NYSE Readies 24/7 Tokenized Trading as Bitcoin Slides

U.S. spot Bitcoin ETFs recorded $394 million in net daily outflows on Friday, ending a four-day streak of positive net deposits. Spot Ethereum ETFs moved in the opposite direction, posting $4.7 million in net inflows during the same session.

The market retreat came as renewed macroeconomic pressure focused attention on rhetoric around proposed U.S. import tariffs. Bitcoin (BTC) fell 2% to trade near $91,100, while Ethereum (ETH) dropped 4% to $3,105.

Against that market backdrop, the New York Stock Exchange (NYSE), a subsidiary of Intercontinental Exchange Inc. (ICE), has commenced preliminary preparations to facilitate 24/7 tokenized stock and exchange-traded fund (ETF) trading. The plan would bring traditional equities into tokenized formats on distributed ledger networks while providing round-the-clock market access similar to the continuous operating hours of decentralized finance and crypto markets.

Solana (SOL) declined 3% to $129, and XRP slipped 2% to $1.93. The pullback interrupted recent institutional inflows into U.S.-listed spot digital asset investment products.

Bermuda’s government also announced plans to transition elements of the national economy onchain. The island nation is partnering with U.S.-based cryptocurrency exchange Coinbase Global Inc. and stablecoin issuer Circle Internet Financial on a national digital financial framework covering digital identity, blockchain-based settlement, and tokenized financial services.

Ethereum co-founder Vitalik Buterin called on the decentralized finance sector to adopt more sophisticated decentralized autonomous organization (DAO) governance frameworks. He emphasized that moving beyond simplistic, coin-weighted voting systems is critical to institutional accountability, community coordination, and the long-term sustainability of decentralized protocols.

Restaurant chain Steak ’n Shake disclosed approximately $10 million in Bitcoin holdings and confirmed the establishment of a formal corporate Bitcoin strategic reserve. The move mirrors a wider corporate treasury trend pioneered by firms such as MicroStrategy Inc., in which non-financial operating companies allocate excess capital to digital assets as an inflation hedge and long-term reserve asset.

Bermuda established early regulatory clarity through its Digital Asset Business Act (DABA), overseen by the Bermuda Monetary Authority. Through its collaboration with Coinbase Global Inc. and Circle Internet Financial, the island nation plans to modernize domestic payments and public financial architecture.

Alternative cryptocurrencies and high-beta tokens also declined. SPX6900 dropped 12%, Fartcoin shed 8%, Pudgy Penguins (PENGU) fell 4%, and Pepe (PEPE) declined 2%. Dogecoin (DOGE), Shiba Inu (SHIB), Official Trump (TRUMP), Bonk (BONK), and dogwifhat (WIF) each declined by approximately 1%.

Select tokens posted gains: Canton Coin (CC) rose 12%, MYX Finance (MYX) gained 5%, and Maple Finance’s Syrup (SYRUP) advanced 4%.

Onchain decentralized exchange pairs recorded sharp moves, with Eliza Town gaining 800%, USOR rising 70%, and GSD adding 50%.