Tokenized products shaped by global hedge fund portfolios, public-figure market signals, and systematic strategies.
Joined April 2026
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A new chapter begins.
Proud to share that we received investment from @easyresidency S4 by @YZiLabs
We're building the next generation of onchain investment products.
More soon.
China's equity market enters bear market territory
China's CSI 300 Index has fallen approximately 20% from its June peak, crossing the conventional threshold for a technical bear market.
But the broader market data tells a more interesting story.
The numbers:
→ CSI 300: approximately -20% from its June peak.
→ STAR 50: nearly -40% during the current half-year.
→ Hang Seng Index: -2.9% intraday
→ Hang Seng Tech Index: -4.6% intraday
What's behind the decline?
→ Fading stimulus hopes.
→ Weak domestic demand.
→ AI stock unwinding and valuation concerns.
A growing economy does not automatically produce rising stock prices, particularly when valuations, earnings expectations and capital flows are deteriorating, and China's equity weakness highlights the difference, between economic growth and equity-market performance.
Source: @Bloomberg
Tokenization Is Expanding
Tokenized real-world assets are scaling across multiple asset classes.
According to Token Terminal:
• RWA market: $46.2B
• Tokenized commodities: $8.1B, up 120.5% YTD
• Tokenized stocks: $4.0B, up 557.6% YTD
• RWA holders: 6.4M, up 18.8% over 30 days
The key signal: While tokenization is moving beyond Treasuries and private credit into commodities and equities, it is important to note that growth in market value doesn't automatically mean deeper liquidity or broader adoption.
It will be interesting to see whether access, liquidity and usable investment products can scale alongside it.
Data: @tokenterminal
Breaking:
Bitcoin is back above $81,000, but the recovery faces a mixed backdrop.
• BTC: ~$81,400, rebounding as oil prices retreat.
• Spot BTC ETFs: $82.39M net outflows on Oct. 16.
• U.S. stocks: 1,671 decliners vs. 979 advancers.
• China-linked stocks: TSM, BABA and PDD remain in the reds.
The takeaway: Risk appetite is recovering, but ETF outflows and weak market breadth suggest conviction remains fragile.
Can BTC can hold above $81K and ETF flows turn positive?
Watch.
CPI & TREASURY YIELDS
U.S. inflation came in hotter than expected at 3.7% YoY, versus 3.6% forecast.
The 10-year Treasury yield surged to 5.333% before retreating to 5.104% as investors sought safer assets amid a tech sell-off.
The takeaway: Falling yields don’t mean inflation fears are gone.
Markets are balancing persistent inflation against rising demand for safety.
“Perps.”
Cheney (15 years in M&A and VC, ex-Goldman) picked perps over TRS in the rapid round. Ten minutes earlier he was explaining why paying 100% funding on OpenAI perps makes no sense.
The other questions he got:
• Bitcoin or ETH
• Singapore or Hong Kong
• OpenAI or Anthropic
• Pre-IPO share or pre-IPO token
• Binance or OKX
He skipped one of the questions; which one is it?
Full episode in the comments 👇
#PreIPO #Anthropic #Tokenization
🎧 RWACast Ep.2: Is AI Pre-IPO Still Worth It at $2 Trillion?
YouTube: youtube.com/watch?v=259MZWfZ…
RWA MARKET WATCH: $47B IN TOKENIZED ASSETS
Tokenized real-world assets have grown into a market spanning Treasury bills, credit funds, gold, equities and other asset classes.
The data:
• $47.0B in RWA market cap
• 6.2M RWA holders
• $3.5B in RWA TVL across DeFi
However, RWA DEX volume was down 86.2% over 30 days, and this contrast raises an important question: is tokenization expanding faster than the trading activity and DeFi integration built around these assets?
While asset growth, holder growth and market liquidity measure different things, more tokenized assets and holders don't automatically translate into deeper markets.
The next phase of RWA adoption will depend on how effectively these assets connect to liquidity, settlement and usable financial products.
Data: @tokenterminal
MARKET MOVERS 📊
Top 5 ETF gainers from the trading session shown:
1. $MRNX +27.64%
2. $WZRD +27.23%
3. $ASTN +21.68%
4. $HIMZ +20.07%
5. $HIMC +19.23%
What stands out?
All five gained more than 19% in a single session. Several of the biggest moves came from ETFs linked to individual stocks, including leveraged products.
Source:@YahooFinance
🎧 RWACast Ep.2: Is AI Pre-IPO Still Worth It at $2 Trillion?
“We get in early at a billion or two valuation of a unicorn. When it hits 10 billion, it’s still 10X.”
This week on RWACast, we sat down with Cheney (15 years in M&A and VC, ex-Goldman, ran an AI company for banks for a decade) to talk about where pre-IPO deals actually come from, why perp funding rates on OpenAI and Anthropic are running over 100% a year, and the Zoom call where the counterparty showed up as a cartoon.
If you’re paying 100% funding to hold a pre-IPO perp, you should probably watch this episode.
