How Crypto Speculators Might Unlock Real Estate’s Token Future

• Realist of assets: A new trend in the crypto world is “Real World Asset” tokens that can be traded for an actual security like stock in a company.

• All you care to eat: Many of New York’s shuttered retail locations are getting converted into restaurants willing to pay rent once thought too high for eateries.

• Kohl’s cash back: The struggling retailer Kohl’s is the latest meme stock but can they benefit from the jump in stock price?

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Tokenization

How Crypto Speculators Might Unlock Real Estate’s Token Future

A little-known company is showing the clearest path yet to real estate tokenization

A company called DeFi Development Corp has become one of the fastest-growing publicly traded "PropTech" companies—despite not actually being in real estate technology. The firm gained access to public markets by acquiring Janover Capital, a small commercial lending platform, but the majority of its value now comes from crypto speculation. By following a strategy similar to MicroStrategy, DeFi has been aggressively purchasing the cryptocurrency Solana using operating cash and outside capital. This crypto-first focus has fueled a meteoric stock price surge, briefly giving the obscure firm a billion-dollar valuation. What looked like a new player in the real estate tech space turned out to be something much more interesting.

DeFi’s story highlights a new crossover happening between capital markets and crypto, especially with the emergence of “Real World Asset” tokens—blockchain-based securities backed by traditional financial assets. These tokens offer liquidity outside of exchange hours, fractional ownership, and transparency advantages, which appeal to both retail and institutional investors. DeFi is now among the few companies to have its stock tokenized in this way, placing it in the same category as firms like Tesla and Apple.

The real estate world has long been searching for the right tokenization model. RWAs may finally provide a scalable path—one that starts not by tokenizing individual properties, but by converting shares of real estate companies into tradeable crypto-backed securities. Public REITs are a natural next step, allowing investors to gain exposure to real estate via digital assets with built-in safeguards and liquidity. If tokenized stocks can generate the same level of interest as speculative coins, the DeFi Development story may be less of a crypto oddity and more of a preview of what’s to come for real estate capital markets.

Overheard

Technology

When Retail Brands Become Meme Stocks, Real Estate Gets Repriced

Meme-fueled retail investor frenzy has returned and this time it is helping big-box retail. Kohl’s stock has surged nearly 100% in a single day before settling around 39% up. Triggered by a short‑squeeze driven by social media momentum rather than any new prospects for growth, Kohl's has been a beneficiary of a financial phenomenon. How they decide to take advantage of it might help save the struggling brand.

So far, Kohl's has not issued any new shares, so they would have to do so if they really wanted to benefit from their recent boost in valuations. Doing so would be risky, though. The same retail investors who followed the masses into buying Kohl's stock would likely jump off the bandwagon quickly if they thought the company was going to try to steal the price momentum.

For the broader retail real estate sector, the Kohl’s meme-stock eruption reinforces how retail brand equity and investor sentiment influence value beyond storefronts. The investment world is increasingly intertwined with narrative, so it is wise for the real estate industry to pay attention to the hype, no matter how silly it might seem.

Food and Beverage Tenants Are Becoming the New Anchors for Retail Landlords

Retail landlords in New York City are finding unlikely allies in the city’s restaurateurs. As foot traffic in commercial corridors remains uneven and traditional soft goods retailers continue to pull back, restaurants are stepping up to fill the void. Dining establishments have become one of the most active categories of retail leasing in Manhattan, lured by reduced rents and hungry for locations that offer visibility, outdoor space, and kitchen infrastructure. While banks, apparel stores, and pharmacies have shrunk their footprints, restaurants—especially fast-casual and experiential dining—are helping to stabilize the streetscape.

This shift marks a broader evolution in the retail landscape. Across the country, food and beverage tenants are increasingly being seen not just as amenities, but as anchors. Their ability to draw regular, repeat foot traffic is appealing in an era when many traditional retailers can’t count on impulse purchases or window shoppers. At the same time, restaurants are facing pressures of their own—rising wages, food costs, and razor-thin margins—which makes the current leasing surge as much a function of desperation as opportunity. Landlords, too, are recalibrating, often offering flexible terms, tenant improvement allowances, or even partial buildouts to attract the right kind of operator.

For the broader retail real estate sector, this trend underscores the growing importance of tenant mix over tenant category. The restaurants filling NYC’s retail vacancies may not all survive long-term, but their presence signals a market willing to adapt. Owners can no longer rely on national credit tenants or predictable use types. The most valuable retail spaces are increasingly those that create destination experiences, not just transactional ones. What’s happening in Manhattan is part of a larger recalibration, one that rewards creativity and resilience—and punishes landlords who still think retail is just about selling things.

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Propmodo Daily is written and edited by Franco Faraudo with contributions from readers like you and the Propmodo team.

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