Recently, good news has been coming one after another in the crypto market.
On the macro level, the Sino-US joint statement marks the end of the tariff war, and the global financial market ushered in a significant rise. Although Bitcoin slightly retreated as expected, the Altcoin market showed a thriving scene, with Ethereum continuing to lead the surge, reaching $2,700, and the DeFi sector comprehensively gaining momentum, triggering a slogan of Altcoin season's return.
On May 13th, according to a press release from S&P Dow Jones Indices, the largest US crypto exchange Coinbase Global will be included in the S&P 500 index, replacing Discover Financial Services, which is about to be acquired by Capital One Financial. This change will take effect before trading begins on May 19th.
In the mainstream market, the crypto industry has once again reached a milestone, symbolizing the dawn of a new era. Meanwhile, global enterprises and institutions are eager to try.
On May 12th, the tariff truce agreement reached by China and the US in Geneva finally temporarily halted the long-lasting trade conflict. The agreement includes suspending 24% of mutual tariffs for 90 days, maintaining a 10% base tax rate, and establishing a third-country consultation mechanism. Influenced by this news, US stock indices rose significantly, with S&P 500 futures rising over 3% and Nasdaq rising 4.35%.
Although Bitcoin fell from $106,000, touching a low of $100,700, the crypto market quickly rebounded, with Altcoins like ETH, SOL, and BNB showing good gains. As the tariff issue comes to an end, the market impact will gradually slow down, and the market will return to normal, with bottom prices of cryptocurrencies showing an upward trend.
With macro conditions improving, the industry is not lagging behind. Recently, positive news about the industry has been frequent. First, the US state government's strategic Bitcoin reserve saw its first victory, with New Hampshire passing a strategic Bitcoin reserve bill authorizing the state treasurer to purchase Bitcoin or digital assets with a market value over $500 billion, setting a holding limit of 5% of total reserve funds. Second, the new SEC chairman clearly stated that establishing a reasonable crypto asset market regulatory framework is a core priority during his term, continuously releasing positive signals. BlackRock is also rumored to be discussing an ETH staking proposal with the SEC, boosting market confidence.
With macro conditions improving and regulation enhancing, crypto enterprises are undoubtedly entering their best era.
On May 13th, according to official news, the largest US crypto exchange Coinbase Global will be included in the S&P 500 index, marking the first time a crypto enterprise has been included, creating another achievement in the mainstream process of the crypto industry.
For the crypto market, Coinbase is well-known. As the largest US crypto exchange known for compliance, Coinbase is a unique presence in the global crypto exchange field. Founded in 2012, Coinbase has 13 years of history, during which it has fluctuated between bull and bear markets, becoming the best window for traditional finance to observe the crypto industry.
In 2021, Coinbase went public on Nasdaq with the stock code COIN. On its listing day, not only did it not break issue like previous crypto concept stocks like Canaan, but its stock price soared, reaching a high of $429.54, causing market sensation. Subsequently, Coinbase followed industry cycle fluctuations, with its stock price closely related to the crypto market. It hit a low of $33.26 in 2023's trough before regaining momentum. This year, Coinbase made history by replacing Discover Financial Services and becoming the first crypto enterprise in the S&P 500. Influenced by this, Coinbase rose 24% on its first day, currently trading at $256.90.
Interestingly, when previously included in Nasdaq 100, it was considered the most likely to enter S&P 500, but due to the cumulative net profit requirement, it was slightly less competitive. However, Coinbase steadily overtook expectations and secured this milestone in May.
Although there is no short-term pull effect, the symbolic significance is more prominent. In the long term, crypto enterprises entering the US main index represents mainstream market recognition, laying the foundation for the integration of crypto and traditional finance, and opening up broad space for crypto industry mainstreaming. Specifically, this move not only explores capital flow from index allocation at the individual stock level but also enhances crypto industry awareness as a typical enterprise sample, potentially attracting and expanding traditional investors. Compared to the replaced Discover Financial Services, passive demand allocation under 0.1% index weight can reach $13.5 billion.
On the other hand, this further promotes the crypto enterprise IPO boom. Since last year, companies like Circle, eToro, Bgin Blockchain, Chia Network, Gemini, and Ionic Digital have been advancing IPO matters. Kraken has been restructuring to meet regulatory requirements, with Coinbase serving as a typical example.
