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Japan’s SBI Holdings Joins Tokenized Stock Push With Startale Joint Venture

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Japanese financial giant SBI Holdings is moving into the red-hot tokenized stock market through a joint venture with Singapore-based blockchain development firm Startale.

The companies plan to build an on-chain platform designed for trading tokenized equities and real-world assets (RWAs), they announced on Friday.

The step puts SBI alongside a growing roster of major players experimenting with tokenized stocks. Robinhood and several crypto exchanges including Kraken, Gemini started offering blockchain-based versions of publicly traded shares.

SBI, which oversees more than 11 trillion yen ($74 billion) in assets and has over 65 million customers globally, sees asset tokenization as a major shift in global markets.

“We predict that this movement will eventually lead to the digitalization of capital markets themselves, including exchanges,” Yoshitaka Kitao, president and CEO of SBI Holdings, said in a statement.

The joint venture will focus on 24/7 trading of tokenized U.S. and Japanese stocks with near-instant settlement, the press release said. Features are expected to include fractional ownership, institutional-grade custody and real-time compliance monitoring.

“This platform will be highly interoperable, always open, accessible to anyone, and designed to meet the needs of users worldwide in the global market,” Yoshitaka Kitao said.

Startale previously developed Soneium, an Ethereum layer-2 network, with Japanese tech giant Sony.

Read more: DBS Launches Tokenized Structured Notes on Ethereum, Expanding Investor Access



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Hong Kong Firm Stock Jumps On $483M Bitcoin Acquisition Plan
Crypto Trends

Hong Kong Firm Stock Jumps On $483M Bitcoin Acquisition Plan

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Nasdaq-listed Hong Kong construction firm Ming Shing Group Holdings said Wednesday it has entered into an agreement to acquire 4,250 Bitcoin for nearly $483 million, joining the wave of companies adding the cryptocurrency to their treasuries.

If successful, the deal would make Ming Shing Hong Kong’s top Bitcoin (BTC) treasury according to BitcoinTreasuries.NET data, surpassing even Buyaa Ineractive International with its 3,350 BTC as Bitcoin and crypto adoption take the corporate world by storm.

“We believe the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin and increase the Company’s assets,” Wenjin Li, CEO of Ming Shing, said.

Ming Shing’s financials show it has been under pressure, with a negative profit margin of -3.9% in 2025 and a $5.35 million loss before interest and taxes, according to Stock Analysis data.

Related: The Bitcoin treasury model is breaking, but Strategy’s isn’t. Here’s why

Ming Shing will not pay cash for the BTC. Instead, it plans to issue 10-year, 3% convertible notes (convertible at $1.20/share) and 12-year warrants covering a total of 402,467,916 shares (exercisable at $1.25/share).

Two British Virgin Islands-based firms are involved. Winning Mission Group is selling the 4,250 BTC and will receive a $241,480,750 convertible note plus a warrant for 201,233,958 shares. Rich Plenty Investment will receive the same package from Ming Shing and issue a promissory note to Winning Mission for 2,125 BTC.

Massive potential dilution for shareholders

The structure could sharply dilute Ming Shing’s existing shareholders. The company currently has fewer than 13 million shares outstanding. If the convertible notes are exercised but warrants remain unexercised, the share count would jump to more than 415 million, leaving current shareholders with about 3.1% ownership.

In a worst-case scenario — if all notes, warrants and accrued interest were converted — Ming Shing’s share count could rise to nearly 939 million, reducing current holders to about 1.4% ownership. The transaction also depends on shareholder approval to authorize more shares, since the company currently has only 100 million authorized.

Related: 10 public companies that quietly turned their balance sheets into Bitcoin treasuries

According to Google Finance data, Ming Shing stock spiked sharply on the news, despite trading bearishly over the longer term. The company’s stock has faced steep declines over the past year, losing 70.5% in value, including a 44% drop in the past month and 24% over the past five days.

