This edition of the newsletter analyses how the cryptocurrency industry is experiencing unprecedented institutional adoption, driven by the approval of Bitcoin ETFs (which have attracted over $45 billion in inflows), corporate treasury strategies led by companies like MicroStrategy (now called Strategy), and supportive regulatory developments including Trump's establishment of a Strategic Bitcoin Reserve. While Bitcoin has gained mainstream acceptance as a reserve asset with 250 companies adding it to their balance sheets, attempts to replicate this success with altcoins have faced volatile investor reactions, suggesting institutional appetite remains primarily focused on Bitcoin rather than riskier crypto assets. We'll also share some interesting articles, portfolio updates and market highlights.
a) Asia Needs to Take a Bolder Approach to Stablecoins
• The Asia Stablecoin Alliance argues that Asian countries should develop capital market-based stablecoins to enhance their dominant "super apps" (like Naver, Kakao, and WeChat) by creating programmable financial infrastructure that can streamline payments, rewards, and cross-platform transactions.
• They recommend that Asian governments establish clear legal frameworks for these stablecoins while forming industry consortiums to ensure interoperability and avoid ecosystem fragmentation across different platforms and countries.
Major Asian IT platforms, or "super apps," has a wide range of services and are central to daily life and national competitiveness; stablecoins can act as a financial rail for these platforms.
![[ASA Opinion #1] Asia Needs to Take a Bolder Approach to Stablecoins](/_next/image?url=https%3A%2F%2Fstorage.googleapis.com%2Fpapyrus_images%2Fb5219d8c2436a571848087bac450dcea.jpg&w=384&q=75)
b) Understanding Strategy from the Ground Up: The TradFi express train to crypto
• This comprehensive guide from Dune examines the current landscape of blockchain indexing solutions, comparing tools like The Graph, Ponder, Envio, Subsquid, and Goldsky across key dimensions including performance, data sources, chain support, and developer experience.
• Dune also introduces their new Sim IDX platform, which embeds indexing logic directly into a custom instrumented EVM to enable real-time data processing and parallelized backfills, positioning it as a novel approach that processes data during execution rather than after the fact.
https://dune.com/blog/the-state-of-evm-indexing
a) Thala Labs
• Thala currently leads Aptos by cumulative and 24h revenue - built around DEX, stablecoin, and liquid staking primitives
• Stablecoins and APT drive nearly all of Thala’s volume - top pools are APT/stables or stable/stable.
b) Sleepagotchi
• Sleepagotchi is a new mobile game created by former Duolingo developer Anton Kraminkin that gamifies sleep by requiring players to get adequate rest each night in order to help their virtual dinosaur pet grow and thrive.
• The app is offering one lucky player a "dream job" paying £37 ($50) per hour to sleep for 40 hours a week while testing the game during its public beta launch, joining the growing trend of "gamified" wellness apps that use video game mechanics to encourage healthier habits.
In Sleepagotchi, the only way to help your digital dinosaur grow is to get enough sleep each night.
A New Era for Crypto
The crypto industry has long craved institutional interest to validate its place in the financial ecosystem, attract liquidity, and draw top talent. The past two years have been transformative, with institutional capital pouring in at an unprecedented rate. This surge is driven by pivotal developments, notably the approval of Bitcoin Exchange-Traded Funds (ETFs), which have provided a regulated pathway for traditional investors to enter the crypto market. Supportive regulatory shifts, such as President Trump signing an executive order to establish a Strategic Bitcoin Reserve (SBR) and a US Digital Asset Stockpile have further bolstered confidence. Mainstream media coverage of crypto has also amplified with the inflow of institutional capital. The convergence of factors suggests that crypto is crossing a critical chasm, evolving from a speculative niche to a mainstream financial asset class.
First Steps: Bitcoin ETF Approval
The approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC) in January 2024 marked a watershed moment for the industry. These ETFs provided a familiar investment vehicle for institutional investors, driving significant capital inflows. Bitcoin ETFs are the fastest-growing ETF launch in history, with cumulative net inflows of more than US$45 bn to date. BlackRock’s iShares Bitcoin Trust (IBIT) is also the quickest ETF to US$20 bn AUM, an astounding figure.
