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Different Architectures, Different Institutional Narratives
Hedera operates on a hashgraph-based distributed ledger, rather than a traditional blockchain. The network promotes faster transaction speeds, predictable fees, and enterprise-focused infrastructure, features designed for organizations that require cost stability and operational reliability. Its governing council includes major global technology and industrial firms, reinforcing the project’s enterprise-centric positioning.
This structure has helped Hedera develop a reputation as a network aligned with real-world asset tokenization and corporate integrations, themes expected to expand as financial institutions explore blockchain settlement and digital asset infrastructure. If tokenized assets grow into a major financial trend, Hedera’s enterprise partnerships could translate into stronger institutional usage.
Cardano, by contrast, has built its identity around research-driven development and community-led ecosystem growth. The network has often faced criticism for slow upgrades, yet its methodical approach has created a loyal developer and user base. Recent data showing large holders accumulating significant amounts of ADA has fueled speculation that long-term participants may be positioning ahead of future network developments.
Cardano has also seen broader institutional exposure through the launch of regulated derivatives products and increased representation in digital-asset investment funds, developments that could expand access for professional market participants.
Market Potential and Growth Scenarios
From a valuation perspective, Hedera’s smaller market capitalization gives it a theoretical advantage in percentage upside if capital flows return to mid-cap altcoins. A return to its previous cycle high would represent several-fold gains, though such outcomes depend heavily on broader market conditions and measurable network usage growth.
Cardano, already larger by market value, would require significantly more capital inflows to revisit previous peak levels. However, its global community, brand recognition, and expanding ecosystem continue to provide structural support, particularly during cycles when retail participation rises.
The contrast between the two projects reflects a broader divide in crypto markets
Institutional vs. Community Strength
Cardano continues to rely on ecosystem expansion, developer adoption, and a strong global community.
Hedera is positioning itself around institutional adoption, enterprise partnerships, and tokenized financial infrastructure.
Neither network has a guaranteed path to dominance, and both remain sensitive to overall market liquidity, regulatory developments, and Bitcoin’s broader trend. The next cycle may reward projects that show real usage growth rather than purely speculative interest, placing both Hedera’s enterprise integrations and Cardano’s ecosystem expansion under close observation.
Both strategies have historically driven different types of market performance. Enterprise-focused adoption tends to develop gradually but can support long-term stability, while community-driven ecosystems often experience faster sentiment-driven price cycles.
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Strategy absorbed a massive paper loss from bitcoin’s drawdown, sending its stock lower as Michael Saylor doubled down on long-term conviction and dismissed quantum fears.
This week’s crypto rout is now showing up clearly on corporate balance sheets.
Strategy (MSTR) reported a $12.4 billion net loss in Q4, largely driven by bitcoin’s sharp decline from its October highs. With BTC briefly slipping below $76,000, the company’s average purchase price, Strategy is now sitting on roughly $9 billion in unrealized losses after spending $54.2 billion to build its bitcoin position.
The result sent Strategy’s stock into another leg down. Shares fell more than 17% after earnings, hitting their lowest level in 18 months and leaving the stock down over 70% from last year’s peak. The firm still holds about 713,500 bitcoin, but its equity premium — long central to its strategy of issuing shares to buy more BTC — has largely evaporated.
This story is an excerpt from the Unchained Daily newsletter.
Management, however, struck a calm tone. CFO Andrew Kang emphasized that the company is designed to endure extreme volatility, while CEO Phong Le told investors that bitcoin would need to fall to $8,000 and stay there for years before Strategy’s balance sheet faced serious stress. Executive Chairman Michael Saylor echoed that message, calling the company a “digital fortress” and reiterating its long-term commitment to bitcoin.
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For now, Strategy isn’t signaling any forced selling. But with shares under pressure and the market questioning leveraged bitcoin exposure, Saylor’s conviction is being tested in real time.
Saylor also addressed a growing investor concern: quantum computing. He dismissed quantum threats as “horrible FUD,” arguing they are likely a decade away and would affect the entire financial system, not just bitcoin. He announced a new Bitcoin Security program to help coordinate work on quantum-resistant upgrades, stressing that bitcoin is “upgradable” through global consensus.
