Houlihan Lokey – Digital Assets Market Update, Fall 2025

The main theme is the digital assets market update, focusing on institutionalization and infrastructure development of digital assets.

Stablecoins are becoming the foundation for cross-border payments and treasury operations. The digital asset ecosystem is scaling through institutional rails, with traditional financial institutions collaborating with crypto platforms. Wallets are becoming the new distribution layer for tokenized assets. There is record fundraising and M&A activity driven by demand for infrastructure and tokenization. Digital asset stocks are outperforming the S&P 500, reflecting increased investor confidence.