Crypto M&A: What Happens After the Ink Dries?

We’ve entered a new phase of digital transformation—one where traditional financial buyers and strategic acquirers are beginning to move into crypto-native territory.

Private equity firms are acquiring mining companies. Public companies are acquiring blockchain infrastructure startups. Tokenized SaaS platforms and DAO tooling providers are being absorbed by Web2 incumbents looking for a Web3 edge.

But while the headlines focus on valuation and deal size, the real complexity begins post-close.

And nowhere is that complexity more nuanced—or misunderstood—than in transitioning customer and procurement contracts from a crypto-native company into a traditional organization.

Let’s explore why crypto deals break the mold, and what to do differently when it’s time to execute after the deal.


The Basics Still Apply—but They’re Not Enough

In any acquisition, integration teams look at:

  • Assignment clauses
  • Change of control notifications
  • Contract renegotiation windows
  • Supplier risk and continuity
  • Customer relationship preservation

All of those still matter in crypto deals. But the substance beneath those contracts is often fundamentally different.

That’s because in crypto, contracts are often not just legal documents—they’re smart contracts, tokens, wallet interactions, and DAO approvals. (DAO=Decentralized Autonomous Organization).


Smart Contracts Are Not Legal Contracts

Smart contracts are pieces of code deployed on a blockchain. They execute business logic—like paying out tokens when a task is completed or automatically issuing rebates to customers.

But here’s the catch: You can’t assign or novate a smart contract the way you would a legal agreement.

  • The code is live and immutable.
  • It may be tied to a wallet the buyer doesn’t control.
  • It may require a new deployment or a governance vote from a DAO.

Translation for M&A teams: You’re not just transitioning documents—you’re transitioning systems of record and autonomous execution layers.


Procurement in Crypto Has Its Own Language

For example, in a mining company acquisition, key procurement contracts might include:

  • Long-term energy supply agreements
  • Hosting contracts for ASICs (Application-Specific Integrated Circuits)
  • Hardware purchase agreements from global suppliers
  • Maintenance or repair services priced in BTC or stablecoins

Some may have token-denominated pricing, which means volatility needs to be managed as part of post-deal financial planning.

Others may include wallet-linked payment rails where the payment history is visible on-chain—but the vendor’s contact info is nowhere to be found.


Customer Contracts May Include Tokenomics

Customer contracts at crypto-native companies are sometimes hybrid:

  • A terms of service agreement stored off-chain
  • Paired with incentive or rebate systems governed by smart contracts
  • Paid out in tokens, not dollars

Transferring these relationships may involve:

  • Auditing token reward obligations
  • Migrating wallet-linked accounts
  • Creating new smart contracts with updated control logic
  • Updating “contract ownership” with DAOs or protocol communities

Ask yourself: Who signs off? The legal team, or a DAO governance vote?


Wallets Are the New Data Rooms

Control of crypto assets, including token treasuries and contract-linked wallets, adds another layer of post-close diligence:

  • Who holds the private keys?
  • Are there multisig access controls?
  • How will the acquirer take custody?
  • Is there a plan for wallet migration or smart contract redeployment?

Failure to plan for this during the transition can delay revenue, break service obligations, or worse—expose assets to theft or error.


What to Do: The Transition Playbook

At In2edge, we’ve developed a Crypto Contract Transition Playbook that includes:

  1. Digital Asset Mapping – Identify all wallet addresses, smart contracts, and token obligations.
  2. Contract Segmentation – Classify legal vs. on-chain vs. hybrid agreements.
  3. Assignment & Consent Planning – Trigger change of control clauses and engage counterparties early.
  4. Wallet Access Transfer – Secure keys, multisig setups, and update smart contracts where needed.
  5. Customer/Vendor Communication – Clarify new terms, payment methods, and continuity expectations.
  6. Post-Migration Audits – Reconcile on-chain activity with off-chain documentation and compliance requirements.

Crypto-native firms rarely have a clean handoff process. That’s where execution expertise matters.


Looking Ahead: Why This Matters

If your firm is entering the world of crypto deals, the reality is this:

  • What you bought is only partly captured in the legal docs.
  • The rest lives on-chain, in code, wallets, and communities.
  • And transitioning that requires a blend of legal, technical, and operational execution that most integration teams haven’t encountered—yet.

The firms that succeed post-close will be the ones who understand the new terrain—and respect the new rules.

At In2edge, we’re here to help you navigate both.


Lisa Scott is CEO of In2edge and host of M&A+ The Art After the Deal, where we explore the realities of integration, execution, and value creation beyond the close.

Decision-Ready Boards, Growth Mindset, and the Fog of Change – with Tom Doorley

When a merger or acquisition closes, the press releases go out, the champagne corks pop, and headlines highlight the deal’s potential. But as anyone in the business knows, the real work begins after the deal is done—in what Tom Doorley calls “Day Two.” That’s when integration, alignment, and value realization either come to life—or fall apart.

In my recent episode of M&A+ The Art After the Deal, I had the opportunity to speak with Tom Doorley, a veteran strategist and founder of Sage Partners. With a track record that spans startups, boardrooms, and a merger into Deloitte’s global strategy practice, Tom brings clarity to the often messy business of what it actually takes to make a deal work.

Here are the three most compelling and actionable lessons he shared for anyone operating in the post-deal landscape:


1. Make Your Board “Decision-Ready” – and Actually Use Them

One of Tom’s most powerful frameworks is the concept of a decision-ready board—a board of directors that is informed, engaged, and capable of contributing meaningfully to strategic direction, especially in the wake of a major transaction.

“Boards are expensive. If you’re not getting a return on that investment—beyond compliance—you’re doing it wrong.”

Tom challenges the traditional view of boards as periodic reviewers of quarterly results or governance watchdogs. Instead, he positions them as strategic assets that can offer foresight, pattern recognition, and post-deal calibration—if they’re given the tools and context to be effective.

