Institutional Moves Could Reshape Crypto in 2025 as Ethena Gains, HSBC and BNP Paribas Back Canton and Gemini Eyes IPO

• 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.

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.

What are the details of Gemini’s planned IPO?

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.

Why is tokenized gold entering US IRAs?

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.

Tokenized gold statistics. Source: CoinGecko

Under the model, tokens can be deployed into yield-generating strategies while the underlying assets remain vaulted, providing retirement investors an onchain route to precious-metal allocation.

Frequently Asked Questions

How will institutional tokenization change custody?

Institutional tokenization requires custody systems to support onchain settlement, token standards, and regulatory compliance, pushing custodians to integrate multi-party controls and proof-of-reserve practices for client assets.

Will governance-token treasuries increase concentration risk?

Yes. Large treasury allocations to governance tokens can centralize influence. Firms note trade-offs between protocol yield exposure and decentralization risk; disclosures and governance guardrails are recommended.

Key Takeaways

• Institutional momentum: Banks and exchanges are prioritizing tokenization and regulated market access.
• Billion-dollar treasuries: Concentrated governance-token strategies signal a new institutional playbook for protocol revenue.
• RWA expansion: Tokenized gold and other real-world assets are being structured for retirement and corporate onchain exposure.

Conclusion

Institutional crypto 2025 marks a structural shift: major banks like HSBC and BNP Paribas, large-scale treasuries such as Mega Matrix’s ENA plan, and exchange listings like Gemini’s IPO show capital and operational focus moving to tokenized, regulated use cases. Expect continued integration of onchain asset tooling and expanded pathways for retirement and corporate exposure.