WuBlockchain Weekly: Coinbase Cuts 14% of Workforce, MicroStrategy Revisits Potential Bitcoin Sales, NYSE Pilots Tokenized Securities, etc

May 08, 2026

1. NYSE Proposes Allowing Tokenized Securities Trading and Submits Rule Change to SEC link

Documents filed with the US Securities and Exchange Commission show that the New York Stock Exchange has submitted a rule change proposal to allow the trading of tokenized securities within the existing market framework. Based on a three-year pilot program by DTC, the plan enables blockchain-based clearing and settlement. Tokenized securities must carry the same ticker symbols and shareholder rights as traditional securities, trade on the same order book, and comply with identical matching and regulatory rules while maintaining T+1 settlement. The rule has taken effect, though regulators may suspend it for further review within 60 days.

2. DTCC Advances Securities Tokenization Services, Schedules Pilot Launch in July and Official Rollout in October link

According to an official announcement from DTCC, it is advancing the development of DTC securities tokenization services, with more than 50 institutions participating including BlackRock, Goldman Sachs, J.P. Morgan, Nasdaq, NYSE, Circle, Payward — parent company of Kraken, and Ondo. DTCC currently holds over $114 trillion in assets under custody. It plans to launch initial live transaction tests for tokenized securities in July 2026 and officially roll out the service in October, covering asset classes such as Russell 1000 constituent stocks, major ETFs, and U.S. Treasury bonds.

3. Strategy Posts Q1 Net Loss of $12.54 Billion, Bitcoin Holdings Rise to 818,000 link

Strategy Inc released its financial report for the first quarter of 2026. As of May 3, the company held approximately 818,334 Bitcoins, representing a year-to-date increase of around 22%, with a BTC Yield of 9.4% and cumulative year-to-date financing of about 11.68 billion US dollars. Quarterly revenue stood at 124.3 million US dollars, a year-on-year rise of roughly 11.9%. Affected by Bitcoin price fluctuations, the company recorded an unrealized loss of approximately 14.46 billion US dollars and an overall net loss of about 12.54 billion US dollars. In addition, the book cost of the company’s digital assets was around 61.81 billion US dollars, with a market value of about 64.14 billion US dollars.

In its Q1 2026 earnings call presentation, Strategy Inc outlined its capital market principles, including creating long-term value for MSTR by boosting Bitcoin Per Share (BPS), expanding demand for STRC and continuously optimizing its functions, proactively reducing convertible debt scale based on market conditions, determining the size of dollar reserves by monitoring STRC demand and credit risks, adjusting leverage exposure in response to market environments, and selling Bitcoin when favorable to the company.

4. Bitmine Adds 101,745 ETH, Total Holdings Reach 5,180,131 ETH link

Ethereum treasury firm Bitmine Immersion Technologies disclosed that it added 101,745 ETH to its holdings last week. Its total crypto assets and cash now stand at approximately $13.1 billion, including 5,180,131 ETH and 200 BTC, alongside an $83 million equity stake in Eightco Holdings and a $200 million investment in Beast Industries. The company currently has 4,362,757 ETH staked, valued at around $10.2 billion based on a price of $2,336 per token.

BitMine Chairman Tom Lee stated that as the firm nears its target of holding 5% of Ethereum’s total supply, it may slow down the pace of ETH purchases in the future. Lee noted that BitMine currently buys roughly 100,000 ETH per week, and at the current rate, it will hit the 5% target in about six weeks. As of this week, BitMine holds around 5.1 million ETH, accounting for 4.29% of Ethereum’s total supply, worth approximately $11.9 billion at prevailing prices. Lee also mentioned that about 85% of BitMine’s ETH is currently staked, generating an annualized staking income exceeding $300 million. Additionally, BitMine is advancing its $4 billion share buyback program and expanding its institutional staking platform MAVAN.

5. Bermuda to Promote Stablecoin Daily Payments via USDC Airdrop link

Bermuda Premier David Burt stated at Consensus Miami 2026 that Bermuda is expanding its “on-chain economy” initiative to integrate stablecoins into daily commerce by distributing USDC stablecoins to residents and encouraging local merchants to adopt digital payments. The Bermudian government plans to conduct another USDC airdrop in conjunction with the upcoming Bermuda Digital Finance Forum 2026 next week. Participants will receive stablecoins in their digital wallets for spending at local merchants. Burt noted that the program aims to build payment infrastructure outside traditional card networks and banking rails, lowering transaction costs for small businesses and improving access to financial services.

