announcement day, highlighted its position as a powerful force in the Ethereum market. The firm has also been aggressively buying Ether, which further strengthens its significant holdings.
The news comes after other big events in the space, such as the emergence of Ether treasuries, with a number of firms and financial institutions pouring money into the cryptocurrency.
Figure Technology Solutions, a blockchain-centered lender, is set to undergo its first public offering (IPO), in which it plans to raise $526 million. The corporation, operating with the Provenance Blockchain, aims for a valuation of around $4 billion.
Figure's IPO filing is part of a larger trend of blockchain companies actively looking to become publicly traded, riding on the crypto industry boom.
Figure IPO is the successor to other crypto-related public offerings, such as Circle and Bullish. These actions are part of a greater trend in the crypto sector, where companies are becoming more reliant on the public markets to fund themselves.
The company's recent expansion, especially in the blockchain lending sector, has preconditioned a successful listing, and revenues have increased significantly during the first half of the year.
According to the latest data, Ethereum (ETH) is trading at $4,300.42, experiencing a slight decline of 1.19%. Bitcoin (BTC) is priced at $110,757.00, showing a modest increase of 1.84%. The current state of these two major cryptos sums up the volatile nature of the cryptocurrency market.
