This report explores the transformative shifts in crypto secondary markets, driven by regulatory advancements like legislative progress, spot ETF approvals and the resurgence of crypto IPOs. This drivers are unlocking institutional capital and blending crypto with traditional finance. Key trends include the dominance of SAFT deals alongside a rise in equity rounds, with deal volumes surging 73% year-over-year in H1 2025 amid seasonal growth patterns. Pricing dynamics reveal a prevalence of down-rounds and discounts influenced by macro factors, token supply overhangs, and the emergence of new buyers. The report highlights emerging buyer cohorts, sector winners such as L1 protocols, the catalytic impact of Circle's listing on assets like Kraken, and the accelerating tokenization of real-world assets (RWAs). Looking ahead, the report predicts surges in pre-IPO equity rounds, discount compression, and broader institutional adoption, signaling a maturing market ripe for innovation and investment.
