Daily Observation of Cryptocurrency Concept Stocks: SEC's "91 ETF" Ruling Ignites Weekend Sentiment, Nasdaq Launches Practical Phase of "Stock On-Chain"

1. Regulatory Dividend Realized: 91 ETF Decisions Reshape "Compliance Premium"

Yesterday, Wall Street conducted a comprehensive review of the SEC's decisions made before the deadline last Friday (March 27).

It is reported that the SEC has officially approved core rule changes for 24 tokens, including XRP, Solana, and Litecoin, for spot ETFs. Behind this "collective approval" is the formal implementation of the "Regulatory Memorandum of Understanding" signed by the SEC and CFTC in mid-March, which clearly classifies 16 mainstream tokens as "digital commodities." Market commentary yesterday suggested that this not only opens a trillion-dollar new funding channel for giants like BlackRock (BLK) and Fidelity but also provides a more solid compliance foundation for previously gray-area "holding coin concept stocks."

2. Cross-Border Exchanges: Nasdaq Launches "Equity Token Design"

Yesterday, Nasdaq (NASDAQ: $NDAQ) revealed its latest progress in collaboration with Payward (Kraken) — Equity Token Design.

The plan aims to directly integrate the shares of listed companies into the issuer's official shareholder register, achieving seamless connection between on-chain records and offshore identities. Unlike early synthetic tokens, Nasdaq's design ensures that the transfer of tokens represents the transfer of the underlying security itself. This means that future treasury management for listed companies will no longer be limited to holding BTC but can achieve "on-chain real-time settlement" and "24/7 governance" of their own stocks, significantly reducing the friction costs of capital operations.

3. New Capital Order: Institutional Investors Shift to "Yield-Generating RWA"

Yesterday, as the infrastructure for RWA (Real World Asset Tokenization) matured, the flow of institutional funds began to change.

Due to the SEC's ruling last Friday, which greatly enriched the categories of collateralizable assets, many listed companies are starting to explore using their tokenized securities as collateral to obtain liquidity through decentralized credit protocols. This closed loop of "traditional assets on-chain, on-chain assets generating yield" is making the xStocks framework, co-developed by Nasdaq and Coinbase, become the most important "credit relay station" in the global capital market by 2026.

From "Asset Reserves" to "Infrastructure Integration"

Based on yesterday's market signals, the narrative of coin and stock by the end of March 2026 is no longer a simple "competition for Bitcoin holdings." The lifting of the regulatory iron curtain and the deep involvement of traditional exchanges like Nasdaq mark the entry of the world's top treasuries into the "infrastructure integration period." After acquiring large-scale digital reserves, listed companies are beginning to use "stock tokenization" tools to reconstruct their equity financing and global settlement logic.

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Data source: https://bbx.com/ Cryptocurrency concept stock information database, compiled based on announcements from global listed companies and SEC/TSE disclosure documents from yesterday.