Kraken Acquires Small Exchange for $100M, Expands U.S. Crypto Derivatives

Standard market making doesn't solve one of the darkest problems in crypto: token liquidation. I’ve seen billion-dollar FDV companies that are completely clueless about how to liquidate assets without tanking their own price. I've heard from VCs who just market-sell their entire position, dumping on the community. And don't get me started on the OTC market. It’s a space where projects trade their tokens for cash, losing all control over when and how those tokens will hit the market. Our counter bet: TradePoint Yellow Capital has built a tool focused entirely on intelligent, responsible liquidation and distribution. A tool that allows you to analyze net inflows, time the market, and manage exits in a way that doesn't hurt your project. TradePoint is part of our effort to bring back control to founders and investors. Because at the end of the day, it's all a liquidity game. But it doesn't have to be a predatory one. We're here to prove it.

FalconX to Acquire 21Shares in Latest Crypto Industry Deal The institutional trading firm is set to buy the Swiss ETP issuer behind more than $11 billion in listed crypto products. https://lnkd.in/d7ZS7P9Z

Ripple-backed Evernorth nears launch of publicly traded XRP treasury Institutional adoption of digital assets continues to gain traction, and the latest signal comes from Evernorth Holdings — a #Ripple-backed firm preparing for a NASDAQ debut under the ticker XRPN. With a $1 billion XRP treasury in place, Evernorth’s move could mark a turning point for institutional crypto strategy. Key observations: The firm’s 388.7 million #XRP position reflects growing institutional confidence in blockchain-based liquidity and settlement solutions. The planned SPAC listing introduces a regulated, publicly tradable vehicle tied to XRP infrastructure — a first for Wall Street. Evernorth’s integration within the Ripple liquidity network strengthens XRP’s enterprise use case, particularly in cross-border payments and treasury management. Large-scale XRP accumulation suggests an evolving supply dynamic that could influence long-term market pricing. Institutional participation appears to be shifting from speculative assets toward functional, utility-driven crypto ecosystems. Why it matters: This development arrives during a period of consolidation in digital asset markets, where fundamentals are regaining attention after volatile months. Real-world adoption — not token hype — is now driving sentiment. XRP’s established role in remittances and liquidity corridors, especially across Asia and emerging economies, reinforces its position as a strategic infrastructure asset. Analysts will be watching: The timeline and structure of Evernorth’s NASDAQ listing On-chain institutional wallet accumulation trends Ripple’s regulatory clarity progress in the United States Expansion of RippleNet’s banking and payment partnerships Market response to potential XRP supply constraints Institutional allocation patterns continue to evolve, and Evernorth’s positioning could set an important precedent for how traditional markets integrate blockchain utility at scale. #CryptoMarkets #InstitutionalFinance #XRP #Ripple #NASDAQ #BlockchainInfrastructure #Web3 #DigitalAssets #FinTech #GlobalPayments CoinGabbar

#InvestorInsights 💹 BitGo files to go public with $90.3 billion in assets under custody, targeting NYSE listing as institutional crypto adoption accelerates under new US policies.

Beyond market movements and headlines, institutional crypto infrastructure is maturing rapidly. In an episode with Hivemind Capital, Brett Tejpaul, Co-Head of Coinbase Institutional, breaks down how the firm is building the on-ramp for institutional capital using key pillars: Pillar 1: Marketplaces - Four distinct trading venues serving different needs where real, 24/7 liquidity meets institutional execution.  Pillar 2: Coinbase Prime - Our core institutional offering. Crypto’s version of a prime brokerage, reimagined for digital assets. Prime enables institutions to buy, sell, stake, store, all in one integrated platform. Pillar 3: Crypto-as-a-Service Infrastructure - the emerging frontier. Coinbase has built wallet infrastructure, custody, and brokerage tools that are now externalized for 250+ clients including PayPal and J.P. Morgan. These firms use Coinbase's infrastructure to launch their own crypto offerings without building from scratch. The infrastructure is no longer the bottleneck. The question is how quickly traditional finance adapts to these new rails. Listen to the full conversation: https://lnkd.in/gRKNfCb6

🔴 The next 12 months will be packed with M&A in onchain finance. 👉 FalconX has just acquired 21shares. 👉 Coinbase has acquired Echo. 👉 Kraken has aquired Small Exchange, Inc 👉 Coincheck, Inc. has acquired Aplo. 👉 Apex Group Ltd has acquired Tokeny, an Apex Group company. 👉 Archax has acquired Deutsche Digital Assets (DDA). 👉 ICE has invested in Polymarket And that’s just the beginning. We’re entering a new phase for the crypto industry - a wave of consolidation. The strongest players have the cash, the licenses, and the vision to scale. Others, exhausted by the bear market, are becoming attractive acquisition targets. At the same time, traditional finance is moving in fast: banks, asset managers, and institutional funds are no longer watching from the sidelines. They’re investing, acquiring, and integrating digital-asset infrastructure - because they know tokenization, custody, and crypto trading will soon be part of every portfolio. This isn’t just a few deals - it’s the start of a structural shift. Over the next year, expect dozens of acquisitions, partnerships, and mergers reshaping how crypto connects with traditional finance. Either you’re in the race, or you’ll be left behind. This is the moment that matters. The Big Whale is following this situation closely. We produce in-depth reports and briefings on the crypto ecosystem and the companies shaping the industry.

