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Europe’s role in the next wave of tokenisation

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Growth in Tokenized real-world assets market chart

Welcome to our institutional newsletter, Crypto Long & Short. This week:

  • Lukas Enzersdorfer-Konrad on how the EU’s regulatory clarity could allow tokenised markets to scale
  • Andy Baehr tells BNB to “suit up”
  • Top headlines institutions should pay attention to by Francisco Rodrigues
  • “Bitcoin’s drawdowns compress as markets mature” in Chart of the Week

-Alexandra Levis


Expert Insights

Europe’s role in the next wave of tokenisation

– By Lukas Enzersdorfer-Konrad, chief executive officer, Bitpanda

The tokenisation of real-world assets (RWAs) has moved from buzzword to business case. It has become the bedrock of institutional blockchain adoption. In the first half of 2025 alone, the value of tokenised RWAs surged by 260%, reaching $23 billion in on-chain value. Over the past several years, the sector has experienced rapid and sustained growth, enough to shift tokenisation from an experimental concept to a core pillar of digital-asset infrastructure. This signals a structural shift in how financial markets are built and ultimately expanded.

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Growth in Tokenized real-world assets market chart

Tokenisation is emerging as the foundation of institutional blockchain adoption with BlackRock, JPMorgan and Goldman Sachs having publicly explored or deployed related initiatives and major institutions validating its potential. Despite this momentum, growth remains constrained. Most assets are still embedded in permissioned systems, segmented by regulatory uncertainty and limited interoperability. Scalable public-network infrastructure remains underdeveloped, slowing the path from institutional pilots to mass-market participation. In short, tokenisation works, but the market rails to support global adoption are still being built.

What’s missing? Regulation, as an enabler. Institutions need clarity before committing to balance sheets and building long-term strategies. Retail investors need transparent rules that protect them without shutting them out. Markets need standards they can trust. Without these elements, liquidity stays shallow, systems stay siloed and innovation struggles to move beyond early adopters.

Europe has undoubtedly emerged as an early leader in this area. With MiCA now in force and the DLT Pilot Regime enabling structured digital-securities experimentation, the region has moved beyond fragmented sandboxes. The European market is the first to implement a unified, continent-wide regulatory framework for tokenised assets. Instead of treating compliance as an obstacle, the region has elevated regulatory clarity into a competitive advantage. It provides the legal, operational and technical certainty that institutions require to innovate with confidence and at scale.

The continent’s regulatory-first approach is already generating tangible momentum. Under MiCA and the EU’s DLT Pilot Regime, banks have begun issuing tokenised bonds on regulated infrastructure, with European issuance exceeding €1.5 billion in 2024 alone. Asset managers are testing on-chain fund structures designed for retail distribution, while fintechs are integrating digital-asset rails directly into licensed platforms. Together, these developments mark a shift from pilot programmes to live deployment, reducing one of the industry’s longest-standing bottlenecks: the ability to build compliant infrastructure from day one.

A new phase: interoperability and market structure

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The next frontier of tokenisation will hinge on interoperability and shared standards, areas where Europe’s regulatory clarity could again set the pace. As more institutions bring tokenised products to market, fragmented liquidity pools and proprietary frameworks risk recreating the silos of traditional finance in digital form.

While traditional finance has spent years optimising for speed, the next wave of tokenisation will be shaped by trust in who builds and governs the infrastructure, as well as whether both institutions and retail participants can rely on it. Europe’s clarity around rules and market structure gives it a credible opportunity to define global standards rather than simply follow them.

The EU can reinforce this position by encouraging cross-chain interoperability and common disclosure standards. Establishing shared rules early would allow tokenised markets to scale without repeating the fragmentation that slowed earlier financial innovations.


Headlines of the Week

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– By Francisco Rodrigues

President Donald Trump’s surprise nomination of Kevin Warsh to lead the Fed introduced new variables that shook the markets. The precious metals rally saw a violent selloff, while cryptocurrency prices endured a major correction, with major players nevertheless moving to capture value.


Vibe Check

Suit up, BNB

– By Andy Baehr, head of product and research, CoinDesk Indices

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Last week’s CoinDesk 20 (CD20) reconstitution brought BNB into the index for the first time. This wasn’t a question of size — BNB has long been one of the largest digital assets by market cap. It was a matter of meeting the liquidity and other requirements that govern CD20 inclusion. For the first time, BNB cleared those hurdles.

The result? One of the largest composition changes since the index launched in January 2024. BNB enters the CD20 with a weight exceeding 15%, making it an immediate heavyweight in the lineup.

CoinDesk 20 index composition reconstitution chart

From a portfolio construction perspective, this is a meaningful shift. BNB has historically exhibited lower volatility than the broader CD20, which could reduce the index’s overall risk profile. Its correlation with other index constituents has been moderate rather than lockstep (until recently, at least), adding a diversification benefit. The potential outcome: a lower-risk, more diversified index.

60-day realized volatility chart
90-day rolling correlation: BNB vs CD20 chart

Of course, adding a big name means pushing other constituents down the weight ladder, even with the capping mechanisms CD20 employs. The pie charts tell that story clearly — existing holdings get compressed to make room for the new arrival.

