Crypto names climb after SEC prepares for stock tokenization, TradFi names weaken: Financials week
Crypto-related stocks led financial sector gains as traditional finance names weakened. The XLF ETF dipped 2.4%, while the KBW Nasdaq Bank Index fell 4.9%. Key drivers included the first Fed rate hike in three years and SEC moves toward tokenized stock trading. Bitcoin rose ~4.8% to nearly $81K. Top gainers included Pershing Square (+32%), Hyperliquid Strategies (+21%), Coinbase, Riot Platforms, and MARA Holdings (all +11%). Major losers were Enova International (-22%), Lazard (-13%), Ethos Technologies (-11%), Hamilton Lane (-8.6%), and Goldman Sachs (-8.5%).