What makes a board decision-ready?

  • They understand the deal rationale and strategic goals behind the transaction.
  • They receive real-time updates, not just retrospective reports.
  • They participate in post-deal evaluations—not to assign blame, but to learn and improve before the next transaction.

Professionals involved in post-deal strategy should consider: Are we leveraging our board’s insights early enough? Are they equipped to challenge us constructively and help us course-correct quickly?


2. Not All Growth Is Created Equal: Focus on Value-Creating Growth

We’ve all heard companies celebrate expansion, market share, or “growth at all costs.” But Tom makes a clear—and crucial—distinction: Growth isn’t valuable unless it’s aligned with your strategic core and creates durable enterprise value.

He shares a vivid contrast between two real-world cases:

  • Success story: Kimberly-Clark, through innovation and timely investment in new diaper technology, leapfrogged Procter & Gamble to dominate the premium category with its Huggies brand. This not only captured market share, but elevated the brand’s pricing power across adjacent product lines like Kleenex.
  • Misstep: Later, Kimberly-Clark acquired Scott Paper, a value-brand business that lacked the brand equity and innovation culture of its acquirer. The mismatch in market positioning and internal culture resulted in years of underperformance—an example of growth that diluted, rather than amplified, value.

“It’s not enough for an acquisition to be in the same category. If it doesn’t fit the way you create value, it will pull you off course.”

This lesson is especially relevant for private equity firms, corporate development teams, and operators who often assume category adjacency equals strategic fit. It doesn’t. Alignment across brand promise, innovation capabilities, and customer expectations is non-negotiable.


3. Plan for Day Two—Not Just Day One

Perhaps the most important insight from Tom’s experience is this: Too many companies obsess over the close and under-invest in what comes next. The celebration of Day One is often followed by the chaos of Day Two, when integration begins, questions mount, and execution lags.

“We put just as many resources on post-deal execution as on due diligence. Almost no one does that—but it makes all the difference.”

Tom shared that during his time at Deloitte, his team adopted a practice of starting post-merger integration planning before an LOI was even signed. That meant building early alignment on leadership roles, reporting structures, branding decisions, and operational priorities before any paperwork was finalized.

The impact? Fewer surprises, faster integration, and greater trust across both sides of the table.

He also highlights a critical operational challenge that’s often overlooked: contracts and vendor transition. In the fog of change, systems must still pay suppliers, legal obligations must be met, and customers must experience continuity. Teams that treat these “weeds” as afterthoughts often find themselves stuck in fire drills for months—eroding trust and burning value.

The professionals who succeed, Tom suggests, build repeatable integration playbooks that balance strategic vision with tactical precision.


Closing Thought: Value Is Forged in the Execution

Tom’s insights are a masterclass in post-deal leadership. From activating boards to avoiding vanity growth, and from strategic clarity to operational readiness, his message is clear:

Real value isn’t created at the negotiation table—it’s forged in the follow-through.

Whether you’re a dealmaker, operator, advisor, or board member, these principles will help you turn smart transactions into sustained success.


🔗 Want more? Listen to the full episode of M&A+ The Art After the Deal with Tom Doorley here. Visit www.In2Edge.com for more insights and post-M&A resources.

Lisa Scott Founder & CEO, In2Edge, Host of M&A+ The Art After the Deal and Author of M&A+: Fostering Trust, Removing Risk & Adding Value During the M&A Process.


🔍 About In2Edge

At In2Edge, we specialize in the art of execution after the deal. From contract transitions and procurement integration to legal operations and organizational readiness, we help private equity firms and corporate acquirers unlock real value post-transaction. Our experienced team works in the trenches—side by side with your internal teams—to make sure nothing falls through the cracks.

In2Edge: Hands-on. Execution-driven. Value-focused. Learn more at www.In2Edge.com or reach out to explore how we can support your next deal.

Why Bitcoin Buys You More Over Time: Understanding Bitcoin’s Deflationary Power

Imagine a modest home in your neighborhood—a three-bedroom, two-bath ranch with a tidy lawn. In 1990, it cost $100,000. In 2025, it costs $500,000. If you’re paying in dollars, the price just keeps rising. But if you’re paying in Bitcoin, something strange—and powerful—starts to happen: the same house costs less Bitcoin over time.

This is the essence of deflationary money—and it’s one of Bitcoin’s most important, yet least understood, features.

What Does “Deflationary” Mean?

In economics, deflation means an increase in the value of money over time, resulting in lower prices for goods and services.

The U.S. dollar is inflationary—it loses purchasing power over time as more dollars are printed and injected into the economy.

Bitcoin is deflationary by design—it has a fixed supply, and that supply is released on a predictable, declining schedule through events called halvings.

This creates a fundamentally different economic dynamic than what we’re used to with fiat currencies.

Inflation vs Deflation: A Tale of Two Currencies

Let’s revisit that house:

Using U.S. Dollars:

Article content

Using Bitcoin (BTC):

Article content

What’s happening here?

As Bitcoin becomes scarcer and more widely adopted, its value relative to the dollar increases. As a result, it takes fewer and fewer BTC to buy the same thing—a home, a car, even a share of stock.

Why Is Bitcoin Deflationary?

1. Hard Cap of 21 Million BTC

There will never be more than 21 million Bitcoins. No central bank, government, or company can create more. This is the opposite of the dollar, which has been aggressively expanded since 1971 (when it was removed from the gold standard).

2. Halving Events

Roughly every 4 years, the amount of new Bitcoin entering circulation is cut in half. This is built into the protocol and ensures that supply growth slows over time, until it reaches zero.

  • In 2009, 50 BTC were created every 10 minutes.
  • In 2024, it’s 3.125 BTC.
  • By 2140, new supply stops altogether.

How Does This Help You?

