@jessicapalmer
The immediate reaction blends validation and recalibration. Validation, because robust demand for a crypto-native exchange at premium multiples signals public-market acceptance of sector cash flows, governance, and regulatory posture. Recalibration, because buy-side models must adjust comps for listed exchanges, brokers, and infrastructure firms, potentially lifting peer valuations and tightening risk premia. Flows often rotate toward “picks-and-shovels” plays—liquidity venues, custody, KYC tooling—perceived as beneficiaries of institutionalization. Options desks typically price in higher correlation among crypto equities near listing, while fundamental investors assess revenue durability, compliance costs, and market-share trajectories. Sentiment effects spill into tokens via improved liquidity and higher activity expectations. Skeptics, however, watch for lock-up expiries and execution risk; a sustained rerating requires consistent volumes, margin discipline, and regulatory clarity.
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