Public Keys, a roundup of the week’s news from Decrypt This tracker tracks all the major publicly traded crypto companies. This week, Coinbase’s on-chain assets and spring are in full bloom. The company wants to find its tokenized securities white whale. The CEO Brian Armstrong, along with his founding team members, have been wanting tokenized shares since the company’s IPO in 2021. Will they try it again this time? In the meantime: what’s up in the air? What’s that in the sky? In the end, it was both.
Coinbase wins real world awards
Coinbase is achieving success. In just one week, Coinbase saw its lawsuit in Vermont dismissed and was approved to provide services in India.
Onlookers now are waiting to see whether Coinbase gets the go-ahead to start offering tokenized securities. The company wanted to offer tokenized securities before going public in 2021.
Coinbase getting the go-ahead to tokenize assets would mean a boon for RWA or the real world asset segment.
RWA is a market that aims to put assets on-chain, such as bonds, stocks, real estate, and even land. Some traditional financiers have viewed this as being gimmicky. Wall Street’s been trying to cut settlement time for many years. There is no faster way than to bring some assets onto the chain.
BlackRock is currently the leader in RWA. BUIDL’s fund just yesterday surpassed the $1 billion mark in terms of assets. This fund is made up of dollar-equivalents like U.S. Treasury bill, cash and repurchase agreement. The Hashnote Short-Duration Yield Coin is next, with an AUM worth $868 million. It gives traders access to U.S. Treasury bills and reverse repo U.S. Treasuries.
RWA.xyz reports that RWAs increased by 18% over the course of a single month to reach $18,3 Billion.
RWAs are an interesting, but not at all surprising, counterbalance to the global crypto market—which has dropped 16% in the past month, according to CoinGecko data. RWAs are a great way for investors to get into T-bills, without the need to transfer funds to a brokerage.
Coinbase wants to be able to offer this service in its own country. Coinbase, a San Francisco-based firm, said earlier this week in a post on its blog that it wants “regulatory frames” to match Europe’s opportunities.
The majority of cryptocurrency trading is conducted using Perpetual Futures. However, there have been no plans to offer them in the US until recently. It’s all about to be changed. https://t.co/WCUfDnu6SP
— Brian Armstrong (@brian_armstrong) March 10, 2025
The crypto exchange has also announced that it will be offering 24/7 access to Bitcoin futures and Ethereum.
Coinbase will benefit from adding more trading hours to its product line. The company noted in its 10-K that “our largest cash source is revenues from transactions fees.”
By the year 2024, operating cash flow had soared to $2.5 Billion. This means the revenue stream is more than twice as high in comparison to $922 millions from 2023.
Coinbase closed Friday at 183.12, an increase of 3.17% for the day. The company trades under the ticker COIN on Nasdaq.
It’s off to the races!
There’s a growing list of companies rumored to be considering an IPO in 2025, but—look, a flying Bitcoin (and an excuse to talk about this news we missed last week).
Yesterday night in Austin, Texas, the crypto exchange Gemini broke a Guinness World Record for “aerial displays of cryptocurrency logos formed by multirotor/drones”.
Which do you predict will come first, a buzzing horde if drones grabbing their records or an IPO
PROOF OF RECORD pic.twitter.com/0tno2sY1UN
— Gemini (@Gemini) March 14, 2025
The matter was reported by people with knowledge of the issue Bloomberg Last week, the company filed a confidential IPO application with Goldman Sachs. That means Gemini is the first to make the jump from the rumored IPO list—which includes stablecoin issuer Circle, crypto exchanges Bullish, Kraken, and Blockchain.com—into the actual race.
Because of laxer Securities and Exchange Commission regulations, investors may not hear of any of these other crypto firms filing IPO documents for a few months. According to recent research, the relaxed Securities and Exchange Commission rules could be the reason for an increase in this year’s public offerings. Law360 column.
Wen buy Bitcoin?
It was another bye week for Michael Saylor's Bitcoin amassing Strategy.
Since February 24, the company’s Bitcoin holdings have remained unchanged, at 499 096 Bitcoin.
The company stated that at the time it purchased Bitcoins for an average of $97,000 per Bitcoin.
And bettors aren't optimistic the company will announce a surprise buy over the weekend. MYRIAD’s prediction market traders are not confident that Strategy will announce a new Bitcoin buy on Monday. Instead, they estimate a 76% likelihood that their holdings stay the same for the third week in a row. Disclosure: MYRIAD belongs to Decrypt's parent company, DASTAN.)
Strategy (traded on Nasdaq as MSTR) closed today at 297.49. This is a huge 13% gain.
Other keys
Rex Shares’ asset manager is not short on creativity. The company has launched an ETF on Friday to make Startegy’s Bitcoin-backed bonds more accessible to everyone.
REX Financial’s CEO Greg King made a public statement saying that these bonds were difficult to obtain for investors. BMAX eliminates these barriers, making it easier for investors to access the Michael Saylor-pioneered strategy.
Rex and Osprey Funds filed an application earlier this week to offer a MOVE ETF, which would track the value of the Movement Network Token, launched in November. The same company also filed for ETFs tied to Official Trump, BONK and Dogecoin.
Stacy Elliott edited this article.