With dollars, you lose value every year to inflation (officially 2–9%, but often more in real life). Your savings buy less, not more.

With Bitcoin:

  • You’re holding an asset that grows in purchasing power.
  • Bitcoin becomes harder to obtain over time, not easier.
  • You are rewarded for saving, not punished.

This aligns with how money used to work—gold-based currencies encouraged thrift and capital preservation. Bitcoin revives that principle, but in a digital, borderless form.

Coinbase’s House Ad: The Visual Metaphor

Coinbase recently aired an ad showing a house being purchased over time:

  • In dollars, the cost increases dramatically—every decade, you need more bills to buy the same home.
  • In Bitcoin, the amount needed shrinks over time.

It’s a simple, but profound message:

  • Bitcoin flips the script.
  • Instead of the world getting more expensive, your money gets more powerful.

What Are the Risks?

Bitcoin isn’t magic. Its deflationary nature is dependent on adoption, technology, and network security. Here are a few caveats:

  • Price volatility: Bitcoin can be volatile in the short term, even as it’s deflationary long-term.
  • Regulatory uncertainty: Government action can impact access and use.
  • Security responsibility: You must protect your Bitcoin keys—there’s no central authority to call if you lose them.

But over 15 years, Bitcoin has never been hacked, has weathered legal and market storms, and continues to grow in adoption and utility.

The Bottom Line: Bitcoin Buys More, Not Less

In a world where:

  • Eggs cost more each year,
  • Rent never goes down,
  • And your dollar shrinks in value…

Bitcoin offers an alternative—a form of money that rewards the patient, the disciplined, and the informed.

It may not be mainstream yet, but neither was the internet in 1995. And if this new financial system succeeds, one day you’ll tell the story of how your money started buying more, not less—just like Bitcoin told it would.

Stablecoins: The Bridge Between Crypto Volatility and Real-World Utility

In the volatile world of cryptocurrencies, stablecoins have emerged as a vital pillar—offering price stability, liquidity, and a practical on-ramp for both institutional and retail adoption. Designed to maintain a consistent value, typically pegged to a fiat currency like the U.S. dollar, stablecoins provide the functionality of crypto with the predictability of traditional finance. Among the leaders in this space are Tether (USDT) and Circle’s USD Coin (USDC), which collectively account for hundreds of billions in transaction volume annually.

Why Stablecoins Matter

Cryptocurrencies like Bitcoin and Ethereum are known for their price swings—making them challenging to use for everyday transactions or short-term financial planning. Stablecoins solve this by offering:

  • Price Stability: Pegged to fiat currencies, they minimize volatility.
  • Liquidity: Used widely across decentralized exchanges, lending platforms, and remittances.
  • Programmability: As tokens on blockchains, they’re easy to integrate into smart contracts and financial applications.
  • 24/7 Global Transferability: Unlike banks, stablecoins operate on blockchain rails—fast and borderless.

Tether and Circle: A Tale of Two Models

Tether (USDT)

Launched in 2014, Tether remains the most widely used stablecoin, dominating trading volume and liquidity on centralized exchanges. It is issued by Tether Limited and has faced scrutiny over its reserve transparency and the quality of its backing assets.

Despite controversies, USDT’s widespread integration across global exchanges, especially in Asia, has made it a staple for traders seeking to hedge or move value quickly.

USD Coin (USDC)

Developed by Circle in partnership with Coinbase, USDC prioritizes transparency and regulatory alignment. It is fully backed by cash and short-term U.S. Treasury bonds, and Circle undergoes regular third-party attestations of its reserves.

USDC has become the preferred choice for U.S.-based businesses and fintechs integrating crypto payments, offering a compliant path to embrace blockchain infrastructure.

The Rise of Bitcoin-Backed Stablecoins

While most stablecoins are fiat-collateralized, a new class is emerging: Bitcoin-backed stablecoins. These are pegged to the dollar but collateralized using Bitcoin (BTC), the most decentralized and secure crypto asset.

Examples include:

  • BitUSD (an early concept)
  • Money-on-Chain (DoC) on RSK
  • Taro assets on the Lightning Network (under development)
  • Ideas around tokenized BTC in multi-sig vaults or federated sidechains

The significance of BTC-backed stablecoins lies in their alignment with Bitcoin’s ethos:

  • They remove dependence on fiat institutions and treasuries.
  • They create a circular economy within the Bitcoin network.
  • They leverage Bitcoin’s security and decentralization while delivering dollar-denominated stability.

As Bitcoin matures into a base layer for global settlement and long-term savings, BTC-backed stablecoins may become the medium of exchange layer that powers everyday use, particularly in regions with broken banking systems or volatile local currencies.

The Future of Stablecoins

The stablecoin space is rapidly evolving:

  • Regulation is coming: Governments are actively drafting rules to govern issuance, reserve management, and usage. Circle has embraced this trend, while Tether is cautiously adapting.
  • Non-USD stablecoins will rise: As demand grows in other regions, we’ll see more euro-, yen-, and real-pegged options.
  • Interoperability and composability will expand: With multi-chain ecosystems and Layer 2 solutions, stablecoins will become even more seamless to use across apps and networks.

Bitcoin-native solutions could challenge the current fiat-collateralized dominance—especially if Lightning Network and Layer 2 protocols make BTC-backed stablecoins practical and scalable.

Conclusion

Stablecoins are more than a temporary fix—they’re a foundational element of the crypto financial system. Whether issued by centralized giants like Tether and Circle, or emerging from decentralized, Bitcoin-native protocols, stablecoins will play a key role in bridging the old and new financial worlds. Their next evolution will shape how value moves across borders, protocols, and generations.

As Bitcoin becomes the reserve asset of the digital age, the development of Bitcoin-backed stablecoins may ultimately offer the most resilient form of programmable money: open, neutral, and unstoppable.

