Tokenized real-world assets (RWAs) reached a market capitalization of $19.32 billion as of March 31, 2026, according to CoinGecko. Tokenized Treasuries remain the largest asset class, but the newer products tie a token to an operating business. BitFuFu Inc. (NASDAQ: FUFU) and Finloop launched the Hashrate Token (HASH) on October 15, 2026, an on-chain note product linked to the economic output of Bitcoin mining.
HASH is only available to certain eligible investors, subject to qualification, jurisdictional and KYC/AML requirements. It may not be offered or sold within the United States or to US persons, except under Regulation S or an exemption. According to BitFuFu, HASH is also not offered to investors in mainland China. What follows explains the structure, the comparisons and the risks for educational purposes.
Key Takeaways
- Tokenized RWAs reached $19.32 billion as of March 31, 2026, with tokenized Treasuries at 67.2% of the sector, per CoinGecko.
- McKinsey expects tokenized market capitalization could reach around $2 trillion by 2030, excluding cryptocurrencies and stablecoins.
- BitFuFu and Finloop launched HASH on October 15, 2026 as a BTC-denominated note tied to Bitcoin mining output, for eligible investors only.
- The Blockstream Mining Note offered hashrate exposure over a 36-month term to non-US qualified investors from 2021.
- Each Blockstream Mining Note entitled investors to up to 2,000 TH/s of Bitcoin mined, and BMN1 raised approximately €40 million through eight primary offerings.
- Luxor’s hashrate forward market reached nearly $200 million in notional traded as of August 2025.
How Tokenized RWAs Moved Beyond Treasuries, Funds and Gold
Tokenized RWAs grew 256.7% from $5.42 billion at the start of 2025 to $19.32 billion as of March 31, 2026, per CoinGecko. Tokenized Treasuries added $9.00 billion in that period. The tokenized RWA market is still dominated by financial claims on assets that already exist.
The market share of tokenized Treasuries dropped from 73.7% to 67.2%, as other asset classes saw increasing tokenization and traction. Tokenized commodities account for 28.7% of the sector, while tokenized stocks hold 2.5% and tokenized ETFs 1.5%.
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Tokenized Treasuries, funds and gold have one thing in common: The token points at an asset whose value is set somewhere else. McKinsey expects total tokenized market capitalization could reach around $2 trillion by 2030, excluding cryptocurrencies like Bitcoin and stablecoins like Tether. Its forecast is driven by mutual funds, bonds and exchange-traded notes, loans and securitization, and alternative funds.
The next category is harder to tokenize. Its cash flow comes from machines that have to keep running, and the token can only report what they produce.
Computing Power as an Emerging RWA Category
In August 2025, Aoruid completed the first-phase issuance of an RWA based on AI server assets. Its asset scale was tens of millions of RMB, 36Kr reported. Ant Digital Technology supported the project, recording AI server operation information on AntChain. Computing power assets joined the assets used to back RWA issuances.
Ant Digital Technology had earlier helped Langxin Group and GCL New Energy issue RWAs backed by charging piles and photovoltaic assets. The AI server issuance was its first RWA outside the new energy sector.
Bitcoin mining is another computing-power asset now being packaged for investors. On March 24, 2026, Omnes announced a partnership with Apex Group to tokenise the Omnes Mining Note (OMN). The OMN is a structured note backed by Bitcoin hashrate, to be issued and managed on the Base Chain, the Ethereum L2 incubating at Coinbase.
Hashrate defined: Hashrate is the computational power used to validate transactions and produce Bitcoin. A hashrate product passes along the output of that work, so its value depends on how much new bitcoin the machines earn.
The OMN is issued as a secured debt note in Luxembourg, with on chain transferability among whitelisted professional investors. It gives professional non-US investors exposure to new Bitcoin production without managing mining hardware, energy or facilities.
What is the Hashrate Token (HASH) and how does it work?
HASH is a tokenized note that gives eligible investors exposure to BTC-denominated returns generated from Bitcoin mining activities, according to BitFuFu’s October 15, 2026 announcement. The mining runs on professionally deployed and managed infrastructure, and investors do not manage hardware or operations themselves. The mechanics, as BitFuFu and Finloop describe them, run in four steps:
- The underlying hashrate is provided as a service and contributes to Bitcoin mining activities.
- The resulting economic output forms the basis of the product’s BTC-denominated returns.
- Finloop, as tokenization agent, runs token minting, burning and transfers through its FinRWA Platform (FRP).
- Profit distributions are recorded on-chain for transparency and verification.
Finloop also supports the project across product structuring, compliance frameworks and cross-chain integration. Finloop describes itself as a Hong Kong wealth technology platform whose offerings include mutual funds, structured products, bonds and virtual assets.
What is a hashrate token?
