BERNSTEINFLASHMAILBERNSTEIN19May2025SOCIETECENERALEGROUPGlobalDigital AssetsGautamChhugani+912268421416gautam.chhuganigberMahikaSapra+91226842148melkspagbemnsthnsgcoSanskarChindalia+0126842146snkachinclegbensae nsgconTheDigital AssetsMemo:The bie convergence-COIN powersWebull. HOOD acauires exchanges(101/nLastweek,Coinbaseannouncedapartnership withneo-brokerWebulltopower their crypto trading.Further,Robinhoodannouncedacquistion of WonderF, one of the lading crypto exchangesin Canada Thisisin adition to their Btstamp acquistionlast year.Andecenty,K<aken acquired an equityfuturesplatform called Nirjalrader.Whatishappening? We believe, theoldcategoriesofbrokerdealer, exchanges areconverging.And the winners ofthe future could look very different.We are seeingstrong M&A and alliances acrosscrypto exchanges and broker-dealers.The old categories of exchangesandbroker-dealersareslbwly becoming irrelevant. As crypto deregulation continues, the battle is not about simply acquiringusers, the value may accrue to thes.Last week, it acquireda'tradingengineie ExchangeasKraken also acquired equity futuressome implications of thesemarketmoves:sers.Exchangessuchasingeshavetakenyearstot'cryptoexchangeasaservice'dingtheirown capabilities.form, would notsimplyremainmakingcapabilities.The bigprizehered by traditionalexchanges suchashavebuilt a muchlarger aypto businesstradingand futurescontracts.However, as SECzation, wecould seenew tolItdirectyonCoinbase andRobinhood egtokenizedzedU S equies being ffered gbaly. We expect stocksand severl assets t trade on the bockchain,withleadingsuch asCOIN/HOODaggregatingtherpectedin H1)asits global liquidity engine, allowing it to partner with banksandservice platfor. Weexpect several suchwhy we arelessconcerned about competition from traditional brokers (Schwab,E-ctCOlN andHOOD to build the largest liquidity hubs with several B2B partnerships. Traditionalbrokersofferinglimitedkens aspartoftheirplatomisnot goodenough.Thus, the batle in crypto is notiustfor users but to become the laraestliauidit hub withSeetheDisclosureAppendix ofthisreportforrequireddisclosures, analyst certifications andotherimportantinformation.Alternatively,isitourGlobalResearchDisclWebsiteFirstPublished:19May2025 06:24UTC Completion Date: 19May202506:24UTO
GautamChhugani+912268421416 gautam.chhuganigbernstel19May2025GLOBALDICITALASSETS-NEWSFLOWONSTOCKSCOVEREDMSTR:MSTR hasacquired 13,39 Bitcin for-1$1.348n,fundedby commonstock.ATM(-$1.31Bn)and STRKATM(-$25Mn).MSTR nowowns568.840Bitcoin, acquired for-$39.4Bn or-$69,300/BTCand currently valued at-$59Bn.COIN: Webull Pay (nat covered) has partnered with COlN to expand We Bull Pay's crypto offerings.COIN will facilitate Webull's cryptotrading, custody staking and stablecoin offerings, providing Webull users with secure infrastructure and deep liquidity for cryptotrading etcExHBIT 1: Price performance-BTC, ETH, crypto equities and traditional assetsBTCÐ.Performancerelativetootherassets328%75%2%1%0%0%09BTCETHGoldFintechNasdaqS&P500US10-yrBondsOLast weekmYTDandtheBloombergUSTreasuryIndexforFIntech/U...
