The Warsaw Stock Exchange (WSE) suspended trading in shares of the Ukrainian agricultural holding Astarta on Tuesday after their price plummeted by 19.14% since the start of the day—from 37.25 zloty to 30.2 zloty.
According to exchange data, Astarta’s shares were last this cheap in September 2024, whereas in May of this year, their price even exceeded 60 zlotys.
According to the exchange, trading volume in Astarta shares prior to the suspension totaled 1.52 million PLN.
The WIG-Ukraine index of Ukrainian stocks fell by 3.38% at the start of trading on Tuesday, while the Warsaw Stock Exchange’s main index, the WIG20, fell by 1.24%. Specifically, shares of the agricultural holding IMC fell by 9.21%, Agrotona by 1.63%, KSG Agro by 1.37%, and Milkiland by 1.19%.
As previously reported, the Astarta agricultural holding posted a net loss of 14.07 million euros in the first half of 2026, compared to a net profit of 42.27 million euros for the same period last year. While all segments generated a net profit in January–June of last year, this year each segment recorded a loss: in sugar production, a loss of 3.83 million euros instead of a profit of 8.35 million euros; in crop farming, a profit of 20.07 million euros turned into a loss of 3.76 million euros; in cattle breeding, a loss of 2.41 million euros was recorded instead of a profit of 10.68 million euros; in soybean processing, a loss of 2.27 million euros was recorded instead of a profit of 5.84 million euros.
Astarta’s consolidated revenue for the first half of this year decreased by only 0.1% to 226.47 million euros; export sales accounted for 62% of total revenue, compared to 61% in the first half of last year.
At the current price on the Warsaw Stock Exchange (WSE), Astarta’s market capitalization stands at 755 million zlotys ($193.5 million at the current exchange rate).
AGRICULTURAL HOLDING, ASTARTA, stock, UKRAINE, Warsaw Stock Exchange
According to Fixygen, the cryptocurrency market is gradually expanding far beyond Bitcoin and traditional digital currencies. One of the most notable trends of 2026 is the rapid development of stablecoins and tokenized traditional assets, according to CoinDesk Data.
In September, the market capitalization of stablecoins rose to $313 billion. Trading volume for stablecoin pairs on centralized crypto exchanges increased by nearly 25% and exceeded $1 trillion for the first time since March.
Tether’s USDT remains the largest stablecoin, with a market capitalization of about $184 billion and a market share of approximately 59%. USDC ranks second with approximately $74 billion.
Stablecoins are gradually evolving from a crypto-trading tool into a standalone global payment infrastructure. They are used for international transfers, business settlements, storing dollar-denominated savings, and moving capital between various financial platforms.
The market for the tokenization of traditional assets is growing even faster. The value of tokenized stocks reached a record $4.87 billion at the end of September, while their trading volume directly on the blockchain rose to $15.6 billion over the month.
Overall, trading volume for tokenized stocks reached approximately $44.9 billion in the third quarter, an almost sevenfold increase compared to the second quarter.
Robinhood became the largest platform in September, accounting for about 42% of the total trading volume of tokenized stocks. The volume of transactions on its platform grew more than fivefold over the month—to $6.57 billion.
In addition to stocks, bonds, money-market funds, private loans, and commodity assets are gradually moving onto blockchains. The volume of tokenized bonds and money-market funds is estimated at approximately $17.3 billion, private loans at $5.6 billion, and commodity assets at over $6.4 billion.
According to an estimate by Experts Club, it is this segment of the digital market that may have more long-term significance than yet another growth cycle for individual cryptocurrencies.
While Bitcoin remains primarily a digital investment asset, stablecoins and tokenization are beginning to compete directly with bank transfers, depositories, brokers, and traditional stock market infrastructure.
In fact, a parallel financial system is gradually taking shape, in which dollars, stocks, bonds, and other assets can be traded on the blockchain around the clock, bypassing the traditional settlement cycle that takes several business days.
