Dimitri Granger

Happy co-founder @TheBigWhale_ w/ @Raph_Bloch & @gregory_raymond of the #Web3 #media 🐳

[Noé @StableNoe]

🇫🇷 The debate on tokenization is over. What's left is execution, timing, and who moves first.

That's what we're covering on June 2nd in Paris, during Proof of Talk, with @tradeon21x, @FTDA_US, @OndoFinance and others.

The tokenization of RWAs is no longer a distant scenario. Equities, bonds, funds, currencies, and private assets are moving to blockchain rails faster than most institutions expected.

By 2030, the question will not be whether your assets are onchain. It will be whether you acted early enough.

Executives from the world’s leading financial institutions and the teams building the infrastructure they will rely on, all in the same space with one agenda: which asset classes are moving first, what is production-ready today, and where institutions need to act first.

If you're in Paris for Proof of Talk, reach out: this is the one private event you don't want to miss.

Details in the comments 👇

[Raphaël Bloch 🐳 @Raph_Bloch]

Just In: @StanChart is acquiring @ZodiaCustody.

Not a surprise - SC has always been Zodia's main shareholder. But a massive signal: this formalises the integration into core business. Digital assets are no longer kept at arm's length. They're being owned, structured, and scaled.

@julian_sawyer, Zodia Custody's CEO, said it clearly: "As the market matures, custody is increasingly moving to banks."

Three years ago, banks were "exploring" digital assets. Today, they're making acquisitions.

Same logic at @SocieteGenerale: @SG_Forge, the group's digital assets subsidiary, is being increasingly integrated into SG's core business activities. The capital dynamic may differ, but the direction is identical.

At @jpmorgan, Kinexys teams are being brought deeper into the bank's projects and business lines. And this is far from isolated - across many banks and companies working on digital assets, we're seeing the same move: what was built separately is now being pulled into the core.

I spoke today with a senior executive at a major European bank. Their words: "There isn't a week anymore where stablecoins and tokenisation aren't discussed at board level."

The exploration phase is over. Things are accelerating.

At @TheBigWhale_, we work with 150+ institutional clients - banks, asset managers, fintechs, funds, corporates. What we hear across all of them is the same: the question is no longer whether. It's how fast.

We're discussing exactly this at our next events:

🇫🇷 Paris - June 2
🇳🇱 Amsterdam - June 3
🇩🇪 Berlin - June 10
🇺🇸 NYC - June 22
🇨🇭 Zurich - June 24

Full agenda: https://t.co/RIZSy8TO7e

[Maxime Sbaihi @MxSba]

La démographique vieillissante retourne aussi l'état d'esprit du pays.

Quand la France était une gigantesque cour de récréation, elle regardait avec ses enfants vers l'avant.

Devenue une gigantesque maison de retraite, elle se morfond aujourd'hui dans le "c'était mieux avant".

[Grégory Raymond 🐳 @gregory_raymond]

"Voudriez-vous d'un dépôt tokenisé émis par Credit Suisse ?"

@ddisparte (@Circle) pose la question qui fâche dans une interview @TheBigWhale_ au sujet de cet actif qui s'oppose au stablecoin

→ Stablecoin à réserves intégrales : réserves ségrégées, rachat au pair, aucun risque de crédit

→ Dépôt tokenisé : double numérique du bilan bancaire, avec son levier et son risque de transformation.

Son argument aux banques : le GENIUS Act impose une entité séparée du bilan pour émettre, alors pourquoi immobiliser du capital sans créer de crédit ?

Il souligne que les banques qui se sont associées aux émetteurs ont vu leur bilan croître avec la circulation, sans recréer la liquidité.

Ce débat stablecoins (acteurs crypto natifs) vs dépôts tokenisés (banques) promet d'animer les prochains mois !

https://t.co/2RtDt2a5YM

[Noé @StableNoe]

🔴 We're welcoming Marek Socha, MD Global Markets at @tradeon21x, as a speaker at our private event in London on May 14th!

For new settlement infrastructure to matter, it needs to be live and regulated, not just theoretically sound.

21X built exactly that: Europe's first fully licensed DLT trading and settlement system, enabling atomic settlement of tokenized securities and stablecoins.

He'll join @FTDA_US and the @ethereumfndn to get straight to the point: with regulated settlement venues live and tokenized assets in production, how do institutions actually move beyond pilots?