A hashrate token is a digital token whose value comes from bitcoin mining output instead of a lending book or an index. In HASH’s case, the token is a note linked to the economic output of mining on professionally managed infrastructure. Returns rise and fall with what the machines mine.
Can US investors buy HASH?
Generally no. HASH has not been and will not be registered under the U.S. Securities Act of 1933, and it may not be offered or sold to U.S. persons except under Regulation S or an exemption. According to BitFuFu, HASH is also not offered in mainland China, and other markets apply qualification and KYC checks.
Leo Lu, Chairman and CEO of BitFuFu, said “HASH provides eligible investors with BTC-denominated economic exposure linked to Bitcoin mining output, while leveraging on-chain infrastructure for greater transparency and accessibility.”
Why a BTC-Denominated Structure Matters
HASH’s BTC-denominated structure allows returns to remain in BTC, reducing the need for currency conversion during the investment period, BitFuFu says. The source of the return also differs from lending-based bitcoin income products.
It is newly mined coins, not interest paid by a borrower. Omnes chief executive Emmanuel Montero drew the same line when announcing the OMN with Apex Group:
“Bitcoin mining is the only mechanism that creates new Bitcoin through protocol issuance. This is economically distinct from yield strategies that rely on redistributing existing Bitcoin.”
Denominating returns in BTC reduces the need for currency conversion. It does not fix how much BTC arrives. Luxor defines hashprice as what miners are paid for their hashrate, a function of bitcoin’s price, the block subsidy, transaction fees and network difficulty. Network difficulty works in the opposite direction: The more mining on the network, the smaller each miner’s slice of bitcoin’s fixed issuance.
Why it matters: Luxor ties mining revenue to bitcoin’s price, the block subsidy, transaction fees and network difficulty. A BTC-denominated note reduces the need for currency conversion. The number of coins paid still moves with difficulty and fees, and their dollar value moves with the bitcoin price.
HASH vs Other Ways to Get Bitcoin Mining or BTC Exposure
HASH pays BTC-denominated returns from mining output, without investors running hardware. The comparison covers how the products work, not how they are classified legally or by regulators. The table below compares HASH with five alternatives. It asks where the return comes from, who stands behind it, how an investor exits and who can buy.
| Exposure route | Source of return | Main counterparty | Liquidity and exit | Who can access |
|---|---|---|---|---|
| HASH (BitFuFu with Finloop) | Economic output of bitcoin mining on managed infrastructure | BitFuFu as mining operator; Finloop as tokenization agent | Tokens minted, burned and transferred through Finloop’s platform under the note’s rules | Eligible investors that pass qualification and KYC/AML checks; not US persons or mainland China |
| BTC lending | Interest paid by borrowers of the lent BTC | The lending platform and its borrowers | Set by the platform’s withdrawal terms | Depends on the platform and the user’s jurisdiction |
| Wrapped-BTC DeFi | Fees or incentives from DeFi protocols where the wrapped token is deposited | The custodian holding the BTC and the protocol’s smart contracts | Onchain trading and redemption, subject to market depth | Wallet users, subject to protocol and local rules |
| Retail cloud-mining contracts | Mining output from hashrate rented under a contract | The cloud-mining provider | Contract length and exit terms set by the provider | Retail buyers where the provider operates |
| Listed mining stocks | Company results and share price, from mining revenue minus costs | The listed company | Exchange trading in market hours | Brokerage clients in permitted markets |
| Mining-backed notes (OMN) | Exposure to new bitcoin production measured in hashrate | The issuer of a secured debt note in Luxembourg | Onchain transfers among whitelisted professional investors | Professional non-US investors |
Source: BitFuFu, Apex Group, WBTC
Wrapped BTC is another onchain route to bitcoin exposure, and it pays nothing by itself. Every WBTC is backed 1:1 by Bitcoin in secure custody, verifiable through an on-chain proof of reserves. Any return comes from lending, liquidity provision or collateral use across DeFi protocols.
Mining stocks, BitFuFu’s own Nasdaq-listed shares included, share the same engine as HASH. A share also carries the company’s balance sheet, capital spending and dilution, while a note narrows the claim to the output. Cloud-mining contracts are the retail cousin of the same idea, without the tokenized transfer layer or the qualification checks.
Earlier Attempts to Bring Mining Output Onchain
Blockstream launched the Blockstream Mining Note (BMN), a Liquid security token tied to Bitcoin mining hashrate, on March 30, 2021. Each product in this line added a piece the others lacked, and each ran into a risk the token wrapper could not remove.
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Blockstream Mining Note (BMN) on Liquid
Each BMN token entitled investors to hashrate produced by miners at Blockstream’s colocation facilities, and STOKR issued it in successive tranches. The first tranche was set to go on sale on April 7, 2021, with a 36-month term, open to non-US qualified investors. Each BMN entitled investors to up to 2,000 TH/s of Bitcoin mined at Blockstream’s facilities.