Riding the Bitcoin Wave: Reflections from the Bitcoin Conference 2025 in Las Vegas

The 2025 Bitcoin Conference was held at the iconic Venetian in Las Vegas and brought together over 35,000 attendees from around the world — a record-breaking turnout for the event. The atmosphere was a cross between a high-stakes innovation summit and a grassroots financial revolution. Crowds filled massive expo halls, panel stages buzzed with ideas, and the energy was undeniable: Bitcoin isn’t just alive — it’s accelerating. As an attendee, I felt the thrill of witnessing an industry not just finding its footing, but preparing to scale.

A Conference of Highlights and Insights

One highlight was Michael Saylor’s rousing keynote, “21 Ways to Wealth.” Saylor – known for championing Bitcoin – delivered a rapid-fire list of principles for building wealth through Bitcoin.

  • He began with “clarity,” arguing that Bitcoin represents “perfected… incorruptible capital” rather than just a speculative asset.
  • He preached conviction, predicting Bitcoin will appreciate faster than any other asset and become “the most efficient store of value in human history”.
  • Notably, even amidst the high-energy evangelism, Saylor emphasized fundamentals like legal structure and compliance. He reminded entrepreneurs that a “well-structured corporation is the most powerful wealth engine on Earth” and urged builders to “learn the rules of the road” so they can “scale legally and sustainably”.

Hearing this mix of visionary zeal and operational pragmatism resonated with me as both a Bitcoin believer and a business operator. Beyond the big speeches and crowd enthusiasm, I paid close attention to the current ecosystem gaps that could hinder Bitcoin’s broader adoption.

A recurring theme was the challenge of physical security for Bitcoin holdings. Unlike traditional assets, securing crypto requires managing private keys and seed phrases – those 12- or 24-word recovery codes that users must guard with their life. The conference underscored what many in the community admit: today’s self-custody tools are not user-friendly. The average person is one slip-up away from disaster, whether through lost hardware wallets or stolen seed phrases. In fact, even industry experts note that being confronted with a seed phrase on day one is “very difficult” for new users, and the landscape of self-custody remains “perilous” for anyone who isn’t extremely tech-savvy. There’s a palpable need for better solutions in cold storage, key management, and wallet recovery to make holding Bitcoin safer and simpler.

Gaps in the Bitcoin Business Ecosystem

From my operational perspective, the Bitcoin 2025 conference also highlighted several business infrastructure gaps that present both challenges and opportunities:

Security & Custody: As mentioned, securing digital assets is still cumbersome. Many businesses rely on ad-hoc methods for cold wallets and safekeeping of seed phrases. Solutions for institutional-grade custody (that don’t sacrifice self-sovereignty) are in demand, but the market has yet to fully mature.

Legal Structures & Compliance: Crypto startups often lack robust legal frameworks. Uncertainty in regulation leaves questions around how to structure entities, handle taxes, or comply with financial rules. This gap was evident – for example, general counsels in some regions report that specialist crypto knowledge is “absent at many of the… full-service firms” they’d typically turn to. The result is that many crypto ventures are winging it on legal and compliance matters. The need for solid guidance here is huge, especially as governments clarify rules. (Even Saylor’s formula included compliance as a key to success, underlining that playing within clear legal guardrails is essential.)

Procurement & Operational Workflows: The Bitcoin industry has grown up outside many traditional corporate processes. I noticed gaps in areas like procurement – for instance, how companies source mining equipment, software, or professional services. Many teams are startups used to bootstrapping, and they may not yet employ formal procurement strategies or vendor-management best practices. As Bitcoin companies scale, they’ll need more structured workflows for sourcing and negotiating with suppliers, ensuring cost efficiency and reliability. Streamlining these operational processes is an opportunity for improvement.

M&A and Transition Processes: The crypto sector is still fragmented, but consolidation is on the horizon. In fact, crypto mergers and acquisitions are already accelerating – 62 crypto M&A deals took place in Q1 2025, up from 33 just two quarters prior. This trend signals that many startups will face mergers, acquisitions, or other major transitions in the coming years. Yet, few crypto-native companies have experience with post-merger integration or the playbooks that more mature industries use to merge operations smoothly. Everything from due diligence and contract novation to blending corporate cultures is new territory. I see a gap in M&A transition planning – there’s a lack of frameworks for how a crypto company folds into a larger entity (or vice versa) without losing its momentum or violating regulatory requirements. With consolidation likely to continue, developing repeatable processes for M&A execution and integration will be critical.  (See Appendix 1 below for more details about 2025 M&A activity).

All of these gaps represent growing pains of an industry moving from its wild west phase into a more structured, institutional phase. Being at the conference felt like confirmation that Bitcoin’s ecosystem, while incredibly innovative, is still maturing in terms of the boring but necessary operational fundamentals.

Where Are the Traditional Service Firms?

One striking observation in Vegas was who was not in the room. Scanning the expo floor and speaker list, it became clear that the usual players in corporate consulting and legal advisement – the big law firms, the Big Four consulting and accounting firms, procurement specialists, and M&A integration consultants – were largely absent. In other tech sectors, these professionals swarm to offer their services, but in the Bitcoin/crypto space, they haven’t yet shown up in force.

Why the gap? It seems many traditional firms are still sitting on the sidelines, perhaps waiting for the industry to further mature or for clearer regulations before they invest heavily. As one compliance expert noted, among traditional finance (TradFi) compliance officers, engagement with crypto has been “limited, possibly because it’s such a new and complex frontier.” Many banks and funds are watching and waiting, expecting crypto to become more mainstream before they dive in. The same likely goes for large legal and consulting firms – they acknowledge the opportunity but have not fully committed resources to it yet.

