The digital asset industry is growing at breakneck speed. A surge in crypto IPOs, the rise of corporate digital asset treasuries, and an expanding pipeline of deals are reshaping the market. Now, with the Clarity Act promising regulatory certainty, the pace of institutional engagement is accelerating like never before. In this episode of CFB Talks Digital Assets, we’re joined by John Todaro, Managing Director of Crypto, HPC/AI Research at Needham & Co, for a wide-ranging conversation on the latest trends shaping the market in 2025. A few highlights from the discussion:

• Why Needham chose to launch dedicated crypto coverage back in 2021 and what they’re tracking now
• The red-hot crypto equity and IPO market: are valuations too hot, or is this simply the release of pent-up demand?
• Inside the wave of corporate digital asset treasuries: from BTC and ETH adoption to systemic risks that could emerge
• The Clarity Act: what the new regulatory framework means for institutional participation and M&A in the space

For those watching the intersection of traditional finance and digital assets, this episode is essential listening. Join hosts Gabriel Selby, Mark Pilipczuk and Ken Odeluga as they unpack these topics with one of Wall Street’s leading crypto analysts.