Onramp Bitcoin Media Kraken’s IPO, Tether’s Power Play, & Why Bitcoin Still Wins
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Nov 24, 2025 Explore the impact of Kraken's $20B IPO and Citadel’s strategic insights into institutional trading. Discover Tether's calculated investment in Ledn and the growing trend of Bitcoin-only lending. Dive into the evolving world of perpetual decentralized exchange infrastructure and stablecoin innovations. Unpack social engineering risks with Doppel’s new funding and discuss the implications of the recent Cardano chain split. Finally, rethink the poverty line's metrics and why Bitcoin remains a resilient solution amid currency debasement.
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Institutions Buy Order Flow Not Just Equity
- Kraken's $20B valuation and $800M raise signal institutions want direct access to exchange order flow and market data.
- Citadel's investment prioritizes information asymmetry and long-term competitive edge in crypto markets.
Stablecoin Issuers Buy Lending Visibility
- Tether's strategic investment in Ledn is about securing lending exposure and custody information, not just financial returns.
- Large stablecoin issuers seek operational proximity to lending flows to inform Bitcoin acquisition and risk decisions.
Perp DEXes Are Where On-Chain Volume Lives
- VC capital is chasing perpetual DEX infrastructure because on-chain volume is dominated by high-frequency speculative products.
- Perp DEXes attract activity and exits, making them one of the few investable crypto-native verticals.