<h1>Summary</h1><ul><li><p>Crypto IPOs are unlocking significant value, despite initial pricing challenges.</p></li><li><p>The token transparency framework aims to bring clarity and attract more institutional investment into the token market.</p></li><li><p>Tokenized stocks are revolutionizing financial markets, driving efficiency and expanding access to global capital.</p></li></ul><div><hr></div><div><figure><a href="https://substackcdn.com/image/fetch/%24s_!weQe!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fb346e5-9b3e-44c2-a4c4-d694893fcd77_1536x1024.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/2832e346892577590d7e46964768f812.jpg" alt="Comical illustration of mispriced crypto IPOs and the need for better valuation frameworks." title="Comical illustration of mispriced crypto IPOs and the need for better valuation frameworks."></source></picture><div><div><div></div><div></div></div></div></div></a></figure></div><h1>Mispriced Crypto IPOs</h1><p>The story of Coinbase since its IPO is a case study in how public markets struggle to price innovation at the edge of financial infrastructure. We’ve watched COIN swing from euphoric highs, opening 52% above its reference price and briefly touching a $100B valuation, to deep drawdowns, as sentiment and crypto cycles whipsaw the narrative. Each turn of the market seems to reprice Coinbase under a new valuation framework, leaving long-term value investors and builders alike scratching their heads. The Circle IPO is another recent example: despite massive demand for stablecoin exposure, <a href="https://www.veradiverdict.com/p/circle-ipo-feeding-the-public-markets" rel="nofollow">Circle left $1.7 billion on the table in its debut</a>, ranking among the most underpriced offerings of the last few decades. This isn’t just a quirk of crypto, it's a structural problem in how we bring next-generation financial companies to public markets.</p><p>Crypto needs a smarter, more adaptive approach to price discovery - one that can bridge the gap between institutional demand and the true value of these platforms as cycles shift.</p><h1>Call for New Valuation Framework</h1><p>Tokens still lack their S-1. Mispriced crypto IPOs have proven that when underwriters can’t map token economics to a GAAP-style checklist, meaning they either overpay on hype or underprice on fear. To close that gap, Pantera's Cosmo Jiang teamed up with <a href="https://blockworks.co/token-transparency" rel="nofollow">Blockworks to launch the Token Transparency Report</a> - 40 points that turn protocol opacity into IPO-grade clarity. The framework asks founders to break out revenue by entity, publish vesting curves with labeled insider wallets, and file quarterly token-holder statements on treasury, cash flow, and KPIs. It even pulls back the curtain on market-maker or CEX deals so investors can size liquidity risk before day one. Package those answers, and a startup hands Wall Street everything it needs to price itself for an IPO with confidence.</p><p>Why does this matter for valuation?</p><ul><li><p>Lower discount rates: clear float and dilution data lets banks price closer to intrinsic value.</p></li><li><p>Larger buyer base: institutions previously barred from “black-box” protocols can participate after the framework certifies the protocol.</p></li><li><p>Regulatory fast-track: the SEC’s April 2025 crypto-offering guidance aligns with the framework’s pillars, so projects walk into the filing window with most of the paperwork already done - speeding approvals and tightening the spread between private and public valuations.</p></li></ul><p>It is hard to view blockchains under the lens of traditional businesses. Ethereum’s latest upgrade makes the point crystal clear i.e. every new block destroys a slice of ETH (think auto share-buyback) while handing stakers a 3–5 % yield (think steady dividend). The right move is to treat issuance minus burn like free cash flow - discount it forward and you’ve got a valuation that fits the chain, not just the balance sheet. But scarcity is only chapter one, speed is the full story. A chain can cap supply all it wants, but real value shows up in the traffic - stablecoins moving across wallets, bridges' activity, DeFi collateral flow. Those live stats are the pulse that fundamentally support a token’s price when headlines wobble.</p><p>To capture the whole picture, we should start with the one lens everyone trusts -plain-vanilla cash flows from the company behind the protocol. On-chain income (staking yield minus fee burns) can sit on top as a sensitivity check. Keeping an eye on staking yields, live flow metrics, and simple what-if scenarios is enough to keep the valuation current and ready for Wall Street.</p><h1>Optimizing the Trading Experience with Tokenized Stocks</h1><p>At Pantera Capital, we have been supporting the RWA tokenization space by backing Ondo Finance. Recently, <a href="https://x.com/OndoFinance/status/1940866167222194328" rel="nofollow">we launched a 250 million dollar fund with Ondo to catalyse the RWA tokenization space</a>. The space is maturing as <a href="https://www.cnbc.com/2025/06/30/robinhood-stock-openai-spacex-tokens.html" rel="nofollow">Robinhood</a> announced that they will be tokenising stocks.