The Big Analysis
Briefly * Gold jumped more than 50% in 2025 * Tether became one of the world's biggest gold buyers * Tether (XAUT) and Paxos (PAXG) tokens dominate the tokenised gold market, which is still tiny with around 80,000 holders. * MKS Pamp, a historic player in gold, is entering tokenisation with
The Big Talk
The Big Whale: A year after raising €5 million, you're capping a $15 million Series A round. What is your objective? Alexandre Roubaud: There are three priorities behind this round. Firstly, international expansion. Until now, Bitstack was only present in France. With MiCA approval, we're going
The Big Talk
The Big Whale: We're seeing gold really take off at the end of 2025. How would you describe the state of the market today? Benjamin Louvet: The market is in turmoil: since January, gold has gained more than 50% and is trading at historic levels. Geopolitics is often
The Big Analysis
The moment the crypto ecosystem is going through today does not look like a lasting crash or a fundamental rethink of the sector. Eliézer Ndinga, director of research at index fund issuer 21Shares, sees it instead as a transitional stage, comparable to the situation of the web in the early
The Big News
Amundi is clearly accelerating its crypto strategy. A few weeks after making official the launch of its Bitcoin ETP scheduled for early 2026 (which we revealed in mid-October), Europe's leading asset manager is taking another step forward by unveiling a tokenised unit of its AMUNDI FUNDS CASH
The Big Analysis
Key points * The company has made historic profits, with around $10bn already in the first three quarters of the year ($4.3bn in Q3). * Tether is strengthening its balance sheet by sharply increasing the proportion of secured loans (+44% quarter-on-quarter) and gold in its reserves. * The fall in
The Big News
Michael Saylor has no intention of deviating from his course. While Strategy, his company that has become the global emblem of "Bitcoin Treasury Companies", could be excluded from the MSCI indices (around 10% market share), the boss insists that nothing, neither threats of massive capital withdrawals nor regulatory
The Big Talk
The Big Whale: It's been a big week for Deblock. You announced a €30 million fundraising round on 19 November, followed by the launch of your token the next day. Let's start with the first piece of information: what are you going to do with this
The Big News
Sorare is going through one of the most difficult periods in its history. According to our information, the French start-up specialising in fantasy football informed its teams on Thursday that an economic redundancy plan (PSE) would be launched. Around 35% of the company's hundred-strong workforce are
The Big Analysis
Tokenisation is moving ahead at high speed. After stablecoins, it is now spreading to equities, bonds and even stock market indices. The S&P 500, buoyed by all-time highs, is becoming one of the new grounds for on-chain experimentation. But one issue is emerging: are all tokenised
The Big Analysis
Tokenisation is moving ahead at high speed. After stablecoins, it is now spreading to equities, bonds and even stock market indices. The S&P 500, buoyed by all-time highs, is becoming one of the new grounds for on-chain experimentation. But one issue is emerging: are all tokenised
The Big Analysis
In brief * Bitcoin has lost more than 20% since its ATH, technically entering a bear market. * Two possible paths: a short correction or a full-blown post-halving bear market. * The macro context works in the opposite direction, however: monetary tightening is over, limiting the risk of a prolonged cycle.