Details & registration in the comments 👇

[Dimitri Granger @DG2]

RT @gregory_raymond: Strategy doit sortir 1,5 milliard de dollars par an pour honorer l'ensemble de ses dividendes et ses dettes.

En face…

[The Big Whale 🐳 @TheBigWhale_]

For the first time, someone mapped digital assets adoption across French financial institutions.

We did it.

@TheBigWhale_'s first benchmark - presented this week at a private breakfast with @Clifford_Chance, @banquedelubac, @Coinhousefr, and Hexarq in Paris 🇫🇷

20 banks, fintechs and asset managers. Structured surveys. C-level interviews. Onchain data. Weeks of work.

What we found:

🔵 Banks - every single one is increasing its digital assets budget for 2026-2027. Two by more than 20%. ~300 open positions, half in compliance.

🔵 Fintechs - already really active. Infrastructure absorbed. Now watching banks enter their lane.

🔵 Asset managers - the most divided. A few moving fast. Most still waiting.

No one had this picture before today.

And we're not stopping at France.

Germany. UK. Spain. Same methodology. Same rigour. Same depth. A European-wide map of who's moving - and who's not.

Free download here: https://t.co/2UKUvgV8GJ

[Grégory Raymond 🐳 @gregory_raymond]

Le 1er juillet les PSAN sans agrément MiCA seront tout simplement exclus du marché européen 😱

L'AMF l'a confirmé : pas de rallonge

Il reste moins de deux mois

Et la question n'est plus réglementaire, elle est opérationnelle : combien ont réellement décroché le sésame ? Quels sont les points de friction concrets ?

Le 11 mai à 12h, on fait le point en 30 min avec Biba Homsy (Homsy Legal) et @DG2

Inscrivez-vous gratuitement

https://t.co/d15ekSXfjt

[The Big Whale 🐳 @TheBigWhale_]

What are French banks actually spending on digital assets? Which services have fintechs and asset managers already deployed - and which ones are next?

We have the answers: https://t.co/OqEsbH9ax3

On April 29, The Big Whale is hosting an exclusive Corporate Breakfast in Paris - and releasing our first Benchmark on French Banks, Fintechs & Asset Managers.

The most comprehensive study on French institutional adoption to date:

👉 Exclusive data on budgets across banks, fintechs and asset managers

👉 Services already deployed vs. in the pipeline

👉 Where French players stand vs. their European peers

On stage to discuss the findings:

🎙️ @FrdricDalibard1 - President & CEO, Hexarq (@GroupeBPCE)

🎙️ @LouvetNicolas - CEO, @Coinhousefr

🎙️ Paul BUREAU - Head of Digital Assets, @banquedelubac

🎙️ @Raph_Bloch - CEO, The Big Whale

Doors open at 8:30 AM. Closed at 9:00 AM sharp.

[DEC Institute @DECInstitutee]

🏛️ MiCA certification built by institutions, not a weekend project.

🎓 DEC Institute — 6,500+ learners, edX & Pearson VUE

🐋 @TheBigWhale_ — 150+ financial institutions

One partnership. Full ESMA compliance.

👉 https://t.co/1n9tCsuIaA

#MiCA #ESMA #CASP

[Dimitri Granger @DG2]

Bim

[Raphaël Bloch 🐳 @Raph_Bloch]

What a pleasure to welcome you to our Corporate Breakfast in Cannes!

150 clients of @TheBigWhale_ - a perfect gathering.

Thanks to our amazing partners @zama, @dfnsHQ, @nativeinsurance, @Bitwise, @SPGlobal & @apolloglobal.

Next stops: Paris, London, Amsterdam, Berlin, Zurich.

Join us on April 14: https://t.co/UQ8BDtRX9d

[Raphaël Bloch 🐳 @Raph_Bloch]

Scène assez incroyable à l’AN.

On apprend notamment que Xavier Niel, auditionné, est furieux de manquer le conseil d’administration d’Exaion, ancienne filiale d’EDF rachetée il y a quelques semaines par l’Américain Mara (géant du minage de bitcoin).

Le milliardaire français a investi 10 % dans Exaion pour imposer la présence de "6 Français sur 10 administrateurs".

L'américain Mara a quand même pris la majorité du capitale d'Exaion.

Pour ceux qui se demandaient si Xavier Niel s'intéressait vraiment au dossier, il qualifie Exaion de "société d’importance vitale pour le pays".