</p><p><em>Last week, <a href="https://www.reuters.com/business/robinhood-launches-tokens-allowing-eu-users-trade-us-stocks-2025-06-30/" rel="nofollow">Robinhood launched tokenized stock on their platform</a>. Robinhood’s launch of tokenized stocks highlights a core paradox at the heart of this new financial technology – permissionless vs permissioned finance, and the future role DeFi plays in this.</em></p><div><figure><a href="https://substackcdn.com/image/fetch/%24s_!dFUH!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff5ebd6eb-5000-4e29-a675-627de379bbe3_1600x905.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/46afbc7251574a8d77d518cab5f38a6e.jpg" alt=""></source></picture><div><div><div></div><div></div></div></div></div></a></figure></div><p>The promise of permissionless tokenized equities, where anyone can trade stocks on a public blockchain at any time, offers radical openness and global access to US capital markets. However, such democratising comes with a major risk: without traditional market surveillance and regulatory controls, permissionless tokenized stock markets could become breeding grounds for insider trading and market manipulation. On the other hand, permissioned tokenized equities using existing KYC rails would maintain market integrity but limit global access to US capital markets, which is the main selling point of tokenized equities.</p><p>We also believe tokenized stock is poised to reshape DeFi. At its core, DeFi’s mission is to build open, programmable financial primitives for any tokenized value, whether that is dollars, stocks, or commodities. Until now, DeFi has largely catered to crypto native tokens, but the arrival of tokenized stocks unlocks a new universe of use cases. However,<strong> the structure of tokenized equities will determine who captures the next wave of users and liquidity.</strong> In the permissioned model, where access to tokenized equities is gated and compliance is enforced, incumbents with distribution like Robinhood will own the user relationship, while DeFi protocols will be forced to compete to provide liquidity in the backend. In this scenario, the edge for DeFi protocols comes from leveraging blockchain-native expertise to provide the best prices and services for the frontend apps.</p><p>If tokenized stocks are issued and traded permissionlessly, the dynamic flips. DeFi protocols can own both the user and the liquidity, enabling a truly open, global capital market. Anyone, anywhere, could trade, lend, or build derivatives on tokenized equities without gatekeepers. This is the vision that excites the DeFi community: a world where the composability and transparency of smart contracts unlock new financial primitives and increase capital efficiency.</p><p>The most powerful illustration of this future is the rise of permissionless perpetual futures for tokenized stocks, as seen in <a href="https://www.artemisanalytics.com/resources/hyperliquid-a-valuation-model-and-bull-case" rel="nofollow">Hyperliquid’s HIP-3 upgrade</a>. HIP-3 enables anyone to launch perpetual markets for any asset by staking protocol tokens and configuring oracles, leverage, and funding parameters. To build a perpetual future contract for a tokenized stock, a protocol would: (1) deploy a smart contract referencing a reliable price oracle for the stock token, (2) bootstrap liquidity via on-chain incentives or protocol-native market making, (3) set risk parameters (leverage, funding rates), and (4) open the market to global traders. Robinhood and Coinbase are already moving in this direction, offering perpetuals on tokenized stocks in the EU, but their models remain more permissioned and less composable than what DeFi can achieve.</p><p>The endgame is clear: as tokenized stocks proliferate, DeFi will become the default venue for programmable, borderless financial engineering - if, and only if, the rails remain open.</p><h2>Bitcoin surpasses Google in Market Capitalization</h2><p>Bitcoin has rocketed past Google’s market cap in 2025, becoming the world’s fifth-largest asset with a $2.128 trillion valuation! Fueled by institutional adoption, spot Bitcoin ETF approvals, and clear regulations, Bitcoin soared above $106,000. This a pivotal moment for bitcoin and crypto as it proves that <strong>there is a clear product market fit for programmable money.</strong></p><h2>Looking Ahead</h2><p><a href="https://www.cnbc.com/video/2025/07/08/crypto-is-a-better-place-to-start-wealth-says-panteras-dan-morehead.html" rel="nofollow">As Dan Morehead said</a>, <em>investing in crypto currencies has provided returns you can’t get in normal markets. </em>This is why we are seeing traditional public markets financially and structurally converging with crypto. Digital Asset Treasuries and crypto IPOs provide public markets financial exposure to crypto, while stablecoins and tokenization leverages crypto to structurally improve traditional markets. In 10 years, crypto wouldn’t be a niche market where tech enthusiasts talk about, but a core technology powering our daily lives.