$BTC While Washington continues to debate a comprehensive U.S. market structure framework, blockchain adoption is quietly accelerating — led not by legislation, but by institutions.
Major financial players including Vanguard, Charles Schwab, Bank of America, Morgan Stanley, JP Morgan Chase, the New York Stock Exchange, and several Bermuda-based entities have significantly expanded their exposure to blockchain infrastructure and tokenized financial products. This signals a structural shift: institutional demand is now driving adoption independently of regulatory clarity.
Institutions Move First, Policy Follows Later
According to Clear Street, growth areas attracting the most institutional interest include:
Tokenized money market funds
Tokenized equities
Prediction markets
On-chain settlement and infrastructure
While a supportive regulatory backdrop would likely accelerate these trends, Clear Street emphasizes that institutional participation has proven resilient even without favorable legislation. In other words, blockchain integration is already happening — regulation is no longer the prerequisite.
Revised Outlooks for Crypto-Exposed Firms
Against this backdrop of regulatory uncertainty and evolving market conditions, Clear Street updated its forecasts for several crypto-linked companies.
🟢 Bakkt (BLSH)
Q4 2025 adjusted EBITDA raised to $37.8M from $35.5M
Upside driven by stronger-than-expected transaction revenue
2026–2027 EBITDA estimates modestly increased on subscription and services strength
Price target lowered to $50 (from $57)
Buy rating maintained
Takeaway: Operational performance remains solid, but valuation expectations have been reset.
🟠 Coinbase (COIN)
Q4 2025 adjusted EBITDA cut to $630M from $748M
December trading volumes came in weaker than expected
Consensus estimates (~$731M) viewed as optimistic
Price target reduced to $344 from $415
Buy rating unchanged
Takeaway: Near-term revenue pressure, but the long-term blockchain adoption thesis remains intact.
Stablecoin Growth Story Remains Intact
Clear Street also revised its outlook for Circle (CRCL), reflecting short-term headwinds but maintaining a constructive long-term view.
Q4 2025 adjusted EBITDA lowered to $112M from $116M
Impacted by a lower-than-expected average USDC market cap
USDC ending market cap still grew:
+72% year-on-year
+2% quarter-on-quarter
Despite trimming near-term estimates, Clear Street highlighted strong long-term adoption drivers, including:
Prediction markets
Tokenization of real-world assets
AI-driven blockchain applications
Cross-border payments
Expansion of non-core revenue streams
Price target cut to $85 from $110
Hold rating maintained
Takeaway: Short-term valuation pressure does not undermine USDC’s long-term role in global digital finance.
Final Outlook: Adoption Is No Longer Waiting for Washington
Clear Street concludes that while regulatory delays and political compromises may weigh on sentiment in the near term, blockchain adoption is increasingly institution-led rather than policy-led.
“Institutional use cases continue to expand even without a favorable Clarity Act.”
Clearer regulation would accelerate adoption — but its absence has not stopped capital, infrastructure, or innovation from moving on-chain.
🔑 Bottom Line
Blockchain is transitioning from a speculative narrative to core financial infrastructure. Institutions are already positioning for a tokenized future — and regulation, when it arrives, may simply formalize what the market has already built.#MarketRebound #BTC100kNext? #CPIWatch #WriteToEarnUpgrade #PrivacyCoinSurge $ETH
