Takeaway from a recent Bitwise roadshow: Clients are no longer asking what crypto is. Instead, we're diving into layer 2s and scaling, liquid staking, tokenization, stablecoins, and 401K product ideas.
I firmly believe:
- Investors haven’t gotten their fill of crypto IPOs
- Most investors will allocate to crypto equities through index funds
- We’ll see many more crypto IPOs in the next 2 years (Figure, Gemini, Kraken, etc.)
https://blockworks.co/news/evaluating-crypto-stocks-ipos-on-deck
Today’s Fed meeting was the first time in 30+ years that two governors voted against the committee.
Last time this happened was in 1993, when Alan Greenspan was Fed Chair and Bill Clinton was president.
In Q2’25, MARA…
— Grew revenue +64% vs. prior year (beat estimates)
— Deployed 30K new miners
— Mined 2,358 BTC
— Grew BTC Treasury to ~50K BTC total (2nd largest)
— Inked 2 strategic partnerships for next-gen AI infra
— Post-Q2 raised ~$1B for BTC purchases, M&A, etc.
If you don’t own crypto, you are effectively short crypto.
If you are short crypto, you are betting that: Bitcoin, Ethereum, Stablecoins, Tokenization, DeFi, DePIN, Coinbase, and more are going to zero.
