Cantor's Weekly Crypto Brief

Research evidence excerpt

Cantor's Weekly Crypto Brief

Crypto & Blockchain

EQUITY RESEARCH Industry Report

July 5, 2026

Research Analysts:

This week we published our flagship digital assets initiation, Digital Assets: Investing Gareth Gacetta

212-915-1251 in the Onchain Economy, a 192-page deep dive on how blockchains are reshaping

Gareth.Gacetta@cantor.com financial infrastructure and how public-market investors can gain exposure through

Nathan Frankovitz Digital Asset Treasury (DAT) companies. The report opens with a thematic overview

929-706-2050

of the use cases driving onchain adoption (tokenization/RWAs, stablecoins and agentic Nathan.Frankovitz@cantor.com

commerce, onchain credit, perps and prediction markets, capital formation and Brett Knoblauch, CFA

212-610-2221 privacy), lays out token-economic frameworks for each major Layer 1 (BTC, ETH, SOL,

Brett.Knoblauch@cantor.com HYPE, SUI, ZEC, XRP) alongside Cantor's proprietary crypto valuation methodology,

and closes with 12 company write-ups—including two new initiations, Forward Crypto Market Cap

Industries (FWDI, OW, $7.90 PT) and Cypherpunk (CYPH, OW, $0.90 PT), both at

$2.253trn Overweight. Our central thesis is that usage alone doesn't guarantee token value

+4.3% w/w accrual; the durable winners will be networks and DATs that convert activity into real

cash flow or lasting monetary/collateral demand. With Bitcoin ~51% off its 2025 peak Stablecoin Supply

and our cycle work pointing to a bottom later this year, we think now is the time for

$312.7bn long-term investors to separate durable business models from purely cyclical activity.

-0.8% w/w Top picks are BMNR (OW, $30.30 PT) and PURR (OW, $18.40 PT).

Bitcoin Price Total crypto market cap increased 4.3% w/w to $2.253trn. Gains were broad-based,