Story completes token migration to DATA as trading resumes

Photo: Rostislav Uzunov / Pexels

The former IP token has finished its 1:1 conversion to DATA, closing out a rebrand from intellectual property licensing to AI training data infrastructure

by Vivian Nguyen

Thu 8 Oct 2026 · 12:04 EDT 2 min read

In Finance

Coinbase Global, Inc. (COIN) price

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Last close: $162
Close-to-close change: +0.8%
Market cap: $42.8B (shares as of 2026-06-30)
P/E (trailing): Not meaningful: trailing loss. Diluted EPS −3.79 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue: $7.2B USD (FY ended 2025-12-31) 10-K
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Gloria daily close for session Oct 28, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 28, 2026 · tokenized COINx	$162	$42.8B	Not meaningfulLoss, diluted EPS −3.79 to 2026-06-30 · SEC filing	Unavailable	$7.2BFY ended 2025-12-31 · 10-K	+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K	20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 28, 2026 · tokenized MSTRx	$145	Unavailable	Not meaningfulLoss, diluted EPS −96.98 to 2026-06-30 · SEC filing	Unavailable	$477.2MFY ended 2025-12-31 · 10-K	+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K	−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 28, 2026 · tokenized CRCLx	$82	Unavailable	16.4	Unavailable	$2.7BFY ended 2025-12-31 · 10-K	+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−69,508,000FY ended 2025-12-31, attributable to the company · 10-K	−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 28, 2026 · tokenized BMNRx	$22	$13.3B	Not meaningfulLoss, diluted EPS −4.50 to 2026-05-31 · SEC filing	Unavailable	$6.1MFY ended 2025-08-31 · 10-K	+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K	348,577,000FY ended 2025-08-31, attributable to the company · 10-K	7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 28, 2026, 4:41 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

The Story token known as IP is officially retired. Its migration to the new Data token, ticker DATA, is complete, and trading support for DATA has resumed, according to a post on X.

That wraps up a months-long rebrand that started in late June. It also marks the moment the project formally swaps its original pitch, intellectual property on-chain, for a new one built around AI training data.

How the swap worked

The conversion ran at a straight 1:1 ratio. Every IP token became one DATA token, with no bonus multipliers and no haircuts.

Holders did not have to do anything. The swap was automatic.

The total supply cap stays at 1 billion tokens.

Several major exchanges handled the migration, including Coinbase, Bybit, KuCoin, and MEXC. Each platform paused trading during the conversion window, then brought DATA markets online once balances were settled.

Coinbase paused IP trading from October 5 to October 7, 2026, with DATA trading slated to resume on October 8, 2026. Other venues processed their own swaps and pauses across mid-2026 before final settlements landed in October.

From IP licensing to AI data

The rebrand was first announced on June 25, 2026. Story Protocol became the DATA Foundation, and the project’s focus moved away from licensing intellectual property toward infrastructure for AI training data.

The new direction centers on data processing and registry tools, including Trace, a public on-chain registry and audit platform, and Poseidon, a data processing system.

The biggest piece of that pivot is an integration with Kled, a data marketplace. Assets tied to Kled now bring more than 1.5 billion user-contributed records on-chain.

The project has raised approximately $134 million, with backers including Andreessen Horowitz.

A rough ride for IP holders

The original IP token hit a peak of approximately $14.78 before falling nearly 98% to around $0.35.

Nothing about a 1:1 swap changes what holders own in economic terms. Someone with 1,000 IP tokens now has 1,000 DATA tokens, at whatever price the market assigns them.

What the migration means for holders and the project

The immediate practical effect is simple: DATA is tradable again on major exchanges. Liquidity that was frozen during the swap windows can flow back, and price discovery can resume across venues rather than in fragments.

The 1 billion supply cap is unchanged, so any future price movement will depend on demand for the token rather than any change in supply from the migration itself.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

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