<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>摘要</h1><ul><li><p>加密货币首次公开募股正在释放重大价值，尽管面临初始定价挑战。</p></li><li><p>代币透明度框架旨在带来清晰度，吸引更多机构投资进入代币市场。</p></li><li><p>股票代币化正在革新金融市场，提高效率并扩大全球资本准入。</p></li></ul>

[后续内容保持原有翻译风格，全部翻译为简体中文，专有名词和特定术语保留原文]</p><div><hr></div><h2>新产品和热门交易</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收购代币管理器Liquifi，加密货币并购升温</a></h4><p>这次收购是Coinbase扩大数字资产基础设施和服务的更广泛战略的一部分，旨在为开发者和机构客户简化和优化代币发行。</p><h4><a href="https://blog.ondo.finance/ondo-finance-to-acquire-oasis-pro/" rel="nofollow">Ondo Finance将收购Oasis Pro，这是一家获得证券交易委员会注册的经纪交易商、另类交易系统和过户代理</a></h4><p>这次收购将使Ondo能够实现其构建强大且可访问的代币化金融系统的愿景，并得到最强大的监管基础支持。</p><h4><a href="https://www.reuters.com/legal/transactional/coreweave-acquire-crypto-miner-core-scientific-2025-07-07/" rel="nofollow">CoreWeave将以90亿美元收购Core Scientific以满足人工智能能源需求 | 路透社</a></h4><p>CoreWeave将以全股票交易方式收购加密矿工Core Scientific，交易价值约90亿美元，此举是为了在人工智能基础设施公司竞相确保满足激增需求所需的能源和数据中心容量。</p><div><hr></div><h2>本周Pantera动态</h2><h4><a href="https://fortune.com/crypto/2025/07/03/telegram-blockchain-the-open-platform-top-ribbit-pantera-capital/" rel="nofollow">电报区块链初创公司TOP以10亿美元估值融资2850万美元 | 财富加密</a></h4><p>TON主要应用开发商之一The Open Platform周四宣布已完成2850万美元A轮融资，估值为10亿美元。</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">Pantera的Dan Morehead表示加密货币是积累财富更好的起点</a></h4><p>Dan预测未来十年银行存款的相当大一部分将被稳定币取代。</p><h4><a href="https://panteracapital.com/conference-call/the-case-for-digital-asset-treasury-companies/" rel="nofollow">数字资产财资公司的投资案例</a></h4><p>Fundstrat管理合伙人兼研究负责人<a href="https://x.com/fundstrat?lang=en" rel="nofollow">Tom Lee</a>和Pantera的Cosmo Jiang深入探讨了数字资产财资公司（DATs）的投资案例，这是公开市场加密货币敞口的新前沿。</p><div><hr></div><h2><strong>关于我</strong></h2><p>嗨，我是<a href="https://twitter.com/veradittakit" rel="nofollow">Paul Veradittakit</a>，Pantera Capital的管理合伙人，这是一家专注于投资区块链公司和加密货币的最古老和最大的机构投资者之一。我自2014年就进入了这个行业，公司投资于股权、早期代币项目和交易所上的流动性加密货币。我专注于早期投资，并在这个每周通讯中分享我对行业动态的看法。</p><p>如果您有需要融资的项目，欢迎在<a href="https://twitter.com/veradittakit" rel="nofollow">推特</a>上直接给我发消息。</p>

区块链上市：公开市场与数位资产的融合

投资代币化崛起最直接的方式是买入龙头公链和基础设施项目。
撰文：Matt Hougan、Ryan Rasmussen，Bitwise
编译：AididiaoJP，Foresight News
加密行业正在发生一些变化。
代币化已经到来，市场何时会重新定价？
代币化即将股票、债券和其他现实世界资产转移到区块链而非传统网络的技术，如今正在迎来关键时刻。
仅在过去一个月就发生了以下事件：
Robinho...

代币化时代已经到来，市场何时重新定价加密资产？

Robinhood 简化加密交易，Coinbase 专注机构。
撰文：Brendan on Blockchain
编译：白话区块链
当比特币在 2024 年 12 月突破 10 万美元时，这不仅仅是另一个价格里程碑，而是更大事件的巅峰。2024 年 1 月，美国证券交易委员会（SEC）批准现货比特币 ETF，从根本上改变了机构资金流入加密货币的方式，我们正在实时见证这一成果。
这一时刻让我印象深刻...

Coinbase 与 Robinhood 的区块链股票布局竞赛

PANews 7月9日消息，据The Block报道，周一，Pump.fun宣称计划出售1500亿枚PUMP代币以筹集6亿美元，引来批评者抨击，且Gate交易所相关上市信息还神秘消失，不少加密货币倡导者认为此事影响不好。The Block研究主管Steven Zheng称：““一些用户对Pump进行代币销售感到惊讶，他们原本预期会像Hyperliquid等热门应用那样进行大规模空投。虽然空投仍有可能在筹备中，但Pump在已通过其他方式筹集7亿美元资金的情况下，还要通过代币销售再筹集6亿美元，这肯定会给人留下负面印象。”
Space ID营销主管Alice Shikova表示，如今Meme币热潮消退，Pump.fun代币销售需求或低于预期，虽其有品牌优势，但因需求和流动性不足，此举有风险。加密货币研究员@0xCabana发帖称：“Pump.fun发行代币，就像一个腐败的总统参选并承诺这次不会贪污一样。”Noones App首席执行官Ray Youssef在X上发帖称：“黑心交易所通过永续合约盘剥用户，Pump.fun则吸干了DeFi的活力，这毁了加密货币。新手入场就被割韭菜，然后一去不复返。”