Quarterly ReportsWeb3

State of Crypto x TradFi Q3 2025

Drexel Bakker, Youssef HaidarOct 22, 2025 ⋅ 48 min read

Key Insights

  • Q3 saw significant growth in ETH and SOL-focused digital asset treasury companies (DATs). ETH DAT NAV rose 2,983% QoQ to $14.46 billion, while SOL DAT NAV jumped 330% to $858.6 million.
  • In a major shift, Ethereum ETFs saw more inflows than Bitcoin ETFs in Q3, $8.68 billion vs. $7.53 billion. ETH ETF AUM rose 170% to $27.43 billion, driven by BlackRock’s ETHA and regulatory clarity on staking.
  • Publicly traded crypto equities rose an average of 19% in Q3. Galaxy Digital and Robinhood led performance, while Coinbase cooled after a hot Q2. The IPOs of Circle, Bullish, and Gemini reinforced investor interest in regulated crypto infrastructure.
  • Major institutions, including JPMorgan, SWIFT, Circle, and Google Cloud, launched purpose-built blockchains for settlement, payments, and tokenization.
  • RWAs excluding stablecoins grew across asset classes, with tokenized private credit reaching $15.7 billion and treasuries hitting $7.2 billion. Platforms like Centrifuge and Polygon led growth, while Ethereum maintained a 52.3% share of the RWA ecosystem.

Introduction

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Drexel Bakker
DrxlEth

Drexel is a Research Manager at Messari for the Protocol Reporting team with a focus on base layers and DeFi. He is a strong follower of the crypto mullet thesis of diligence in the front and degen in the back.

Youssef Haidar
0xYoussef_

Youssef is a Research Analyst on the Protocol Research team. Prior to joining Messari, Youssef was a Product Analyst at Fidelity Digital Assets. Youssef graduated from Northeastern University, where he led the Northeastern Blockchain club as President.

Outline
  • Key Insights
  • Introduction
  • Crypto ETFs
  • Digital Asset Treasury Companies
  • Crypto Stocks
  • Real World Assets (RWAs)
  • Enterprise Blockchains
  • Closing Summary
Authors
Drexel Bakker
Drexel is a Research Manager at Messari for the Protocol Reporting team with a focus on base layers and DeFi. He is a strong follower of the crypto mullet thesis of diligence in the front and degen in the back.
Youssef Haidar
Youssef is a Research Analyst on the Protocol Research team. Prior to joining Messari, Youssef was a Product Analyst at Fidelity Digital Assets. Youssef graduated from Northeastern University, where he led the Northeastern Blockchain club as President.