What do the latest crypto -exchange listings mean for the market? Aaron Brogan from Brogan Law breaks it down in today’s crypto for advisers newsletter.
Then Jean-Marie Mogetti, CEO of CoinShares, gives insights from their latest investor Insights investigation into what clients are looking for from their advisers in terms of Crypto Support in Ask an Expert.
Note that there is no newsletter next week. We take the week free instead of the holidays – we wish you a happy Canada day and Independence Day for those who are celebrating. We will come back on July 10th.
– Sarah Morton
Cryptocurrency and the public markets
Cryptocurrency is typically considered an alternative to traditional securities markets. Lately, this trend may have reversed as cryptocurrency is increasingly a factor in public stock markets.
Since January, there have been three major crypto -exchange listings:
May 14, 2025 – Etoro Group Ltd., a trading platform, traveled approx. $ 619 million in its original offer and rated the company at approx. $ 5.6 billion. Its market capital has since fallen slightly to $ 5.17 billion.
May 16, 2025 – Galaxy Digital Inc. Completed from Toronto Stock Exchange to Nasdaq, which traveled approx. 602 million dollars in a mixed primarily and secondary stock sale at a price of $ 19 per Stock. The deal valued the company of just over $ 8 billion. Its market cap has since settled approx. 7.19 billion dollars.
June 5, 2025 – Circle Internet Group Inc., Issuer of USDC, traveled approx. $ 1.05 billion in its IPO and sold 34 million shares to $ 31 apiece. The offer initially appreciated the company for about $ 8 billion, but a sharp rally after offer has pushed its market capital to $ 43.9 billion.
Each of these IPOs are remarkable considering the extremely punishing regulatory environment just a year ago, but Circle is in its own class. Circle raised most money, and in the immediate demand, its stock of many multiples burst, indicating an overwhelming demand. The pop was actually so extreme that some felt the company “left money on the table” and questioned the motives of the bankers involved.
In the wake of Circle’s success, a number of other cryptocurrency is considering public offers. On June 6, Gemini announced that it had sent a confidential S-1 to SEC, and on June 10 it was reported that Bullish followed. Numerous other companies, including Kraken, Bitgo and Consensys, have reportedly also considered public terms.
Still, the question for these aspirants of $ 20 billion remains: Why has Circle exceeded expectations? Here are my three theories:
1. Public Market Comps
Circle was not the first crypto company to surpass. Most famous, Michael Saylor’s Microstratey (D/B/A strategy) In recent years, has become a Bitcoin holding company with a Rump software store. Currently, strategy 592,100 Bitcoin owns, valued at approximately $ 62 billion compared to around $ 460 million in annual revenue from its older business lines.
Strategy is a listed company that allows retail customers with brokerage accounts to buy their stock and get exposure to Bitcoin. In theory, its market cap must be the sum of (1) the value of its bitcoin, plus (2) Some de minimis premium for the rest. Generously this can be $ 66 billion. But in reality its market capital is $ 101 billion, causing commentators to suggest that “the US stock market is paying $ 2 (or more) For $ 1 value of crypto. “
CIRCLE’S BUSINESS MODEL INVOLVING TO PURCHASE CONVENTIONAL VANilla FINANCIAL ACTIVES (mostly card -dated US Treasury) And then issue cryptocurrency – about the opposite of the strategy – but it can benefit from the same prize.
2. Genius Act
Over the past several months, Congress has provided brilliant law, a piece of legislation intended to manage the regulatory treatment of stableecoins. This bill passed the Senate last week and is expected to be allowed in the near future.
In this theory, genius will bring legislative clarity, enabling the stableecoin ecosystem to thrive. In particular, the Bill includes a ban on dividends that will reject stableco -issuers from passing on the yields they earn from keeping security with token holders. Maybe this is increasing the value of the issuers.
However, complicating this is the likelihood that the bill will bring increased competition from banks, such as JPMorgan’s recently announced tokenized deposits. Per StableCon -founder Nik Milanović, “If I was a circle, I would be worried about bank issuers of stableecoins.”
3. Treasury instability
Finally there is the macro. Market factors have pushed the Treasury up in recent months, and if this trend continues, it can be very lucrative for stableco -issuers. Most issuer revenue comes from yields on the security they have, so when these go up, issuers benefit.
It is important that the greatest risk facing these issuers are rates that return to zero, in which case they would lose most of the revenue and may not be a solvent for a long time. Perhaps a restructuring of the quality of American superb debt has increased the long -term value of this business class.
Looking forward
Of course, Circle’s rise could also be foam. Circle’s Market Cap is now more than half of Coinbase. For 10-K enthusiasts, this is a bit surprised as Coinbase has a contractual right to half of Circle’s reserve revenue as well as other business lines.
For further reading, see Circle IPO coverage.
And Aaron Brogan, Founder and Managing Partner, Brogan Law
Ask an expert
Sp. What do the study data say?
ONE. The study reflects a clear shift in investor behavior: Digital assets are no longer a side interview. They have gone into the core of how investors think of wealth – and they are not waiting for permission. Nearly 9 out of 10 crypto holders are planning to grow their allocation this year. It’s not hype, it’s commitment. What was most out, however, was the excitement: Investors are obviously seeking guidance, but still they do not always trust the advice they are offered. We see a generation of investors who are self -controlled, well -informed and fully committed. They do not reject the role of the counselor, but they raise the bar. They want intelligent, transparent conversations about crypto, and they expect their adviser to keep up with them. It is a reality that the industry has to meet head-on.
Sp. What does it mean for advisers?
ONE. It is an opportunity for advisers to strengthen the client’s confidence by expanding their expertise. Customers don’t just ask for access to crypto – they ask if their adviser actually understands it. And if 29% of them say that a lack of experience or poor communication around risk would make them go away, it’s not a marginal question. Advisers still play an important role, but the model has evolved. What clients want is strategic insight and transparency. They want someone who has taken the time to understand the ecosystem and can talk fluently about risk, custody and product structure. If an adviser can do that, they don’t just protect client capital, they earn long -term confidence. That’s the difference between offering a product and earning a relationship.
Question: What specific type of support does clients look for?
ONE. Customers seek guidance that creates a balance between opportunity and caution. The most valued support is not about picking tokens – it’s about managing risk, navigating regulation and accessing secure vehicles such as ETFs or Trusts. Over half of the investors we talked to say that Risk Oversight is one of the most important roles that an adviser can play in the crypto area. It’s a huge opening. Especially for younger or under-HNW investors is Crypto, where they build and they need informed guidance. Advisors who enter this role carefully can help shape the next phase of wealth creation.
And Jean-Marie Mogetti, CEO, CoinShares
Continue to read
- The American Federal Housing Finance Agency reviews whether Crypto holdings such as Bitcoin could be used to qualify for priority loans.
- Texas has become the first US state to create a publicly funded, stand-alone Bitcoin reserve.
- The US Federal Reserve Board announced on June 23 that it will no longer include reputation risk in its banking programs that remove a barrier to banks to support crypto companies.
