2025 Investment Outlook

Despite more than a decade of education, adoption, growth, and appreciation, crypto has faced headwinds from the U.S. government’s stance toward the industry – a stance that has alternated between opposition, ambiguity, and tentative engagement. The uncertainty has often hung like a cloud over institutional crypto conversations. Our core view had remained, however, that the U.S. would come to crypto late but in force – and this is exactly what is taking place today.

As the crypto industry evolves, many of the debates that previously shaped investment decisions have become less relevant. Therefore, we suggest that investors set aside preconceptions and approach the industry with fresh perspectives in this new phase of regulatory clarity and adoption.

Looking forward, it is also crucial to distinguish the most substantial developments from the distractions, and tailor investment strategies and position sizing accordingly. Legislative developments, adoption curves, and emerging technologies will play key roles in shaping the future of the crypto industry.

In this report, we outline key areas of focus identified by our investment teams as we navigate this rapidly changing landscape.