Pour rappel, Exaion était la filiale d’EDF dédiée au calcul haute performance, une activité stratégique pour l'IA et le minage de bitcoin.

Les révélations de @TheBigWhale_ sur les conditions de la vente avaient poussé le pouvoir à intervenir: https://t.co/mqhEetbvJV

Xavier Niel a investi pour maintenir un contrôle français au sein du conseil d’administration.

[Grégory Raymond 🐳 @gregory_raymond]

🟥 France is set to deliver the world’s first on-chain IPO!

On 9 April, ST Group, an aerospace subcontractor based near Toulouse, will go public on the new Lise exchange.

This platform combines MTF and CSD functions on a single blockchain infrastructure.

Lise’s shareholders include @BNPParibas, @CACEIS (@CreditAgricole) and @Bpifrance.

In practice, investors register, make a wire transfer that is automatically converted into tokenised deposits, and subscribe in one click. Minimum ticket: just one share.

No subscription or custody fees on the primary issuance.

An investment bank and institutional investors are involved.

This is a genuine IPO process, not crowdfunding, except everything happens on the blockchain.

“ST Group would never have done an IPO on a traditional market. It is too heavy and too expensive for an SME,” says Lise CEO @kepeneghian

“For once, we are bringing an equity solution to a French industrial SME. Blockchain technology is the real answer to the structural financing problem for SMEs.”

Neither @Securitize in the US nor @sixgroup in Switzerland has reached this milestone.

Lise expects three to four more IPOs by the end of 2026.

In the race to tokenise market infrastructure, France has just taken a clear lead (and it is worth highlighting!).

The full article is available on @TheBigWhale_

https://t.co/DMgHkYV36d

[Raphaël Bloch 🐳 @Raph_Bloch]

🔴 Exclusive @TheBigWhale_

With its latest funding round, Polymarket is now valued at $18 billion, according to multiple sources.

Intercontinental Exchange (ICE) announced today that it’s adding $600 million to its bet on the prediction market platform - after already investing $1 billion in October at a nearly $10 billion valuation.

This new raise marks another milestone in the financial arms race between @Polymarket and @Kalshi, which raised $1 billion just last week at a $22 billion valuation.

Both Polymarket and Kalshi are based in NYC - and the battle is intensifying to take the lead.

They’re now competing aggressively to lock down partnerships with major media companies, investment firms, and sports leagues.

"There’s a financial arms race to attract top talent and lock in exclusive partnerships," according to multiple sources close to both companies.

[Grégory Raymond 🐳 @gregory_raymond]

🟥 @Ingenico (leader mondial des terminaux de paiement) s’apprête à intégrer les stablecoins dans ses appareils.

Le service a commencé à être déployé auprès de certains commerçants, avant une mise à disposition plus large d’ici quelques semaines.

"Les transactions en stablecoins atteignent désormais des niveaux comparables, voire supérieurs dans certains segments, à ceux de Visa et Mastercard réunis. Ce n'est plus une curiosité technologique, c'est une monnaie d'échange qui devient transactionnelle",

👉Arnaud Dubreuil, Head of Innovation d’Ingenico dans un entretien à @TheBigWhale_

Pour les marchands, la promesse est radicale : Ingenico s’est fixé pour objectif d’offrir des frais de transaction environ 10 % inférieurs aux paiements par carte traditionnels.

Pour le client, c’est très simple.

Il n’a pas à télécharger de nouvelle application : il scanne un QR code et peut payer depuis n’importe quel wallet (custodial ou non-custodial).

Tout cela est possible grâce à l’API de @WalletConnect, qui est bien connu depuis pas mal de temps dans l’écosystème crypto.

Les blockchains prises en charge : @Base et @Polygon.

Pourquoi ?

"Un client ne peut pas attendre dix minutes devant un terminal. (…) En utilisant des infrastructures capables de confirmer une transaction en quelques secondes, nous supprimons ce frottement", explique Arnaud Dubreuil.

Pour l’instant, les stablecoins que l’on peut utiliser sont l’USDC et l’EURC de @Circle, ainsi que l’USDT de @Tether

👉 Lisez l’interview d’Arnaud Dubreuil en intégralité sur la plateforme The Big Whale : https://t.co/0lo9RHghhp

[Jérôme Bailly @JeromeBailly]

Proud to announce the release of the "2026 Digital Asset Banking Report - Switzerland", co-produced by @thecryptovalley and @TheBigWhale_ and published during the Web3 Banking Symposium, in Zurich.