The initial upward price movement reached $2.15 on Wednesday, but most of the gains were lost on the same day. Still, at Ming Ching’s current price of $1.65, the stock is nearly 11.5% up on Thursday.

Ming Shing Group Holdings Ltd 24-hour price chart. Source: Google Finance

Hong Kong pushes deeper into crypto

The announcement comes as Hong Kong continues its push to become a digital asset hub. Regulators approved spot Bitcoin and Ether exchange-traded funds in April 2024 and issued the first crypto asset service provider licenses earlier this year.

In February, the Securities and Futures Commission (SFC) introduced the “ASPIRe” roadmap to guide local regulation. Earlier this month, the SFC finalized a stablecoin ordinance criminalizing unlicensed issuers and issued new custody guidance for crypto companies.

Reports this week also indicated that CMB International Securities, a subsidiary of one of China’s top banks, had begun offering virtual asset trading services in Hong Kong.

Magazine: Bitcoin OG Willy Woo has sold most of his Bitcoin: Here’s why



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Nasdaq Boots Windtree a Month After $700M BNB Treasury Pivot Fails to Lift Stock

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In brief

  • Windtree confirmed its shares will be suspended from Nasdaq trading on Thursday for failing to meet the $1 minimum bid price.
  • Last month, it said it had committed to buy up to $700 million in Binance’s BNB token.
  • Struggling firms pivoting into crypto treasuries may lack substance beyond the narrative, Decrypt was told.

Windtree Therapeutics, a Pennsylvania-based drug developer, is being delisted from Nasdaq, just over a month after its $700 million pivot into a digital treasury firm focused on Binance’s BNB token failed to boost its stock above the exchange’s requirements.

In an SEC filing published Tuesday, Windtree confirmed trading of its stock on Nasdaq would be suspended at the open on Thursday, August 21, for failing to maintain the $1-per-share minimum bid price. Windtree shares are down 77% on the day to just $0.11.

Windtree listed its stock on Nasdaq in May 2020 but has repeatedly struggled to meet listing standards.



The exchange moved to suspend Windtree’s shares after several bid-price violations since at least June 2022, with its third and most recent deficiency warning handed down in December last year, according to a 2023  SEC filing listed by the drug developer.

Windtree and Nasdaq did not immediately return Decrypt’s request for comment.

Late last month, Windtree announced that it would commit and buy up to $700 million in Binance’s BNB token, just a day after that crypto hit a new all-time high.

While Windtree briefly regained its compliance earlier in March this year, it later lost course as a turbulent pullback in the crypto market began rolling over the past week.

Several publicly-listed treasury companies‘ shares have been diving or slowing in lockstep, including stock from KindlyMD, SharpLink, Coinbase, and Strategy, which hit a 4-month low on Wednesday amid a broader crypto stock slump.

As a result of the suspension, the company is moving to the over-the-counter market under the same ticker, WINT. Unlike Nasdaq, which imposes strict listing standards such as minimum bid prices and equity thresholds, OTC venues operate with looser requirements and typically provide less liquidity and visibility.

“Distressed firms face a structural mismatch with DAT models,” Ryan Yoon, senior analyst at Tiger Research, told Decrypt. “While they may initially raise funds despite lacking credibility, subsequent capital raises become increasingly difficult as market skepticism grows.” 

Digital asset treasuries rely on “premium-based funding, but struggling companies can’t sustain NAV premiums long-term,” Yoon said.

Net asset value, or NAV, is the total value of a company’s assets minus its liabilities, expressed on a per-share basis. It shows whether a company’s stock price is higher or lower than the value of its total assets, including those that aren’t from digital assets.

“This creates a reverse flywheel during market downturns: asset decline → forced liquidation → further decline,” Yoon explained.

For one, Yoon points to Michael Saylor’s Strategy as having a “powerful narrative in crypto markets” that has created “a template that struggling public companies attempt to replicate.”