As crypto enters what we’ve been calling its “sophomore year” of institutional maturity, the CoinDesk 20 is beginning its own third year of existence. The index evolves alongside the market it’s meant to capture.

Sunday scaries (real or imagined?)

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This past weekend felt rough. Bitcoin traded below $75K, billions in liquidations got clocked, and if you’re in crypto, you were probably watching it happen in real time. Whether you count 24/7 market access as a blessing or a curse, it’s simply a fact of life now.

After a few weekends like this one, it starts to feel like a pattern — like crypto absorbs the world’s anxieties while traditional markets sleep. So, we decided to test that feeling against the data.

The scatter plot shows daily returns for the CoinDesk 20, with weekend moves highlighted separately. Yes, there are a few instances of outsized downside moves on Saturdays and Sundays. But there are plenty of quiet weekends too — and plenty of weekday chaos that doesn’t fit the narrative.

CoinDesk 20 Index Daily Returns (weekend vs Weekday) chart

It may be memory inflation. Painful weekends stick in our minds more than calm ones. The drama of watching markets move when others aren’t paying attention amplifies the psychological weight. The data suggests that Sunday scaries might be more perception than pattern.

Still, after a weekend like this past one, the feeling is real even if the statistical significance isn’t. We keep on indexin’ through it all — tracking what’s happening, measuring what matters and trying to separate signal from sentiment.

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Chart of the Week

Bitcoin’s drawdowns compress as markets mature

Bitcoin’s peak-to-trough drawdowns have steadily compressed over time, moving from -84% in the first epoch (post-1st halving) to a current cycle maximum of -38% as of early 2026. This persistent reduction in “peak pain” suggests a structural shift toward market maturity, as institutional capital and spot ETFs establish a more stable price floor compared to the retail-driven 80%+ crashes of previous eras. Historically, bitcoin has taken approximately 2 to 3 years (roughly 700 to 1,000 days) to fully recover from major cycle bottoms to new highs, though recovery speed has recently increased, with Epoch 3 reclaiming its peak in only 469 days.

BTC Drawdowns per four year cycle chart

Listen. Read. Watch. Engage.


Looking for more? Receive the latest crypto news from coindesk.com and explore our robust Data & Indices offerings by visiting coindesk.com/institutions.

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Crypto World

Metaplex Launches All-In-One App to Optimize Onchain Capital on Solana

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Crypto Breaking News

Editor’s note: Metaplex has introduced a new self-service application designed to simplify how tokens are launched on Solana. The Metaplex App aims to replace gated launchpads, custom-built infrastructure, and volatile bonding curve models with a standardized, permissionless interface for Token Generation Events. By lowering technical and structural barriers, the platform targets a broader range of issuers, including Web2 companies, institutions, and emerging AI-driven projects. The move reflects a broader shift in onchain capital formation, as tokenization continues to expand beyond crypto-native startups into more traditional and hybrid digital business models.

Key points

  • Metaplex launches a self-service app enabling permissionless token creation without coding expertise.
  • Projects can choose between structured “project tokens” and short-window “memecoin” launch formats.
  • Launch pools replace bonding curves, with anti-sniper protections to reduce bot and insider advantages.
  • At least 20% of sale proceeds are automatically allocated to locked liquidity pools.
  • The app includes a discovery and trading dashboard for participating in and tracking new launches.

Why this matters

As tokenization expands into new sectors, infrastructure that reduces complexity and perceived unfairness becomes critical. By standardizing launch mechanics and embedding liquidity and anti-bot protections, Metaplex is positioning itself as a foundational layer for capital formation on Solana. For builders and institutions exploring onchain fundraising, simplified tooling may lower entry barriers and accelerate adoption.

What to watch next

  • Adoption levels among Web2 companies and institutional projects launching tokens via the app.
  • Early performance and liquidity outcomes of tokens created through launch pools.
  • Integration of the app within the broader Solana ecosystem and SVM-based applications.
  • User activity within the discovery and trading hub as new launches go live.

Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.

SAN FRANCISCO – February 24, 2026 – Metaplex, the protocol behind over 99% of all tokens and NFTs on Solana, today announced the launch of the Metaplex App, a new platform providing a full-stack, self-service solution for token launches. The application provides an alternative to gated ICOs and chaotic bonding curves, reducing friction for businesses, platforms, and asset classes to leverage the reliable, battle-tested Metaplex launch protocol for global capital formation. 

For years, onchain capital formation has been broken. Creators have been forced to choose between three flawed paths: investing heavy technical resources into custom infrastructure, applying for acceptance into exclusive, gated launchpads, or risking a launch on a bonding curve that often lacks control and favors insiders. The Metaplex App eliminates these barriers, offering a streamlined interface where anyone can create and launch tokens without coding knowledge. Metaplex allows any project, from Web2 companies and institutions to AI agents, to execute a professional Token Generation Event (TGE) permissionlessly.