Through eight primary offerings to date, BMN1 had raised approximately €40 million from qualified investors, Blockstream said in April 2022. On April 11, 2022, BMN1 became available on MERJ Exchange, initially excluding the US, and open to all classes of investors. The lesson was that a fixed hashrate per token and a fixed term make output measurable, while secondary liquidity had to be added later.
BTCST (Bitcoin Standard Hashrate Token)
BTCST was the first Binance Launchpool project of 2021, reported on January 8, 2021. It was described as collateralized by 0.1 TH/s of Bitcoin mining power. The Binance team said BTCST would offer “exchange-grade” liquidity and serve as a “leveraged” Bitcoin token “free from liquidation risk”.
That framing sold a mining claim as a trading instrument. The token’s price then rested on exchange demand as much as on the mining output behind it.
The takeaway: Each BMN entitled investors to up to 2,000 TH/s of Bitcoin mined, while each BTCST was collateralized by 0.1 TH/s of Bitcoin mining power. Both designs set the hashrate behind every token, which made output measurable. Neither fixed how much bitcoin that hashrate would earn.
Luxor Hashrate Forwards
Luxor launched its Hashprice NDF on October 6, 2022, matching buyers and sellers of hashrate in non-deliverable hashprice forwards. In 2023 it added a Deliverable Forward Contract and reported well over 50 participants in its hashrate derivatives markets. As of August 2025, total notional traded on Luxor’s OTC hashrate forward market reached nearly $200 million.
Luxor said its fixed BTC-denominated returns from pairing the two contracts were not available for retail. Forwards did not tokenize anything, but they built the pricing layer a hashrate note needs to be valued.
Risks Tokenization Does Not Remove
Network difficulty works against miners: the more mining on the network, the smaller each miner’s slice of new bitcoin, Luxor notes. No token changes that. Putting a note onchain changes how ownership and distributions are recorded. The mining business underneath keeps every one of its operating risks.
Risks that stay with the investor: a token wrapper changes the record, not the mining. The risks below apply to HASH and to the mining-linked products in the comparison table.
- Returns are paid in BTC, so their dollar value moves with the bitcoin price.
- Difficulty rises when more hashrate joins the network, and the same machines then earn fewer coins.
- Energy costs can rise when a site changes power contracts or moves.
- Machines age and fail.
- Output stops when a site goes offline, whether from a power dispute, a shutdown order or a logistics problem.
- Tokens and distributions depend on the wallets, platform and smart contracts that mint, burn and transfer them, and a flaw in any of them can interrupt payments.
- Issuer and counterparty risk: the product’s performance, and the fulfillment of its contractual obligations, depend in part on the financial condition, operational capabilities and ongoing performance of the issuer and the other parties involved in the product structure.
- Rules can change for the product, the investor’s home market or the mining site, and a shutdown order can stop output overnight.
- Eligibility and transfer rules can limit who can buy a token and when it can be sold during the term.
What HASH Could Mean for the Next Stage of RWA
Finloop CEO Cai Hua called HASH a pioneering RWA product in Hong Kong linked to Bitcoin mining hashrate, and that description marks the shift. Tokenized commodities already accounted for 28.7% of the RWA sector as of end Q1 2026. Output-linked products such as HASH, the OMN and AI server issuances add a category whose value depends on operations.
Our coverage of tokenization keeps returning to one test for this category: how much of the operator’s data reaches the token holder. Three disclosures will decide whether output-linked RWAs earn trust:
- Hashrate attribution: which machines and how much hashrate stand behind each token.
- Output reporting: how mined bitcoin, costs and distributions are recorded onchain and reconciled with the operator’s books.
- Transfer and exit rules: who can hold the token, when it can move and what happens at the end of the term.
Finloop says it is developing a one-stop RWA technology, issuance and distribution platform. Platforms of that kind sit between the operator and the investor, which makes their records part of the product.
Conclusion
Tokenized RWAs reached $19.32 billion as of March 31, 2026. Most of that value still sits in claims on existing assets such as Treasuries, commodities and funds. HASH instead pays BTC-denominated returns from bitcoin mining output. It is open only to eligible investors and may not be offered to US persons except under Regulation S or an exemption. BitFuFu says it is not offered in mainland China. Coverage here is for information and education only and is not investment advice.
AI server issuances, the OMN and HASH point to a second model, where payouts depend on how machines run, what they cost and how output is reported. For a tokenized Treasury, investors mainly ask about custody and redemption. Output-linked products add hashrate, uptime, costs and how output is reconciled with distributions. The earlier BMN and BTCST tokens show that a token cannot remove those variables. The market may come to judge such RWAs by the quality of their data, moving tokenization from recording existing capital toward recording real economic output.
