What does the latest subscription subscription to encryption in the market mean? Harun Borujan From the Burujan Law it breaks it in the newsletter for encryption today for the advisers.
then, Jean -Marie Montetichief executive officer CoinsharesIt provides visions of the most recent of them Investor visions survey About what customers are looking for from their advisers in terms of encryption support in ASK A Expert.
Please note that there will be no news message next week. We take the week instead of vacations – we wish you a happy day in Canada and Independence Day for those who celebrate. We will return on July 10.
Cracks and public markets
It is usually seen as cryptocurrency as substitute To traditional securities markets. Recently, this trend may have been reflected, as the cryptocurrency is an increasing factor in public stock markets.
Since January, there have been three major encryption subscriptions:
May 14, 2025 – Etoro Group Ltd. It is a trading platform, approximately 619 million dollars in its initial offer, as it evaluated the company by about $ 5.6 billion. Since then the market ceiling has decreased slightly to 5.17 billion dollars.
May 16, 2025 Galaxy Digital Inc. From the Toronto Stock Exchange to Nasdak, where it raised about $ 602 million in selling primary and secondary secondary shares at $ 19 per share. The deal is estimated at more than $ 8 billion. Since then, the market ceiling has settled around 7.19 billion dollars.
June 5, 2025 – Circle Internet Group Inc. The USDC export, about $ 1.05 billion in the public subscription, as it sold 34 million shares at $ 31. The offer is initially estimated at the company at about $ 8 billion 43.9 billion dollars.
Each of these public subscriptions is great, given the very punitive organizational environment for only one year, but Circle is in its own category. Circle collected the largest amount of money, and in the aftermath, its shares have emerged by many complications, indicating the huge demand. Pop was very extreme, in fact, some felt that the company “left the money on the table” and Distinguish the motives From the concerned bankers.
In the wake of the success of Serkel, a number of other cryptocurrencies are considering public offers. On June 6, Gemini Declare It has provided S-1 secret to the Supreme Education Council, and on June 10, it was reported that the rising He follows. It was reported that many other companies, including Kraken, Bitgo and Consensys, have also been considered in general turns.
However, for these aspiring, the question remains $ 20 billion: Why did the department exceed expectations? Here are my three theories:
1. Public market companies
The circle was not the first coding company to excel. Microstrategy (D/B/A) Strategy) In recent years, it has become a bitcoin holding company with ROMP software. Currently, the strategy has 592,100 bitcoin, which is estimated at about $ 62 billion, compared to about 460 million dollars In annual revenue from her old business lines.
The strategy is a publicly circulated company, allowing retail customers who have mediation accounts to buy its shares and gain exposure to Bitcoin. In theory, the maximum market must be the sum (1) Bitcoin value, in addition to (2) Some minimum premium for the rest. Generously, this may be 66 billion dollars. But in reality, the maximum market is 101 billion dollarsThe claim Commentators To indicate that “the American stock market will pay $ 2 (Or more) For $ 1 of encryption. “
The Circle business model includes the purchase of traditional financial assets for vanilla (Most of them are from US Treasury invoices) Then the release of an encrypted currency – almost unlike the strategy – but it may benefit from the same installment.
2. A verb of the genius
During the past few months, Congress has advanced GeniusPart of the legislation aims to control the regulatory treatment of Stablecoins. This bill has passed through the Senate Last week It is expected to become a law in the near future.
In this theory, genius will bring organizational clarity, allowing the ecological system to prosper. In particular, the draft law includes a ban on the return, which will lead to not allowing Stablecoin Exporters to pass the returns they earn from guarantees to the distinguished symbol holders. Perhaps this increases the value of exporters.
However, the complexity of this is the possibility that the draft law will bring an increasing competition from banks, such as JPMorgan recently Declare Symbolic deposits. per Stablecon Founder Nick Milanovich, “If you are a circle, I will be concerned about the banking exporters at Stablecoins.”
3. Treasury instability
Finally, there is macro. Market factors have risen Treasury revenue In recent months, if this trend continues, this may be very profitable for Stablecoin. Most of the source revenue comes from revenues on the guarantee they keep, so when they rise, the two sources benefit.
More importantly, the biggest risks faced by these exporters are the prices that go back to zero, in which case the majority of revenues will be lost and may not be a long time. Perhaps a Regeneration Of the quality of the American sovereign debt, the long -term value of this category of business has increased.
We look forward
Of course, Circle climb can also be butter. The maximum Circle market is now more than half that Coinbase. For lovers of 10 kilometers, this is a bit is somewhat confusing, as Coinbase contains Contractual To half of the reserve reserves, in addition to other business lines.
For more reading, offer coverage Public subscription department.
– Aaron Berujan, founder and partner of the administration, Berogan Lu
Ask an expert
Q: What do the survey data say?
A. The survey reflects a clear shift in the investor’s behavior: digital assets are no longer a side conversation. They have entered the essence of how investors think about wealth – and they are not waiting for permission. Nearly 9 out of 10 are planned to develop their allocations this year. This is not a noise, this is a commitment. However, what is most highlighted is tension: investors are clearly looking for guidance, however they do not always trust the advice that is given. We see a generation of self -directed investors, enlightened and fully involved. They do not reject the role of the counselor, but they raise the tape. They want smart and transparent conversations about encryption, and they expect their advisor to keep pace. This is a fact that the industry must face face to face.
Q: What does this mean for advisers?
A. It is an opportunity for advisers to enhance customer confidence by expanding their experiences. Not only customers ask to reach Crypto – they ask if their advisor already understands it. And if 29 % of them say that the lack of experience or poor communication about the risks will make them move away, then this is not a marginal problem. Advisors still play a fundamental role, but the model is evolving. What customers want is strategic and transparent insight. They want someone to take time to understand the ecosystem and can speak fluently about the risks, custody and product structure. If a consultant can do this, he not only protects the client’s capital, but rather gains long -term confidence. This is the difference between providing a product and earning a relationship.
Q: What kind of specific support is the customers searching for?
A. Customers are looking for guidelines that bring a balance between opportunities and caution. The most valuable support is not related to the selection of symbols – it is related to risk management, movement movement, and access to safe vehicles such as traded investment boxes or funds. More than half of the investors we spoke to say that overseeing risk is one of the most important roles that the advisor can play in the encryption space. This is a huge opening. Especially for younger or without HNW investors, Crypto is the place where they build–and they need enlightened instructions. Consultants who carefully enter this role can help form the next stage of creating wealth.
– Jean -Marie Monte, CEO of Coinshares
Continue
- The US Federal Housing Agency reviews whether it is Crypting holdings Like bitcoin it can be used to qualify for mortgages.
- Texas has become the first American state to create a self -standardized fund Bitcoin Reserve.
- The US Federal Reserve announced on June 23 that it will not include anymore Reputation In bank exam programs, remove a barrier for banks to support encryption companies.
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