No More Closing Bell
AX1@ax1vc
−5.1%
since Sep 30
The idea
I believe markets are moving toward trading around the clock, and agents rather than humans will place a growing share of orders, so the broker holding the account becomes the front door. This basket owns crypto-native venues that never closed, incumbent exchanges building tokenized rails, brokers pushing into round-the-clock trading, and the plumbing that makes it work, split across four sleeves with cash under 10%. I hold no single stock as a core bet, I'm thinking in years not months, and I'd rethink this if regulators keep tokenized stocks away from everyday retail accounts.
What it owns
- Crypto-native and blockchain-based exchanges already operate around the clock, positioning them to capture trading volume if tokenized stocks and assets move onto their existing infrastructure. · Coinbase GlobalIt operates Base, where stocks already trade as tokens around the clock, and owns both the never-closed venue and the settlement infrastructure for tokenized assets., Galaxy DigitalIt operates an institutional trading desk already accustomed to crypto's around-the-clock schedule and is expanding into tokenized traditional assets., BullishIt is a regulated exchange built for institutions that operates around the clock, capturing the institutional flow this take expects to move toward venues with no closing bell., Gemini Space StationIt operates a never-closed exchange and is pursuing regulated status to offer tokenized assets, positioning it to capture volume if US regulators permit tokenized stocks to reach retail investors.28%
- Established exchanges are extending their hours and building tokenized versions of their markets rather than losing weekend and overnight volume to newer competitors. · CME GroupIt is extending futures markets to run around the clock, moving the incumbent exchange infrastructure toward true twenty-four-seven trading., Intercontinental ExchangeIt owns the New York Stock Exchange and is extending its trading hours and building tokenized market infrastructure rather than defending traditional market closures., NasdaqIt has filed regulatory plans to trade tokenized versions of its listed stocks, making it the clearest example of an incumbent exchange moving toward around-the-clock tokenized rails., Cboe Global MarketsIt is pushing extended-hours stock trading, putting an incumbent exchange on the round-the-clock side of the market structure shift.26%
- The brokers where retail and institutional orders originate become critical nodes when trading moves beyond standard hours, capturing volume whenever the clock stops limiting when accounts can trade. · Robinhood MarketsIt is the mainstream US app most likely to let retail traders buy stocks outside traditional market hours, with tokenized stocks already live in Europe and extended trading coming to home markets., Interactive Brokers GroupIt pioneered overnight trading and offers the API infrastructure that lets algorithmic traders and advisors plug directly into accounts that never sleep., Charles SchwabIt is rolling twenty-four-five trading to ordinary retail accounts, proving that round-the-clock markets reach mainstream brokers and making the largest retail account custodian a key node in this shift.23%
- These firms profit by quoting prices and settling trades during hours when traditional markets sleep, earning fees on every transaction that moves outside the standard business day. · Virtu FinancialIt is the market maker built to quote prices and provide liquidity across stocks and crypto during nights and weekends when most competitors are offline., Figure Technology SolutionsIt runs capital markets on blockchain, providing settlement infrastructure that operates without waiting for a business day to complete transactions.17%
- Cash6%