The Next Wave in Crypto: Institutional Custody, Tokenized Collectibles & Emerging ETFs

Main Points：

• Traditional financial institutions are increasingly offering regulated custody and trading of crypto under laws like Europe’s MiCA, reducing counterparty risk and increasing mainstream adoption.
• Tokenization of real-world assets (RWAs), especially physical collectibles like trading cards, is becoming a major growth area; platforms combining NFTs, vaults, and buyback mechanisms are seeing large volume and rapid valuation growth.
• Specialized crypto ETFs beyond Bitcoin/Ethereum are in motion: Chainlink (LINK) is the latest candidate for a U.S. spot ETF, including possible staking features, indicating broader institutional acceptance.

1. Institutional Custody Expansion: BBVA & Ripple under MiCA

European banks are stepping into crypto more boldly. A recent agreement sees Ripple providing its custody technology to Spain’s BBVA, enabling the bank to offer secure, end-to-end custody for digital assets and tokenized assets, including Bitcoin and Ethereum.

This partnership builds on BBVA’s earlier moves: in March 2025, BBVA obtained approval from the Spanish regulator to offer Bitcoin and Ether trading for retail clients via its mobile app. Furthermore, BBVA already uses Ripple’s custody tech in its Swiss and Turkish operations (via its subsidiaries) and has registered as a crypto-asset service provider under MiCA.

The European Union’s MiCA regulation (Markets in Crypto-Assets) is playing a pivotal role: by providing a legal framework for digital asset services, it gives banks both clarity and confidence to roll out crypto offerings safely and compliantly.

From the perspective of someone seeking new assets or applications, this means lower risk for custody, more regulated access, and more institutions acting as bridges between traditional finance and crypto/decentralized finance (DeFi).

2. Tokenized Collectibles & the Rise of CARDS

One of the fastest-growing spots in crypto right now is the tokenization of real-world assets (RWAs), especially collectibles. The Collector Crypt platform and its token CARDS offer a good case study.

• CARDS launched at end of August 2025 on the Solana blockchain, with a low circulating supply.
  
• Between early September (around Sept 3) and a few days later (e.g. Sept 6), the token price surged from under US$0.02 to around US$0.30, roughly a 9- to 10-fold increase. Even though there has been pullback, the price has stayed markedly above its launch levels.
  
• The fully diluted valuation (FDV) has also risen quickly; reports vary by source, but figures in the hundreds of millions of dollars are being mentioned.
  
• The platform model includes tokenization of physical, graded Pokémon cards, secure vaults, the ability to redeem physical cards for the corresponding NFTs, and a “Gacha” (blind-box) mechanism for randomized packs. There is also buyback/liquidity mechanisms.
  

What makes CARDS interesting for revenue and as an asset: the business seems to generate real transaction volume (tens of millions per week), and users are paying for the experience (Gacha packs), plus there are buybacks which provide exit liquidity, which helps reduce one of the usual drawbacks of collectibles or NFTs.

There are, of course, risks: token unlocks (i.e. what portion of total supply becomes available over time), speculative behaviors (whales driving up price), regulatory scrutiny (especially if gamification or lottery-like mechanics are involved), dependency on particular IPs (like Pokémon), and whether this will scale into other areas beyond trading cards.

3. Beyond BTC/ETH: ETFs for Altcoins & Oracles – Chainlink in focus

The ETF trend is no longer limited to Bitcoin (BTC) and Ethereum (ETH). One prominent example is Grayscale filing with the U.S. Securities and Exchange Commission (SEC) to convert its Chainlink Trust into a spot ETF, which would trade under ticker GLNK on NYSE Arca if approved.

Key features:

• The existing Chainlink Trust has around US$29 million in assets under management (AUM).
  
• The filing includes a potential staking component: using third-party providers to stake LINK tokens, with staking rewards potentially retained by the fund, distributed to shareholders, or used to cover expenses depending on regulatory guidance.
  
• The creation/redemption mechanics are proposed to follow similarly to those used in the recent spot Bitcoin and Ethereum ETFs (i.e. cash creations/redemptions), possibly in-kind if regulations allow.

The market reaction has been positive: LINK’s price saw gains in response to the filing, and there’s increased institutional interest and speculation.

This is an important signal: as altcoins with real utility (e.g. oracles) begin to be packaged into traditional investment vehicles like ETFs, it can open them up to a wider pool of capital (pension funds, mutual funds, etc.) which have often been constrained by regulatory, custodial, or risk issues.

4. Trends & Intersections

Putting these developments together, some broader themes emerge:

• Regulation + Infrastructure: Laws like MiCA in the EU, and regulatory clarity in the U.S. for ETF filing, are enabling infrastructure providers (custody technologies, tokenization platforms, etc.) to build with confidence.
• Hybrid Models (Real + Digital): Tokenization of real assets (collectibles) shows how physical goods, NFTs, and blockchain can be combined; mechanisms like redeemability, buybacks, vaulting help bridge trust gaps.
• Revenue vs. Speculation: Projects that generate real trading volume, transparent liquidity (e.g. buybacks), and user engagement are more likely to sustain momentum than those purely driven by hype. CARDS is a test case—but sustainability will depend on continuing growth and governance.
• Institutional Bridging DeFi: Custody services, staking in ETFs, regulated altcoin exposure—all serve as bridges for DeFi/crypto utility entering more mainstream finance.
• Risk Factors: Token unlock schedules, regulatory risks (gambling/luck mechanics), overconcentration (e.g. reliance on a single IP), volatile token-price behavior, competition.

Case Snapshot: How These Trends Might Define Opportunities

For someone looking for the “next asset” or next source of revenue:

• A project offering tokenization of real assets with redeemability & real trading volume is promising. The RWA / collectibles niche looks strong now (e.g. CARDS, Collector Crypt).
• Altcoins with utility (especially oracles, decentralized data feeds, infrastructure tokens) may benefit if they succeed in launching regulated ETF exposure.
• Custody technologies and services: firms offering secure, regulated custody (for institutions or even retail clients) will be in high demand as more financial institutions enter the space.
• Yield-generating instruments (staking, income from altcoin exposure via ETFs) could be appealing, but must be assessed carefully for regulatory and operational risks.

Conclusion

The crypto asset landscape in September 2025 is increasingly reflecting maturation: regulated custody by mainstream banks, tokenization of real-world assets (especially collectibles) as serious use cases, and expansion of ETF structures to include altcoins with real utility. For those looking for new assets or revenue models, this means the opportunity lies not so much in speculative memes but in projects combining compliance, tangible real-world backing, transparent liquidity, and infrastructure support.

As the institutional layer strengthens, regulatory clarity improves, and tokenization platforms evolve, the lines between “crypto finance” and “traditional finance” blur further. Projects, technologies, or tokens that can operate credibly at that intersection are likely to be the ones to watch.