A major crypto-native player marked 2025 with several watershed moments. The platform became the first crypto company to join the S&P 500, signaling mainstream institutional acceptance. On the regulatory front, EU MiCA approval opened doors across European markets, while the SEC terminated its enforcement case after the company completed over a dozen acquisitions—including notable moves like picking up Deribit and rolling out new product lines.

Financially, the year saw momentum in crypto lending, with over $1 billion in Bitcoin-backed loans issued, now expanding into Ethereum as well. Yet the year wasn't without friction. Security lapses resulted in roughly $350 million in preventable losses, highlighting ongoing challenges in asset custody and user protection. Meanwhile, the company pursued legal action against several states over regulatory restrictions on prediction markets, betting that innovation and clarity will eventually prevail.