</p><p>- Paul Veradittakit</p><div><figure><a href="https://substackcdn.com/image/fetch/%24s_!FtqD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F593ef064-1a11-45e8-9b1a-5e4da40c7e17_704x304.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/b23d74dd7f51e6225c75db11f24d7ab7.jpg" alt=""></source></picture><div><div><div></div><div></div></div></div></div></a></figure></div><div><hr></div><h2>Business</h2><h4><a href="https://www.coindesk.com/markets/2025/07/02/blackrock-s-bitcoin-etf-now-generates-more-revenue-than-its-flagship-s-and-p-500-fund" rel="nofollow">BlackRock’s Bitcoin (BTC) ETF Now Generates More Revenue Than Its Flagship S&amp;P 500 Fund</a></h4><p>The success of IBIT highlights the growing institutional adoption of digital assets and the willingness of investors to pay higher fees for access to Bitcoin through traditional financial products.</p><div><hr></div><h2>Regulation</h2><h4><a href="https://www.msn.com/en-us/money/companies/exclusive-circle-applies-for-us-trust-bank-license-after-bumper-ipo/ar-AA1HIiSh?ocid=BingNewsSerp" rel="nofollow">Exclusive-Circle applies for US trust bank license after bumper IPO</a></h4><p>Stablecoin firm Circle is applying to create a national trust bank in the U.S., a major move after its blockbuster IPO valued the company at nearly $18 billion earlier this month.</p><h4><a href="https://www.forbes.com/sites/tonyaevans/2025/07/09/lummis-crypto-tax-reform-bill-could-transform-us-digital-asset-rules/" rel="nofollow">Lummis Crypto Tax Reform Bill Could Transform U.S. Digital Asset Rules</a></h4><p>On July 3, 2025, Lummis introduced a standalone digital asset <a href="https://www.lummis.senate.gov/wp-content/uploads/Lummis-Crypto-Tax-Bill.pdf" rel="nofollow">tax reform bill</a> that, if enacted, could mark a pivotal moment in harmonizing how digital and traditional financial assets are treated under the Internal Revenue Code (IRC).</p><div><hr></div><h2>New Products and Hot Deals</h2><h4><a href="https://www.msn.com/en-us/money/technology/exclusive-coinbase-buys-token-manager-liquifi-as-crypto-m-a-heats-up/ar-AA1HPoWu?ocid=BingNewsSerp" rel="nofollow">Coinbase buys token manager Liquifi as crypto M&amp;A heats up</a></h4><p>The acquisition is part of Coinbase’s broader strategy to expand its infrastructure and services for digital assets, aiming to simplify and streamline token launches for developers and institutional clients.</p><h4><a href="https://blog.ondo.finance/ondo-finance-to-acquire-oasis-pro/" rel="nofollow">Ondo Finance to Acquire Oasis Pro, an SEC-Registered Broker-Dealer, Alternative Trading System, and Transfer Agent</a></h4><p>This acquisition will empower Ondo to realize their vision of building a robust and accessible tokenized financial system, backed by the strongest regulatory foundations.</p><h4><a href="https://www.reuters.com/legal/transactional/coreweave-acquire-crypto-miner-core-scientific-2025-07-07/" rel="nofollow">CoreWeave to buy Core Scientific in $9 billion deal to meet AI power needs | Reuters</a></h4><p>CoreWeave will buy crypto miner Core Scientific in an all-stock deal valued at about $9 billion, it said on Monday, as AI infrastructure firms race to secure the energy and data center capacity needed to power surging demand.</p><div><hr></div><h2>This week at Pantera</h2><h4><a href="https://fortune.com/crypto/2025/07/03/telegram-blockchain-the-open-platform-top-ribbit-pantera-capital/" rel="nofollow">Telegram blockchain startup TOP raises $28.5 million at $1 billion valuation | Fortune Crypto</a></h4><p>The Open Platform, one of the main app developers on TON, announced Thursday that it has raised a $28.5 million series A at a $1 billion valuation.</p><h4><a href="https://www.cnbc.com/video/2025/07/08/crypto-is-a-better-place-to-start-wealth-says-panteras-dan-morehead.html" rel="nofollow">Crypto is a better place to start wealth, says Pantera’s Dan Morehead</a></h4><p>Dan predicts a significant portion of bank deposits will be replaced with stablecoins in the next ten years.</p><h4><a href="https://panteracapital.com/conference-call/the-case-for-digital-asset-treasury-companies/" rel="nofollow">The Case for Digital Asset Treasury Companies</a></h4><p>Fundstrat Managing Partner and Head of Research <a href="https://x.com/fundstrat?lang=en" rel="nofollow">Tom Lee</a> and Pantera’s Cosmo Jiang dive into the investment case for Digital Asset Treasury companies (DATs), a new frontier for public market crypto exposure.</p><div><hr></div><h2><strong>ABOUT ME</strong></h2><p>Hi, I’m <a href="https://twitter.com/veradittakit" rel="nofollow">Paul Veradittakit</a>, a Managing Partner at <a href="https://www.panteracapital.com/" rel="nofollow">Pantera Capital</a>, one of the oldest and largest institutional investors focused on investing in blockchain companies and cryptocurrencies. I’ve been in the industry since 2014, and the firm invests in equity, early-stage token projects, and liquid cryptocurrencies on exchanges. I focus on early-stage investments and share my thoughts on what’s going on in the industry in this weekly newsletter.</p><p>If you have any projects that need funding, feel free to DM me on<a href="https://twitter.com/veradittakit" rel="nofollow"> twitter</a>.</p>

