According to Michael Bacina, the number of Cayman crypto-related foundations has climbed to new highs as detailed in his LinkedIn post dated Dec 9, 2025. Source: Michael Bacina via LinkedIn. The update points to sustained growth in Cayman-based Web3 foundation formations, flagged by the author as notable for the crypto sector. Source: Michael Bacina via LinkedIn. For traders, this serves as a timely data point when monitoring entity formation trends that can precede token project pipelines. Source: Michael Bacina via LinkedIn.