Aviva Tokenizes a Share Class, and CoinDCX Admits Losses

The market spent the weekend staring at $80,000 and waiting for Wednesday, so the consequential news happened quietly off to one side.

A tax office, a fund manager and an exchange all made moves that will outlast this week’s chart.

Elon Filings Alert (Sponsored)

Why December 8 Could Matter for Investors

One analyst believes Elon Musk is preparing to launch the biggest project of his career — and says the key date is December 8.

Why December 8

He claims the clues are already buried in government filings, along with one investment move he believes is worth considering before December 9.

See the filings
His full case is laid out in a free masterclass.

See What Elon Filed Before December 8

Market-Moving News

3 things landed since your last edition, and all of them are about permission.

First, a government decided for the fourth time that it still can't tax something it legislated 6 years ago. Second, a share class of a £22 billion fund arriving on a public blockchain with a guest list attached. Third, an exchange discovering that telling customers to stop using an address is not the same as them stopping.

Tokenization

Aviva Brings Tokenized Access to Its $29B Sterling Fund on XRP Ledger

Aviva Investors has launched a tokenized share class of its £22 billion Sterling Liquidity Fund on the XRP Ledger, bringing blockchain-based ownership into one of its largest traditional investment products.

Aviva has committed £50 million, roughly $67 million, of its own capital to the new share class. Combined with its earlier tokenized dollar fund, the firm now has more than £86 million invested across tokenized money-market products.

A Major Fund Gets an Onchain Share Class

The full £22 billion fund has not moved onto blockchain infrastructure. Instead, eligible investors can hold a digital representation of shares in the existing fund on the XRP Ledger, while the underlying assets remain within the traditional fund structure.

BNY Mellon continues to serve as custodian.

The tokenized class keeps the same investment objective, liquidity profile, risk characteristics, and regulatory protections as the conventional version.

Aviva Is Putting Real Capital Behind It

The £50 million commitment makes this more than a small technology experiment. Aviva previously launched a tokenized U.S. dollar liquidity fund on XRP Ledger in July, and the sterling product expands that strategy into a much larger underlying fund.

Take: Tokenization carries more weight when a major asset manager applies it to an established multibillion-dollar fund and commits its own money from launch.

You are not buying a new crypto asset here; you are accessing a familiar investment through blockchain-based ownership rails.

That distinction could matter as traditional funds look for practical ways to move onchain without changing what investors actually own.

Treasuries

Strive Buys $511M of Bitcoin as Treasury Closes In on World No. 2

Strive has acquired another 6,182 BTC for roughly $511 million, lifting its total holdings to 43,000 BTC and pushing the company close to becoming the world’s second-largest publicly traded corporate Bitcoin holder.

Its treasury now sits just behind Twenty One’s 43,514 BTC and Metaplanet’s 44,000 BTC, while Strategy remains far ahead with more than 848,000 BTC.

The Bitcoin Race Is Accelerating

The latest purchase increased Strive’s holdings from 36,818 BTC to 43,000 BTC in a single week, leaving only a relatively small gap between the company and the next two largest public Bitcoin treasuries.

Strive has also established an up to $1 billion at-the-market program for its SATS preferred shares, creating another potential source of capital for future Bitcoin purchases and other investments.

Aggressive Buying Comes at a Cost

The company recently raised roughly $630 million through another SATS preferred-share offering. Those shares carry a 15% annual dividend, showing how aggressively Strive is using capital markets to finance its Bitcoin strategy. 

Another large round of buying could quickly move the company into second place among public corporate holders.

Take: A $511 million purchase makes Strive’s push much harder to dismiss as another routine treasury addition. The financing risk grows when you pair aggressive Bitcoin accumulation with preferred stock carrying a 15% annual dividend.

Strive is moving quickly, but the cost of funding that race now matters almost as much as total BTC.

Invisible Debt Invoice (Sponsored)

Your Share of the National Debt: $117,000.

The national debt just crossed $40 trillion.

Your share: roughly $117,000.

See how that math works.

No invoice is coming.

Washington collects at the grocery store, the gas pump, and your retirement account's buying power.

Here's what you can do about it.

Central banks are buying gold at twice the pace of a decade ago.

A complimentary U.S. Gold Bureau guide explains what they bought.

Claim your complimentary guide here.

*This is an advertisement. If you no longer wish to receive promotional emails, please unsubscribe here or write to: 203 Heritage Grove Road, Leander, TX 78641

Security

CoinDCX Confirms $16M Loss After Retired Wallet Process Fails

CoinDCX has confirmed a $15.99 million loss after customer deposits continued reaching wallet infrastructure already compromised during the exchange’s 2025 security breach.

The exchange says an internal process designed to sweep those deposits into newer wallets stopped working for a period, allowing funds to accumulate in the retired system before roughly 16 million USDT disappeared.