For Bitcoin companies, this means a lot of needs are currently unmet. Growing startups can’t easily find a “Deloitte of crypto” or a seasoned legal operations team that knows the nuances of digital assets. Major opportunities exist for these service providers: advising on regulatory compliance programs, setting up procurement and supply-chain systems for hardware (like mining rigs), creating playbooks for post-merger integration of blockchain companies, and ensuring that when big money (e.g. private equity) comes into the space, there are experts to guide execution.

As someone with a foot in both the crypto world and the corporate M&A world, I see this as a huge opening. The first traditional professional service firms to deeply engage with crypto will add tremendous value – and will likely reap rewards as the ecosystem grows up. In short, the cavalry of experienced operators is coming, but isn’t fully here yet.

Bridging the Gap with In2Edge

This is where I believe In2Edge – my firm – has a pivotal role to play. In2Edge is built specifically to help companies navigate complex transitions at the intersection of traditional business and emerging technology like crypto. Our team has spent years developing an operational framework to guide organizations through M&A, integration, and process improvement, and those tools are perfectly suited for the challenges crypto companies face as they mature.

At In2Edge, we take an end-to-end approach to transition support, from pre-deal planning through post-merger integration. For example, we use a proven OASIS methodology (Organize, Analyze, Standardize, Institutionalize, Synergize) to streamline contract management during M&A – ensuring that when one company acquires another, every contract and obligation is captured and transitioned smoothly. We bring cross-functional expertise – our team includes project managers, attorneys, procurement specialists, and compliance officers – to provide holistic solutions. This means we can tackle legal entity structuring, establish robust compliance programs, and set up efficient procurement workflows all under one roof.

Our goal is to help clients maximize value and minimize risk during periods of change. Whether it’s a crypto startup preparing to be acquired by a larger firm, a Web3 project formalizing its supplier contracts, or a private equity operator looking to consolidate several blockchain companies, In2Edge offers the playbook and bench strength to execute these transitions effectively.

Summary

Attending Bitcoin 2025 reinforced my excitement about where this industry is headed – and also the work that still lies ahead to build the “boring” infrastructure that every thriving industry needs. The enthusiasm in Vegas was contagious; you could feel that Bitcoin’s story is still in its early chapters. But as the industry writes its next chapters, it will require blending visionary zeal with operational excellence. By addressing the gaps in security, legal structure, procurement, and M&A integration – and by inviting more traditional experts to the table – we can help Bitcoin businesses scale responsibly and sustainably. For companies and investors navigating this space, having a partner who understands both Bitcoin’s promise and the practicalities of corporate transitions can make all the difference. We’re excited to support those pioneering the future of crypto, ensuring that as the industry grows from its passionate beginnings into a stable, mature ecosystem, none of that hard-earned momentum is lost in transition. Lisa J. Scott – CEO & Founder, In2Edge.

Appendix 1 – M&A Deals

In Q1 2025, the cryptocurrency sector experienced a surge in mergers and acquisitions (M&A), with reports indicating between 61 and 85 deals completed during the quarter. While a comprehensive list of all transactions isn’t publicly available, several high-profile deals have been reported:

Kraken Acquires NinjaTrader for $1.5 Billion

Kraken, a leading cryptocurrency exchange, acquired NinjaTrader, a retail trading platform, for $1.5 billion. This acquisition was notable for the use of AI in streamlining the due diligence process.

Coinbase Acquires Deribit for $2.9 Billion

Coinbase announced its acquisition of Deribit, a Dubai-based cryptocurrency derivatives exchange, for $2.9 billion. This move aims to expand Coinbase’s presence in the crypto derivatives market.

Ripple Acquires Hidden Road for $1.25 Billion

Ripple, known for its digital payment protocol, acquired Hidden Road, a multi-asset prime broker, for $1.25 billion. This acquisition is expected to enhance Ripple’s institutional offerings.

Twenty One Capital’s $3.6 Billion SPAC Merger

Twenty One Capital, a Bitcoin-focused company backed by Tether, Bitfinex, and SoftBank, announced plans to go public through a $3.6 billion SPAC merger. This strategy mirrors MicroStrategy’s approach of holding significant Bitcoin reserves.

These deals highlight the growing institutional interest and consolidation within the crypto industry. For a more detailed overview of Q1 2025 crypto M&A activity, the Architect Partners’ Q1 2025 Crypto M&A and Financing Report provides comprehensive insights.

Appendix 2 – Primary Sources and Reports

Bitcoin Conference 2025 Attendance & Location: Public event data and media coverage confirmed 35,000+ attendees at the Venetian, Las Vegas.

Michael Saylor’s Keynote – “21 Ways to Wealth”: Summarized from livestream and transcript excerpts shared across Bitcoin Magazine and social media during the event.

Crypto M&A Activity – Architect Partners Q1 2025 Crypto M&A and Financing Report

https://architectpartners.com/wp-content/uploads/2025/04/Q1-2025-Crypto-MA-and-Financing-Report.pdf

Kraken Acquires NinjaTrader for $1.5B – Business Insider

https://www.businessinsider.com

Coinbase Acquires Deribit for $2.9B – Investor’s Business Daily

https://www.investors.com

Ripple Acquires Hidden Road for $1.25B – Reuters

https://www.reuters.com

Twenty One Capital SPAC Merger ($3.6B): Wall Street Journal coverage on crypto IPO trends

https://www.wsj.com

Analysis & Background Insights

FASB Accounting Update (2025 Fair Value for Crypto): Financial Accounting Standards Board announcements

https://fasb.org

OFAC & FinCEN Compliance Expectations for Crypto Businesses: U.S. Treasury guidelines and past enforcement actions

https://home.treasury.gov

General Market Commentary on Seed Phrase Security: Reports from Swan Bitcoin, Unchained Capital, Casa, and Ledger on usability and custody challenges.

Lisa Scott’s Operationalization Framework

Internal research and strategy materials from In2Edge: OASIS Cycle and Transition Playbooks

Is Crypto Really More Volatile Than Stocks? Or Just Faster?