Yet “unlike established DAT firms with operational frameworks,” financially struggling companies suddenly pivoting to become digital asset treasury firms “typically lack substance beyond the narrative itself,” Yoon said.

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Nasdaq opens lower after tech stock rout, Bitcoin dips
Crypto Trends

Nasdaq opens lower after tech stock rout, Bitcoin dips

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Nasdaq opened lower on Wednesday as stocks looked to steady after tech stocks led a rout that had major gauges slipping ahead of Federal Reserve meeting minutes and a key economic event this week.

Summary

  • Nasdaq Composite opened lower on Wednesday, with the tech heavy index shedding 0.5% in early trades.
  • Stocks were showing weakness as investors awaited Federal Reserve’s minutes.
  • Bitcoin traded near $113,000 having fallen sharply along tech stocks.

The Dow Jones Industrial Average opened about 60 points higher and the S&P 500 hovered just below the flat line, down 0.15%. However, the tech-heavy Nasdaq Composite opened more than 0.5% lower.

Nasdaq Composite’s slight dip follows Tuesday’s bruising outing for risk assets, with broader weakness for top tech stocks, including all of the “Magnificent Seven”: Apple, Microsoft, Amazon, Google parent Alphabet, Meta, Nvidia, and Tesla.

The downswing for these companies, as well as Palantir and others, dragged Nasdaq to a -1.46% close and the S&P 500 to a -0.59% close. The impact of this across the broader market saw the sell-off spread to cryptocurrencies and other risk assets as investors scrambled for safe-haven deals.

Bitcoin (BTC), the top digital asset, fell sharply to break to lows of $112,570 – well off its recent peak above $124k. 

Corporate earnings

Overall weakness meant stocks and crypto traded lower in early deals during the U.S. session as Wall Street weighed market sentiment amid corporate earnings. 

Notably, Target shares fell 9% after the retailer’s earnings report showed further declines in sales and as the company revealed a new chief executive officer expected to take over on Feb. 1, 2026. However, Lowe’s shares gained about 3% after its earnings beat expectations.

Fed minutes on deck

Also on investors’ minds is the Federal Reserve’s minutes for its July meeting, which will shed more light on the central bank’s interest rate outlook. The week also has all eyes on Federal Reserve chair Jerome Powell, who is set to speak at the Jackson Hole symposium in Wyoming.

The event brings together economic policymakers, government officials and critical market players. Powell’s speech at the annual policy symposium comes on Friday morning, his last as he heads toward the end of his term in May 2026.

Fed’s decision to hold interest rates steady at the previous meeting has left the market, per the CME Fedwatch tool, pricing in a higher chance of a cut in September.



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Bitcoin Treasury KindlyMD Stock Dives Following $679 Million BTC Buy

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In brief

  • Healthcare company KindlyMD said Tuesday that it spent $679 million to buy over 5,743 Bitcoin.
  • The firm pivoted to a Bitcoin treasury strategy earlier this year when it merged with holding company Nakamoto.
  • It is the latest company to morph into a crypto treasury.

Bitcoin treasury KindlyMD has added $679 million in BTC to its holdings, the company said Tuesday—though the firm’s stock has taken a plunge following the announcement.

The Nasdaq-listed company said that it had bought 5,743.91 BTC via its wholly owned subsidiary, Nakamoto Holdings, Inc, for an average price of about $118,205 per coin.

Bitcoin was recently trading for $113,200, down 2.4% over a 24-hour period and by more than 5% over the past week after hitting a new all-time high mark above $124,000 last week.

“This acquisition reinforces our conviction in Bitcoin as the ultimate reserve asset for corporations and institutions alike,” David Bailey, the company’s CEO said. 

KindlyMD’s stock—which trades under the ticker NAKA—was down by more than 13% Tuesday to a price of $10.41. The firm, which focuses on providing healthcare data, in May announced a merger with holding company Nakamoto. 

