Institutional-Grade Analysis, In-depth Insights, Animoca Brands Research

Animoca Brands Research

Institutional-Grade Analysis, In-depth Insights

Animoca Brands Corporation Ltd. is a Hong Kong-based game software company and venture capital company

Crypto

<ul><li aria-level="1">Recent legislations in major economies have propelled the mainstream adoption of stablecoin. While offshore use of stablecoin has been centered around crypto trading and informal economies, we believe the regulated stablecoins present two key opportunities: “open-source digital wallets” for payments and “open clearing houses” for settlements.</li><li aria-level="1">Digital wallet payment solutions built around stablecoin have a much lower bar than building a web2 digital wallet company, in both technology and commercial terms.</li><li aria-level="1">In developed economies dominated by credit cards, stablecoins could drive a new wave of digital wallet adoption, potentially capturing significant market share.</li></ul>

Recent legislations in major economies have propelled the mainstream adoption of stablecoin. While offshore use of stablecoin has been centered around crypto trading and informal economies, we believe the regulated stablecoins present two key opportunities: “open-source digital wallets” for payments and “open clearing houses” for settlements.Digital wallet payment solutions built around stablecoin have a much lower bar than building a web2 digital wallet company, in both technology and commercial terms.In developed economies dominated by credit cards, stablecoins could drive a new wave of digital wallet adoption, potentially capturing significant market share.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. </li>
<li>Stablecoins, like <a href="https://www.smartkarma.com/entities/tether" target="_blank" data-smartkarma-citation="entities:35208:1" rel="noopener">Tether (USDT CURNCY)</a>, are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).</li>
<li>Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. </li>
</ul>


Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. 
Stablecoins, like Tether (USDT CURNCY), are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).
Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. 


Hong Kong Ratifies Stablecoin Legislation

Specialising in Fintech - Research and Development, Kiitot

Tatja Karkkainen

Specialising in Fintech - Research and Development

Kiitot

Tatja specialises in digital assets and machine learning. She has authored a number of academic papers relating to network effects, financial inclusion, crypto futures and FOMO. Her interest lies especially in predicting long term value. She has had a long and successful track record in institutional investor relationship management, IT and alternative investments. PhD in (Finance) Fintech, MA in Politics, BA in International Relations and Politics. CAIA, IMC, Series 3.

<ul>
<li>With an IPO valuation of roughly $8.2 billion and current forward P/E of ~32 ×, Circle still looks poised for multiple expansion as regulatory clarity and stable-coin adoption gather pace.</li>
<li>Deal upsized from 32 m to 34 m shares, and priced $3 above the top of the original range, boosting total proceeds by &gt;20 %</li>
<li>Public float increases to ~13 % of the company, modestly improving trading liquidity while founders retain long-term control via Class B shares</li>
</ul>


With an IPO valuation of roughly $8.2 billion and current forward P/E of ~32 ×, Circle still looks poised for multiple expansion as regulatory clarity and stable-coin adoption gather pace.
Deal upsized from 32 m to 34 m shares, and priced $3 above the top of the original range, boosting total proceeds by &gt;20 %
Public float increases to ~13 % of the company, modestly improving trading liquidity while founders retain long-term control via Class B shares


Circle IPO: Wall Street’s New Fintech Darling Prices Above Range

HarmoniQ Insights

William Mann

Independent Insight Provider

At HarmoniQ Insights, we empower investors to enhance their investment strategies by integrating cutting-edge quantitative research processes and technologies. Our solutions provide access to leading quantitative data providers and services, tailored to align with each client’s unique goals. By bridging the gap between traditional investment approaches and advanced data-driven methods, we help clients gain a competitive edge through innovation in both process and technology.

<ul>
<li>Market inefficiencies persist in crypto markets, particularly in cross-exchange arbitrage and futures basis trading</li>
<li>Traditional factor models can be adapted for cryptocurrency markets with size, momentum, and liquidity factors showing statistical significance</li>
<li>On-Chain metrics provide unique alpha signals unavailable in traditional markets</li>
</ul>


Market inefficiencies persist in crypto markets, particularly in cross-exchange arbitrage and futures basis trading
Traditional factor models can be adapted for cryptocurrency markets with size, momentum, and liquidity factors showing statistical significance
On-Chain metrics provide unique alpha signals unavailable in traditional markets


New Research: Unlocking Quantitative Alpha in Cryptocurrency Markets

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

<ul><li>A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.</li><li>Unlike popular cryptocurrencies, such as Bitcoin or Ethereum, whose prices can swing dramatically, stablecoins aim to maintain a consistent value.</li><li>The stablecoin market is a significant and rapidly growing segment of the broader cryptocurrency ecosystem. </li></ul>

A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.Unlike popular cryptocurrencies, such as Bitcoin or Ethereum, whose prices can swing dramatically, stablecoins aim to maintain a consistent value.The stablecoin market is a significant and rapidly growing segment of the broader cryptocurrency ecosystem. 

Tech Talk: Stablecoin and US Legislation Is US Congress Finally Stepping Up to Crypto?

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Tether (USDT CURNCY)

Stablecoin I: Mainstream Opportunities

Recent legislations in major economies have propelled the mainstream adoption of stablecoin. While offshore use of stablecoin has been centered...

Animoca Brands Research

Hong Kong Ratifies Stablecoin Legislation

It's easy to be dismissive. But IF regulated well, stablecoins hold the potential for much-needed innovations in the world’s payment systems.

David Blennerhassett

Circle IPO: Wall Street’s New Fintech Darling Prices Above Range

At a forward P/E of 32×, Circle’s valuation remains modest for a regulated stablecoin frontrunner: propelled by enterprise payment pilots, a robust...

Tatja Karkkainen

New Research: Unlocking Quantitative Alpha in Cryptocurrency Markets

AI Agent Deep Dive! Not enough time to READ 👀? Check out the AI Agent Deep Dive Discussion of this Paper on Youtube: https://youtu.be...

William Mann

Tech Talk: Stablecoin and US Legislation Is US Congress Finally Stepping Up to Crypto?

A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.

Water Tower Research

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