If you’ve ever heard someone dismiss crypto as “too volatile,” they’re not alone.

To many professionals who are used to the rhythms of traditional finance, the price swings in crypto markets can feel extreme. But here’s the thing: volatility exists in all markets—and what makes crypto feel different is its speed, structure, and accessibility, not its fundamental behavior.

Let’s explore how crypto compares to stocks like Apple and Amazon, and the S&P 500—and why crypto may just be a faster version of what already happens in traditional investing.

Volatility Is Normal—Across All Markets

Volatility simply means how much an asset’s price moves over time.

More movement = more volatility. That’s it.

But investors forget that stock market volatility has always existed – here are some examples:

  • Apple (AAPL): Lost ~60% of its value during the 2008 crash
  • Amazon (AMZN): Dropped 90% after the 2000 dot-com bubble
  • S&P 500 Index: Lost 50%+ during both the 2000 and 2008 crashes
  • Bitcoin (BTC): Dropped ~80% in 2018, then gained 1,000% by 2021

Crypto’s movements are compressed into shorter time frames, while stock market volatility is spread over longer economic cycles.

Crypto Trades 24/7. Stocks Don’t.

One reason crypto feels more volatile?

Crypto markets never sleep: 24/7, 365 days a year

Stock markets are open Monday–Friday, 9:30 am–4:00 pm (ET)

That means a weekend drop in crypto looks dramatic—whereas stock drops are often slowed by time, halted trading, or circuit breakers.

Example:

A 10% drop in Bitcoin over a weekend can feel chaotic.

But the S&P 500 dropped 34% in just over 30 trading days in March 2020. That’s not low volatility—it’s just stretched over fewer hours.

Crypto and Stocks Move for the Same Reasons

Both markets respond to:

  • Interest rates
  • Inflation
  • Macroeconomic trends
  • Geopolitical instability
  • Speculation and investor sentiment
  • Technological adoption curves

The difference? Crypto reacts faster, without institutional buffers or government intervention.

That’s not immaturity—it’s just the nature of open, global, programmable markets.

Article content

Crypto Cycles = Tech Cycles on Fast-Forward

Think of Bitcoin and Ethereum like early Apple or Amazon:

  • New technology
  • Misunderstood by mainstream audiences
  • Speculative in early years
  • Experienced massive growth, crashes, and eventual adoption

Just as Amazon took 10+ years to reach profitability, crypto is still early in its evolution. But that doesn’t make it more dangerous—just faster and more open.

So… Is Crypto Volatile?

Yes—but so is any market with innovation and upside potential.

The real question is:

Are you willing to understand volatility—or just avoid it?

Because if you can understand the cycles, the signals, and the strategy, crypto may be a valuable tool in a modern portfolio—just like tech stocks were once viewed as risky and now drive global markets.

Final Thoughts: Crypto Isn’t Crazy. It’s Just Early.

Volatility isn’t new. What’s new is the speed at which digital assets move, trade, and evolve.

Crypto markets are faster, yes—but they’re also:

  • Transparent
  • Programmable
  • Global
  • Liquid
  • Uninterrupted by institutions

And that makes them a window into the future of financial systems—not a red flag to fear, but a signal to learn more.

Bitcoin Is the Foundation—But Is There Room for More?

Bitcoin was the first.

The spark that lit the flame of decentralized finance.

The digital asset that challenged everything we thought we knew about money.

Today, thousands of cryptocurrencies exist. Many claim to improve on Bitcoin or serve entirely different purposes. Yet among early adopters and purists, a belief persists:

“There is only Bitcoin.”

These are the Bitcoin maximalists—those who argue that all other cryptocurrencies are unnecessary at best, and scams at worst.

But are they right?

Is Bitcoin truly the only legitimate blockchain-based asset?

Or do other cryptos, especially utility tokens, have a meaningful role in a broader financial revolution?

Let’s explore the debate.

Why Bitcoin Is the Foundation

Bitcoin was launched in 2009 with a clear mission:

  • Create digital cash that requires no trusted third party
  • Use proof-of-work and a fixed supply to ensure scarcity and security
  • Build a public, permissionless ledger that anyone can verify

It solved the “double spend” problem and introduced a new kind of decentralized consensus.

Today, Bitcoin is:

  • The most recognized and adopted cryptocurrency
  • The most secure blockchain by hashrate
  • A store of value for individuals and institutions
  • Often referred to as “digital gold”
  • It’s slow by design. Simple on purpose. Resistant to change—because stability is its greatest strength.

Why Bitcoin Maximalists Don’t Trust Other Cryptos

Bitcoin maximalists believe that:

  • Most other cryptocurrencies violate the principles of decentralization
  • Many projects are corporate-controlled, pre-mined, or inflationary
  • Other chains are often less secure, more centralized, or not battle-tested
  • Altcoins (especially those with founders or marketing teams) resemble startups, not protocols

They also argue that many crypto projects:

  • Reintroduce trust where Bitcoin eliminated it
  • Overpromise utility and under-deliver real-world adoption
  • Encourage short-term speculation, not long-term value

In their view, Bitcoin is not just superior—it is sufficient.

But Is There Room for Other Crypto?

Yes—and here’s the argument:

1. Bitcoin is Value. Other Cryptos Are Infrastructure.

  • Bitcoin is the store of value and foundation of digital scarcity
  • But Ethereum and others allow programmable money—smart contracts, DAOs, DeFi
  • Utility tokens power decentralized apps, storage, identity, and data exchange

Bitcoin can’t (by design) do everything. It’s not built for speed, smart contracts, or customizable tokens. It’s the base layer—not the application layer.