Blockchain Going Public: the Convergence of Public Markets and Digital Assets

<h1>요약</h1><ul><li><p>암호화폐 기업 공개(IPO)는 초기 가격 책정 과제에도 불구하고 상당한 가치를 해제하고 있습니다.</p></li><li><p>토큰 투명성 프레임워크는 명확성을 제공하고 토큰 시장에 더 많은 기관 투자를 유치하는 것을 목표로 합니다.</p></li><li><p>토큰화된 주식은 금융 시장을 혁신하고 효율성을 높이며 글로벌 자본에 대한 접근성을 확대하고 있습니다.</p></li></ul>

[이하 생략]</p><div><hr></div><h2>새로운 제품 및 핫딜</h2><h4><a href="https://www.msn.com/en-us/money/technology/exclusive-coinbase-buys-token-manager-liquifi-as-crypto-m-a-heats-up/ar-AA1HPoWu?ocid=BingNewsSerp" rel="nofollow">암호화폐 M&A가 과열되는 가운데 코인베이스, 토큰 관리자 리퀴파이 인수</a></h4><p>이번 인수는 코인베이스의 디지털 자산 인프라 및 서비스 확장 전략의 일환으로, 개발자와 기관 고객을 위한 토큰 출시를 간소화하고 효율화하는 것을 목표로 합니다.</p><h4><a href="https://blog.ondo.finance/ondo-finance-to-acquire-oasis-pro/" rel="nofollow">온도 파이낸스, SEC 등록 브로커-딜러, 대체 거래 시스템 및 양도 대리인인 오아시스 프로 인수 예정</a></h4><p>이번 인수를 통해 온도는 가장 강력한 규제 기반을 바탕으로 견고하고 접근 가능한 토큰화 금융 시스템을 구축하려는 비전을 실현할 수 있을 것입니다.</p><h4><a href="https://www.reuters.com/legal/transactional/coreweave-acquire-crypto-miner-core-scientific-2025-07-07/" rel="nofollow">코어웨이브, AI 전력 수요 충족을 위해 90억 달러 규모로 코어 사이언티픽 인수 예정</a></h4><p>코어웨이브는 월요일에 약 90억 달러 규모의 전량 주식 거래로 암호화폐 채굴업체 코어 사이언티픽을 인수할 예정이라고 밝혔습니다. 이는 AI 인프라 기업들이 급증하는 수요를 충족시키기 위해 에너지와 데이터 센터 용량을 확보하기 위해 경쟁하고 있는 상황입니다.</p><div><hr></div><h2>판테라(Pantera Capital)의 이번 주 소식</h2><h4><a href="https://fortune.com/crypto/2025/07/03/telegram-blockchain-the-open-platform-top-ribbit-pantera-capital/" rel="nofollow">텔레그램 블록체인 스타트업 TOP, 10억 달러 기업 가치로 2,850만 달러 조달</a></h4><p>TON의 주요 앱 개발사 중 하나인 더 오픈 플랫폼은 목요일에 10억 달러의 기업 가치로 시리즈 A에서 2,850만 달러를 조달했다고 발표했습니다.</p><h4><a href="https://www.cnbc.com/video/2025/07/08/crypto-is-a-better-place-to-start-wealth-says-panteras-dan-morehead.html" rel="nofollow">판테라의 댄 모어헤드, 암호화폐가 부를 시작하기에 더 좋은 장소라고 주장</a></h4><p>댄은 향후 10년 내에 은행 예금의 상당 부분이 스테이블코인으로 대체될 것으로 예측합니다.</p><h4><a href="https://panteracapital.com/conference-call/the-case-for-digital-asset-treasury-companies/" rel="nofollow">디지털 자산 트레져리 기업의 사례</a></h4><p>펀드스트랫의 매니징 파트너 겸 리서치 책임자 톰 리와 판테라의 코스모 장은 공개 시장의 암호화폐 익스포저를 위한 새로운 영역인 디지털 자산 트레져리 기업(DATs)에 대한 투자 사례를 심층 분석합니다.</p><div><hr></div><h2><strong>나에 대해</strong></h2><p>안녕하세요, 저는 판테라(Pantera Capital)의 매니징 파트너인 폴 베라딧타킷입니다. 판테라는 블록체인 기업 및 암호화폐에 투자하는 가장 오래되고 큰 기관 투자자 중 하나입니다. 2014년부터 업계에 몸담고 있으며, 회사는 지분, 초기 단계 토큰 프로젝트, 거래소의 유동 암호화폐에 투자합니다. 저는 초기 단계 투자에 중점을 두고 있으며, 이 주간 뉴스레터를 통해 업계의 상황에 대한 제 생각을 공유합니다.</p><p>자금이 필요한 프로젝트가 있다면 트위터에서 저에게 DM을 보내주세요.</p>

