Tokenized stocks, pre-IPO trading and other equity-linked crypto products are drawing more platforms into the market, from centralized exchanges to onchain perpetual futures venues and newer stock-trading protocols. But interviews cited by Odaily suggest the business model behind so-called onchain brokerages is far less straightforward than the market narrative implies. StableStock founder Zixi said the core hurdles start with business design: turning offchain equities into onchain products is not the same as moving stablecoins offchain to settle stock purchases, and each path carries a different operational burden. He described StableStock as a hybrid platform that combines offchain asset packaging and settlement, onchain tokenized asset trading, and rate-arbitrage wealth products rather than a pure “stablecoin brokerage.” The company has completed U.S. MSB registration and New Zealand FSP registration, while still pursuing higher-level securities-related licenses. The report says the sector now appears split between fee-driven trading venues and platforms trying to build broader value-added services such as FX, margin interest, liquidation fees, wealth products and asset-linked financial services. Even so, operators interviewed for the piece argued that brokerage economics remain thin, while crypto exchanges capture profit far more efficiently. The main pressures remain compliance, market volatility and liquidity depth, leaving many in the sector convinced that onchain brokerage is a real trend, but not an easy business.

Morgan Stanley has bought the bitcoin dip once more, spending $7.21 million to add about 100.3 BTC through its spot bitcoin ETF, MSBT, according to Arkham data. The bank's total bitcoin holdings have crossed 6,300 for the first time, reaching 6,331 BTC worth over $406 million.

Hashdex has announced the closure and liquidation of its Hashdex Bitcoin ETF, ticker DEFI, making it the first U.S. spot Bitcoin ETF to formally wind down. As of July 30, the fund had about $14.7 million in assets under management and held roughly 225.58 BTC. The final trading day is set for Aug. 17, after which the product will be delisted from NYSE Arca, and cash liquidation distributions to remaining shareholders are expected around Aug. 28. The fund began trading in September 2022 as a Bitcoin futures ETF before converting to a spot strategy in March 2024 after the U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETF applications in January that year. Despite posting cumulative performance of about 166% since inception, DEFI never scaled meaningfully, with assets peaking at roughly $17.54 million. The article also examines the sharply concentrated structure of the U.S. spot Bitcoin ETF market, where the five largest funds account for almost all assets, and explains why management fee income at DEFI’s size was far below the level needed to cover custody, compliance, audit, market-making, listing and administrative costs.

A BlockTempo market analysis says users can do far more due diligence on crypto exchanges before opening an account than many assume. The report argues that recent exchange liquidations have made pre-trade risk checks more urgent, pointing to BitMart’s late-July announcement of an “orderly liquidation” as a fresh reminder. BitMart halted new registrations, deposits and new orders immediately, is set to end all trading services on Aug. 26, and plans to shut down fully on Jan. 31, 2027. Yet on-chain data showed severe withdrawal congestion, including an eight-hour stretch in which no withdrawal requests were processed, while some users said funds were stuck. Using derivatives exchange Toobit as an example, the article lays out four common and free-to-check indicators: proof of reserves, third-party security ratings and infrastructure, regulatory registrations, and liquidity plus market depth. It cites a May 2026 Hacken proof-of-reserves audit showing Toobit at 106% reserves for BTC, ETH and USDT, and 102% for USDC. The report also says Toobit received a AAA rating from CER.live in May 2026, holds ISO 27001 certification, runs a $40 million Shield Fund, and uses cold storage, multi-signature controls and Fireblocks MPC custody. On the compliance side, the exchange is described as holding a VASP license from Poland’s KNF, MSB registrations in the U.S. and Canada, and DCE registration with Australia’s AUSTRAC. CoinGecko data cited in the piece puts Toobit’s 24-hour futures volume at about $17.5 billion across more than 750 trading pairs.

Arkham data shows Morgan Stanley has increased its Bitcoin exposure again through its spot Bitcoin exchange-traded fund, MSBT. The firm spent $7.21 million to buy about 114.644 BTC in the latest purchase. With that addition, its total Bitcoin holdings have moved past 6,200 BTC and now stand at 6,231 BTC. The position is currently valued at more than $390 million, based on the figures cited in the update. The move was described in the source report as another instance of buying on a dip.

Arkham’s latest monitoring data shows Morgan Stanley bought more Bitcoin early Friday through its spot Bitcoin exchange-traded fund, MSBT. The firm spent $7.21 million to add about 114.644 BTC, according to the data cited by ChainCatcher. After the purchase, its total Bitcoin holdings rose to 6,231 BTC, marking the first time the position has moved above 6,200 BTC. The holding is currently valued at more than $390 million. The update frames the move as another dip-buying transaction by Morgan Stanley and adds to the picture of continued institutional accumulation through spot Bitcoin ETF structures.

WuBlockchain’s weekly roundup pulled together 10 of the crypto stories that mattered most this week, led by a fresh signal from U.S. Securities and Exchange Commission Chair Paul Atkins that the agency is prepared to write its own crypto market structure rules if Congress does not pass the CLARITY Act. Atkins said legislation would offer a more durable framework, while the SEC has already placed rules for crypto issuance, custody, and trading on its 2026 agenda. The list also highlighted Morgan Stanley Investment Management’s launch of spot Ethereum and Solana ETPs, both listed on NYSE Arca with 0.14% fees and staking plans, as well as BNY’s move to put fund transaction processing and shareholder records on blockchain rails while keeping its traditional transfer agency system. Corporate treasury strategy remained a major theme, with Strategy reporting a second-quarter net loss of $8.22 billion tied to bitcoin fair-value changes and saying future fundraising will no longer be used exclusively to buy BTC. Other items in the roundup included Robinhood’s latest earnings call, a new OSC survey showing 25% of Canadians now hold crypto, MiCA compliance among top stablecoins, digital asset treasury firms pivoting toward AI data centers, weak July bitcoin spot activity, and Binance Research’s finding that the first half of 2026 was defined by broad on-chain contraction rather than sector rotation.

Canada’s MSB framework is overseen by the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, and registered firms may conduct foreign exchange, cross-border remittance, virtual currency exchange, and payment services. The source article says many companies looking to enter the Canadian market prefer buying an existing MSB entity instead of filing a fresh application, largely because the timeline can be shorter: a new filing usually takes 3-6 months, while a control change tied to an acquisition may be completed in 2-4 weeks. The article also claims FINTRAC review standards tightened in 2026 and says approval rates for China-linked applicants had fallen below 35%. It also makes clear that an MSB registration is not directly transferable. In practice, the buyer acquires the shares of a Canadian company that already holds FINTRAC registration, then updates ownership, directors, and compliance information. The piece lays out the due diligence checklist, including registry status, AML/CFT documentation, corporate records, banking relationships, and FINTRAC correspondence from the past 3-5 years. After closing, the new owner must report major changes to FINTRAC within 30 days. The source says late reporting can trigger fines of up to C$100,000 for individuals and C$500,000 for companies.