Did you know?

80% of new tokens are trading below their launch price within 90 days. Typical drop is 50-70%. Meanwhile...

➣ Crypto IPO funding hit $14.6B this year

➣ M&A crossed $42.5B (five year high)

Most crypto equities trade close to the actual value of their treasury and some at ~5x NAV. So institutions are sizing these, modelling them and putting them in a portfolio. The wrapper is mattering more than the product right now as regulated, auditable, indexable equity gets a premium and tokens generating real revenue get a discount.

The "market is dead" take misses what's actually happening. The money moved upstairs but that doesn't mean every token is a lost cause.