Nakamoto is a holding company co-founded by Bitcoin Magazine CEO David Bailey with the intent of purchasing Bitcoin. Bailey advised President Donald Trump on crypto policy while the Republican candidate was campaigning last year.

KindlyMD said on Monday that it had closed a $200 million convertible note offering as part of its Bitcoin-buying strategy. It raised another $540 million in August via a private placement in public equity (PIPE) to buy the cryptocurrency.



The move is straight out of Strategy’s playbook: Raise cash to buy Bitcoin so investors can buy shares of a publicly traded company and get regulated exposure to the asset.

Strategy shifted from software development to focus on Bitcoin accumulation in 2020. It is the largest corporate holder of the asset with 629,376 BTC worth over $71 billion.

Some 168 public companies now have Bitcoin treasuries, according to bitcointreasuries.net, holding a total of more than 983,000 Bitcoin.

Some experts have warned that the crypto play has its risks, and that pivoting to crypto won’t necessarily save a failing business. But companies keep popping up, and some are amassing billions of dollars’ worth of digital assets.

Other notable treasuries include Twenty One, started by a combination of crypto and traditional finance powerhouses—Tether, Bitfinex, Cantor Fitzgerald, and SoftBank. It holds 43,500 BTC—almost $5 billion worth as of this writing—although it has yet to begin trading. 

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Michael Saylor’s Strategy loosens stock sale limits to sustain Bitcoin strategy
Crypto Trends

Michael Saylor’s Strategy loosens stock issuance limits

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Michael Saylor’s Strategy Inc. is adjusting its financing playbook, easing restrictions on stock sales just weeks after pledging tighter rules.

Summary

  • Strategy Inc. eased its self-imposed limit on stock issuance, allowing sales even when its shares trade below the 2.5x Bitcoin holdings threshold.
  • The company added 430 BTC last week, bringing total holdings to 629,376 BTC with more than $26 billion in unrealized gains.
  • Despite strong Bitcoin reserves, Strategy’s stock is down 22% since November, raising concerns over dilution and demand for its preferred equity program.

According to an Aug. 18 report by Bloomberg, the change gives the Bitcoin-heavy company greater flexibility to raise funds as its share premium over Bitcoin (BTC) holdings narrows.

Strategy’s stock issuance rules shift

Previously, the company had promised not to issue new shares if its stock traded at less than 2.5 times the value of its Bitcoin holdings, a buffer Saylor termed the “mNAV premium.” That limit was intended to reassure investors concerned about dilution. Exceptions were only allowed to cover debt interest or preferred equity dividends.

Under the updated policy, Strategy will permit stock issuance below the 2.5x threshold “when otherwise deemed advantageous to the company.” Analysts like Brian Dobson of Clear Street said the additional language allows Saylor to be more opportunistic in financing Bitcoin purchases.

The shift comes as demand for the firm’s preferred stock program, a novel perpetual equity product Saylor unveiled in July, faces uncertainty. Investor appetite has been tested by falling premiums on Strategy’s shares and increasing competition from Bitcoin ETFs and other crypto-treasury firms.

Slower purchases, strong holdings

Strategy’s pace of Bitcoin accumulation has moderated. The company disclosed on Aug. 18 that it bought 430 Bitcoin for $51.4 million in the prior week, following a 155 BTC purchase the week before. In total, Strategy now holds 629,376 BTC, acquired at an average price of $73,320. With Bitcoin trading near all-time highs around $119,666, the firm sits on more than $26 billion in unrealized gains.

Despite these gains, Strategy’s stock has fallen 22% since reaching a record in November, lagging Bitcoin’s 23% rally over the same period. Short sellers like Jim Chanos have questioned whether the firm’s four series of preferred stock offerings can offset reduced at-the-market equity sales.

The latest revision shows how quickly Saylor’s bold financing strategy is being tested. While easing restrictions may reassure the company’s ability to keep building its Bitcoin reserves, it also highlights investor concerns about dilution and long-term sustainability.



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