People may be enjoying the last weeks of the summer but crypto markets do not take time off, operating 24 hours, 365 days a year.
QCP, the Singapore-based digital asset firm, recently published its 2025 H1 Crypto Market Review, which said this year has been “pivotal” for institutional adoption.
“Traditional financial institutions are not entering the digital asset space out of curiosity,” said the report. “In 2025, they are participating out of necessity.”
The report highlighted an acceleration in capital market activity including stablecoin issuer Circle going public in a $1.1bn IPO on the New York Stock Exchange, retail broker Robinhood acquiring crypto exchange Bitstamp for $200m and Stripe buying Privy to embed crypto wallet infrastructure into its payments ecosystem.
“These were not isolated events,” said QCP. “They were signals of a more profound integration of crypto native capabilities into the traditional financial architecture.”
In addition, the report continued that J.P. Morgan confirmed it would accept crypto ETF shares, such as BlackRock’s bitcoin ETF, IBIT, as eligible collateral for secured loans. In addition, these holdings can be included in clients’ liquidity and net worth assessments which enhances capital efficiency.
“The implications are broad: crypto has shifted from a peripheral allocation to a recognised balance sheet asset,” said QCP.
Nasdaq has also integrated the Canton Network into its Calypso platform, in partnership with QCP and Digital Asset. The report described Canton as a distributed ledger technology developed by Digital Asset, which offers privacy preserving smart contracts, permissioned governance and regulatory grade compliance, purpose built for institutional use.
“This enabled continuous, real-time collateral and margin management across both traditional and crypto asset classes, demonstrating how blockchain infrastructure can be operationalised at scale,” said the report.
QCP concluded that the first half of the year marked an inflection point and crypto evolved from an experimental asset class into an operational component of the global financial system.
“As we enter the second half of 2025, with shifts in monetary policy and further regulatory milestones on the horizon, the conversation has progressed,“ said QCP. “The question has shifted from whether capital will enter digital assets to how rapidly it will scale.”
