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As tokenized-equity trading matures beyond simple buy-and-hold exposure, exchanges are racing to layer full derivatives infrastructure, options, perpetuals, and portfolio margining, on top of stocks like SpaceX and Nvidia, blurring the line between crypto-native and traditional markets.
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In Today’s Email:
**What Matters:Bybit Launches 24/7 Stock Perp Options 👀Product of the Week:Ethena Proposes ENA Buyback Fee Switch 🔎Charts:**Bitwise Solana ETF Hits $1B AUM,
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WHAT MATTERS
**State of play: **Bybit is launching what it calls the first options contracts tied to stock perpetuals, starting with SpaceX and Nvidia on September 17. The 24/7 contracts will offer fractional lots, USDT settlement, and full integration into Bybit’s Unified Trading Account.
The options support portfolio margin and strategies like spreads, straddles, and covered calls, without traditional market-hour restrictions or share minimums.
Bybit plans to add Tesla, QQQ, SOXL, and Micron as underlyings in future expiries.
Tokenized-equity perp volume grew from $85B in January to about $470B in June, with SpaceX the most-traded contract.
Equity-focused markets now make up about 50% of Hyperliquid’s perp volume, up from 2% at the start of the year.
Why it matters: Options add a new layer of sophistication to the tokenized-equity trend, letting traders hedge and structure positions around stock perpetuals outside traditional market hours.
Our take: With tokenized-equity perp volume already surging past $470B monthly, Bybit’s move suggests exchanges are racing to build a full derivatives stack around equities rather than just spot-like exposure.
For builders and investors: Watch for other exchanges to follow with options products, as competition shifts from simply listing stock perpetuals to offering complete trading toolkits around them.
PRODUCT OF THE WEEK
Ethena Foundation announced four ecosystem changes addressing investor unlocks and protocol value, including buying out certain seed investors’ locked ENA tokens and proposing a fee switch for token buybacks.
The foundation bought all unvested ENA from seed investors who had sold since October 2025, removing their future sell pressure.
Monthly investor unlocks will end, with remaining tokens released at once starting October 5, leaving about 12% of supply locked.
Ethena Foundation and Ethena Labs reached an agreement to assign protocol IP and economic value to the foundation rather than Labs equity holders.
The proposed fee switch would direct 95% of net revenue toward ENA buybacks once USDe supply hits a milestone.
The framework agreement is expected to be published in October, alongside the launch of “Ethena X” next week.
**Other cool products: **
Tydro v2𝕏launchesfixed-rate borrowing on Ink.Reflect𝕏opensfirst tranched pre-deposit market.Arcadia𝕏addsmargin trading on tokenized stocks.Spectra Finance𝕏launchesfixed-income markets for Stellar.Arcus𝕏launchestokenized leveraged perp positions (pTokens).
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CHARTS OF THE WEEK
**State of play: **The Bitwise Solana Staking ETF (BSOL) crossed $1B in assets under management just 10 months after launch, with most inflows arriving during a bear market. It now accounts for more than half of total SOL ETF AUM.
BSOL shares are down about 40% from listing price, even as Solana itself is off 60% from its all-time high.
Spot Solana ETFs have seen $1.7B in cumulative flows with no significant outflow stretch, per Bloomberg’s Eric Balchunas.
Cumulative trading volume for spot Solana ETFs has surpassed $13B since their September 2025 launch.
Charles Schwab said this week it will roll out spot Solana trading in the coming months.
Goldman Sachs is the top known holder of spot Solana ETFs, with nearly $90M in holdings.
**Our Take: **BSOL’s steady inflows despite a 40% price decline suggest investors are underwriting long-term Solana exposure rather than chasing momentum, a distinction that’s likely drawing traditional players like Schwab and Goldman into the category.
State of play: Layer 1 blockchain Fogo halted its mainnet on Saturday, about 15 hours after the Fogo Foundation said an attacker received 400M FOGO tokens in a compromise, worth about $3M at the time.
The stolen tokens equal 4% of FOGO’s genesis supply and over 10% of its current circulating supply.
The Foundation has not disclosed the attack vector or which addresses were targeted, though exchanges and law enforcement were notified.
Bitget and KuCoin both suspended FOGO deposits and withdrawals around the time of the disclosure.
Fogo launched its mainnet in January following a $7M Binance token sale at a $350M valuation.
Our take: The Foundation’s initial claim that operations were “unaffected” followed by a full mainnet halt hours later raises questions about how transparent the team has been with the scale of the compromise.
QUICK BITES
Stellar tokenized RWA marketquadruplesto nearly $4B.A $1.1M crypto card hackcrasheda neobank’s token 49%.Michael Saylorhintsat first bitcoin purchase in two months.Fogohaltsmainnet after attacker receives 400M FOGO tokens.Cronos networkhaltsafter Tectonic exploit estimated at $75M.Tokenized stock transfer volumejumps415% in 30 days to $29.5B.ChainalysisaccusesICE of unfairly steering $95M contract to TRM Labs.
NOTEWORTHY READS & MEME
Kvro’s𝕏readon The Quant Guide To Trading Randomness.Emperor Osmo’s𝕏readon Onchain Investigation Tools Worth Using.Nic Carter’s𝕏readon A Second and Final Eulogy for Bitcoin Maximalism.
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