Crypto’s having a moment; not just because Bitcoin (BTC-USD) is up 15% this year nearly double the S&P 500 but because of what’s happening behind the scenes.

More than 135 public companies now hold bitcoin on their balance sheets; firms like Strategy (MSTR, Financials), Metaplanet, and Twenty One are leading the charge. The question isn’t if anymore; it’s when, according to Castle CEO Stephen Cole and that shift is real.

Ether, meanwhile, has underperformed but analysts think the tide may turn. Spot ETFs, CME futures, and staking features could boost institutional demand; and Ethereum still has strong ties to TradFi.

IPOs tell another story. Circle (CRCL, Financials) went public; Galaxy (GLXY, Financials) and eToro followed; and more crypto firms like Kraken, Gemini, and Consensys may be next.

The takeaway? Crypto isn’t fringe anymore; it’s building real infrastructure with Wall Street, Main Street, and Capitol Hill all watching closely.

This article first appeared on GuruFocus.