According to @julian2kwan, BitGo has filed for an IPO at a $1.85 billion valuation, signaling crypto’s transition toward profitable, regulated infrastructure built for institutions (source: @julian2kwan). According to @julian2kwan, the company is profitable, operates under regulatory oversight, and holds trust-bank approval, highlighting institutional-grade custody and compliance capabilities relevant for market participants assessing infrastructure exposure (source: @julian2kwan). According to @julian2kwan, custody, compliance, and balance-sheet readiness are becoming the real competitive edge, indicating that regulated service providers aligned with institutional requirements may define the next phase of crypto market structure (source: @julian2kwan).

According to @MilkRoadDaily, institutions have invested over $100 billion into Bitcoin ETFs, showing their comfort with regulated, familiar, and safe investment vehicles. However, the hesitancy to put Bitcoin to work through borrowing or earning yield highlights the complexities and risks involved. Institutions focus on the stability and regulation of ETFs rather than venturing into yield-generating strategies, which remain less regulated and riskier.