Following the Bitcoin ETF success, the SEC approved spot Ethereum ETFs in July 2024. These ETFs have seen more modest inflows, totaling $4.1 billion in net assets at the moment, representing about 1.4% of Ethereum’s Fully Diluted Value (FDV). Despite a lack of investor appetite for the Ethereum ETF, a slew of altcoin ETFs were proposed, such as those for Solana, XRP, and Litecoin. However, none have been approved as of yet, reflecting a cautious regulatory stance for riskier assets. Market sentiment clearly favours Bitcoin, with its ETFs commanding the lion’s share of institutional interest.
Bitcoin’s Corporate Playbook: Revamping Treasuries
A growing number of companies are integrating Bitcoin into their corporate treasuries, viewing it as a hedge against inflation and a strategic reserve asset. Till date, there are 250 companies that have added Bitcoin to their balance sheet, of which 140 of them are public. In total, these companies have acquired ~3.46 million BTC, accounting for around 16.5% of the total btc supply
Strategy, formerly MicroStrategy, leads this trend with 592,345 $BTC, valued at approximately US$63.5 billion. Their strategy involves issuing zero-coupon convertible bonds, which can be converted into shares at a set price, leveraging Bitcoin’s volatility to attract arbitrageurs. The capital raised is used to acquire more Bitcoin, amplifying exposure to its price movements. Strategy has also employed innovative fundraising instruments, such as $STRK and $STRD, to further fuel its Bitcoin acquisitions.
Many companies have attempted to mimic Strategy, following their success. A standout company is Japan’s Metaplanet, have adopted similar strategies, accumulating 11,111 $BTC as of present, making it the eighth largest public corporate holder globally. Metaplanet’s strategy largely mirrors Strategy’s but is tailored to Asia-Pacific capital markets.
On the other hand, other companies are venturing into altcoins, with SharpLink Gaming (SBET:NASDAQ) leading the charge by acquiring $463 million worth of $ETH in June 2025, becoming the largest publicly traded Ethereum holder. Spearheaded by Ethereum co-founder Joseph Lubin, SharpLink’s strategy involves staking over 95% of its ETH to generate yield. However, investor response has been volatile, with SharpLink’s stock surging upon announcement but later plummeting soon after. Many stocks of other companies looking to add altcoins to their treasury also experienced similar price action to Sharplink’s post announcement. This suggests that there might be a lack of investor appetite for altcoins at the moment, or at least through the institutional financial rails.
The IPO Race: Riding the Wave of Institutional Interest
The success of institutional adoption has spurred crypto companies to seek public listings, further bridging the gap between crypto and traditional finance. Circle, the issuer of the $USDC stablecoin, led the charge with a blockbuster Initial Public Offering (IPO) in June 2025, raising around US$1.1 billion. The IPO was a huge success for Circle, with the fundraising round being heavily oversubscribed. Recently, the stock hit an all time high share price of US$299, or US$75.57 Market Cap.
Other than Circle, many crypto companies are also looking to jump on the bandwagon and go public. One example is Gemini, a Centralised Exchange (CEX) founded by the Winklevoss twins, which confidentially filed for an IPO in June 2025. Similarly, Tron, led by Justin Sun, is pursuing a public listing through a reverse merger with SRM Entertainment, a Nasdaq-listed toy manufacturer.
Concluding Thoughts: Opportunities and Risks
Institutional capital is no longer “coming”, it’s already here.
The crypto industry is experiencing a golden era of institutional adoption, with Bitcoin solidifying its status as a reserve asset. The US government’s establishment of a SBR signals potential for broader international adoption. Companies like Strategy and Metaplanet have demonstrated the viability of Bitcoin treasury strategies, attracting significant investor interest. The success of Circle’s IPO and the planned listings of Gemini and Tron further underscore the industry’s integration with traditional finance.
wHowever, challenges remain. The rush to emulate Strategy’s model, particularly with altcoins, raises concerns. Simply cloning the Strategy model with altcoins offers asymmetric downside. Companies like SharpLink have faced volatile investor reactions, highlighting the risks of such strategies. Regulatory uncertainties, despite recent progress, continue to pose hurdles, and the lack of approved altcoin ETFs suggests limited institutional appetite for riskier assets.
The industry’s trajectory is upward, driven by institutional capital and regulatory support, but careful navigation is essential to balance the promise of innovation with the risks of volatility and speculation.
*Disclosure: The information provided on this newsletter is for general informational purposes only and does not constitute professional nor investment advice.
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