Crypto companies are increasingly looking toward a new world — one of tokenization and digital assets as financial infrastructure — and are anxious to leave the cyclical pain from long, cold crypto winters behind.

Why it matters: The shift could give digital asset companies a more stable business model, less dependent on volatile trading volumes.

Driving the news: Bullish, a crypto exchange led by former NYSE president Tom Farley, agreed to acquire transfer agent Equiniti today for $4.25 billion in stock, representing a big push into tokenized equities.

• Coinbase today inked a deal with Centrifuge, furthering its push into tokenized markets that already includes ETFs and credit products, CoinDesk noted.

🔧 How it works: Tokenization is the process of moving real-world financial assets — everything from stocks to Treasuries and real estate — onto blockchain rails.

What they're saying: Coinbase CEO Brian Armstrong, announcing layoffs today, said crypto is "on the verge of the next wave of adoption," pointing to stablecoins, prediction markets and tokenization.

• Last week during Robinhood's earnings call, CEO Vlad Tenev brushed off a question about crypto price swings during the company's earnings call.
• "I want to get away from talking about the price of bitcoin," he said. "Our strategy is to take crypto infrastructure and apply it to assets that have real-world utility. That's why we care so much about tokenization."

The big picture: Crypto companies are increasingly framing digital asset technology as financial plumbing — not just speculative assets.

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The SEC today released a proposal that would allow public companies to report earnings just twice a year, Axios' Pete Gannon writes.

Why it matters: It would be a fundamental change from the quarterly reporting cadence that has shaped U.S. business for over 50 years.

Catch up quick: The proposed rule is intended to give public companies regulatory flexibility, with the ultimate goal of enticing more businesses to go, and remain, public, SEC chair Paul Atkins said in a statement.

• The idea was pushed last September by President Trump, who had also raised it in 2018.

Friction point: Critics of the proposal fear a loss of transparency and investor protections, lumping the idea with the administration's broader deregulation push.

What's next: The SEC proposal will be subject to a 60-day public comment period.

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🏍️ Harley-Davidson shares jumped after the motorcycle maker said price cuts juiced sales. (Bloomberg)

🍺 Anheuser-Busch InBev sales volume increased for the first time in three years in a sign that the beer industry might be stabilizing after a prolonged slump. (WSJ)

⚕️UnitedHealthcare is cutting required prior authorizations by 30%. The insurer has been under public pressure to lower barriers to care. (Fierce Healthcare)

A lot of people have been resisting data centers in their proverbial backyards. But how about on their literal walls?

Driving the news: Span, a California-based startup offering "smart" electrical panels, collaborated with Nvidia to offer small, fractional data centers, called XFRA units, to homeowners, per CNBC.

What they're saying: "A network of these nodes, communicating with each other across the country, is the equivalent of a small to mid-sized traditional data center, which could either augment an existing center or negate the need to build a new one, Span says," per CNBC.

Zoom in: Span uses Nvidia's liquid-cooled RTX PRO 6000 Blackwell Server Edition GPUs.

• 🤫 They require no fans, the report notes, "so there is no noise."