Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Crypto

<ul><li>4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.</li><li>Given the strong institutional interest in crypto after the US passed the GENIUS Actand the amount of capital going into digital asset treasury (DAT) companies, we could see a similar strong performance in 4Q25.</li><li>There has been significant interest in DAT companies, particularly those focusing on coins other than Bitcoin and those adding return enhancers to their models, DAT++ companies.</li></ul>

4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.Given the strong institutional interest in crypto after the US passed the GENIUS Actand the amount of capital going into digital asset treasury (DAT) companies, we could see a similar strong performance in 4Q25.There has been significant interest in DAT companies, particularly those focusing on coins other than Bitcoin and those adding return enhancers to their models, DAT++ companies.

Crypto Down, but 4Q Historically Good : Strong Performance for Cryptocurrencies in 4Q23 and 4Q24

Crypto Research and Data, Delphi Digital

Delphi Digital

Crypto Research and Data

Institutional-Grade Crypto Research & Data

Delphi Digital seeks to produce unbiased, actionable content for our clients on critical themes affecting digital assets and distributed ledger technology. Our team is committed to providing investors and institutions with key insights through a diverse suite of products including individual project analysis, bespoke research, and tailored consulting services.

<ul>
<li>This report argues that the August 2025 Executive Order allowing Bitcoin inside 401(k) plans is a structural breakthrough — potentially more transformative than the ETF approvals.</li>
<li>While ETFs made Bitcoin easy to buy, 401(k) integration ties BTC to the U.S.’s largest savings engine: $9.3 trillion in employer retirement plans funded automatically every paycheck.</li>
<li>Unlike ETF flows that rise and fall with sentiment, 401(k) contributions are programmatic, recurring, and extremely sticky — with 95% of participants never changing allocations.</li>
</ul>


This report argues that the August 2025 Executive Order allowing Bitcoin inside 401(k) plans is a structural breakthrough — potentially more transformative than the ETF approvals.
While ETFs made Bitcoin easy to buy, 401(k) integration ties BTC to the U.S.’s largest savings engine: $9.3 trillion in employer retirement plans funded automatically every paycheck.
Unlike ETF flows that rise and fall with sentiment, 401(k) contributions are programmatic, recurring, and extremely sticky — with 95% of participants never changing allocations.


If the ETF Era Made Bitcoin Investable, the 401(k) Era Could Make It Unavoidable

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Alongside the technological development in our era in almost every aspect of our daily lives, one could argue that it would be inevitable such digital emergence to make also its appearance on financial services as is the case with digital coins.</li><li>More specifically, Bitcoin and Ethereum, which both capture on a significant scale the meaning of digitalized finance not only on monetary value but also on a historical perspective through their developmental process since their initial issue, could be considered the epitome of financial-technological innovation.</li><li>Both respectively, should be analyzed on a financial basis through the course of their history to achieve a deepest comprehension of their functionality and usage by examining the main factors contributing to Bitcoin and Ethereum’s rise and general fluctuation over the past.</li></ul>

Alongside the technological development in our era in almost every aspect of our daily lives, one could argue that it would be inevitable such digital emergence to make also its appearance on financial services as is the case with digital coins.More specifically, Bitcoin and Ethereum, which both capture on a significant scale the meaning of digitalized finance not only on monetary value but also on a historical perspective through their developmental process since their initial issue, could be considered the epitome of financial-technological innovation.Both respectively, should be analyzed on a financial basis through the course of their history to achieve a deepest comprehension of their functionality and usage by examining the main factors contributing to Bitcoin and Ethereum’s rise and general fluctuation over the past.

<ul>
<li>Navigating a challenging macro environment with conflicting signals on Fed policy and inflation risks.</li>
<li>Global liquidity contractions impact BTC, but future easing could spark a market revival.</li>
<li>Crypto markets face headwinds, yet long-term growth potential and institutional adoption remain strong.</li>
</ul>


Navigating a challenging macro environment with conflicting signals on Fed policy and inflation risks.
Global liquidity contractions impact BTC, but future easing could spark a market revival.
Crypto markets face headwinds, yet long-term growth potential and institutional adoption remain strong.


<ul>
<li>
Meme Coins Reflect Disillusionment: Emerging from distrust in traditional finance, meme coins leverage cultural relevance for adoption.</li>
<li>
Attention Drives Crypto Value: Memes and narratives shape crypto value, emphasizing the importance of attention.</li>
<li>
AI Disrupts Attention Economy: AI threatens traditional distribution channels, making crypto a potential solution.</li>
</ul>



Meme Coins Reflect Disillusionment: Emerging from distrust in traditional finance, meme coins leverage cultural relevance for adoption.

Attention Drives Crypto Value: Memes and narratives shape crypto value, emphasizing the importance of attention.

AI Disrupts Attention Economy: AI threatens traditional distribution channels, making crypto a potential solution.


United States

Bitcoin Pro is a powerful trading system based on artificial intelligence (AI) technologies. The robot trades bitcoin volatility by betting on BTC prices relative to other currencies.

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Crypto Down, but 4Q Historically Good : Strong Performance for Cryptocurrencies in 4Q23 and 4Q24

4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.

Water Tower Research

If the ETF Era Made Bitcoin Investable, the 401(k) Era Could Make It Unavoidable

This report argues that the August 2025 Executive Order allowing Bitcoin inside 401(k) plans is a structural breakthrough — potentially more...

Delphi Digital

Bitcoin & Ethereum - June 10, 2025

More specifically, Bitcoin and Ethereum, which both capture on a significant scale the meaning of digitalized finance not only on monetary value...

VRS (Valuation & Research Specialists)

The Dark Night Rises - Part 1

Crypto markets face challenges from macroeconomic uncertainty and liquidity contractions, but long-term growth and institutional adoption...

Delphi Digital

Attention Is All You Need

Meme coins gain traction through cultural relevance, highlighting the role of attention in shaping crypto value amid AI disruption of traditional...

Delphi Digital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Crypto Down, but 4Q Historically Good : Strong Performance for Cryptocurrencies in 4Q23 and 4Q24

4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.

Water Tower Research

If the ETF Era Made Bitcoin Investable, the 401(k) Era Could Make It Unavoidable

This report argues that the August 2025 Executive Order allowing Bitcoin inside 401(k) plans is a structural breakthrough — potentially more...

Delphi Digital

Bitcoin & Ethereum - June 10, 2025

More specifically, Bitcoin and Ethereum, which both capture on a significant scale the meaning of digitalized finance not only on monetary value...

VRS (Valuation & Research Specialists)

The Dark Night Rises - Part 1

​Crypto markets face challenges from macroeconomic uncertainty and liquidity contractions, but long-term growth and institutional adoption...

Delphi Digital

Attention Is All You Need

​Meme coins gain traction through cultural relevance, highlighting the role of attention in shaping crypto value amid AI disruption of traditional...

Delphi Digital

Crypto markets face challenges from macroeconomic uncertainty and liquidity contractions, but long-term growth and institutional adoption...

Meme coins gain traction through cultural relevance, highlighting the role of attention in shaping crypto value amid AI disruption of traditional...