Crypto names climb after SEC prepares for stock tokenization, TradFi names weaken: Financials week
Crypto-related stocks made up four of the week's top five financial sector gainers as more traditional finance names struggled.The overall sector, as illustrated by the State Street Financial Sector SPDR ETF , dipped 2.4% for the week ended Sept. 18, a steeper decline than the S&P 500's 0.1% tick down. The KBW Nasdaq Bank Index took an even bigger tumble, dropping 4.9%.The week featured the first in more than three years and a that paves the way to allow trading of tokenized stocks. That offset the earlier setback when the it to the Senate floor earlier in the week. Bitcoin ended the week up ~4.8%, rising to almost $81K on Friday, its highest level since early May.The five biggest gainers for financial stocks with market cap of over $2B were:Bill Ackman's alternative asset manager, Pershing Square , rising 32% for the week;Hyperliquid Strategies , up 21%; Coinbase Global , jumping 11%;Riot Platforms , gaining 11%; andMARA Holdings , also increasing 11%.The five stocks that dropped the most were:Enova International , a fintech that offers installment loans, slumped 22% after the company withdrew applications related to its proposed acquisition of Grasshopper Bancorp;Asset manager Lazard dropped 13%;Insurtech firm Ethos Technologies sank 11%; Private equity and venture capital firm Hamilton Lane slid 8.6%; andWall Street giant Goldman Sachs dipped 8.5% after its CEO warned that its FICC business will be a “bit softer” compared with the prior quarter.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.