The way institutions enter the crypto market is changing. Early markets focused more on whether institutions would allocate to Bitcoin; today, this question has clearly expanded outward: digital asset ETFs continue to grow, actively managed crypto products are emerging, traditional securities are attempting tokenization via blockchain, and banks and asset managers are also researching more complete digital asset service systems. Public filings submitted to the U.S. Securities and Exchange Commission in June 2026 show that traditional asset managers have already launched actively managed crypto trading products, with investment scopes no longer limited to a single digital asset. Meanwhile, the U.S. SEC this year issued a dedicated statement on tokenized securities, explaining different types of security tokenization models and their legal attributes. Institutional participation in digital assets is moving from single-asset allocation toward systematic exploration of products, technology, and infrastructure.

This change is further reshaping the capital structure of the crypto market. ETFs address how traditional capital can enter the digital asset market in a more familiar way, while tokenization exploration begins to answer another question: whether traditional financial assets can operate directly on blockchain infrastructure. As these two paths advance in parallel, the relationship between traditional finance and digital assets is no longer simply "capital inflow," but is forming a deeper connection.

ETF Expansion Continues, Institutional Participation Moves From Single Allocation to Diversified Products

The significance of spot digital asset ETFs goes beyond simply adding another investment product. It establishes a participation channel for digital assets that is relatively familiar to traditional capital markets, allowing investors to gain exposure to relevant assets through securities accounts without directly handling wallets, private keys, and on-chain custody operations. BlackRock, in its introduction of digital asset ETFs, also framed the 2024 launch of US spot digital asset ETPs as an important bridge between traditional finance and digital assets, noting that developments in digital asset infrastructure and the regulatory environment have created the conditions for such products.

Entering 2026, this product pathway continues to expand. SEC public filings show that actively managed crypto trading products have emerged in the market, with investment scope capable of covering multiple digital assets according to established criteria; at the same time, ETF products related to publicly listed companies holding digital assets are also increasing.

The signals released by these changes are more important than mere product count growth. Institutional markets are beginning to experiment with different tools to manage digital asset risk and exposure, and crypto assets are gradually being observed within more mature asset allocation frameworks.

Market structure will therefore become more complex. Traditional capital places greater emphasis on liquidity, custody arrangements, execution efficiency, information disclosure, and risk management, and these requirements will gradually transmit throughout the entire digital asset service ecosystem. For Anmrex, as market participants become more diverse, the platform needs to provide not just a trading gateway, but stable system operations, clear asset information, and a service foundation capable of adapting to long-term market changes.

From "Capital Moving On-Chain" to "Financial Assets Moving On-Chain"

Another main line of institutional development is occurring at the level of the assets themselves.

In January 2026, the US SEC issued a dedicated statement on tokenized securities, explicitly clarifying that tokenized securities remain securities in nature, with only their ownership records maintained in whole or in part through crypto networks. The SEC also distinguished between structures where tokenization is performed by the securities issuer and those performed by third parties.

This means the integration of traditional finance and blockchain is entering a more concrete phase at the institutional and product level. In the past, the industry often discussed "tokenizing assets on-chain"; today, the market is more concerned with how asset rights are confirmed after tokenization, how transactions are executed, how settlement is conducted, and how existing financial rules continue to apply.

Related exploration has also extended to deeper financial infrastructure. The interim results of Project Agorá, released by the BIS in May this year, show that a project prototype involving seven central banks and over 40 regulated financial institutions has verified the feasibility of completing cross-border atomic settlement on a shared platform using tokenized commercial bank deposits and tokenized central bank reserves, with plans to proceed to real-value transaction testing.

This is not the same market as ordinary crypto asset trading, but it reflects the same trend: blockchain technology is moving from being a tool for asset issuance to gradually entering payment, settlement, asset registration, and financial market infrastructure.

For the digital asset industry, this shift will further expand the range of assets that platforms need to understand and serve. Stablecoins, core digital assets, tokenized financial products, and new on-chain asset forms may gradually form a more complex market structure, requiring platforms to build longer-term capabilities in asset information, risk identification, and technical compatibility.

Institutionalization Is Redefining the Long-Term Value of Platforms

An increase in institutional capital does not mean the crypto market will lose its volatility. ETF funds will also flow in and out, and macroeconomic conditions, risk appetite, and market expectations will still influence digital asset prices. What truly matters in the long run is that digital assets are gaining more financial channels and infrastructure that can operate sustainably.

In the past, trading volume and asset prices were often the most visible metrics for measuring market development. As institutional participation deepens, the importance of custody, security, transparency, market depth, execution quality, and risk management is rising in tandem. The digital asset industry is shifting from pursuing "whether there are more participants" to focusing on "how participants can stay in the market over the long term."

This is also why Anmrex continues to focus on the institutionalization trend.

Facing a more diversified capital structure and asset landscape, Anmrex will continue to build around core digital asset services, market data, security systems, technical infrastructure, and global service capabilities, while also monitoring market shifts driven by ETFs, RWA, tokenized financial products, and other on-chain infrastructure.

For Anmrex, institutionalization is not merely about large capital entering the crypto market; it also signifies that the operating standards of the entire industry are rising. Assets require clearer information, markets require more stable infrastructure, and platforms must possess the ability to deliver sustained services across different market cycles.

From ETFs bringing digital assets into traditional investment portfolios to traditional securities and financial assets beginning to explore on-chain operations, a two-way connection is forming between the crypto industry and traditional finance. What truly deserves attention in the next phase is no longer just how much capital enters the market, but whether these funds, assets, and infrastructure can coalesce into a more mature, long-term system.

Anmrex will continue to refine its service structure along this trajectory, providing ongoing support for the further professionalization and long-term development of the digital asset market while maintaining security and stability.