Coinbase Global Inc. is exploring the launch of a tokenized version of its stock, $COIN, aiming to introduce on-chain stock trading in the U.S. market. This initiative comes as the regulatory environment under the Trump administration appears to be more favorable towards cryptocurrency and tokenized securities. Coinbase's Chief Financial Officer, Alesia Haas, mentioned at the Morgan Stanley TMT Conference that the company plans to reengage with the SEC's crypto task force to explore the possibility of tokenizing securities, a move that was previously blocked by regulators in 2020. Coinbase's efforts are buoyed by its recent SEC court victory, which dismissed allegations that the firm operated as an unregistered securities exchange. The company is also looking to expand its offerings beyond traditional crypto trading, including stablecoins and derivatives, as part of its strategy to diversify revenue streams. MicroStrategy Inc. has emerged as a dominant player in the U.S. convertible debt market in 2025, holding 30% of the market year-to-date. This position is driven by its strategy powered by Bitcoin. Fold Holdings Inc. has increased its Bitcoin treasury by acquiring an additional 475 BTC through a convertible note at $12.50/share, bringing its total holdings to 1,485 BTC. Valued at approximately $42.7 million, this acquisition positions Fold among the top ten U.S. public companies with the largest Bitcoin treasuries.