Raghu Yarlagadda, chief executive of FalconX, said: “We’re witnessing a powerful convergence between digital assets and traditional financial markets, as crypto ETPs open new channels for investor participation through regulated, familiar structures. FalconX has built the institutional backbone for trading, derivatives, and credit, and extending that infrastructure into listed markets through 21Shares is a natural next step toward strengthening market efficiency.” 

A new wave of IPOs and billion-dollar raises from Tether, Kraken, and Circle is pushing crypto into the center of regulated global finance. #CryptoIPOs #BTC https://lnkd.in/dmgFfK-F

From $1B takeovers to trillion-dollar infrastructure partnerships. Tokenization is now becoming the connective tissue of global markets. Here’s what stood out: ✅ 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝗶𝘇𝗲 𝗲𝘆𝗲𝘀 $𝗲𝗰𝘂𝗿𝗶𝘁𝗶𝘇𝗲 𝗲𝘆𝗲𝘀 $𝟭𝗕 𝗦𝗣𝗔𝗖 𝗺𝗲𝗿𝗴𝗲𝗿 𝘄𝗶𝘁𝗵 𝗖𝗮𝗻𝘁𝗼𝗿 𝗙𝗶𝘁𝘇𝗴𝗲𝗿𝗮𝗹𝗱 → The tokenization leader, managing $4.6B in tokenized RWAs (including BlackRock’s $2.8B BUIDL fund), may list via Cantor’s SPAC. Backed by BlackRock, Morgan Stanley, and Coinbase, this is the strongest signal yet that institutional finance is all-in on on-chain assets. ✅ 𝗥𝗶𝗽𝗽𝗹𝗲 𝗮𝗰𝗾𝘂𝗶𝗿𝗲𝘀 𝗚𝗧𝗿𝗲𝗮𝘀𝘂𝗿𝘆 𝗳𝗼𝗿 $𝟭𝗕 → Adds 40 years of treasury-management expertise, unlocking blockchain access to the multi-trillion-dollar repo market and real-time cross-border liquidity. ✅ 𝗕𝗹𝗮𝗰𝗸𝗥𝗼𝗰𝗸 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝘀 𝗶𝗻-𝗵𝗼𝘂𝘀𝗲 𝘁𝗼𝗸𝗲𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝘁𝗲𝗰𝗵 → CEO Larry Fink confirmed the firm is building infrastructure to digitize ETFs, real estate, and other assets. The goal: integrate tokenized products into digital wallets. ✅ 𝗞𝗮𝗹𝘀𝗵𝗶 𝗿𝗮𝗶𝘀𝗲𝘀 $𝟯𝟬𝟬𝗠 𝗮𝘁 $𝟱𝗕 𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 → The a16z- and Sequoia-backed round triples Kalshi’s valuation, reinforcing institutional appetite for event-driven markets. ✅ 𝗔𝗿𝘁𝗵𝘂𝗿 𝗛𝗮𝘆𝗲𝘀’ 𝗠𝗮𝗲𝗹𝘀𝘁𝗿𝗼𝗺 𝘁𝗮𝗿𝗴𝗲𝘁𝘀 $𝟮𝟱𝟬𝗠 𝗳𝘂𝗻𝗱 → Aiming to back trading and analytics firms driving crypto infrastructure, a play on consolidation momentum in digital markets. ✅ 𝗖𝗼𝗶𝗻𝗯𝗮𝘀𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝘀 𝗶𝗻 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗖𝗼𝗶𝗻𝗗𝗖𝗫 ($𝟮.𝟱𝗕 𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻)  → Expanding its Asia footprint and building a regional corridor between India and the Middle East. ✅ 𝗞𝗿𝗮𝗸𝗲𝗻 𝗮𝗰𝗾𝘂𝗶𝗿𝗲𝘀 𝗦𝗺𝗮𝗹𝗹 𝗘𝘅𝗰𝗵𝗮𝗻𝗴𝗲 𝗳𝗼𝗿 $𝟭𝟬𝟬𝗠 → CFTC-regulated derivatives venue will anchor Kraken’s push into U.S. futures and margin trading. #MarketPulse #Tokenization #DigitalAssets #Bitcoin #AI #ETFs

A family office with over a billion under management called in the other day. They were in the middle of a strategic meeting, and the first question was… "Hey Fernando, how’s it going? Is the market for tokenized assets finally taking off? You pitched this to us five years ago." I smiled. Because yes—now it’s happening. A Swiss asset manager just launched their asset-backed token using our infrastructure. Institutions are building now. Not next year. Not next quarter. Now. "Is this like securitization?" they asked. "Yes—but with enhanced capabilities," I said. The conversation quickly shifted. How do they onboard crypto clients who want access to bankable listed instruments with this new tech? I laid it out: Structuring – design the product for compliance and scale. Tokenization – digital representation on-chain, fully auditable. Commercial rails – onboarding, trading, and custody for new clients. Result? Within 8–12 weeks, you can start a primary market and digitally onboard this new class of investors. "Send me the details," they said. Let's do this!