🎙 w/ @gdegen
🧵 Episode Timeline:
00:00 Intro
00:17 Cheney’s background: Goldman, M&A, VC, unicorn deals
00:45 Anthropic at $2T: is there still room for retail?
01:21 The AGI bet: $10T of white-collar GDP vs $100B ARR
03:11 Where pre-IPO deals come from: VC pro-rata and the 1.5 market
04:34 The cartoon avatar on Zoom
05:19 Perps vs spot: 100%+ funding rate means paying double
07:31 Would he hedge with perps? Why he holds full exposure
08:16 What perps are actually good for: early exit and price indication
09:03 Only OpenAI and Anthropic? What comes after LLMs
11:06 Cisco then e-commerce: AI is at stage one
12:22 How a deal gets done: the three-party rule and crazy fees
13:37 Using AI for due diligence
14:04 Pre-IPO in five years
14:57 Rapid round: BTC or ETH, SG or HK, TRS or perp, share or token
16:40 AI or biotech
16:59 Binance or OKX
Everything mentioned in this podcast is not financial advice. Please do your own research.
Full episode in the comments 👇
🎧 RWACast Ep.2: Is AI Pre-IPO Still Worth It at $2 Trillion?
YouTube: youtu.be/259MZWfZTfA
"A pre-IPO token can be three things: the actual shares, a fund that holds them, or just a promise. The platform's job is to tell you which one you're buying."
Most pre-IPO tokens onchain don't come with that answer. Robert of Tiantu Asset Management HK (SFC Type 9, ex-ISI) explains why it matters more than the price:
• Why $10M still doesn't get you a vote at Anthropic
• Why the upside is all you're really after, and that's fine
• Which of the three structures can actually be enforced
Full episode in the comments👇
#PreIPO #Anthropic #Tokenization
🎧 RWACast Ep.1: Pre-IPO Onchain: What You're Actually Holding When You Buy a Pre-IPO Token
Youtube youtube.com/watch?v=3dPcgw03…
"Legal ownership just makes you feel more at ease. That's all it does."
In this clip, Robert, Executive Director of Tiantu Capital (SFC Type 9 licensed, 10+ years in private markets) breaks down what you actually trade off in each market.
- Is "I want real shares" a rational demand or just a comfort blanket?
- What do you give up when you insist on legal ownership in the middle market?
- Why does a total return swap(TRS) already answer this?
Full episode in the comments 👇
#PreIPO #Anthropic #Tokenization
🎧 RWACast Ep.1: Pre-IPO Onchain: What You're Actually Holding When You Buy a Pre-IPO Token
Youtube youtube.com/watch?v=3dPcgw03…
🎧 RWACast Ep.1: Pre-IPO Onchain: What You're Actually Holding When You Buy a Pre-IPO Token
"Some of them buy real shares. Some hold fund units. And some have nothing at all. They just make you a promise."
This week on RWACast, we sat down with Robert, Executive Director at Tiantu Asset Management HK (SFC Type 9, ex-ISI), to unpack how the pre-IPO allocation market really works, and why most onchain buyers can't tell which of the three kinds of pre-IPO tokens they own.
If you've bought a pre-IPO token, or you're about to, you shouldn't miss this episode.
🎙 w/ @Kristian_cy
Mandarin with English subtitles.
🧵 Episode Timeline:
00:00 Welcome to RWACast with Robert, Tiantu Asset Management HK
00:27 Robert's background: ISI, Evercore, Tiantu
04:17 Where pre-IPO returns come from: access first, price second
08:01 How a star deal flows from the cap table down to the market
13:50 When secondary beats primary: $8B round vs $5.5B employee shares
15:31 Where deals break: structure and hidden fees, rarely valuation
22:20 Economic exposure vs legal ownership, and the TRS nobody notices
28:47 Three kinds of pre-IPO tokens: real shares, fund units, or a promise
32:24 Can a company block a token of its own shares?
37:25 What's the fair price: last round, secondary, broker quote, perp
43:40 Conflict of interest: one platform doing everything, no SEC
47:31 The unsolved problem: distribution
50:04 CFIUS, SpaceX excluding China
59:31 Moving tokenization earlier: Anthropic from under $10B to $1T+
1:07:56 Hong Kong: regulatory innovation and the sandbox window
1:15:34 Final thoughts: platforms have to be the referee
Full episode in the comments 👇
🎧 RWACast Ep.1: Pre-IPO Onchain: What You're Actually Holding When You Buy a Pre-IPO Token
Youtube youtu.be/3dPcgw03FZE
"Even with $10 million, you're not speaking at Anthropic's shareholder meeting."
Pre-IPO shares are trading onchain at wildly different prices. Most buyers don't know what they're actually holding.
Robert of Tiantu Capital HK (SFC Type 9, ex-ISI) joins @Kristian_cy to break down:
• What is the pre-IPO business, really?
• How do people make money in it?
• How is crypto doing pre-IPO right now?
RWAcast Ep.1 drops next week 🎧