Meanwhile

Probably not a great day to put out financial news stories

Epic

Sometimes I read press releases and laugh out loud.

“The hard thing about hard things” by @jserna

Giving away free money is always a great strategy to acquire customers, votes etc but retention is not so easy.

So sorry to read this. I am saddened and shocked. May he rest in peace.

I never understand why people have videos or tweet storms that offer to explain anything for free. Wait…

If you bring a tokenized stock online you better also bring some liquidity with it.

Pretty impressive growth. Well done @Securitize

Somehow @RobinhoodApp managed to make venture capital volatile in both directions on a daily basis.

The Anthropic/SPV situation is way more legally complicated than “the transfers violated the charter, therefore buyers get zero.” That is not how Delaware equity jurisprudence works - especially in Chancery. Sure - Anthropic can absolutely argue that transfers required board approval and that certain structures attempted to circumvent transfer restrictions. Fine. That is a serious argument. But Delaware courts also care deeply about acquiescence, waiver, estoppel, reliance, and equitable fairness. And that is where this gets messy. These secondary/SPV structures did not appear overnight. This ecosystem existed openly for YEARS. Deals were marketed publicly. Prices were tracked publicly. Entire platforms existed around them. There are almost certainly internal emails, texts, compliance discussions, board materials, screenshots, and executive conversations acknowledging these markets existed and choosing not to enforce against them in real time. At some point Chancery starts asking uncomfortable questions: Did the company knowingly allow a secondary ecosystem to develop? Did sophisticated parties rely on that silence? Did insiders themselves participate in or benefit from these markets? Did the company selectively enforce only after valuations exploded? Did they “sleep on their rights” while billions in reliance capital formed around these structures? And even IF some transfers are ultimately voidable, that still does not mean counterparties are left with no remedy. Delaware equity courts are not blind to unjust enrichment, reliance damages, constructive trust theories, rescission claims, tortious interference issues, or other equitable relief where parties acted in good faith based on years of tolerated market practice. That is the key point people are missing: this is not just a pure four-corners corporate charter case anymore. Once a company knowingly permits an entire shadow secondary market to flourish for years, equity enters the chat. And Delaware Chancery is literally the home of equity.

Seen all the SPV hoopla about Anthropic stock - these restrictions are always in place for private securities unless the legend is removed. This why they are called restricted securities. That said - where there is a will there is a way.

Things are more screamy inMiami. Why does anyone need their name this big on a building when they work for the government?

Ai is annoying. I finally figure out what a markdown file is on how to use it effectively and suddenly it’s garbage.

What happens if you build $1 billion wrapper business for tokenized stocks and then the actual companies come and ask you not to use their name anymore as the real stock exists on chain and that it’s confusing. Do people lose their money or is there a cash out? How does it work?

The people have spoken. Handing the RWA Sweepstakes trophy to @carlosdomingo at @consensus2026. Native won. The token IS the registered share. No wrapper, CT voted for the asset, not the exposure. Congrats to @Securitize. Now back to building. 🦙

He was even more blown away that he could send it to anyone’s phone and it just worked.