Onchain equity trading is becoming a clear proof point for deeper TradFi–DeFi convergence. Even after the SEC dismissed the Innovation Exemption proposal, equity tokenization keeps advancing. Exodus has launched Exodus Markets in partnership with Ondo Finance, giving investors access to more than 200 tokenized stocks, ETFs, and RWAs. The premise is straightforward: bring traditional assets onchain and enable trading through blockchain-based infrastructure. A central issue is where those assets are issued. Exodus Markets has deployed roughly 200 tokenized assets on Solana, reinforcing the network's growing prominence in the tokenization story. Momentum is extending beyond tokenized equities. Securitize is expanding STAC—its tokenized AAA CLO fund—to Solana with BNY, and Ethena has said it plans to allocate $250 million to the fund. The move stands out given the scale of the underlying market: CLOs represent more than $1.3 trillion in global issuance, making them one of the world's largest fixed-income categories. As more of these instruments move onchain, Solana is increasingly positioned as a settlement layer for institutional capital. SOL's market picture, though, remains subdued. The token is still well below $100, and the broader technical setup has yet to show a decisive bullish turn. That leaves traders weighing whether the market continues to prioritize SOL's weak technical structure or is starting to price in strengthening network fundamentals. Liquidity on Solana has continued to climb sharply. Ethena's USDe has been a major driver, with supply on Solana jumping more than 260% over the past month to above $500 million. Against that backdrop, Ethena's planned $250 million allocation to Securitize's tokenized AAA CLO fund is a development to watch, linking a fast-growing stablecoin protocol to a tokenized credit product and broadening the mix of institutional assets being issued on Solana. All of this is unfolding while SOL remains under technical pressure. The token has been locked in a wider downtrend for nearly eight months, highlighting a widening gap between improving onchain fundamentals and price action. Tokenization activity on Solana continues to build, and the longer-term opportunity is substantial. Global equities are valued at roughly $100 trillion, and as more equity exposure migrates onchain, markets will require scalable settlement infrastructure. Early signals suggest Solana is becoming one of the key venues for that flow, adding to the debate over whether SOL is being undervalued. Final Summary Major issuers are increasingly choosing Solana for tokenized equities, CLOs, and other RWAs. Despite accelerating liquidity, partnerships, and onchain issuance, SOL remains in a prolonged downtrend—raising fresh questions about whether the market is discounting Solana's fundamentals.

Elon Musk's SpaceX (SPCX) has climbed to become the eighth-largest public holder of Bitcoin. The company holds 18,712 BTC, worth about $1.45 billion. Across Musk's companies, total Bitcoin holdings are estimated at roughly 30,200 BTC.