An Old Wallet Created a New Loss

CoinDCX had already stopped using the affected infrastructure for normal operations after last year’s $44 million hack. However, customers could still send assets to older deposit addresses.

Their accounts were credited normally while a secondary process was supposed to transfer the actual crypto into active wallets.

CoinDCX says that process failed, leaving assets sitting inside infrastructure the exchange already considered compromised.

CoinDCX Reverses Its Earlier Position

Blockchain investigators flagged the suspicious outflows last week, but CoinDCX initially dismissed concerns, saying the addresses were old and no longer connected to its operations.

The exchange has now acknowledged the loss and says it could have disclosed the situation more proactively. CoinDCX will absorb the full amount and says customer balances, active wallets, and trading systems remain unaffected.

Take: The bigger failure is not another $16 million crypto theft; it is allowing funds to accumulate inside infrastructure already known to be compromised.

Your security controls only work if you remove retired systems from the path customer money can take. CoinDCX covering the loss protects users, but the incident exposes a serious gap in its internal controls.

Buried Energy Stock (Sponsored)

Berkeley Lab: data centers projected at up to 12% by 2028

One chatbot question, and a server warehouse somewhere in America draws on the grid.

Scale that across hundreds of millions of people daily.

Name the stock by text

Data centers used 4.4% of U.S. electricity in 2023, per Lawrence Berkeley National Laboratory.

Its 2028 projection: up to 12%.

Send the ticker and story

Close to a tripling in five years, on a grid that was not built for it.

One company sits right where that power comes from.

Which energy company is it?

*This ad is sent on behalf of Guardian Financial Publishing LLC, doing business as Stable Financial Publishing, 1013 Centre Road Suite 403-D, Wilmington, DE 19805. Nothing here is investment, financial, legal, or tax advice, and it is not a recommendation or solicitation to buy or sell any security. Investing involves substantial risk, including loss of principal; past performance does not guarantee future results. Data-center electricity figures are third-party estimates and projections, and AI IPO timing reflects investor expectations, not company guidance. References to OpenAI, Anthropic and Lawrence Berkeley National Laboratory are for informational purposes only; Stable Financial Publishing is not affiliated with, endorsed by, or sponsored by OpenAI, Anthropic or Lawrence Berkeley National Laboratory. Stable Financial Publishing, its owners, employees and contributors may hold positions in securities mentioned and may trade them at any time. Privacy: https://guardian.pub/privacy-policy/ · Terms: https://guardian.pub/terms-of-service/

Future Forward

A central bank, 2 data releases, and a conference.

Macro Events:

📊 The Fed decides Wednesday. No fresh projections at this meeting, so the statement and the press conference are the entire show. Rates are widely expected to hold, with futures putting a hike at under 10%.

Economic Data:

📈 September PCE inflation and the Q3 advance GDP estimate both land Thursday morning. Bitcoin has been trading off the same cues as tech stocks for weeks, so neither one slips past unnoticed.

Conferences:

🎤 Ripple’s Swell opens Tuesday in New York. Running through Thursday, with tokenization among the billed themes. Announcements about funds on ledgers tend to cluster around it.

Crypto Know-How: Open Interest, and Why Volume Lies

Volume tells you how much changed hands. It says nothing about whether those positions are still open.

Open interest is the other number, and it exists only in derivatives, counting contracts currently open and unsettled. When a fresh long and a fresh short are opened against each other, open interest rises by 1 contract.

It falls when both sides of an existing contract close out. If one side closes and a new trader steps into that side instead, open interest does not move at all.

Read together, they give you rules of thumb rather than answers. Price up with open interest up is consistent with positions being added.

Price up with open interest falling is consistent with shorts covering, though the number alone will not say which side is closing. Heavy volume on flat open interest means churn without any net change in contracts outstanding.

Which is why a 40% move can mean 2 quite different things. In one version, capital is committed and has something to defend. In the other, it is a rush for the exit that happens to push price the pleasant way.

Most derivatives dashboards publish both, free, side by side.

Everything Else

• The Magnificent Seven earned their reputation but seven new contenders are already quietly building toward the leadership that comes next.

• LIBRA’s criminal case has been dismissed, with an Argentine judge clearing President Milei and 10 others after finding no criminally relevant deception. Investors are looking for a route to appeal. 

• IBIT and FBTC did most of the damage in last week’s spot bitcoin fund outflows, between them accounting for the bulk of Thursday’s exits as a 3-day inflow streak snapped. 

• PREDICT has a Binance pre-market perpetual before it has a Binance spot listing, settled in USDT with up to 5x leverage, and Binance made a point of noting that a futures listing promises nothing about spot. 

• ZEC turned over more than $700M in a day while the price barely moved, which is a lot of churn for something going nowhere.Keystone customers say a breach exposed personal data the hardware wallet maker had promised to delete, which is the version of this problem that no seed phrase protects you from.