Crypto’s Institutional Turn — Incentives, Business Models, and Dilemmas
Crypto is no longer a sideshow. From corporate treasuries borrowing to buy tokens, to Wall Street banks edging into bitcoin-backed lending, to Washington opening retirement savings to crypto and private equity—the industry is becoming embedded in the financial mainstream. Each move looks rational for the actors involved: higher equity valuations, new fee streams, more inflows. But when you connect the dots, a bigger picture emerges: fragility is being built into the system itself.
Our latest RAAK note explores how these dynamics play out across corporate balance sheets, credit markets, banks, and retirement funds. It shows how the incentives driving short-term gains can create long-term systemic risk, especially for ordinary savers who may end up absorbing the shocks.
If you want to understand not just the hype but the underlying shifts shaping the next phase of digital finance, this note is important reading.