Institutional crypto 2025 shows banks and exchanges shifting from retail-driven narratives to large-scale tokenization and treasuries: HSBC and BNP Paribas join the Canton Foundation, Mega Matrix files a $2B ENA treasury plan, Gemini pursues a $3B IPO, and tokenized gold moves into US IRAs.
Institutions deepen crypto adoption by backing tokenization and custody solutions.
Major filings and IPO moves signal billion-dollar treasuries and renewed institutional capital flows.
Tokenized gold and token-governance treasuries add new onchain exposure for retirement and corporate reserves.
Institutional crypto 2025: HSBC, BNP join Canton Foundation; Mega Matrix eyes $2B ENA treasury; Gemini targets $3B IPO — subscribe for weekly Crypto Biz updates.
What is institutional crypto 2025?
Institutional crypto 2025 describes a market phase where major banks, exchanges and holding companies prioritize tokenization, governance-token treasuries and regulated market listings. Institutions are scaling custody, tokenized real-world assets, and concentrated governance positions to offer clients onchain exposure with enterprise-grade controls.
How did HSBC and BNP Paribas join the Canton Foundation?
HSBC and BNP Paribas formally joined the Canton Foundation to support the Canton blockchain’s tokenization stack for institutional finance. The banks join existing backers like Goldman Sachs and infrastructure firms to pilot custody, bond issuance and tokenized asset workflows on a ledger designed for real-world-asset management.
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A BNP Paribas spokesperson framed the participation as part of continued efforts to “leverage blockchain technology to serve evolving client needs.” HSBC has also pursued stablecoin and custody initiatives in Hong Kong and beyond.
How is Mega Matrix structuring its $2 billion Ethena treasury plan?
Mega Matrix filed to raise $2 billion to build a treasury concentrated on Ethena’s governance token, ENA. The company plans to focus influence and yield on ENA rather than holding the USDe synthetic stablecoin, aiming to capture protocol revenue and governance rights through a concentrated treasury strategy.
Ethena USDe market cap growth. Source: CoinMarketCap
Ethena’s USDe employs a hedging mechanism to maintain its peg, distinguishing it from collateralized stablecoins. USDe’s market capitalization has approached roughly $13 billion, reflecting significant ecosystem growth and institutional interest in stablecoin-adjacent governance exposure.
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Gemini is targeting an approximate $3 billion valuation in its IPO, revising its expected price range to $24–$26 per share. At about 16.7 million shares, the offering could raise roughly $433 million, backed in part by Nasdaq’s purchase of shares, and signals renewed appetite for crypto-native public listings.
Exchange trading volumes on Gemini’s platform have increased ahead of the listing, with daily volumes near $200 million according to market aggregators.
Tokenized gold is moving into US retirement accounts to offer tax-advantaged, onchain exposure to vaulted precious metals. SmartGold plans to tokenize up to $1.6 billion of vaulted gold via Chintai Nexus, enabling investors to hold digital tokens representing physical holdings while retaining secure vault storage.