Keyrock 🔑🪨

Tokenisation solved issuance. Distribution is next, across a $400T+ asset market. In our new research with @Securitize we map how tokenised assets scale from $27B to trillions, ft. @rwa_xyz @centrifuge @EulerFinance @maplefinance @MidasRWA

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Reserves moved only -40k YTD, suggesting the supply that wanted to leave has largely already left. With the CLARITY Act clearing committee, the next positive catalyst (Fed cut, sovereign Bitcoin announcement, floor vote) lands into the thinnest float of any cycle.

Key Insights 📊 18 May 2026 Warsh was confirmed Fed chair in the closest modern-era vote at 54–45 as Trump arrived in Beijing for the first US state visit in nearly a decade. Markets rotated into the dollar and rates. DXY +1.17%, Gold -2.89%, BTC -4.83%, NDX -0.37%.

Strong partnerships move industries forward. Big thanks to @Stablecoin and @plumenetwork for joining us as co-hosts of last week’s networking evening during @consensus2026. Plenty of ideas and insight to reflect on. Much more to come.

Keyrock launched on the belief that all of finance will be digital. That conviction is stronger than ever. Our backing from @scventuresDNA underlines what we’ve long built towards: the inevitable institutional adoption of digital assets. Proud to work alongside industry giants.

For inflows, it’s been a positive few weeks for Spot BTC ETFs. But that doesn’t tell the full story. Where does the vehicle stand today? Let’s take a closer look 👇🧵

🇺🇸 In New York for Digital Assets Week? Catch our Senior Director, Institutional Sales Americas, @Jon_A_Espinosa, at today’s roundtable on real-world usage for stablecoins and tokenised deposits.

Three years in tokenized securities. Now, RWA liquidity. I've joined @keyrock to lead its expansion into the Americas. Keyrock provides liquidity that makes tokenized assets easier to trade, bridging the gap between on-chain and traditional markets where banking rails, currency constraints, and settlement times still slow things down. Keyrock has spent nearly a decade building one of the strongest reputations in digital asset liquidity across Europe. 85+ trading venues and deep options expertise. Leaving @Securitize was not easy. Thank you to @carlosdomingo and the entire team for giving me the opportunity to grow distribution across tokenized products from @BlackRock , @apolloglobal, @hamilton_lane , and @vaneck_us , from the early stages through BUIDL becoming the largest tokenized fund in the world. Even though these assets exist on-chain, most of them still don't trade the way they should. Keyrock is working on that, building real, 24/7 liquidity for RWA markets. Excited to be doing this alongside @kevindepatoul and @gchatain1. If you're building in the tokenized asset space, I'd love to connect.

Public BTC treasury companies hold 890,256 BTC. Spot BTC ETFs have absorbed another 712,642 BTC since launch. Together that's 8.0% of all circulating Bitcoin, worth around $131B. Two vehicles that barely existed five years ago now custody one in every twelve coins.

Strategy holds 818,869 BTC at an average cost of $75,540. That's more BTC than every spot ETF has accumulated since launch combined, at a $6,500 lower average price. With BTC at $81,000, Saylor sits on $5.1B in unrealized gains. The average ETF dollar sits closer to zero.