Bitcoin, Blockchain & Tokenization: 3 Miles Wide & 2 Inches Deep

Second Edition, Revised and Updated

The first edition of this book described a future. This edition describes a year.

Between the two printings, the United States passed its first federal stablecoin law. BlackRock's tokenized Treasury fund passed $2.5 billion and became collateral on the world's largest crypto exchange. Robinhood switched on more than 2,000 tokenized US stocks for European customers. The SEC cleared Nasdaq to trade tokenized securities. Bitcoin set an all-time high above $126,000, then spent 2026 reminding everyone that drawdowns are the entry fee.

Douglas Borthwick spent 30 years on trading desks at Morgan Stanley, Merrill Lynch and Standard Chartered. Then he led the on-chain versions of the machinery itself: the digital broker dealer, the trading venue, the transfer agent, and the first ever IPO on a blockchain. This book is that career applied to one question: what actually happens when money, assets, and markets move on-chain?

Inside:

• Bitcoin from the 2008 trading floor to the ETF era, including the crashes most books skip: Mt. Gox, Terra, FTX
• The first SEC-registered token IPO, told from the inside by the man who led it
• Tokenized Treasuries, stocks, and real estate: the 2025 to 2026 wave, in numbers
• Stablecoins and the GENIUS Act, explained by a currency trader
• What AI agents change, and an honest guide to staying safe and sizing risk

You have read the books that explain what tokenization is supposed to be. This is the one written by someone who had to make it work. Finish it and you will know how the machine runs, where the risk lives, and what comes next.