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6. Morgan Stanley Launches Crypto Trading Pilot on E*Trade Platform link

Morgan Stanley is launching cryptocurrency trading services on its ETrade platform to compete with rivals at lower pricing. The Wall Street bank will charge a 50-basis-point fee based on the dollar value of each crypto transaction, lower than the rates applied by Coinbase, Robinhood and Charles Schwab. The service is currently in pilot phase and is expected to be rolled out to ETrade’s 8.6 million customers later this year.

7. Bullish Plans $4.2 Billion Acquisition of Equiniti to Expand Securities Tokenization Layout link

Crypto exchange Bullish announced it will acquire global large transfer agent Equiniti for approximately $4.2 billion including debt. Upon completion of the transaction, the two parties plan to offer corporate issuers services including securities tokenization, 24/7 trading, and stablecoin-based payment and settlement. Equiniti currently serves nearly 3,000 listed companies including Berkshire Hathaway and Moody’s. The acquisition of Equiniti is expected to close in January next year, pending regulatory approval.

8. Coinbase to Lay Off About 14% of Staff, Restructures as an AI-Native Company link

Coinbase CEO Brian Armstrong stated that Coinbase will lay off approximately 14% of its workforce. He noted that the move is mainly driven by dual factors including market cycle fluctuations and the accelerated development of artificial intelligence. The company needs to adjust its cost structure in advance to maintain competitiveness during market downturns. Armstrong pointed out that AI is significantly boosting productivity, and the firm will transform into a leaner AI-native organization. Measures include streamlining the management structure to a maximum of five tiers, cutting purely managerial roles, and adopting an operation model of small teams with high-caliber talent to improve decision-making and execution efficiency.

Coinbase’s revenue in the first quarter of 2026 fell 31% year-on-year to 1.41 billion US dollars, a steeper decline than market expectations, following a 20% revenue drop in the previous quarter. Affected by falling crypto asset prices and reduced trading activity, the company posted a net loss of approximately 394 million US dollars for the quarter, compared with a net profit of 66 million US dollars in the same period a year earlier.

9. Crypto VC Firm Andreessen Horowitz (a16z) Launches $2.2 Billion Crypto Fund 5 link

Crypto venture capital firm Andreessen Horowitz (a16z) announced the launch of its $2.2 billion Crypto Fund 5, which will invest in crypto startups across early to mature stages over the next decade. The fund will focus on stablecoins, payments, financial services, decentralized systems, as well as perpetual contracts, lending, prediction markets and tokenized assets. a16z stated that despite subdued market sentiment and capital flowing toward the AI sector, the fundamentals of the crypto industry are at an all-time high.

10. Wall Street Major Financial Institutions Accelerate Crypto Talent Hiring, Prioritizing Traditional Finance Backgrounds link

Wall Street’s top financial institutions, including JPMorgan, BlackRock, Morgan Stanley, Bank of America and Fidelity, are accelerating hiring for digital‑asset roles covering digital assets, tokenization and blockchain infrastructure. Most positions require not only crypto experience but also a traditional finance background, reflecting a shift from “crypto‑native” to “TradFi‑led, crypto‑infused” hiring. Meanwhile, recruitment demand among crypto‑native firms continues to cool. Blockchain Association data shows industry job postings are down about 25% since last November.

Fundraising

Kalshi announced the completion of a new round of financing of 1 billion US dollars, led by Coatue Management. link
Coinbase Ventures has made a strategic investment in institutional trading platform Kemet. link
Crypto startup OpenTrade announced the completion of a 17 million US dollar strategic round of financing. link
Squads secured 18 million US dollars in strategic financing to accelerate the development of its stablecoin financial operating system. link
Crypto payment infrastructure startup Fun revealed that it closed a 72 million US dollar Series A financing round in January this year. link

Learn more, check out crypto-fundraising.info.

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