Coincheck’s Emily Parker and Pantera’s Cosmo Jiang, joins 'The Exchange' to discuss bitcoin retreating from record highs and the regulatory shifts impact on the global crypto trade.

Bitcoin's recent price fluctuations have been influenced by a range of factors, including regulatory developments and the growing role of stablecoins. While much of the recent institutional investment in crypto has come from the United States, experts suggest that Asia—particularly Japan and Korea—could see a significant uptick in institutional participation due to recent regulatory changes.

Ethereum's prominence is highlighted by its central role in stablecoins and tokenized assets, with more than half of all stablecoins operating on its network. The emergence of digital asset treasury companies, especially those focused on Ethereum, is also seen as a driver for further institutional involvement. However, experts caution that not all treasury strategies are equally sound, and emphasize the importance of stablecoins and tokenized assets in shaping the future of crypto investment.

Why Asian institutional investment may shift into crypto

Bitcoin virtually erasing this week's gains after hitting a record high late last night. Treasury Secretary Scott Besant saying the government will not be buying additional Bitcoin for President Trump's strategic reserve. For more, we'll be joined by Emily Parker, senior strategic advisor at Coincheck Group and Cosmo Jiang, the general partner at Pantera Capital, which invests exclusively in Bitcoin, digital currencies and companies in the blockchain ecosystem. Welcome to you both. Emily, I'll start off with you. Is the idea that the Treasury would buy more Bitcoin, was that a major driver at all or is that not that important? You mean in the recent price run up? I think that, you know, you have to look at a lot of different factors, but there's just some pretty, pretty macro trends going on. First of all, we just have the more friendly regulatory environment in the United States. You have the boom in stable coins. I think stable coins specifically are very important for the run up in ETH prices because more than half of total stable coins actually are on the Ethereum network. That's more than all the total chains combined. You also have institutional investment. That's a really important narrative that's been increasing recently in Bitcoin and also in ETH. And I think we're just going to see a lot more of this. I think, you know, right now, a lot of the institutional investment in the headlines is from the United States. But there could be a huge wave to come from Asia. Japan and Korea are two really important crypto markets. And right now they are mostly retail. And due to recent regulatory changes, we might actually see a lot of institutional investment coming from those two countries. In Japan, institutional investors can take a little while to get started. But once they do, they can have a big impact. Yeah. Ethereum has really caught caught on fire. And the Genius Act, the passage of the Genius Act certainly helped. And Cosmo, the idea of an Ethereum treasury company, a Bitcoin treasury company, like a like a strategy is one driver. One of your biggest investments is an Ethereum treasury company. Can you explain sort of your thesis behind it and how how popular you think this could become? Yeah. So we're a large investors in Bitmine, which is a large Ethereum treasury company. The founder of it is Tom Lee, founder of Fundstrat. When we came together, I saw that there was a real opportunity to create more digital asset treasury companies beyond just Bitcoin. What's really special about Ethereum is it really evolves on what what what strategy has done by adding the ability to interact and defy and introduce a new asset to to the to the investor landscape. So a company like a Bitmine, also Joe Lubin's Sharplink, which is SBET is the ticker on that. You're also an investor in that. Can you explain to me? I mean, the whole idea of strategy was that it was able to tap the capital markets to then buy more Bitcoin for some of these Ethereum treasury companies. They are smaller right now. Is it your hope that they will be able to have access to the capital markets as easily as a larger company like a strategy? That's exactly right. I think as we as we see this space develop over time, I expect there to be two or three very large accumulation companies or digital asset treasuries for each of the large cap assets. So we have strategy and Bitcoin and an Ethereum Bitmine and Sharplink are both far ahead in terms of accumulating more. They're doing it by using financial engineering tools to get ahead and accumulate more Ethereum in this case, or what I like to call EPS or Ether per share, similar to EPS. And they're doing so in really special ways, additionally, by interacting with decentralized finance and generating yield. Yeah. Emily, how do you see these Ethereum treasury companies in terms of being a driver of the price of Ether versus the, you know, just the popularity because of stable coins, stable coins boom. And so does Ethereum. Yeah, that's a great question. I mean, look, the treasuries obviously play an important role. Of course, not all treasuries are created equal. There's a lot of different companies doing this. Some of them are going to be more strategic and more sound than others. So I'm a little bit skeptical of how many companies are trying the treasury approach. So I think it's a driver, but I really just want to underscore the stable coin point. It's really, really important. You know, this is something that it's not and it's not just stable coins, by the way. It's also tokenized assets, real world, real world assets that are tokenized. Those are also Ethereum plays a huge role in that. The data I cited earlier, that's RWA dot X, Y, Z. And just like I mean, if you're following these new trends in crypto, a lot of them are happening in Ethereum. So I think that's a really important thing to look at. A lot of things are just being done on Ethereum. Developers are still using Ethereum. And I think people have been sort of waiting for those gains to be realized.

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