October 28, 2025

Welcome to the Meridian Update, your daily on-chain report. It’s a financial markets day. Let’s dive in.

The stock market used to be open on Saturdays

The New York Stock Exchange (NYSE) ended its Saturday trading session on September 29, 1952. It is 2025 and the stock market remains closed on Saturdays. The stock market is also closed after 4pm ET (that’s 1pm PT) on weekdays until 9:30am ET. And Sundays, just like Chick-fil-A.

The most common explanation for the stock market’s continued closures is liquidity. Think of ordering food on UberEats late at night. Most places are closed, so you have fewer options to order from. And think of running a restaurant. You know most people will be asleep at midnight. So if you make really good food, you probably want to be open for lunch and dinner, then close when people are asleep. Ultimately, you wind up with slightly worse food and slightly fewer customers buying it late at night.

You might think of the “late-night food market” as illiquid. Both sides are smaller, quality goes down, etc. This is sort of what people think will happen on nights and weekends with the stock market, though you might wonder why 4pm ET would be the cutoff. The idea is that there will be fewer buyers and fewer sellers. So the quality will go down. That quality would be the speed and price of transactions.

Something we have thought about here at the Meridian Update is that the stock market is not like late-night restaurants. You can’t order UberEats from New York City if you are in Los Angeles. But you could buy stock from New York City, or anywhere in the world, if you are in Los Angeles. They, you know, can deliver that far. This applies globally. And time zones are different. You are probably in New York, Chicago, Dallas, maybe even LA. You are at the beginning of your day. Somewhere in the world, someone is just going to sleep. Interesting.

What exactly are we, the Meridian Update, talking about? We are talking about when financial markets are open. Because Crypto Twitter was talking about when financial markets are open. Specifically, Crypto Twitter was talking about how on-chain financial markets, specifically ones on the Solana network, are open 24/7.

If luminaries like the CEO of Blackstone, the Meridian Update, and regulators in Washington, D.C., are right, more assets will be tokenized. That is, more assets will become tradeable on-chain. And that means they will trade 24/7. Something to keep an eye on. And if anyone asks what might be different with on-chain financial markets, now you know: they are 24/7 unlike NYSE, which is open some times.

Speaking of tokenizing things so they trade 24/7…

…when are they going to tokenize a Solana exchange-traded fund (ETF)?

This is a joke, of course. Probably. The joke is that a Solana staking ETF is exactly the opposite of that. It takes something that is on-chain and makes it so people can own it without being on-chain. SOL is the native token of the Solana network. You can just buy and hold SOL on the Solana network, of course. What you can’t do “of course” is buy and hold SOL not on the Solana network. Solana ETFs make it so you can buy and hold SOL not on the Solana network, specifically through off-chain financial markets like NYSE (which is closed most of the time, as you now know). 

Anyway:

“It’s finally here. The first SEC-approved Solana ETF.🔥

Meet $BSOL from @BitwiseInvest.

Solana 🤝 Wall Street”

We have previously discussed the amended S-1 filings for Solana staking ETFs. You can buy BSOL through NYSE now. You just can’t trade it 24/7.

That’s a wrap

24/7 financial markets and a SOL exchange-traded fund listing caught attention. We’ll see you tomorrow morning.

Think we missed something today? Email email@meridianupdate.com.