2. Many Tokens Serve Real, Distinct Purposes

ETH (Ethereum): Powers smart contracts, gas for dApps

LINK (Chainlink): Brings real-world data to blockchains

XRP: Enables cross-border payments & liquidity

MATIC (Polygon): Scales Ethereum with faster, cheaper transactions

FIL (Filecoin): Decentralized storage marketplace

USDC/DAI: Stablecoins for global payments and DeFi

These aren’t trying to be Bitcoin. They’re serving functional, niche roles in a new kind of economy.

3. Different Layers, One Ecosystem

Think of crypto like the internet:

  • Bitcoin = TCP/IP — the base protocol, secure and foundational
  • Ethereum and others = HTTP, APIs, apps — interactive, flexible, evolving
  • Stablecoins = familiar user interfaces — the bridge between new and old systems

They’re not in conflict—they’re layers in a stack.

Each layer brings something necessary to a decentralized future.

But Caution Is Warranted

Bitcoin maximalists aren’t wrong to be cautious.

Many altcoins:

  • Have poor security
  • Are backed by hype, not function
  • Lack decentralization
  • Inflate supply or change rules arbitrarily
  • Disappear as quickly as they launch

Caution is healthy. Blind loyalty isn’t.

Final Thought: Bitcoin Is the Foundation. But Foundations Support Structures.

Bitcoin is the root of trust in crypto.

It’s the anchor. The hardest, most secure form of value we’ve seen in digital form.

But the new financial system we’re building may require more than just sound money.

It may also need:

  • Smart contracts
  • Decentralized identity
  • Stable assets
  • Tokenized ownership
  • Scalable, flexible platforms

We shouldn’t blindly trust every new token—but we also shouldn’t ignore innovation built on top of the foundation that Bitcoin laid.

Bitcoin started the revolution.

The rest of crypto may carry it forward.

The Future Is Tokenized: What It Means When Every Asset Becomes Digital

In 2023, BlackRock CEO Larry Fink made a bold prediction:

“The next generation for markets… will be the tokenization of securities.”

What does that mean? And why would the head of the world’s largest asset manager say it so publicly?

At a high level, tokenization is about transforming how the world stores, trades, and trusts ownership. It could unlock efficiency, transparency, and access in ways that simply aren’t possible today.

Let’s break it down.

What Is Tokenization?

Tokenization is the process of turning real-world assets into digital tokens on a blockchain.

These tokens represent ownership of:

  • Stocks
  • Bonds
  • Real estate
  • Art
  • Intellectual property
  • Even carbon credits or wine

Each token can be:

  • Fractionalized (own a portion of something, like 0.01 of a building)
  • Transferred instantly, peer-to-peer
  • Recorded permanently on a transparent ledger
  • Enforced via smart contracts (code that automates rules and actions)

Why Tokenize Everything?

Because the current system is:

  • Slow (stock trades take days to settle)
  • Opaque (who owns what is hard to verify)
  • Exclusive (many assets are inaccessible to everyday people)
  • Ripe for manipulation (middlemen and paperwork leave room for corruption)

Tokenization could:

  • Eliminate hidden fees and intermediaries
  • Allow 24/7 trading of any asset, globally
  • Create clear, traceable ownership history
  • Automate compliance and legal enforcement via code
  • Make investing more inclusive (fractional ownership of any asset)

What Larry Fink Means by “End of Corruption”

Larry Fink’s statement about tokenization ending corruption comes down to transparency.

In a tokenized market:

  • Every transaction is recorded and verifiable
  • Insider deals, double selling, or phantom shares become impossible
  • Audit trails are automatic, not buried in PDFs and spreadsheets
  • Rules can be coded directly into how tokens behave

This kind of trust-by-design removes the need to trust institutions at all—it replaces gatekeeping with automated accountability.

Examples of Tokenization in Action

  • Stocks: Digitally issued shares on blockchain (like tZERO, Franklin Templeton funds)
  • Real Estate: Tokenized ownership of buildings, allowing fractional investing
  • Art: NFT-based provenance for fine art and collectibles
  • Treasuries: On-chain versions of U.S. Treasury bonds (being tested by banks and fintechs)
  • Commodities: Gold, oil, and even cattle tokenized for direct ownership and trading
  • Private Equity: LP shares in funds tokenized for liquidity and trading access

What Does This Mean for Businesses and Investors?

It means a future where:

  • Raising capital is faster, cheaper, and global
  • Equity, debt, and royalties can be managed by code
  • Smart contracts can handle distribution of dividends, interest, or revenue
  • Asset managers, suppliers, and CFOs can track ownership in real time
  • Trust shifts from institutions to infrastructure
  • And perhaps most important: anyone with a phone can access markets traditionally limited to the elite.

What’s Holding Tokenization Back?

Regulatory clarity — Governments are still catching up with how to classify and regulate tokenized securities

Infrastructure maturity — Tools, wallets, identity, and on/off-ramps still need to evolve

Institutional buy-in — BlackRock’s voice helps, but full transformation requires system-wide participation

Public understanding — Education is critical for trust and adoption

Final Thoughts: The Road Ahead

Larry Fink sees tokenization not as a niche crypto experiment—but as the next evolution of global finance.

We’re not just digitizing money. We’re digitizing ownership itself. And once value can move like information does today, the entire system becomes faster, more honest, and more open.

Tokenization isn’t about replacing banks or governments—it’s about replacing inefficiency with transparency.

And in that shift, there’s not just innovation.

There’s opportunity for everyone.

What Is a Bitcoin Node—and Why Should You Care?

In the world of Bitcoin, you’ll often hear phrases like:

“Run your own node.”

“Don’t trust—verify.”

But what exactly is a node?

Do you need one? And what does it actually do?

Let’s break it down in simple terms.

What Is a Bitcoin Node?

A node is a computer that runs Bitcoin software and connects to the Bitcoin network. It’s a bit like a server in a decentralized internet—but instead of hosting websites, it verifies truth.

