21Shares reflects on a transformative first half – where bold forecasts became reality

Zurich, 17 July 2025 – 21Shares, one of the world’s leading providers of cryptocurrency exchange-traded products (ETPs), today published its mid-year 2025 edition of the State of Crypto, offering a comprehensive, data-driven assessment of market performance and trends across the digital asset ecosystem.

The report revisits 21Shares’ bold predictions for 2025, first laid out in December 2024, and evaluates how each thesis has unfolded across key narratives – from nation-state adoption of Bitcoin to stablecoins leading crypto’s real-world adoption. Many of the forward-looking theses put forward at the end of 2024 have already materialised, and the report highlights how early conviction in structural shifts around crypto has proven prescient.

Among the standout findings:

• Nation-states are adopting Bitcoin as a strategic reserve asset: Our prediction that another nation would adopt Bitcoin as a strategic reserve asset in 2025 has largely come to fruition. By launching its Strategic Bitcoin Reserve, the U.S. became the largest public Bitcoin holder with over 200,000 BTC. Countries like Bhutan and El Salvador continue to maintain sizable Bitcoin holdings, Japan and the Czech Republic are now actively exploring Bitcoin reserve strategies, and Pakistan recently announced the creation of its own Strategic Bitcoin Reserve.
• Crypto ETPs will drive further institutional adoption, and will reach $250 billion in AUM globally: Total AUM in global crypto ETPs has already reached $180 billion, and, if macro conditions improve, a 38% rise in valuations alone would push global AUM past our prediction of $250 billion. Another key sub-prediction has also come to pass – one Bitcoin ETF has officially entered the world’s top 25 ETFs by AUM.
  
• Solana will continue to eat Ethereum’s market share and will reach an all-time high in total value locked: Our prediction that Solana would cement its position as Ethereum’s top challenger has been decisively confirmed. Real economic value, a measure of actual blockchain usage via user-paid fees shows a shifting landscape. Solana has narrowed the gap with Ethereum from $73M vs. $142M in October 2024 to $30.5M vs. $39M in June 2025. Despite softer market activity, the reality is that Solana is gaining momentum and biting into Ethereum's market share.
• Many jurisdictions are reconsidering retail crypto bans: We predicted that 2025 would mark a turning point in global retail access to crypto, and that shift is now visibly underway. In the UK, regulators are moving to lift the retail ban on crypto ETNs, exactly as forecasted. Japan has proposed legalizing Bitcoin ETFs, while South Korea lifted its corporate crypto trading ban and is preparing to open the door to crypto ETFs. 
• Stablecoins lead crypto’s real-world adoption: Stablecoin AUM stands at an all-time high of $252 billion, with 35.7 million active addresses. Our prediction that nation-states, financial institutions, and Web2 companies would deepen their stablecoin adoption is playing out. In the US, stablecoin legislation through the GENIUS Act is gaining momentum. Internationally, Hong Kong has launched a stablecoin sandbox alongside a licensing regime, and Thailand is piloting a retail baht-backed stablecoin. In traditional finance, global banks are beginning to step in. 

“This report reflects just how much the industry has matured,” said Adrian Fritz, Head of Research at 21Shares. “We’re seeing Bitcoin redefined as a macro asset, Solana leading real-world adoption, and stablecoins transforming global finance – all while institutional and regulatory frameworks finally catch up.”

The State of Crypto is produced by 21Shares’ research team and is part of the firm’s broader commitment to investor education.

To read the full report, click here.

About 21Shares

21Shares is one of the world’s leading cryptocurrency exchange traded product providers and offers the largest suite of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialised research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.

21Shares is a member of 21.co, a global leader in decentralised finance. For more information, please visit www.21Shares.com

Contact: matteo.valli@21shares.com

DISCLAIMER

This report has been prepared and issued by 21Shares AG for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Crypto asset trading involves a high degree of risk. The crypto asset market is new to many and unproven and may have the potential to not grow as expected.

Currently, there is relatively small use of crypto assets in the retail and commercial marketplace in comparison to relatively large use by speculators, thus contributing to price volatility that could adversely affect an investment in crypto assets. In order to participate in the trading of crypto assets, you should be capable of evaluating the merits and risks of the investment and be able to bear the economic risk of losing your entire investment.

Nothing should be considered as an offer by 21Shares AG and/or its affiliates to sell or solicitation by 21Shares AG or its parent of any offer to buy bitcoin or other crypto assets or derivatives. This report is provided for information and research purposes only and should not be construed or presented as an offer or solicitation for any investment. The information provided does not constitute a prospectus or any offering and does not contain or constitute an offer to sell or solicit an offer to invest in any jurisdiction.

Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax, or other advice and users are cautioned against basing investment decisions or other decisions solely on the content hereof.

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