Bitfinex Cites IMF Research on Tokenized Stocks

Bitfinex has argued for 24/7 stock markets, pointing to International Monetary Fund research that found 87% to 99% of overnight tokenized equity moves appeared in conventional securities within five minutes of the opening bell. According to CryptoNews, the exchange presented the findings as evidence that blockchain-based markets provide price signals when conventional venues are closed.

The IMF report examined five liquid exposures covering the S&P 500, Nasdaq, Tesla, Google, and Nvidia, using Ondo and xStocks tokens across 11 venues. The sample represented $345 million, or approximately 15% of the tokenized equity market measured as of July 31. The Fund noted that the calculation measures the relationship between returns and does not establish that tokenized venues caused conventional market opening moves.

Meanwhile, traditional exchanges prepare for extended sessions. Nasdaq targets Dec. 6 for its new 23-hour weekday trading schedule, which will run from 9 p.m. to 4 a.m. Eastern Time while retaining daily maintenance pauses and weekend closures. However, traditional financial institutions maintain cautious stances, with TD Cowen expecting limited U.S. demand due to efficient conventional markets, and Morgan Stanley pushing its expected tokenized equity rollout to the first quarter of 2027.

Key facts

• IMF research found 87–99% of overnight tokenized equity moves appeared in conventional securities within five minutes of the opening bell.
• The IMF sample used Ondo and xStocks tokens across 11 venues, representing $345 million or about 15% of the tokenized equity market as of July 31.
• Nasdaq targets Dec. 6 for a 23-hour weekday trading session, running from 9 p.m. to 4 a.m. Eastern Time.
• Morgan Stanley postponed its expected tokenized equity rollout to the first quarter of 2027.