“The next generation of breakout technology businesses and platforms will launch onchain, using tokens for capital formation and DeFi to deliver their products at scale.,” said Stephen Hess (@meta_hess), the founder of Metaplex and director at the Metaplex Foundation. “ Since 2021, Metaplex has powered 99% of asset creation on Solana, but accessing that infrastructure required deep technical expertise. By moving away from the application only model of traditional launchpads and removing the technical barriers to entry, we are providing every project, from Web2 institutions to AI agents, the ability to formulate capital onchain.” 

The Metaplex App is designed to serve as the foundational entry point for the next wave of global capital. Metaplex is clearing the path for Web2 companies, traditional financial institutions, and emerging AI agents to form capital onchain. This expansion moves the industry beyond speculation and enables a vast array of new asset classes to leverage tokens as a transparent, efficient vehicle for growth. For the first time, projects have a reliable alternative to the friction of traditional funding or the roadblocks native to existing onchain methods, allowing them to focus on building value rather than navigating infrastructure.

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Key features of the Metaplex App include:

  • Self-Service Token Creation: Projects can manage their own launch parameters with no technical skills required. The platform allows projects to choose between two distinct streams designed to scale with their project’s specific needs: project tokens or memecoins. Project tokens are optimized for long-term capital formation and feature higher minimum caps and extended launch pool windows, while memecoins leverage 1-hour launch pools and a lower minimum cap.
  • Anti-Sniper Protection: By utilizing launch pools, the app removes the vulnerabilities of bonding curves and the traditional “first-come, first-served” advantages of presales, the platform prevents bots and front-runners from hijacking the initial supply.
  • Automated Liquidity: To ensure immediate tradability and long-term health, a minimum of 20% of sale proceeds are automatically locked into liquidity pools.
  • Discovery & Trading Hub: A central dashboard for users to discover upcoming launches, participate in active pools, and trade tokens launched on Metaplex.

With over 22 million fungible tokens and nearly 1 billion total assets created to date, Metaplex is reshaping onchain capital formation on Solana. For more information, visit Metaplex.com.

ABOUT METAPLEX

Metaplex is the standard for asset creation on one of the largest blockchain ecosystems in the world. The Metaplex App allows users to discover, trade and launch tokens, while Metaplex asset standards power the largest stablecoins, RWAs, DEXes, launchpads, wallets and other apps on Solana and the Solana Virtual Machine (SVM).

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Crypto World

FG Nexus Offloads $14M in ETH as Corporate Ethereum Treasuries in Pain

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Cryptocurrencies, Ethereum, Bitcoin Price, MicroStrategy, Institutions

FG Nexus, a publicly listed Ethereum treasury and infrastructure company, liquidated another chunk of its Ether treasury on Tuesday, offloading 7,550 ETH worth roughly $14 million.

The latest sale adds to a series of disposals that have locked in more than $80 million in losses on a position built near Ether (ETH) 2025 highs. 

Onchain data from Arkham shows that the firm accumulated 50,770 ETH worth around $196 million between August and September 2025 at an average price of $3,860 per coin.

On Oct. 22, the company doubled down on its ETH accumulation strategy, announcing its intention to sell its Quebec property to accumulate more ETH.

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Cryptocurrencies, Ethereum, Bitcoin Price, MicroStrategy, Institutions
FG Nexus sells 7,550 ETH. Source: Arkham

As the market turned and the ETH price fell from its October highs of over $4,600 per coin to around $2,700 in November, the company began selling.

FG Nexus has offloaded just over 21,000 ETH for about $55 million, and netted a loss of over $80 million.

The company has also seen its share price for FGNX drop roughly 52% over the past month. 

Cryptocurrencies, Ethereum, Bitcoin Price, MicroStrategy, Institutions
FG Nexus share price takes a beating. Source: Google Finance

FG Nexus remains one of the largest publicly traded owners of ETH, with holdings of 37,594 ETH, according to Arkham.

ETH treasury companies under fire

FG Nexus isn’t alone in feeling the pain from an Ether downturn that has left many large corporate treasuries deeply underwater.

Bitmine Immersion Technologies, by far the largest listed ETH holder with 4,422,659 ETH on its books, is sitting on paper losses estimated at around $8.8 billion as Ether trades well below its average acquisition price, even as the company continues to add to its stash

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Related: ETHZilla liquidates $74.5M in Ether to redeem convertible debt

Peter Thiel’s Founders Fund exited its stake in Ethereum treasury firm ETHZilla entirely last week, with ETHZilla’s stock now down about 97% from its all‑time high, as equity markets punish aggressive Ether‑heavy strategies, with other companies actively unwinding.

Trend Research spent February slashing its Ether position on Binance, selling 651,757 ETH for about $1.34 billion on Feb. 8, and locking in an estimated realized loss of around $747 million.

Bitcoin treasury plays feel the heat

The strain on crypto treasury plays is not limited to Ethereum. On Feb. 20, Bitcoin (BTC) treasury company Metaplanet came under fire from shareholders, accusing the company of hiding losses and key details of its Bitcoin bets.

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Despite continued BTC purchases throughout February, on Wednesday, the largest listed owner of BTC, Strategy, became the most-shorted large-cap US stock according to data from Goldman Sachs, as hedge funds turned bearish on Saylor’s highly leveraged, Bitcoin‑centric balance sheet model.

Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation — Santiment founder