Jupiter has added six new markets to its perpetuals product: HYPE, ZEC, SPCX, SNDK, SKHYNIX, and JUP. Before this update, Jupiter Perps only supported BTC, SOL, and ETH. The newly listed markets are powered by GUM, which has built a native order book architecture on its network. That setup allows users to place orders directly on Solana without needing to bridge assets or switch to another network. The expansion broadens the range of instruments available on Jupiter’s perpetuals platform while keeping trading activity on Solana.

Onchain Lens said an early MRVL bull is holding perpetual positions worth $61.8 million and is currently sitting on $1.46 million in unrealized profit. The tracked book includes a $25.21 million short position in Bitcoin, alongside several tokenized stock longs. Those long positions are SPCX at $12.56 million with $1.71 million in profit, MU at $8.21 million with $174,500 in profit, SNDK at $7.91 million with $261,000 in profit, DRAM at $5.97 million with $549,500 in profit, and SKHX at $1.93 million with $77,100 in profit. The figures were cited by Odaily, which attributed the on-chain monitoring data to Onchain Lens.

Backpack Securities is drawing outsized trading activity in Solana’s tokenized stock market despite holding only a small share of token supply. Data cited by Cowlpane from Crypto Briefing shows the platform accounts for roughly 5% of supply but about 73% of issuer-level decentralized exchange volume. The article argues that the gap is less about how many assets Backpack has listed and more about how those assets trade once they are live. A central factor is Backpack’s use of the Sunrise liquidity protocol and a proprietary automated market maker model known as propAMM. Unlike standard DeFi AMMs that rely on open liquidity pools, propAMM is described as closer to professional market making, with designated liquidity providers managing capital and quotes to improve capital efficiency, deepen order books, and tighten spreads. In some measured periods, propAMM contributed about 71% of Backpack’s trading volume. The report also notes that activity is concentrated in a handful of flagship names, including SPCX, which represents SpaceX exposure, and tokenized Micron products. At the same time, some tokenized stocks on Backpack include redemption mechanisms, which can help anchor on-chain prices to underlying asset value through arbitrage. The broader takeaway is that tokenized equities may be moving from an issuance race to a liquidity race, where market structure matters more than raw listing count.

Genius Foundation launched genius.fun on Sept. 17, opening a new chapter in BSC’s fast-moving Stock Meme race. The platform lets users create meme tokens paired with tokenized equities such as bStocks, xStocks, 4Stocks and Ondo products, with part of trading fees used to accumulate underlying shares. Its pitch goes beyond speculation: once holdings reach scale, the foundation says tokenized stocks can be unwrapped into real shares and used to exercise shareholder rights, including voting, proposals and even hostile takeover attempts. That launch came after a six-week evolution on BSC. Flap helped ignite the trend by pairing meme tokens with Binance-linked bStocks and routing trading taxes to token holders as stock-token distributions. Four.meme then introduced its 4Stock model after CZ posted that IPOs would move on-chain, offering pre-issued stock tokens before official bStocks existed. Genius.fun now pushes the narrative further by tying meme-driven attention to real-world equity accumulation. The article also highlights the limits of the model: Flap depends on sustained trading volume, Four.meme faces sharp price dislocations between on-chain tokens and underlying shares, Genius.fun may draw regulatory scrutiny, and the total bStocks asset pool remains relatively small at about $118.5 million.

Paradis said in a post on X that Elon Musk, speaking in an interview, ruled out the idea of slowing frontier AI development and instead proposed a cross-laboratory testing mechanism. According to Paradis, the added layers of testing, evaluation, and defensive agents would all raise demand for computing power. Gwynne separately said demand for compute leasing has not declined. Musk also said all equipment for the Giga Texas R&D wafer fab has already been ordered, with practical results expected by the end of next year. He added that SPCX has already started packaging work. Paradis said the comments suggest CoWoS capacity could remain tight through 2027. The remarks point to sustained pressure on advanced packaging and compute infrastructure rather than any pullback in leading-edge AI development.

Japanese memory maker Kioxia is preparing a U.S. American depositary receipt, or ADR, offering that could raise at least $10 billion, according to Bloomberg. The company has been in talks with Bank of America, Goldman Sachs, and JPMorgan, with a launch potentially coming as early as next year. Kioxia confirmed it is studying an ADR listing on a U.S. exchange, saying the move is intended to support a stable and sustainable increase in corporate value, while adding that the timetable and deal size remain under initial review and the plan could still be withdrawn. At the same time, Kioxia’s shareholder structure is shifting. Nikkei reported that Toshiba sold shares in stages after July, reducing its stake from 15.10% to about 12.84% and losing its position as the largest single shareholder. Bain Capital’s SPC, BCPE Pangea Cayman2, previously moved into that top spot with a 14.19% stake, though it has also reportedly been selling Kioxia shares. Another issue sits behind that holding: SK Hynix owns convertible bonds tied to nearly all of SPC2’s voting rights. Kioxia said in its latest annual report that if SK Hynix converts those bonds and secures the voting rights, conflicts of interest could arise in technology development, pricing, and capacity allocation.

An address linked to Taiwan trader 0xRay has fully exited its perpetual positions on Hyperliquid, according to trade records cited in the source report. While on-chain analytics platform Arkham said on Sept. 14 at 2:25 p.m. Taipei time that the wallet was holding roughly $98 million in short positions and showed about $2.7 million in unrealized profit at the time, transaction data reviewed later showed the exit had already been underway for nearly 12 hours. The largest position, an $81.74 million BTC short entered at $77,888 with 20x leverage, was closed at a loss of about $505,000, with the final fills near $78,434. Across six instruments, realized profit came to about $717,000, led by a $1.112 million gain on the PONS short. The report also said the account was not liquidated during the trading period, even though three PUMP trades carried liquidation flags; those liquidations belonged to other addresses on the opposite side. By 11:55 p.m. Taipei time on Sept. 14, the last perpetual trade had been completed, leaving no open perpetual positions and spot balances of $11.69 million in USDC and 4,187 HYPE.

Binance Research said the tokenized stock market is moving beyond an issuance-led phase, with trading activity now rising faster than asset growth. The report said active market capitalization climbed 314% year to date to $4 billion, while monthly trading volume jumped from $237 million in January to $7.9 billion in August. Monthly turnover rose from 0.23x to 2.14x and reached 3.32x in July. The report also pointed to a sharp change in distribution. bStocks and Robinhood stocks accounted for just 0.8% of tracked issuer trading volume in June, then rose to 82.3% in August and 87.8% so far in September. On the infrastructure side, BNB Chain and Robinhood Chain together grew from 2.3% of trading volume in June to 88.2% so far in September. Binance Research said on-chain utility is also catching up with issuance. Active DeFi TVL tied to tokenized stocks expanded from $21.6 million at the start of the year to $289.1 million by Sept. 9, raising its share of active market cap from 2.2% to 7.2%. The firm argued that the next competitive edge will depend less on putting more stocks on-chain and more on turning distribution into lasting liquidity and real usage.