The Year Crypto Went Mainstream
Crypto is becoming a meaningful part of today’s modern economy – and don’t just take our word for it. a16z just released their 2025 State of Crypto report highlighting how this was the year crypto finally “grew up.” While there’s obviously lots to unpack, here are the quick takeaways:
The crypto market is big, global, and growing
Financial institutions have embraced crypto
Stablecoins went mainstream
Crypto is stronger than ever in the U.S.
The world is coming onchain
Blockchain infrastructure is (almost) ready for prime time
Crypto and AI are converging
As part of this years release, a16z also launched a new State of Crypto Dashboard designed to track the progress of the crypto ecosystem, with metrics like stablecoin volume, mobile wallet users, ETF flows, and proprietary data on builder activity across blockchains and categories. Read more →
T. Rowe Price Moves Into Crypto
T. Rowe Price is seeking regulatory approval to launch an actively managed ETF tied to multiple digital currencies, according to a filing with the SEC on Wednesday. It is the first foray into the crypto space by the $1.77 trillion asset management firm, nearly two years after the SEC's approval of spot bitcoin ETFs. Read more →
Can’t overstate significance of T. Rowe Price filing for an actively managed crypto ETF out of left field…
T. Rowe is the quintessential legacy asset manager, founded in 1937.
They manage some $1.8tril in assets, but just got involved w/ ETFs in 2020.
Now moving to crypto.
— #Nate Geraci (#@NateGeraci)
12:13 AM • Oct 23, 2025
Kraken Revenue Doubles in Q3
As the company is in talks for fresh funding at a reported $20 billion valuation… with the ultimate goal of a timely IPO, Kraken continues to publish high level financials quarterly. In Q3, the company’s revenue reached $648 million, up 114% from the previous year and 50% from Q2. Adjusted earnings came in at $178.6 million, a major improvement from last year’s negative number. Read more →
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