AMC Slams Tokenized Stocks: Why Kraken and Bullish Are Betting Big Anyway

Summary

The episode covers tokenized equities through interviews with Payward Chief Commercial Officer Mark Greenberg and Bullish Exchange President Chris Tyrer. Greenberg explains xStocks partnerships with the London Stock Exchange and Nasdaq, global expansion plans, and issuer benefits; Tyrer explains tokenized equity models, the AMC-Robinhood spat, and Bullish's Equiniti acquisition. Co-host Ophelia Snyder reviews strong weekly Bitcoin and Ethereum ETF inflows and the macro backdrop, while also discussing alt ETF adoption challenges.

• Jennifer Sanasie and Ophelia Snyder open by debating Clarity Act odds and whether the ColdCard hack strengthens the case for intermediaries.
• Mark Greenberg says xStocks has $40 billion in volume and is expanding with the London Stock Exchange plus planned Hong Kong, Europe, South Korea, and Namibia access.
• Greenberg also discusses Nasdaq equity tokens, upcoming yield on xStocks, and tokenized equities as a way for issuers to activate shareholders.
• Chris Tyrer distinguishes wrapper, issuer-sponsored, and DTCC tokenized equity models and explains the AMC-Robinhood disagreement.
• Tyrer frames tokenization as a mega trend with equities next and describes Bullish's Equiniti acquisition as a transfer agency modernization play.
• Bitcoin ETFs pulled in about $986 million and Ethereum ETFs $218 million, with both extending three-week positive flow streaks.
• Ophelia Snyder argues that macro conditions may be shifting in favor of Bitcoin and that alt ETFs need education and a strong chain-specific narrative.