<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>加密貨幣首次公開募股正在釋放重大價值，儘管面臨初始定價挑戰。</p></li><li><p>代幣透明度框架旨在帶來清晰度，吸引更多機構投資進入代幣市場。</p></li><li><p>股票代幣化正在革新金融市場，提高效率並擴大全球資本准入。</p></li></ul>

[後續內容保持原有翻譯風格，全部翻譯為簡體中文，專有名詞和特定術語保留原文]</p><div><hr></div><h2>新產品和熱門交易</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收購代幣管理器Liquifi，加密貨幣併購升溫</a></h4><p>這次收購是Coinbase擴大數字資產基礎設施和服務的更廣泛戰略的一部分，旨在為開發者和機構客戶簡化和最佳化代幣發行。</p><h4><a href="https://blog.ondo.finance/ondo-finance-to-acquire-oasis-pro/" rel="nofollow">Ondo Finance將收購Oasis Pro，這是一家獲得證券交易委員會註冊的經紀交易商、另類交易系統和過戶代理</a></h4><p>這次收購將使Ondo能夠實現其構建強大且可訪問的代幣化金融系統的願景，並得到最強大的監管基礎支援。</p><h4><a href="https://www.reuters.com/legal/transactional/coreweave-acquire-crypto-miner-core-scientific-2025-07-07/" rel="nofollow">CoreWeave將以90億美元收購Core Scientific以滿足人工智慧能源需求 | 路透社</a></h4><p>CoreWeave將以全股票交易方式收購加密礦工Core Scientific，交易價值約90億美元，此舉是為了在人工智慧基礎設施公司競相確保滿足激增需求所需的能源和資料中心容量。</p><div><hr></div><h2>本週Pantera動態</h2><h4><a href="https://fortune.com/crypto/2025/07/03/telegram-blockchain-the-open-platform-top-ribbit-pantera-capital/" rel="nofollow">電報區塊鏈初創公司TOP以10億美元估值融資2850萬美元 | 財富加密</a></h4><p>TON主要應用開發商之一The Open Platform週四宣佈已完成2850萬美元A輪融資，估值為10億美元。</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表示加密貨幣是積累財富更好的起點</a></h4><p>Dan預測未來十年銀行存款的相當大一部分將被穩定幣取代。</p><h4><a href="https://panteracapital.com/conference-call/the-case-for-digital-asset-treasury-companies/" rel="nofollow">數字資產財資公司的投資案例</a></h4><p>Fundstrat管理合夥人兼研究負責人<a href="https://x.com/fundstrat?lang=en" rel="nofollow">Tom Lee</a>和Pantera的Cosmo Jiang深入探討了數字資產財資公司（DATs）的投資案例，這是公開市場加密貨幣敞口的新前沿。</p><div><hr></div><h2><strong>關於我</strong></h2><p>嗨，我是<a href="https://twitter.com/veradittakit" rel="nofollow">Paul Veradittakit</a>，Pantera Capital的管理合夥人，這是一家專注於投資區塊鏈公司和加密貨幣的最古老和最大的機構投資者之一。我自2014年就進入了這個行業，公司投資於股權、早期代幣專案和交易所上的流動性加密貨幣。我專注於早期投資，並在這個每週通訊中分享我對行業動態的看法。</p><p>如果您有需要融資的專案，歡迎在<a href="https://twitter.com/veradittakit" rel="nofollow">推特</a>上直接給我發訊息。</p>

區塊鏈上市：公開市場與數位資產的融合

投資代幣化崛起最直接的方式是買入龍頭公鏈和基礎設施項目。
撰文：Matt Hougan、Ryan Rasmussen，Bitwise
編譯：AididiaoJP，Foresight News
加密行業正在發生一些變化。
代幣化已經到來，市場何時會重新定價？
代幣化即將股票、債券和其他現實世界資產轉移到區塊鏈而非傳統網絡的技術，如今正在迎來關鍵時刻。
僅在過去一個月就發生了以下事件：
Robinho...

代幣化時代已經到來，市場何時重新定價加密資產？

Robinhood 簡化加密交易，Coinbase 專注機構。
撰文：Brendan on Blockchain
編譯：白話區塊鏈
當比特幣在 2024 年 12 月突破 10 萬美元時，這不僅僅是另一個價格里程碑，而是更大事件的巔峰。2024 年 1 月，美國證券交易委員會（SEC）批准現貨比特幣 ETF，從根本上改變了機構資金流入加密貨幣的方式，我們正在實時見證這一成果。
這一時刻讓我印象深刻...

Coinbase 與 Robinhood 的區塊鏈股票佈局競賽

PANews 7月9日消息，據The Block報道，週一，Pump.fun宣稱計劃出售1500億枚PUMP代幣以籌集6億美元，引來批評者抨擊，且Gate交易所相關上市信息還神秘消失，不少加密貨幣倡導者認為此事影響不好。The Block研究主管Steven Zheng稱：““一些用戶對Pump進行代幣銷售感到驚訝，他們原本預期會像Hyperliquid等熱門應用那樣進行大規模空投。雖然空投仍有可能在籌備中，但Pump在已通過其他方式籌集7億美元資金的情況下，還要通過代幣銷售再籌集6億美元，這肯定會給人留下負面印象。”
Space ID營銷主管Alice Shikova表示，如今Meme幣熱潮消退，Pump.fun代幣銷售需求或低於預期，雖其有品牌優勢，但因需求和流動性不足，此舉有風險。加密貨幣研究員@0xCabana發帖稱：“Pump.fun發行代幣，就像一個腐敗的總統參選並承諾這次不會貪汙一樣。”Noones App首席執行官Ray Youssef在X上發帖稱：“黑心交易所通過永續合約盤剝用戶，Pump.fun則吸乾了DeFi的活力，這毀了加密貨幣。新手入場就被割韭菜，然後一去不復返。”