Author: PAUL VERADITTAKIT, Partner at Pantera Capital; Translated by: AIMan@Jinse Finance
Last week was an exciting week in the cryptocurrency field! We saw Coinbase joining the S&P 500 index, Galaxy Digital moving to Nasdaq, and eToro completing its IPO. The stablecoin market cap has reached $230 billion, and Bitcoin's price has once again broken through $100,000.
Additionally, JPMorgan completed its first transaction on the public chain using Ondo Finance and Chainlink, both Pantera portfolio companies. I also want to share some highlights from the Milken, Token2049, Medici, and Consensus 2025 conferences I attended.
We are at a turning point, and we are full of optimism about the future - let's work together.
Crypto IPOs: A New Era Unfolds
As I previously wrote, cryptocurrency IPOs are leading the market into a new era of maturity. This week, eToro listed on Nasdaq on May 14, 2025, with an issue price of $52, causing its market value to soar to approximately $5.6 billion. Previously, Circle, FOLD, and Amber Premium had submitted IPO applications in the past two months.
Another growing trend is publicly traded digital asset reserve companies. Pantera has been at the forefront, making significant investments in two leading companies in this field. One is our investment in the first Solana financial company listed in the US, DeFi Development Corp (DFDV, formerly JNVR), which we closely guided strategically. Since our investment announcement in April 2025, DFDV's stock price has risen more than 22 times. The other is our investment in Twenty One Capital (dba Cantor Equity Partners or CEP), a Bitcoin reserve company founded by Tether, SoftBank, and Cantor. CEP is now the second-largest digital asset reserve company after MSTR. CEP is one of our largest investments, and its stock price has risen more than 3 times since our investment announcement.
In the conference sessions, the focus was on how these IPOs signal cryptocurrency's integration into mainstream finance. The IPO channel is heating up, providing not only liquidity but also enhancing consumer protection and attracting institutional capital.
Stablecoins: The Next Trillion-Dollar Opportunity
Stablecoins are currently the pioneer force in the cryptocurrency field. Their market cap is around $230 billion, primarily backed 1:1 by US Treasuries. They represent the best way blockchain technology empowers the global financial track, delivering dollars to 5 billion smartphone users worldwide.
At the end of last year, we published a comprehensive stablecoin article (see Jinse Finance's previous report "Trillion-Dollar Stablecoin Market - Stack and Future Opportunities"), focusing on the use cases, opportunities, and payment stack we are investing in and tracking.
Bitcoin Breaks $100,000 Again
Bitcoin has once again broken through the $100,000 mark. Digital gold remains strong as a store of value and is expected to surpass gold. At Token2049, Dan Morehead shared his views on Bitcoin's development over decades and other market opportunities.
He believes digital gold is replacing traditional gold for reasons including: 1) Bitcoin ETF inflows have exceeded gold ETF inflows since launch; 2) Gold production can increase to meet demand, while Bitcoin's new production plan is fixed; 3) Bitcoin is widely discussed as a gold alternative. The US now has strategic Bitcoin reserves.
