Major cryptocurrency firms are shifting their focus from token price speculation toward building the financial infrastructure used to issue, trade, and settle digital assets [1].
This transition represents a strategic pivot for the industry. By owning the underlying systems of record and settlement, companies aim to create sustainable revenue streams that can survive market downturns, regardless of whether token prices rise or fall [1, 2].
Industry leaders including Coinbase, Robinhood, Circle, Bullish, and Gemini are increasingly prioritizing the plumbing of the financial system [1]. This move comes as trading revenues slow, prompting a search for more stable growth models. Infrastructure is now viewed as a larger and more durable source of income than the volatility of token price movements [1].
Recent corporate activity underscores this trend. Tether acquired the stake held by SoftBank in Twenty One Capital [2]. Additionally, Schwab announced a crypto launch valued at $12 trillion on May 13 [3].
While some analysts argue the next phase of the industry is about this systemic infrastructure, other market observers remain focused on price cycles. Some said that Bitcoin is currently consolidating in a range between $60,000 and $80,000 [4], while others said the price is currently stuck around $70,000 [5].
These differing views highlight a tension between those who see the future of crypto as a utility for the global financial system and those who view it primarily as a speculative asset driven by miner strength and technical price ranges [4]. For the firms building the infrastructure, however, the goal is to move beyond the four-year rhythm of Bitcoin cycles to establish a permanent role in U.S. public markets [1].
“Infrastructure is now viewed as a larger and more durable source of income than the volatility of token price movements.”
The shift from speculation to infrastructure suggests that the cryptocurrency industry is attempting to mature into a traditional financial services model. By focusing on issuance and settlement, these firms are effectively trying to become the new 'back office' of global finance, reducing their dependence on the volatile price swings of individual assets like Bitcoin.
