The institutional guide to Luno’s new asset universe on OTC: tokenised commodities, yield instruments, and DeFi infrastructure

Accessing real assets at institutional scale has always required the right relationships and structure. Physical commodity exposure, private equity-scale technology plays, and decentralised finance infrastructure have each sat behind barriers that most institutional mandates could not clear.

Eight instruments now available through the Luno OTC Desk address that directly: five tokenised exchange-traded investments giving you exposure to commodities or the companies involved in this sector; a Bitcoin income instrument; tokenised SpaceX equity; and direct exposure to the dominant on-chain derivatives exchange. All through a single OTC execution point built for institutional position sizes.

Why institutional clients are moving into tokenised real-world assets

Three structural shifts are driving institutional appetite for an asset class like commodities:

• Inflation and dollar uncertainty: Persistent macro pressure has renewed demand for real asset exposure that conventional equity and fixed income allocations do not provide.
  
  
• Access barriers: The operational complexity of physical commodities, private equity vehicles, and emerging technology platforms has historically put these exposures out of reach for most mandates.
  
  
• Tokenisation: By representing existing financial instruments on-chain, tokenised assets retain the economic exposure of the underlying while eliminating friction around custody, settlement, and minimum commitment. The real-world asset tokenisation market reached $33.91 billion in 2025, representing 70% year-on-year growth, with major asset managers including BlackRock now deepening their tokenisation infrastructure across Treasury and money market products.
  

The Luno OTC Desk is the access layer for these tokenised real-world assets. The instruments available span three distinct investment themes: macro hedging and the energy transition, Bitcoin income via corporate preferred stock, and decentralised finance infrastructure. Each is designed for a specific institutional use case.

The full asset universe at a glance

The table below summarises the eight instruments now available through the Luno OTC Desk.

Asset	Category	Underlying exposure	Access vehicle	Primary use case
SLVx	Tokenised commodity ETF	iShares Silver Trust	Kraken xStocks	Inflation hedge / macro
PPLTx	Tokenised commodity ETF	abrdn Physical Platinum ETF	Kraken xStocks	Industrial metals / energy transition
PALLx	Tokenised commodity ETF	abrdn Physical Palladium ETF	Kraken xStocks	Industrial metals / auto sector
COPXx	Tokenised commodity ETI	Global X Copper Miners ETF	Kraken xStocks	Energy transition / electrification
URAx	Tokenised commodity ETI	Global X Uranium ETF	Kraken xStocks	Nuclear energy / energy transition
STRCx	Tokenised preferred stock	Strategy Inc. Preferred Stock	Kraken xStocks	Bitcoin income / yield
SPCXx	Tokenised equity	SpaceX (Nasdaq-listed)	Kraken xStocks	Technology / public equity access
HYPE	Digital asset	Hyperliquid protocol token	Native on-chain	DeFi infrastructure / fee economics

All seven tokenised instruments are built on Kraken xStocks infrastructure, which has processed over $25 billion in transaction volume since launching in June 2025. HYPE is a native digital asset available through the OTC Desk alongside Luno’s standard digital asset offering.

Tokenised commodity ETFs: macro hedging and the energy transition

Five of the eight new instruments provide exposure to physical commodities through tokenised exchange-traded investments. Each targets a distinct segment of the macro and energy transition landscape:

1. URAx (Global X Uranium ETF): positioning in the energy transition’s nuclear reopening trade, as capacity gains renewed policy support across Europe, Asia, and the United States.
   
   
2. SLVx (iShares Silver Trust): inflation hedge with growing industrial demand from solar and electronics manufacturing.
   
   
3. PPLTx (abrdn Physical Platinum ETF): exposure to platinum group metals underpinning automotive catalytic converters and hydrogen fuel cell development.
   
   
4. PALLx (abrdn Physical Palladium ETF): exposure to palladium demand driven by the automotive sector and industrial applications.
   
   
5. COPXx (Global X Copper Miners ETF): leveraged exposure to the metal most directly tied to electrification infrastructure, including grid expansion, EV manufacture, and renewable energy installation.
   

For a detailed investment case and risk breakdown for each instrument, read more on: Tokenised commodity ETFs for macro hedging.

STRCx: Bitcoin income without Bitcoin volatility

For clients whose mandate requires income rather than speculative positioning, STRCx offers a materially different entry point to the Bitcoin thesis. Strategy Inc. is the world’s largest corporate Bitcoin holder. Its preferred stock delivers an 11.50% annual yield paid semi-monthly, at a fraction of Bitcoin’s historical price volatility.

This is not a Bitcoin proxy trade. STRCx is a yield instrument for clients seeking Bitcoin income strategies via OTC, structured through a corporate preferred stock rather than direct digital asset exposure. The yield derives from Strategy Inc.’s capital structure, and clients should verify the current stated yield independently before making any allocation decision.

For a full analysis of the instrument structure, yield mechanics, and suitability considerations, read more on: Bitcoin income strategies via OTC.