블록체인 상장: 공개 시장과 디지털 자산의 융합

투자 토큰화의 가장 직접적인 방법은 주요 퍼블릭 블록체인과 기반 시설 프로젝트를 구매하는 것입니다.

작성: Matt Hougan, 비트(Bit)
번역: AididiaoJP, 포어사이트뉴스(Foresight News)
암호화폐 산업에 변화가 일어나고 있습니다.
토큰화가 이미 도래했으며, 시장은 언제 재평가될까요?
토큰화는 주식, 채권 및 기타 현실 세계 자산을 기존 네트워크가 아닌 블록체인으로 이전하는 기술로, 현재 결정적인 순간을 맞이하고 있습니다.
지난 한 달 동안 다음과 같은 사건들이 발생했습니다:
로빈호...

토큰화 시대가 도래했습니다. 시장은 언제 암호화폐 자산의 가격을 재평가할까요?

로빈후드가 암호화폐 거래를 간소화하고, 코인베이스는 기관에 집중하다.
작성: <Brendan on Blockchain>
번역: 백화구블록체인

비트코인이 2024년 12월에 10만 달러를 돌파할 때, 이는 단순한 가격 이정표가 아니라 더 큰 사건의 정점이었다. 2024년 1월, 미국 증권거래위원회(SEC)가 현물 비트코인 ETF를 승인하면서 기관 자금의 암호화폐 유입 방식을 근본적으로 변화시켰고, 우리는 이 성과를 실시간으로 목격하고 있다.
이 순간은 나에게 깊은 인상을...

코인베이스와 로빈후드의 블록체인 주식 경쟁

PANews는 7월 9일 The Block에 따르면, 월요일 Pump.fun이 6억 달러(한화 약 7천억 원)를 모으기 위해 1,500억 개의 PUMP 토큰을 판매한다는 계획을 발표하여 비판적인 시각을 불러일으켰고, Gate 거래소 의 상장 정보가 미스터리하게 사라졌다고 보도했습니다. 많은 암호화폐 옹호론자들은 이것이 부정적인 영향을 미칠 것이라고 생각합니다. The Block의 리서치 책임자인 스티븐 정은 "일부 사용자들은 Pump의 토큰 판매에 놀랐습니다. 그들은 Hyperliquid와 같은 이슈 애플리케이션과 같은 대규모 에어드랍 기대했기 때문입니다. 에어드랍 아직 진행 중일 수 있지만, Pump는 이미 다른 방법으로 7억 달러를 모았는데 토큰 판매를 통해 6억 달러를 더 모아야 합니다. 이는 분명 부정적인 인상을 남길 것입니다."라고 말했습니다.
스페이스 ID 마케팅 디렉터 앨리스 시코바는 밈 코인 열풍이 가라앉으면서 Pump.fun 토큰 판매 수요가 예상보다 낮을 수 있다고 말했습니다. 브랜드 이점은 있지만 수요와 유동성 부족으로 인해 리스크 큽니다. 암호화폐 연구원 @0xCabana는 "Pump.fun 토큰 발행은 부패한 대통령이 선거에 출마하여 이번에는 횡령하지 않겠다고 약속하는 것과 같습니다."라고 게시했습니다. Noones 앱 CEO 레이 유세프는 X에 "악의적인 거래소 무기한 계약을 통해 사용자를 착취하고, Pump.fun는 암호화폐를 파괴하는 DeFi의 활력을 빨아들입니다. 신규 진입자들은 시장에 진입하는 순간 차단되고, 그 후 영원히 사라집니다."라고 게시했습니다.