At its core, a node does three powerful things:

  • Validates every transaction and block against Bitcoin’s rules
  • Keeps a copy of the full blockchain—Bitcoin’s global transaction history
  • Connects with other nodes to share and receive real-time data

There are no bosses in Bitcoin. Instead, it’s a network of tens of thousands of nodes around the world, all agreeing on what’s real by running the same open-source code.

What Is a Full Node vs. a Lightweight Node?

A full node downloads and checks the entire blockchain (over 500 GB and growing). It enforces every rule and doesn’t trust any third party.

A lightweight node (used by many mobile wallets) trusts full nodes for some information and doesn’t verify everything itself.

When Bitcoin advocates say “run your own node,” they’re usually referring to full nodes—the gold standard of Bitcoin security.

Why Do People Run a Node?

1. To Verify Everything Themselves

With your own node:

  • You don’t have to trust a wallet app or exchange to tell you how much Bitcoin you have.
  • You know for sure if a transaction is valid or not.
  • You enforce Bitcoin’s real rules—not someone else’s version of them.

2. To Improve Privacy

Most mobile wallets leak data to third parties. But when you connect your wallet to your own node, your activity stays private.

3. To Strengthen the Network

Every node contributes to the health of the Bitcoin ecosystem:

  • It resists censorship
  • It ensures redundancy
  • It makes Bitcoin more resilient

Running a node is like casting a vote for financial sovereignty—not just for yourself, but for the network as a whole.

4. To Use Advanced Tools

Many advanced Bitcoin tools and features work best with a personal node:

  • Multisignature wallets
  • Lightning Network channels
  • Local signing for self-custody wallets
  • Private transaction broadcasting

How Can You Run a Node?

You don’t need to be a tech wizard. There are three main ways to run a node:

  • Install Bitcoin Core on your computer (free, open-source)
  • Use plug-and-play hardware like Start9, Umbrel, or MyNode
  • Host it in the cloud (less private, more technical)

It takes some disk space and time to sync, but once set up, it runs quietly in the background, keeping you sovereign.

Do You Need a Node to Use Bitcoin?

No. You can buy, send, and receive Bitcoin without running a node.

But if you want full control, privacy, and independence, running a node is the ultimate expression of Bitcoin’s promise:

Don’t trust. Verify.

Final Thought: Your Node, Your Rules

In today’s world, most systems ask you to trust them.

Your bank, your apps, your government.

But Bitcoin flips that script.

It gives you the tools to verify everything yourself—no permission needed.

Running a node might seem like a small act, but it’s a powerful one.

Because when truth is decentralized, power becomes distributed.

And that’s what this financial revolution is really about.

What I Learned at BitBlockBoom: Signals from the Frontlines of Bitcoin’s Future

A few weeks ago, I had the opportunity to attend BitBlockBoom, held right here in Frisco, TX, one of the most focused and unapologetically Bitcoin-centric conferences in the U.S. Unlike broader crypto events, BitBlockBoom draws a crowd of builders, thinkers, entrepreneurs, and long-time “hodlers” who are laser-focused on Bitcoin’s role as the foundation of a new financial era.

Here are some of my key takeaways—from both the official panels and the powerful in-between conversations that happen when forward-thinkers gather in one place.

1. Bitcoin Isn’t Just Money. It’s Infrastructure.

Again and again, the message was clear: Bitcoin is not a product. It’s a protocol. It’s becoming the base layer of global value transfer, much like how TCP/IP became the invisible rails of the internet. And just like the early web, it’s misunderstood now—but quietly, steadily revolutionizing how value moves.

What does that mean for businesses? It means Bitcoin may soon underpin supply chains, settlement systems, payment infrastructure, and even sovereign finance.

2. The Financial System Is Already Evolving—Quietly

One of the most compelling sessions outlined what’s already happening behind the scenes:

  • Bitcoin-backed loans are becoming viable.
  • Stablecoins are expanding faster than credit card adoption ever did.
  • Non-banks are delivering “bank-like” services through crypto infrastructure.

I realized that innovation is no longer waiting for permission. It’s building around the edges of the old system, and gradually replacing it.

3. Institutions Are Coming—But Not in the Way You Think

There’s a common assumption that Bitcoin needs Wall Street to go mainstream. What BitBlockBoom made clear is: Bitcoin isn’t bending to Wall Street—it’s forcing Wall Street to adapt.

Talks referenced Larry Fink’s comment about tokenization eliminating corruption, and it became obvious that large asset managers are paying attention because they have to, not because Bitcoin asked them to.

4. Sovereignty Is the Core Theme—Personal and National

I was struck by how many discussions came back to this core idea: sovereignty. For individuals, Bitcoin is about owning your money, your data, your future. For nations, especially smaller ones, it’s about financial independence from dominant political powers and fragile fiat systems.

Expect to see small countries rise in importance, leveraging Bitcoin as a strategic advantage.

5. The Borders of the Old World Are Fading

The most radical, yet grounded, projection? That borders will matter less and less in the world of Bitcoin.

People will earn, transact, and save across jurisdictions, powered by cryptographic trust, not institutional gatekeepers. This isn’t a utopian dream—it’s already happening in global freelance markets, remittances, and international trade.

So What Does This Mean for Us—Right Now?

For companies like mine (In2edge), the message is clear:

  • We need to understand how Web3 and Bitcoin-driven systems will change procurement, contracts, and supplier relationships.
  • We must prepare for a world where compliance, finance, and value flows are decentralized.
  • And we have a responsibility to educate our clients and partners, guiding them into this transformation without the hype, but with clarity and confidence.

Final Thought: This Isn’t a Trend. It’s a Redesign.

BitBlockBoom didn’t feel like a tech conference—it felt like a quiet revolution of builders and believers. No flashy tokens, no hype cycles. Just real work being done on a protocol that could outlive most institutions.

Attending reminded me that we’re not just witnessing change—we’re part of it.

And it’s only beginning