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

<div><ul><li>2025 was a watershed year for the cryptocurrency industry, marked by a decisive shift from “regulation by enforcement” to a structured, legislative-first approach. </li><li>The US dismantled long-standing regulatory bottlenecks through the landmark GENIUS Act, which established a federal framework for stablecoins under banking oversight, and the repeal of SAB 121, allowing major banks to custody digital assets.</li><li>Legislative progress via the CLARITY Act and FIT21 finally drew clear jurisdictional lines between the SEC and CFTC, providing the industry with much-needed legal certainty.</li></ul></div>

2025 was a watershed year for the cryptocurrency industry, marked by a decisive shift from “regulation by enforcement” to a structured, legislative-first approach. The US dismantled long-standing regulatory bottlenecks through the landmark GENIUS Act, which established a federal framework for stablecoins under banking oversight, and the repeal of SAB 121, allowing major banks to custody digital assets.Legislative progress via the CLARITY Act and FIT21 finally drew clear jurisdictional lines between the SEC and CFTC, providing the industry with much-needed legal certainty.

Tech Talk: Crypto's Watershed Year : 2025 Review and 2026 Outlook - 5 February 2026

<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

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>According to Graph 1, during the period October 25th, 2024 – November 25th, 2024, the price of Bitcoin exhibited an exclusively upward trajectory.</li><li>From the beginning of the period until November 6th, the digital asset followed a consolidation pattern amid fluctuations in its price and after this sub-period, an overall bullish momentum began.</li><li>The MA-10 and MA-20 lines started from the same point.</li></ul>

According to Graph 1, during the period October 25th, 2024 – November 25th, 2024, the price of Bitcoin exhibited an exclusively upward trajectory.From the beginning of the period until November 6th, the digital asset followed a consolidation pattern amid fluctuations in its price and after this sub-period, an overall bullish momentum began.The MA-10 and MA-20 lines started from the same point.

Cryptocurrency Analysis - Bitcoin - November 25, 2024

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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Bitcoin Pro (BTCP CURNCY)

Tech Talk: Crypto's Watershed Year : 2025 Review and 2026 Outlook - 5 February 2026

2025 was a watershed year for the cryptocurrency industry, marked by a decisive shift from “regulation by enforcement” to a structured, legislative...

Water Tower Research

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

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)

Cryptocurrency Analysis - Bitcoin - November 25, 2024

According to Graph 1, during the period October 25th, 2024 – November 25th, 2024, the price of Bitcoin exhibited an exclusively upward trajectory.

VRS (Valuation & Research Specialists)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)