Circle and Bullish successfully completed their IPOs in 2025, marking a significant milestone for crypto companies seeking public market access. Circle's initial investor interest was strong, although it later experienced a slowdown in momentum. Meanwhile, trading platform eToro debuted on Nasdaq with a valuation of $5.4 billion, while Kraken filed for IPO in November after raising $800 million, valuing the company at $20 billion.
BitMine, the largest corporate holder of Ethereum, has initiated staking with a deposit of approximately 74,880 ETH, valued at around $219 million. This move represents a strategic shift in managing its $12 billion ETH treasury, which consists of roughly 4.07 million ETH. If BitMine were to stake its entire treasury at the current annual percentage yield (APY) of 3.12%, it could generate approximately 126,800 ETH annually, equating to about $371 million.
Bitcoin is currently trading around $87,440, experiencing a 1.35% drop over the last 24 hours. The market capitalization stands at $1.74 trillion, with significant whale activity observed as long-term holders begin to sell. Notably, a Satoshi-era investor sold $9 billion worth of Bitcoin, contributing to downward pressure on the cryptocurrency's price.
Ethereum's total value locked (TVL) is projected to increase tenfold by 2026, driven by institutional participation and the growth of stablecoins. Currently, Ethereum's TVL is around $68.2 billion, with expectations that the stablecoin market will reach $500 billion, significantly boosting on-chain activity. This trend suggests a shift from retail speculation to institutional infrastructure migrating on-chain.
In 2025, Bitcoin and Ethereum experienced notable price fluctuations, with Bitcoin reaching an all-time high of approximately $190,000, driven by increased institutional adoption and a surge in retail interest. Ethereum also saw impressive gains, climbing to around $12,000, fueled by the expansion of decentralized finance (DeFi) applications and the growing popularity of non-fungible tokens (NFTs). These price movements highlighted a year of recovery and growth for the crypto market, as both leading tokens capitalized on a favorable macroeconomic environment and heightened investor sentiment towards digital assets.
The year also marked significant developments within the crypto ecosystem, including the launch of several high-profile projects and partnerships that aimed to enhance blockchain interoperability and scalability. Notably, Ethereum's transition to a proof-of-stake consensus mechanism was completed, which not only improved energy efficiency but also attracted more developers to the platform. Additionally, collaborations between major financial institutions and blockchain startups were established, paving the way for innovative financial products and services that leverage the unique capabilities of blockchain technology. These advancements underscored the ongoing maturation of the crypto landscape and its increasing integration into traditional finance.
BitMine has made a significant move by deepening its investment in Ethereum with a $451 million staking initiative. This action highlights the firm's commitment to Ethereum amidst a landscape where other players are more hesitant to engage.
Charles Hoskinson is promoting his new initiative, Midnight Protocol, as a versatile privacy layer that could enhance privacy features across multiple blockchain networks, including Bitcoin and the XRP Ledger. This proposal is positioned as a shared infrastructure layer rather than merely an extension of Cardano, suggesting a broader application of its zero-knowledge proof architecture. Hoskinson argues that integrating Midnight with these networks could facilitate compliant decentralized finance solutions, potentially challenging traditional banking systems.
The overall crypto market is experiencing minimal movement, with total market capitalization down approximately 0.6% from its recent highs. Major cryptocurrencies like Bitcoin and Ethereum are largely unchanged, indicating a period of low trading activity as the year draws to a close. This stability suggests that traders are adopting a cautious approach, likely due to the holiday season and reduced liquidity across the market.
Ethereum co-founder Vitalik Buterin has publicly challenged the European regulatory stance on digital assets, specifically criticizing the "no space" vision that limits the development and autonomy of privacy coins. This critique comes amid increasing scrutiny from regulators, highlighting a growing tension between the desire for privacy in cryptocurrency and regulatory frameworks that seek to impose restrictions.
Brian Armstrong, CEO of Coinbase, forecasts a significant shift in the regulatory landscape for stablecoins in the U.S. He predicts that banks will eventually lobby Congress to allow interest payments on stablecoins, reversing their current opposition. This prediction suggests a potential evolution in the banking sector's approach to digital assets, particularly as they seek to remain competitive in attracting capital.
Coinbase CEO announced the first arrest in India related to an insider data breach. This news follows the indictment of a Brooklyn man on 31 counts for allegedly stealing $16 million from Coinbase customers in a separate scheme.
Armstrong stressed a 'zero tolerance' policy following the arrest of a former agent in India. This incident highlights ongoing concerns regarding security and insider threats within the crypto space.
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