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Tokenized Stocks Are Being Won by Distribution As per @tokenterminal , Tokenized stocks stood at $3.56B in the week of Sep 21, up 65% from $2.16B in the week of Jun 29. That is roughly $1.4B added in 12 weeks, going into Q4. @Ondo Finance leads with 25.9% and $928.7M. xStocks follows at 23.8%, @binance bStocks at 20.6% and Securitize at 12.4%. The top four issuers hold 82.7% of the market Ondo's lead is 2.1% over xStocks and 5.3% over bStocks. That makes it the leader in a three-way race rather than a dominant player. @BNBCHAIN holds 29.5% of the market at $1.1B. Ethereum is at 21.5%, Solana at 20.2% and Avalanche at 11.9%. Arbitrum (5.6%), X Layer (5.0%) and Robinhood Chain (4.1%) make up the next tier, and Base is at 1.0%. Binance bStocks at 20.6% of $3.56B is about $734M. If bStocks sits on BNB Chain, roughly 70% of the chain's value is the exchange's own product. It reflects where an exchange with a large existing user base chose to issue, Ethereum and Solana are split across Ondo, xStocks, Securitize and others, and none of those issuers has a single distribution channel of Binance's size. Robinhood Chain at 4.1% and Robinhood as an issuer at 4.9% follow the same pattern at a smaller scale, with a broker issuing on its own rails. Bunt's POV Ondo's 25.9% is the most exposed number in this dataset. Exchange-native issuers grow with their own user base, and Ondo has to win through partners it does not control. I believe the Q4 test is whether Ondo holds its share while the total keeps expanding. If exchange-native issuance takes the share instead, the chain leaderboard will keep reflecting distribution rather than infrastructure.

title：推し撮りフェス２　　　　　23rd　　　 　　　　　　　 date： 3/15 コスプレイヤー　猫田あしゅさん #推し撮りフェス２# #cosplay# #あしゅなー#

TWICE 2027 Season's Greetings [Spotless] TEASER IMAGE #DAHYUN# #다현# #CHAEYOUNG# #채영# #TZUYU# #쯔위# ✨ PRE-ORDER 26.10.06 TUE 14:00 - 10.14 WED 23:59 (KST) #TWICE# #트와이스# #TWICE_SPOTLESS# #2027SEASONSGREETINGS#

Salesforce acquires Listen Labs for ~$2b. But who gets the 💰? My usual breakdown below 👇 The company was founded in Sep-23 and had raised less than $100m. Investors will share ~$850m of profits on $96m invested, a ~10x blended. From a huge pivot to a unicorn valuation term sheet they refused, this is truly a wild story ✍️. In the end an incredible outcome for all involved. So let's dive in! 1) The boldest move: walking away from $1.5b 🎲 Listen Labs had a signed $125m Series C term sheet from Menlo at a $1.5b valuation... and walked away from it to sell to Salesforce at ~$2b. This takes a huge amount of courage: few founders turn down a signed unicorn-plus round. @itsalfredw and @florian_jue did it 2.5 years after founding. Huge congratulations are in order for the discipline and execution of the founders here. 2) Founders and team: a life-changing outcome in under 3 years 🥳 By my best estimates, founders and team still own over half the company. At $2b, that's ~$1.1b for them to share. Specifically, assuming a 15% option pool, that is ~$300m for the team and ~$750m for the two co-founders. And, as was the case with Hugging Face, this is all from a pivot. They originally built an AI customer-interview tool to understand why their viral app BeFake was growing, then realised the tool was the business! 3) Sequoia's Bryan Schreier did it again 👑 What few people know is that Bryan was an early backer of Qualtrics... the category Listen Labs is disrupting. Now he led both the seed and the Series A here. By my estimates, those two rounds will return ~$670m combined, or ~25x on ~$27m invested, in under three years. Pattern recognition and industry knowledge have their perks, it would seem! 4) Ribbit: 4x in 8 months ⚡ Ribbit led the $69m Series B in Jan-26 at ~$500m. At $2b, that's ~4x in 8 months. Unbelievable IRR and a great return on a meaningful cheque. 5) Neo does it again, congrats @apartovi 🎯 Listen Labs went through the Neo accelerator early on, which came with a $600k SAFE. On my estimates, that cheque is worth ~$25m+ today. This comes just three months after Cursor's acquisition (a cool >1,000x for Neo). What a hit rate! This one is very straightforward: it is a massive win for everyone. And so congratulations to all involved: Sequoia, Ribbit, Conviction, Pear, Neo and the team!

ちさ(chisa)さん @chiiyan_photomo @PHOTOMO_labory 2026-9-23 花畑記念庭園にて PHOTOMO撮影会 「あらっ、どうも こんにちは」 #cancam# it girl #ポートレート撮影# #PHOTOMO撮影会#

TWICE 2027 Season's Greetings [Spotless] TEASER IMAGE #SANA# #사나# #JIHYO# #지효# #MINA# #미나# ✨ PRE-ORDER 26.10.06 TUE 14:00 - 10.14 WED 23:59 (KST) #TWICE# #트와이스# #TWICE_SPOTLESS# #2027SEASONSGREETINGS#

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今天流出一张Bitget内部员工群：2128人 对比一下同行： 币安：8000人 / 3.23亿用户 / 人均服务4万人 OKX：5000人 / 1.5亿用户 / 人均服务3万人 Bybit：2200人 / 8200万用户 / 人均服务3.7万人 Gate：1500-2000人 / 5800万用户 / 人均服务2.9-3.9万人 Bitget：2128人 / 1.2亿用户 / 人均服务5.6万人 Bitget这个人效，直接断层第一。2000多人扛着1.2亿用户，比币安还高40%。 交易所人数可以少，但是在安全上缺斤少两，感觉这次是贪了小便宜，吃了大亏。 希望Bitget这次吸取教训，好好营运，安全第一。 #Bitget# #加密货币#