SPCXx: institutional access to SpaceX via tokenised equity

SpaceX is one of the most consequential technology companies to reach public markets in recent years. For advisors with clients seeking exposure to private market-scale technology through a public vehicle, SPCXx provides access without the lock-ups, minimum commitments, or custodial complexity of traditional private equity vehicles.

Tokenised equity access of this kind is structurally new. SPCXx provides institutional clients with a route to SpaceX exposure via tokenised stocks that would otherwise require private equity relationships, significant minimum commitments, and extended lock-up periods. The Luno OTC Desk removes those barriers while maintaining the institutional-grade execution and custody standards the desk is built on.

Valuation and revenue figures for SpaceX are subject to change and require independent verification before any allocation decision. Luno does not warrant the accuracy of third-party financial data.

For the full investment brief on SpaceX, valuation context, and execution details, read more on: SpaceX exposure via tokenised stocks.

HYPE: DeFi infrastructure as an institutional asset class

Hyperliquid is the dominant on-chain perpetuals exchange. Its 30-day perpetual volume exceeded $180 billion as of April 2026, placing it ahead of every decentralised competitor by a margin that is not close. HYPE is its native token, and its economics are directly tied to exchange fee revenue rather than speculative protocol governance.

What distinguishes HYPE from most digital assets in an institutional context is its token structure. There is no venture capital unlock overhang. The token’s value is anchored to the fee economics of an exchange with demonstrated volume, giving it equity-like characteristics uncommon in the digital asset space. For clients seeking exposure to the structural growth of decentralised finance rather than directional crypto trades, HYPE offers a clearly delineated investment thesis.

For a detailed breakdown of Hyperliquid’s market position, token economics, and institutional suitability, read more on: DeFi infrastructure as an institutional asset class.

How the Luno OTC Desk works

The Luno OTC Desk is the single access point for all eight instruments in this guide. It provides institutional clients with bespoke execution, removing the market impact and slippage associated with exchange-based execution, and handling custody and settlement through the appropriate infrastructure for each asset class.

This is not a self-service product. The OTC Desk is designed for clients whose requirements cannot be served by retail execution channels: those with significant position sizes, specific settlement requirements, or mandates that require custodial arrangements beyond standard retail custody.

Frequently asked questions

1. What is a tokenised ETF and how does it differ from holding the underlying ETF directly?

A tokenised ETF is a blockchain-based representation of an existing exchange-traded fund. It tracks the same underlying exposure as the fund it references but settles on-chain, enabling 24/7 access, near-instant settlement, and fractional positioning. Institutional clients access tokenised ETFs via the Luno OTC Desk, which handles execution, custody, and settlement through the Kraken xStocks infrastructure.

2. Who can access these instruments through Luno?

These eight instruments are available exclusively to institutional clients, high-net-worth individuals, and family offices through the Luno OTC Desk. Retail access is not available for this asset class.

3. What infrastructure underpins the tokenised instruments on Luno?

The seven tokenised ETF and equity instruments are built on Kraken xStocks infrastructure. HYPE is a native digital asset accessible through the OTC Desk alongside Luno’s standard digital asset offering.

4. How does OTC execution work for tokenised real assets?

The Luno OTC Desk provides bespoke execution for institutional-scale positions. Clients engage directly with the desk to agree pricing, settlement terms, and custodial arrangements. This avoids the market impact and slippage associated with exchange-based execution.

5. What is the investment case for tokenised commodity ETFs in an institutional portfolio?

Tokenised commodity ETFs provide direct exposure to the physical commodities underpinning inflation hedging and the energy transition, without requiring clients to source, store, or manage the underlying assets. They complement traditional equity and fixed income allocations and offer a diversification profile distinct from digital assets. For a detailed breakdown of each instrument, see the cluster article on tokenised commodity ETFs for macro hedging.

6. What makes HYPE different from other digital assets?

HYPE is the native token of Hyperliquid, a decentralised exchange commanding roughly 70% of on-chain perpetuals volume at over $200 billion per month. Unlike many protocol tokens, HYPE has no venture capital unlock overhang and its economics are directly tied to exchange fee revenue, giving it equity-like characteristics uncommon in the digital asset space.

7. How does STRCx generate yield?

STRCx is a tokenised representation of Strategy Inc.’s preferred stock, which pays an 11.6% annual yield distributed monthly. The yield is derived from Strategy Inc.’s capital structure, not from Bitcoin price appreciation directly. Clients should note that this figure reflects the current stated yield and is not guaranteed. Independent verification is recommended before any allocation decision.

8. Can institutional clients hold multiple instruments across different asset categories simultaneously?

Yes. The Luno OTC Desk is designed to facilitate multi-instrument positioning across the full asset universe described in this guide. Clients can build diversified allocations spanning tokenised commodities, equity instruments, and digital assets through a single access point.

*Investing in Crypto assets may result in the loss of capital. Luno (Pty) Ltd is an authorised financial services provider (FSP No. 53314), and registered credit provider (NCRCP22123). This information is not intended to be nor does it constitute financial, tax, legal, investment or other advice; nor is it a call to trade. The information is intended as general market commentary for information purposes only. Before making any decision or taking any action regarding your finances, you should consult a qualified Financial Advisor.