The State of the Japanese Crypto Market

This report provides an overview of the evolving business model of blockchain networks. We analyze incumbents and newcomers, showing how each of them leverages verticalization differently to answer a simple question: How is the business model of blockchain networks evolving?

This report examines how leading crypto exchanges are evolving from trading venues into integrated financial platforms spanning trading, yield, payments, custody, and collateral. Using a four-layer framework, it explores how liquidity, retained balances, onchain payments, and institutional collateral rails are reshaping exchange competition.

In this report, Kaiko and MerQube analyze how crypto-native and ETF Bitcoin options priced risk differently across two parallel markets in 2025.