For now, Strategy isn’t signaling any forced selling. But with shares under pressure and the market questioning leveraged bitcoin exposure, Saylor’s conviction is being tested in real time.
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From bank-led stablecoins to tokenized T-bills and AI-powered wallets, digital assets will move from pilot projects to financial plumbing this year.
Regardless of how tangible or visible, all the forces shaping crypto today share a common thread: Crypto is moving from expectations to production. Pilot programs are scaling and capital is consolidating," Anthony Vassallo, senior vice president of crypto at SVB, told CoinDesk in an interview.
The bank, which maintains more than 500 relationships with crypto companies and venture firms investing in the sector, says institutional capital, consolidation, stablecoins, tokenization and AI are converging to reshape how money moves.
After its 2023 collapse, SVB was bought by North Carolina–based First Citizens Bank and now operates within a top-20 U.S. bank with $230 billion in assets. In 2025, it added 2,100 clients and ended the year with $108 billion in total client funds and $44 billion in loans.
Fewer experiments, more conviction
The suits and ties have arrived,” according to the bank's 2026 outlook report.
Venture funding in U.S. crypto companies rose 44% last year to $7.9 billion, according to PitchBook data cited by SVB. While the deal count fell, median check sizes climbed to $5 million as investors concentrated capital into stronger teams. Seed valuations jumped 70% from 2023 levels.
The bank warns that demand for institutional-grade crypto companies could outstrip the number of investable firms.
"In 2026, conditions are ripe for continued growth in VC investment in crypto. As institutional adoption accelerates, driving larger venture capital checks, we expect continued capital concentration in fewer companies with investors prioritizing higher-quality projects and follow-ons into proven teams," Vassallo said.
For end users, the result will be a more seamless experience across everyday financial interactions, from sending cross-border payments to managing an investment portfolio."
Corporate balance sheets are reinforcing the shift. At least 172 public companies held bitcoin
BTC
$68,004.82
in the third quarter of 2025, up 40% from the second, collectively controlling roughly 5% of circulating supply, according to data referenced by S
A new class of digital asset treasury companies, firms that treat crypto accumulation as a core strategy, has emerged. The bank expects consolidation as standards tighten and volatility tests business models.
Meanwhile, traditional banks are moving deeper into the sector. JPMorgan, the largest U.S. bank by assets, plans to accept bitcoin and ether
ETH
$1,983.08
as collateral, Bloomberg reported last year. SoFi Technologies offers direct digital asset trading. U.S. Bank provides custody through NYDIG. SVB expects more institutions to roll out lending, custody and settlement products as compliance guardrails solidi
M&A and the race to full-stack crypto
More than 140 venture capital-backed crypto companies were acquired in the four quarters ending in September, a 59% year-over-year jump, according to the bank's analysis of PitchBook data. Coinbase’s $2.9 billion acquisition of Deribit and Kraken’s $1.5 billion purchase of NinjaTrader underscored the scale.
Why build when you can buy?
For SVB, that marks a turning point: stablecoin and custody infrastructure moving inside the federal banking perimeter. The bank expects traditional financial institutions to accelerate dealmaking rather than risk being disrupted by vertically integrated crypto-native rivals.
The trend extends to banking charters. In 2025, 18 companies applied for charters from the Office of the Comptroller of the Currency (OCC), most of them blockchain-enabled firms. The OCC granted conditional approval to digital-asset-focused trust banks including custody provider BitGo (BTGO), Circle Internet (CRCL), the company behind the second-largest stablecoin, trading platform Fidelity Digital Assets, stablecoin issuer Paxos and payments network Ripple.
To meet market demands ranging from stablecoin capabilities to full-stack crypto banks, exchanges, custodians, infrastructure providers and brokerages will consolidate into multiproduct companies," he said.
We expect M&A to set a record again in 2026. As digital asset capabilities
become table stakes for financial services, companies will focus on acquisition strategies instead of building products from scratch," Vassallo says
Stablecoins become the 'internet’s dollar'
Stablecoins, SVB said, are evolving from trading tools into digital cash.
Stablecoins, SVB said, are evolving from trading tools into digital cash.
With near-instant settlement and lower transaction costs than interbank transfer system ACH or card networks, dollar-backed tokens are attractive for treasury operations, cross-border payments and business-to-business settlement.
