TcheBit — Evening TLDR, 11/11
Berkshire’s Biggest S&P 500 Lead Since 2010, Tokenized Stocks Near $4 Billion
AI selloff pain pushed Berkshire Hathaway to its biggest S&P 500 lead since 2010, while CoreWeave brushed off the sector gloom with a 168% revenue jump. On the institutional side, Deutsche Bank went live with crypto custody, OKXICE set a tokenized stock launch date, and Nomura is weighing a sale of its Laser Digital arm.
Berkshire’s Biggest S&P 500 Gap in 15 Years
Berkshire Hathaway just posted its largest S&P 500 lead since 2010, and Class B shares hit a record high, after an AI stock selloff dragged the S&P 500 down 3.7%. Investors are doubting the AI industry’s data center spending, which is doing the deflating. It’s the fourth-largest gap in 30 years, with the last comparable surge coming during the 2008 financial crisis. Berkshire’s profits are shrinking, so the outperformance says more about the sector’s weakness than Berkshire’s momentum.
CoreWeave Jumps 15% on a Big Q3 Beat
CoreWeave’s stock rose 15% premarket after Q3 revenue came in at $3.66 billion, a 168% increase year over year and a 3.4% beat on the $3.54 billion estimate listed on Google Finance. The backlog is the real number to watch: $132.5 billion as of Sept. 30. Recent deals include a multiyear cloud infrastructure arrangement with Anthropic and a $6 billion agreement with Jane Street for trading and research.
Deutsche Bank Opens Crypto Custody for Institutions in Europe
Deutsche Bank has launched crypto custody for institutional and corporate clients in Europe after regulatory clearance, with service planned for Sept. 16. It also partnered with Deutsche Asset Management to explore tokenized money market funds, crypto asset exchange-traded commodities, and stablecoins. The offering ties into its listing under the EU’s Markets in Crypto-Assets Regulation (MiCA), dated October 16.
OKXICE Launches Tokenized Stocks Over Blue-Chip Objections
OKXICE, the collaboration between OKX and ICE, will launch tokenized stock trading on Nov. 23 even as 67 companies oppose it and Nasdaq warns about liquidity fragmentation. The SEC’s Innovation Exemption lets companies object before being tokenized by an unaffiliated third party. The market is growing anyway: tokenized stocks and ETFs hit $3.88 billion as of Nov. 11, up 13.4% in 30 days.
Nomura Weighs Selling Laser Digital, Marex a Possible Buyer
Nomura is exploring a sale of Laser Digital, with Marex among the potential buyers, Bloomberg reports. The business up for grabs covers crypto trading, asset management, and onchain credit partnerships. The move fits Nomura’s broader positioning in digital assets, including collaboration and expansion in areas like DeFi and private credit.