While Wall Street institutions are eager to capture crypto dividends, Hong Kong enterprises are also eager to try. Different from US crypto enterprises pushing for IPOs and institutions buying crypto with real money through ETFs, Hong Kong, as a financial center, is more cautious, with enterprises focusing more on entity synergy and targeting the RWA track.
In terms of progress, large companies are taking the lead. Recently, JD.com's JD Chain Technology, previously known for entering the stablecoin field, has started building a team. They have posted multiple RWA-related job listings on recruitment platforms like BOSS Zhipin and Liepin, recruiting management system product directors and solution directors responsible for new energy asset RWA management system design, asset acquisition, and industrialization. Additionally, JD Chain announced cooperation with the licensed virtual bank Starry Bank to provide financial compliance support for JD's cross-border payment solutions exploration based on stablecoins.
While JD is still organizing its structure, Ant Digital is progressing faster with actual cases. Last year, Ant Digital collaborated with green energy service provider GCL Energy Science, successfully completing China's first RWA case involving 200 million yuan based on photovoltaic physical assets. Subsequently, they collaborated with Conflux, Patrol Eagle Group, Sui, and other projects to promote RWA's actual project implementation.
Beyond large companies, exchanges and institutions are also intensively deploying. Hong Kong's local enterprise HashKey Chain successfully deployed the CPIC Estable MMF tokenized USD money market fund in March and announced a joint HKD and USD money market ETF tokenization scheme with Bosera Fund (International), which has been approved by the Hong Kong SFC. To date, HashKey Chain has conducted in-depth engagement with over 200 institutions, reaching RWA on-chain cooperation intentions across traditional financial institutions, asset management companies, technology enterprises, and Web3 native projects.
Technical infrastructure is becoming more sophisticated, with broker support keeping pace. Recently, Guotai Junaan International stated that its January-submitted wealth management business plan covers tokenized securities including structured products linked to multiple underlying assets, funds approved by the securities regulator, non-approved funds, and bonds. According to the circular issued by the Hong Kong Securities and Futures Commission, a confirmation email was sent on May 7, 2025, indicating that the business plan has been approved without further issues. Today, Tiger Securities (Hong Kong) also announced the launch of cryptocurrency deposit and withdrawal services, supporting virtual currency deposits, trading, and withdrawals.
Overall, whether it's US crypto enterprises' IPOs or local Hong Kong companies advancing RWA, crypto industry participants are showing an actively proactive attitude during its gradual legitimization, though participation methods vary slightly due to regional differences.
The US, with its clear regulatory environment and strong leadership support, shows a trend of market operation ahead of regulation. Institutional and corporate participation methods are more direct, such as institutions massively buying ETFs becoming primary price supporters, Strategy borrowing to buy crypto and creating a new paradigm, inspiring smaller listed companies to use cryptocurrencies to boost stock prices, and large institutions like Block, PayPal, and Visa entering with stablecoins to capture market share and build business matrices. Corporate responses are also faster, with Strategy entering NASDAQ 100 and Coinbase joining S&P 500, undoubtedly representing new buying interest.
Strategy's stock price surge in the past year
In comparison, Hong Kong is more conservative. Despite maintaining policy consistency and continuously improving virtual asset regulations, steadily promoting tokenization applications and pilots, strict compliance requirements mean Hong Kong must take small, careful steps rather than aggressive advances. Enterprises and institutions mostly adhere to compliance principles. While Hong Kong's ETF market is developing, its influence remains limited, with more institutions focusing on business-driven expansion, entering related sectors quickly but not yet fully realizing profit potential.
In this context, mainland market dynamics are gaining increasing attention, with cross-border fund connectivity being a key focus. Rumors even suggest mainland China might introduce a paper BTC spot ETF in the future, similar to non-deliverable account trading like paper gold, allowing crypto trading under fund compliance management while avoiding actual ownership and ensuring transparent traceability. Of course, these are just rumors, and given cryptocurrencies' financial market risks, especially under current regulations, such possibilities seem far-fetched. However, this reflects high market expectations for mainland fund openness.
It can be anticipated that as crypto assets become increasingly mainstream, more enterprises will engage, with capital, attention, and resources further flowing into the market. This institutional FOMO wave is just beginning.
