Appold Market Watch - Week ending 21 November 2025

Market Update & Industry News - Week ending 21 November 2025

🔷 Kraken announced that it has confidentially filed for an initial public offering in the U.S. following an $800 million funding round that valued the company at $20 billion. This development positions Kraken as one of the latest digital asset firms to tap into public markets amid a resurgence in IPO activities.

Appold's view: Kraken is preparing for an IPO at one of the sector’s highest valuations. Its confidential S-1 filing allows the SEC to review without public disclosure, allowing the exchange to proceed at a later stage. Kraken will likely monitor the global state of financial markets for now, prior to any IPO.

🔷 Circle has introduced xReserve, an interoperability infrastructure allowing blockchain teams to deploy USDC-backed stablecoins across supported blockchains. This system enables seamless value transfer between USDC-backed stablecoins and USDC without third-party bridges, enhancing liquidity and simplifying user experience. 

Appold's view: Interoperability has long been one of the blockchain ecosystem’s most persistent challenges. If xReserves delivers as promised, every network could gain seamless access to USDC, allowing users to move and utilise the stablecoin across chains with minimal friction. This would not only increase cross-chain liquidity and user flows but also introduce greater competitive pressure among ecosystems.

🔷 BlackRock has registered the iShares Staked Ethereum Trust ETF in Delaware, marking a preliminary step towards entering the staked ether market. This move follows VanEck's similar action, as issuers await regulatory clarity from the U.S. Securities and Exchange Commission on incorporating staking into ETFs.

Appold's view: Although BlackRock is not the first to launch a staked Ethereum ETF, its potential entry signals how institutions continue to push the boundaries of their engagement with digital assets. Ethereum staking is a logical next step, but as their involvement deepens, it may only be a matter of time before DeFi-based yield products fall within their scope as well.

🔷 Aave Labs has launched a consumer finance app that hides blockchain complexities, offering up to 9% yield with no seed phrases or gas fees. It allows users to deposit funds easily and offers $1 million balance protection. Aave's strategy integrates over-collateralised lending and regulatory compliance, aiming to capture retail deposits and direct them to on-chain yield sources.

Appold's view: DeFi has officially entered the era of abstraction. For years, DeFi has been an intellectual minefield for non-technical users, but Aave’s latest announcement marks a clear shift: insured, simplified, and offering superior yields. If DeFi is to achieve mainstream adoption, we expect, and hope, to see many more developments that remove complexity and prioritise user-friendly design.

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