Main Points：
- Entry into crypto mirrors the skepticism and eventual acceptance of derivatives in the 1980s.
- A surge in crypto company IPOs under more favorable regulations and institutional investor inflow.
- Ethereum’s recent price boom largely driven by ~$11 billion strategic purchases, with US $5,000 as a key resistance level.
- The long‑anticipated tokenization of assets—from real estate and loyalty points to stocks—is becoming a reality, with Galaxy planning its own tokenized shares.
- Blockchain applications in everyday domains—loyalty, land titles, and accounting—could automate and streamline operations.
- Usable crypto applications likely to be mainstream within 4–5 years, marking a pivot from speculation to utility.
- Regulatory gaps in Japan hinder innovation; the US is accelerating ahead and may lead global rules.
Entry into Crypto
Chairman Matsumoto of Monex Group reflected on his firm’s entry into the crypto space by drawing parallels with its 1980s derivatives business. Both innovations initially met with skepticism before gaining traction, and he emphasized the technical value of crypto based on that historical lens. For his part, Galaxy Digital CEO Michael Novogratz cited his discovery of Bitcoin in 2013 as a milestone—recognizing it as the first digitally native private property on the internet.
Surge in Crypto IPOs and Ethereum Gains
The discussion next turned to the rapid rise of crypto‑related IPOs in 2025. With the departure of SEC Chair Gary Gensler and a more flexible regulatory climate, Monex and Novogratz noted that broader investor bases—including Nasdaq‑oriented shareholders—have begun pouring into the space. Novogratz attributed Ethereum’s recent price surge to massive corporate treasury purchases—on the order of US $11 billion—and forecasted that ETH around US $5,000 would become a key resistance level.
Tokenization of Everything
Matsumoto envisioned a future where “everything is tokenized”: where most financial transactions occur on-chain and paper‑based securities are digitalized in token form. Further, Novogratz revealed that Galaxy Digital plans to tokenize its own stock in an imminent announcement—ushering in a new wave of on‑chain equity trading.
Practical Blockchain Utilities
Beyond tokenization, the speakers predicted transformative use cases: tokenization of loyalty points (“poi‑katsu”), real estate registration, and accounting processes. Such applications, say they, could unleash real‑time transparent bookkeeping, freeing human resources for higher‑value tasks.
Timeline to Everyday Crypto Use
Novogratz emphasized that successful crypto innovation must be judged by real‑world utility—not speculative hype. Within 4–5 years, he said, practical crypto applications should start delivering tangible benefits in everyday life, ushering in a new era of financial technologies.
Regulatory Perspectives
Matsumoto didn’t shy away from critique: Japan’s regulators lag behind and risk being left behind in a world increasingly defined by AI and global digital services. He advocates urgently aligning regulation with leading global standards. Meanwhile, Novogratz argued the U.S. is accelerating on regulation reform and likely to become the global benchmark—moving away from the past six years of regulatory confusion toward a more open, pro‑innovation framework.
Recent Developments (WebX 2025 and Beyond)
Since WebX 2025, several developments have supported these predictions. Galaxy Digital completed its much‑anticipated uplisting on Nasdaq in mid‑May 2025 under ticker GLXY, gaining a valuation of roughly US $7.5 billion.
Following that, on August 5, Galaxy filed with the SEC and confirmed plans to tokenize its Class A shares via Superstate, allowing on‑chain holders, pending KYC or accreditation, to trade tokenized equity. The company also acknowledged the token‑stock market remains nascent and liquidity may be limited.
This initiative aligns with a broader trend: real‑world asset tokenization is gaining momentum amid rising institutional acceptance of blockchain as a distribution and ownership model.
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Insert after this paragraph: A graph showing Galaxy Digital’s asset growth from Q1 to Q2 2025—from roughly US $6.3 billion to US $9.0 billion (a 43% rise), with associated net income swing from US $-295 million loss to a ~US $30 million profit.
(Note to designer: create bar-line composite chart—assets and net income—labeled in millions or billions of USD.)
Summary
At WebX 2025, Monex’s Matsumoto and Galaxy’s Novogratz painted a vivid picture: we are hurtling toward a future where tokenization transforms financial infrastructure—from securities to real estate and loyalty points—and blockchain applications deliver real, everyday utility within 4–5 years. While regulatory landscapes vary, with Japan lagging and the U.S. gaining ground, the trajectory is clear: financial systems, assets, and governance are headed on-chain.
