Robinhood CEO Vlad Tenev said tokenization is on track to upend the global financial system, calling the shift “a freight train” that will merge crypto with traditional finance.

SBI Crypto, a mining subsidiary of Japan’s SBI Group, has reportedly lost $21 million in a suspected hack with potential ties to North Korean state-backed hackers, according to blockchain investigator ZachXBT.

Metaplanet has purchased 5,288 bitcoin for $615.7 million, lifting its total holdings to 30,823 BTC, now worth roughly $3.33 billion, making it the fourth-largest public bitcoin treasury.

Top stories in the Crypto Roundup today:

• Robinhood CEO Says Tokenization Will ‘Eat the Entire Financial System’
• SBI Crypto Reportedly Loses $21M in Hack Tied to North Korean Group
• Metaplanet Now Holds Over 30,000 BTC After $615M Q3 Purchase

Robinhood CEO Says Tokenization Will ‘Eat the Entire Financial System’

Robinhood CEO Vlad Tenev said tokenization is on track to upend the global financial system, calling the shift “a freight train” that will merge crypto with traditional finance.

Speaking at the Token2049 conference in Singapore, Tenev laid out Robinhood’s growing bet on tokenized assets. 

The firm recently launched tokenized U.S. stocks in Europe, a move he described as a preview of what global investing will look like in a few years: 24/7, on-chain, and borderless.

“In the same way that stablecoins became the standard way to access dollars, tokenized stocks will be how people outside the U.S. get exposure to American equities,” Tenev said.

The platform also allows trading of private equity in companies like OpenAI, though that has raised legal questions. OpenAI said the tokenization of its shares was unauthorized, and crypto lawyers have flagged potential regulatory risks. Tenev dismissed the concerns, suggesting the technology is ahead of the law and that the core hurdles are legal, not technical.

Robinhood’s next target is real estate. Tenev compared tokenizing property to issuing equity in a startup: put the asset in a company structure, then issue tokens to represent ownership.

SBI Crypto Reportedly Loses $21M in Hack Tied to North Korean Group

SBI Crypto, a mining subsidiary of Japan’s SBI Group, has reportedly lost $21 million in a suspected hack with potential ties to North Korean state-backed hackers, according to blockchain investigator ZachXBT.

On September 24, wallets linked to the firm saw suspicious withdrawals in bitcoin, ether, litecoin, dogecoin and bitcoin cash. 

The stolen funds were sent through five instant exchanges before being deposited into Tornado Cash, a crypto mixing service sanctioned by U.S. authorities.

ZachXBT flagged similarities between this exploit and tactics used in previous hacks by North Korea’s Lazarus Group, which has been tied to multiple billion-dollar crypto thefts.

SBI Group, a major financial institution in Japan with investments across traditional and crypto sectors, has not confirmed the breach or responded to requests for comment.

Metaplanet Now Holds Over 30,000 BTC After $615M Q3 Purchase

Metaplanet has purchased 5,288 bitcoin for $615.7 million, lifting its total holdings to 30,823 BTC, now worth roughly $3.33 billion, making it the fourth-largest public bitcoin treasury.

The acquisition pushed the firm’s 2025 bitcoin yield to 497%, according to CEO Simon Gerovich, and helped drive a sharp revision in full-year earnings guidance. 

The Tokyo-listed company now expects $46.26 million in revenue and $31.97 million in operating profit, up 100% and 88% from previous forecasts.

Metaplanet’s Bitcoin Income Generation unit posted $16.16 million in Q3 revenue, more than doubling from the prior quarter. Gerovich said the results show the company’s bitcoin-focused strategy is scaling, supporting a planned preferred share issuance tied to its treasury expansion.

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