Andriy Verevsky, the principal owner and head of the Kernel agricultural holding, received 230,270,035 shares of Ferrexpo—a mining company with its main assets in Ukraine—following an additional share issuance, giving him 21.99% of the voting rights, according to the company’s statement to the stock exchange.
According to Ferrexpo’s semi-annual report, the voting stake of the largest shareholder—Fevamotinico S.a.r.l., which is wholly owned by The Minco Trust—whose beneficiaries are Konstantin Zhevago and two other members of his family—has decreased to 45.3% of the issued voting share capital (excluding treasury shares) from 49.3% at the beginning of the year.
In addition, BlackRock, Inc. reported that, together with its affiliates, it once again controls less than 5% of the voting rights, as was the case prior to September 14 of this year, when it announced that it had acquired 5% of the voting rights in Ferrexpo, of which 1.34% were held directly through shares and another 3.66% through financial instruments.
As previously reported, Ferrexpo’s shareholders’ meeting on September 21 approved an additional share issuance totaling approximately $100 million, of which about $50 million was provided by Verevsky and another approximately $40 million by Fevamotinico.
The shares were placed at a price of 16.5 pence per share, which is 42.3% lower than the share price on the London Stock Exchange on April 30 of this year, while on the day of the meeting, trading closed at 28.28 pence, and the shares are currently trading at 34.30 pence per share.
Ferrexpo noted that the new shares represented approximately 73.1% of the company’s existing shares prior to the capital raise. It was expected that upon completion of the capital raise, the owner of “Kernel” would hold 21.44% of the increased share capital.
The company clarified that after admission to trading, its total issued share capital will consist of 1 billion 62 million 816.44 thousand common shares, each of which carries one vote; however, 15 million 830,814 thousand shares are currently treasury shares and therefore do not carry voting rights. Taking this information into account,
Verevsky’s stake in the authorized capital, including treasury shares, amounts to approximately 21.67%.
Ferrexpo announced that it had reached an agreement on a capital increase on September 3–4 of this year. As of August 28, the company’s cash position had decreased to approximately $26.4 million, and after deducting lease obligations, it stood at approximately $17.8 million, compared to $21 million in the middle of this year and $47 million at the beginning of the year—which was sufficient to keep the company operating only until approximately the end of October.
The Board of Directors believes that the $100 million raised will be sufficient to meet the group’s immediate and short-term operational needs, allowing it to operate at a reduced level for the next 18 months. The funds raised will be used primarily to resume temporarily suspended mining and processing operations in Ukraine, to cover deferred expenses across all operations—including repairs and maintenance—and to maintain financial flexibility given the ongoing uncertainty surrounding operations in Ukraine.
To carry out the recapitalization, the board of directors held negotiations with Fevamotinico, during which the latter objected to an excessive dilution of its shares—below the 45.2% threshold of the authorized capital—even though this would have reduced the risks to Ferrexpo stemming from its ties to Zhevago, who is subject to Ukrainian sanctions. The largest shareholder also stipulated that, as a result of the recapitalization, no one other than Verevsky would hold a stake exceeding 15%.
As for Verevsky, his requirement as the anchor investor was that Ferrexpo refrain from any alternative fundraising through shares or other transactions.
The offering was conducted through an accelerated book-building process, with Panmure Liberum Limited and Peel Hunt LLP serving as joint global coordinators and bookrunners.
Ferrexpo owns a 100% stake in Yeristovsky GOK LLC, a 99.9% stake in Bilanivsky GOK LLC, and 100% of the shares in Poltava GOK PJSC.
Ferrexpo ended the first half of 2026 with a net loss of $14.9 million, which is 13.2 times less than the figure for the first half of 2025. The company’s revenue fell 2.3 times to $196 million.
The London Stock Exchange (LSE) suspended trading in Ferrexpo shares in early May due to the company’s inability to publish its annual financial statements on time, but resumed trading on September 7.
The U.S. exchange group Nasdaq has agreed to invest $100 million in Payward, the parent company of the cryptocurrency exchange Kraken.
