Author: PAUL VERADITTAKIT, Partner at Pantera Capital; Translator: AIMan@Golden Finance
Last week was a great week in the cryptocurrency space! We saw Coinbase join the S&P 500, Galaxy Digital move to Nasdaq, and eToro complete its IPO. Stablecoins have reached a market cap of $230 billion, and the price of Bitcoin has once again surpassed $100,000.
In addition, JPMorgan Chase completed its first transaction on a public blockchain using Pantera portfolio companies Ondo Finance and Chainlink. I also want to share some highlights from my participation in the Milken, Token2049, Medici, and Consensus 2025 conferences.
We are at a turning point, and we are optimistic about the future - let's work together.
As I wrote before, cryptocurrency IPOs are leading the market into a new era of maturity. This week, eToro went public on the Nasdaq on May 14, 2025, at an IPO price of $52, surging its market cap to about $5.6 billion. This follows Circle, FOLD, and Amber Premium, which have all filed for IPOs in the past two months.
Another growing trend is publicly traded digital asset reserve companies. Pantera has been at the forefront, making large investments in two leading companies in the space. One of these is our investment in DeFi Development Corp (DFDV, formerly JNVR), the first Solana financial company to go public in the United States, and we are closely involved in guiding their strategy. Since we announced our investment in April 2025, DFDV stock has risen more than 22 times. The other is our investment in Twenty One Capital (dba Cantor Equity Partners or CEP), a Bitcoin reserve company founded by Tether, SoftBank, and Cantor. CEP is now the second largest digital asset reserve company after MSTR. CEP is one of our firm’s largest investments, and its share price has increased more than 3x since we announced the investment.
During the conference session, the focus was on how these IPOs signal that cryptocurrencies are integrating into mainstream finance. The IPO pipeline is heating up, which not only provides liquidity, but also enhances consumer protection and attracts institutional capital.
Stablecoins are currently the vanguard of the cryptocurrency space. With a market cap of approximately $230 billion, they are primarily backed 1:1 by U.S. Treasuries. They represent the best way for blockchain technology to empower the global financial rails, delivering dollars to the hands of 5 billion smartphone users around the world.
At the end of last year, we published a comprehensive stablecoin article (see Jinse Finance’s previous report “Trillion-Dollar Stablecoin Market - Stack and Future Opportunities”), highlighting the use cases, opportunities, and payment stacks we are investing in and tracking.
Bitcoin breaks through the $100,000 mark again. Digital gold remains strong as a store of value and is expected to surpass gold. At Token2049, Dan Morehead shared his views on Bitcoin's development over the decades and other opportunities in the market. He believes that digital gold is replacing traditional gold for the following reasons: 1. The inflow of funds into Bitcoin ETFs since their launch has exceeded that of gold ETFs in the same period; 2. Gold production can be increased to meet demand, while Bitcoin's new production plan is fixed; 3. Bitcoin is widely discussed as a substitute for gold. The United States now has a strategic Bitcoin reserve.
Binance has not yet decided on its new global headquarters due to complexities like tax laws and talent acquisition challenges. Legal troubles, including Changpeng Zhao's legal issues and a $4.3 billion fine, have led Binance to restructure its leadership and adopt better governance strategies.
WeatherlyCaroline Crenshaw's SEC renomination faces targeted opposition, including digital media campaigns, reflecting America's growing interest in cryptocurrency and fear of missing out on the evolving digital asset market.
CatherineAgoda released an AI-generated short film, *Leo’s Magical Travel Adventures*, showcasing Asia Pacific's diverse cultures through vibrant storytelling. Created with ChatGPT and Midjourney, the film celebrates travel's power to connect people and inspire exploration.
AnaisChina has introduced the RT-G, an AI-powered spherical robot used by police for patrolling and crime prevention, equipped with tools like facial recognition and net guns. The robot’s spherical design allows it to navigate various terrains, and it is part of a broader trend of integrating robotics into law enforcement in China.
JoyEl Salvador and Argentina have signed an agreement to collaborate on cryptocurrency regulation and innovation in Latin America. The deal aims to share expertise, boost crypto growth, and strengthen the regulatory framework for digital assets in both countries.
AnaisOpenAI has made its Canvas tool available to all ChatGPT users, including free-tier users, with new features for real-time collaboration and code execution. This update is part of the "12 Days of OpenAI" campaign, which also introduced new tools like the Sora video model and the ChatGPT Pro subscription.
WeatherlyRipple’s RLUSD stablecoin has received regulatory approval from the NYDFS, enabling its launch. The approval positions RLUSD to compete with major stablecoins like USDT and USDC, with Ripple planning partnerships and expansion into the DeFi space.
WeatherlyAI-powered search tools like Perplexity are gaining popularity for their ability to provide quick, precise answers, reducing reliance on traditional search engines. However, concerns about accuracy and trust remain, as users must carefully verify AI-generated content.
AnaisJapan is set to launch its first cryptocurrency-backed credit card in 2025, a partnership between Slash Vision Labs and a major Japanese credit card issuer. This development signals Japan's increasing adoption of Web3 technologies and raises the question: Will 2025 be the year cryptocurrencies go mainstream?
CatherineCrypto phishing scams are growing more advanced, using social engineering and malware to exploit social media users. Scam Sniffer reports attackers impersonate crypto influencers and use bots to mimic verification, raising the pressing question: Are scams evolving faster than we can fight them?
Kikyo