Regulatory clarity is accelerating adoption. The U.S. GENIUS Act, passed in July, established federal standards for stablecoin issuance, including 1:1 reserve backing and monthly disclosures. Similar frameworks are in place in the EU, U.K., Singapore and the UAE.
Beginning in 2027, only permitted entities such as banks or approved nonbanks will be allowed to issue compliant stablecoins in the U.S. SVB expects issuers to spend 2026 aligning products with federal oversight.
Banks are already experimenting. Société Générale introduced a euro stablecoin. JPMorgan expanded JPM Coin to public blockchains. A group including PNC, Citi and Wells Fargo is exploring a joint token initiative.
Venture dollars are following. Investment in stablecoin-focused companies surged to more than $1.5 billion in 2025, up from less than $50 million in 2019, according to SVB
In 2026, the bank expects tokenized dollars to move into core enterprise systems, embedded in treasury workflows, collateral management and programmable payments.
Tokenization and AI
Real-world asset tokenization is scaling. Onchain representations of cash, Treasuries and money-market instruments exceeded $36 billion in 2025, according to data cited by the bank.
Funds from BlackRock (BLK) and Franklin Templeton have amassed hundreds of millions in assets, settling flows directly onchain. ETF issuers and asset managers are testing blockchain-based wrappers to reduce transfer costs and enable intraday settlement. Robinhood (HOOD) now has tokenized stock exposure for European users and plans U.S. expansion.
SVB sees private and public markets converging on shared settlement rails, with tokenization expanding beyond Treasuries into private markets and consumer-facing applications.
Then there's the convergence with AI. In 2025, 40 cents of every venture dollar invested in crypto went to companies also building AI products, up from 18 cents the year prior, according to SVB’s analysis. Startups are building agent-to-agent commerce protocols, and major blockchains are integrating AI into wallets.
Autonomous agents capable of transacting in stablecoins could enable machines to negotiate and settle payments without human intervention. Blockchain-based provenance and verification tools are being developed to address AI’s trust deficit.
The consumer impact may be subtle. SVB predicts that next year's breakout apps won’t brand themselves as crypto. They will look like fintech products, with stablecoin settlement, tokenized assets and AI agents operating quietly in the background.
Silicon Valley Bank’s overarching message is to treat crypto as infrastructure.
From expectation to infrastructure
Volatility will remain, and headlines will continue to move prices. But the deeper narrative, the bank argues, is about the plumbing.
Pilot programs are scaling. Capital is concentrating. Banks are entering. Regulators are defining the perimeter. Blockchain technology is poised to underpin treasury operations, collateral flows, cross-border payments and parts of capital markets.
Read more: R3 bets on Solana to bring institutional yield onchain
"In 2025, momentum in onchain representations of cash, treasuries and money market instruments carried real-world assets into the financial mainstream," Vassallo said. "This year, cryptocurrency will be treated as infrastructure."
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Інвестор Джонатан Лопес подав позов проти Чейза Герро, глави відділу даних і стратегії World Liberty Financial (WLF), звинувативши його у шахрайстві та порушенні фідуціарних обов’язків. Згідно з інформацією, опублікованою 20 травня 2025 року, Лопес стверджує, що Герро використовував свою посаду для маніпуляцій із коштами інвесторів, завдавши збитків на мільйони доларів. World Liberty Financial, пов’язана з криптовалютними ініціативами, активно просувала токен $WLF, але скандал може підірвати довіру до проєкту.
Позов викликав резонанс у криптоспільноті, адже WLF позиціонувала себе як платформа для фінансової свободи, підтримувана відомими особами, зокрема прихильниками політики Дональда Трампа. Критики зазначають, що цей випадок підкреслює потребу в суворішому регулюванні криптоіндустрії, адже подібні інциденти стають дедалі частішими. У свою чергу, представники WLF поки не надали офіційних коментарів, але інсайдери припускають, що компанія готує відповідь на звинувачення.
Ситуація продовжує розвиватися, і її наслідки можуть вплинути на весь крипторинок. Слідкуйте за оновленнями та залишайтеся в курсі подій, підписавшись на #MiningUpdates
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