The investment will be made through Nasdaq Ventures and is intended to deepen the companies’ collaboration in the areas of tokenized stocks, 24/7 trading, and the integration of traditional financial infrastructure with blockchain.
Nasdaq and Payward are working on the Nasdaq Equity Tokens (NETs) system. The idea is to create a digital representation of traditional stocks while preserving ownership rights, transparency, and corporate governance.
The project demonstrates that tokenization is no longer an experiment limited to cryptocurrency companies. Major traditional exchanges are gradually beginning to build their own blockchain infrastructure.
Almost simultaneously, the London Stock Exchange Group announced a partnership with Payward. As part of the project, the plan is to tokenize the 100 largest companies traded on the London Stock Exchange.
In the future, tokenized shares are expected to be admitted to trading on the LSE 24 platform, which is designed to provide significantly longer trading hours compared to a traditional trading session.
According to Reuters Breakingviews, the global market for tokenized shares currently stands at only about $3 billion, with monthly turnover of less than $30 billion—a figure that remains insignificant compared to traditional markets.
Nevertheless, the involvement of Nasdaq, the LSE, and other major operators marks the transition of tokenization to the next phase—the integration of blockchain infrastructure directly into regulated stock markets.
The main advantages of the technology include the ability to settle transactions almost instantly, fractional ownership, expanded trading options, and the use of tokenized securities as collateral in digital financial systems.
The main unresolved issue remains the rights of token holders: not all existing digital equivalents of stocks automatically grant investors voting rights or dividends. This is precisely why traditional exchanges are striving to create models in which a digital token is as legally similar as possible to a conventional stock.
According to Fixygen, Strategy remains the world’s largest corporate holder of bitcoin. As of August 23, the company held 840,447 BTC, or about 4% of the maximum possible supply of the first cryptocurrency.
At a BTC price of $77,004, its Bitcoin reserves were valued at $64.72 billion, while Strategy’s market capitalization stood at approximately $49.6 billion.
At first glance, it appears that investors value the entire company at less than the value of the Bitcoin it holds.
However, this comparison is incomplete. In addition to BTC, Strategy held $6.69 billion in dollar-denominated assets, but at the same time had approximately $6.75 billion in debt and $14.97 billion in preferred stock, which ranks higher than common shareholders in the capital structure.
After accounting for these liabilities, Strategy itself estimated the net value of its reserves at approximately $49.68 billion—nearly the same as its market capitalization.
This is precisely why the company’s mNAV ratio as of August 23 stood at around 1.01x. In other words, the huge premium that investors previously paid for the opportunity to gain indirect exposure to bitcoin through MSTR has virtually disappeared.
This is a fundamental shift in Sailor’s model: Strategy remains the world’s largest Bitcoin treasury, but its stock is increasingly valued as a financial entity with BTC, debt, and expensive preferred equity, rather than as “Bitcoin at a premium.”
Shareholders of PJSC “Ukrainian Fire and Insurance Company” (Kyiv) approved at an extraordinary meeting on July 21, 2026, the amount of annual dividends for common registered shares, based on the results of operations in 2025, totaling 40 million UAH, or 2.50 UAH per share.
As reported by the company in the disclosure system of the National Securities and Stock Market Commission (NSSMC), the decision to pay dividends was adopted by the annual remote general meeting of shareholders (minutes dated May 8, 2026).
The dividends are planned to be paid in several installments (proportionally to all shareholders within a total 6-month period from the date of the decision). The first installment, in the amount of 16 million UAH, is due by August 5, 2026; the second installment, in the amount of 16 million UAH, is due by October 13, 2026; and the third installment, in the amount of 8 million UAH, is due by November 6, 2026.
PJSC “UPSK” was registered in 1993. It specializes, in particular, in motor vehicle insurance, financial risk insurance, travel insurance, property insurance, cargo insurance, and baggage insurance.
According to the company, Oleksandr Mikhailov owns 99.999% of its shares.
According to data from the National Bank of Ukraine (NBU), the company ranks 16th among Ukraine’s non-life insurers in terms of premiums collected in 2025.