Download the report (free): https://t.co/joAdLlVPiS

Switzerland has moved from a pioneering “Crypto Valley” ecosystem to broad, bank-led adoption of digital assets. This report examines the drivers behind that shift, custody and staking, Lombard lending, tokenization of real-world assets, the growing role of stablecoins and deposit tokens, Project Helvetia and CBDC experiments, and the regulatory crossroads that will shape the next phase of adoption. We complement analysis with first-hand interviews from leaders across banks, tech providers and legal advisers to capture concrete perspectives and figures from the Swiss market.

Huge thanks to everyone who contributed their time and insights:
- Carlos Martin Doncel — Lead Digital Assets, @Swissquote
- Peter Hubli — Lead Digital Assets, @zkb_ch
- Serge Kaulitz — Head of Digital Assets, @LuzernerKB
- Franz Bergmueller — CEO, @AMINABankGlobal
- Alexander Metzger — Digital Assets Lead, @SYZ_Group
- Milko Hensel — Head TechBanking, @MaerkiBaumann
- Fabian Dori — Chief Investment Officer, @sygnumofficial
- @RaniJabban — Deputy CEO, @arabbankCH
- Alexander Thoma — Head of Digital Assets, @PostFinance
- Stijn Vander Straeten — CEO, @CryptoFinanceAG
- Victor Busson — CMO, @taurus_hq
- @SebasBadault — VP Enterprise, @ledger_business
- Andreas Glarner — Legal Partner, @MME_Switzerland
- @Ilya_YouHodler — Board Member, Crypto Valley Association; CEO, @YouHodler
- @niki_csanyi — Executive Director, @thecryptovalley
- The whole @TheBigWhale_ team: @gregory_raymond, @Raph_Bloch, @DG2, @BukovskiBuko3

[Dimitri Granger @DG2]

Christal clear

[Aleksandar Bukovski @BukovskiBuko3]

Bitcoin miners are quietly exiting the mining game and pivoting to AI. This is the shift we've been covering extensively at @TheBigWhale_ for months.

Here's what's happening beneath the surface:

For over a month, production costs have exceeded revenue for many miners. The post-halving squeeze is real. This urged a structural shift toward AI model training and High-Performance Computing (HPC).

The numbers tell the story:

→ 15,000+ BTC liquidated since October 2025 to fund the transition
→ Core Scientific sold 1,900 BTC in January alone, raising $175M
→ Marathon Digital is eyeing its 53,822 BTC treasury to service debt and pivot

Even when Bitcoin hit $126K last October, gross margins peaked at 50% with some firms in negative territory. HPC offers something mining never could: predictable, annuity-like cash flows that aren't tied to BTC price volatility. This makes the renewed business model so compelling.

IREN is the poster child here. Its margin collapsed from 95% → 24% in a single quarter. After committing to HPC, it stabilized at ~65%.

The market initially loved these pivots: IREN surged 700%, TeraWulf 350%. But enthusiasm has cooled as Capex overruns and shareholder dilution hit hard.

The bigger picture?

This isn't miners abandoning Bitcoin. It's them leveraging existing energy contracts and infrastructure to survive.

If margins stabilize through AI revenue, miners may finally build BTC reserves organically, without constant debt or dilution. That's a healthier long-term dynamic for the entire ecosystem.

[Grégory Raymond 🐳 @gregory_raymond]

Vous pouvez retrouver les données que j'évoque dans le dashboard Bitcoin @TheBigWhale_

https://t.co/hLhYUwgj7X

[Jérôme Bailly @JeromeBailly]

Sabine Keller-Busse, President UBS Switzerland: La blockchain, la tokénisation et le stablecoin «seront encore plus disruptifs que les droits de douane».
via @schmuckpascal pour @Ageficom

https://t.co/sr5e8PgMsc

[Dimitri Granger @DG2]

Proud to see @thecryptovalley and @TheBigWhale_ working together 😊🚀

[Raphaël Bloch 🐳 @Raph_Bloch]

I’m incredibly proud to announce that I’ll be delivering the closing keynote at the Web3 Banking Symposium in Zurich on March 2!

It’s a true honor to share the stage with @Ilya_YouHodler, CEO of @YouHodler and one of the leading local figures shaping Switzerland’s digital asset ecosystem.

@TheBigWhale_ is the official research partner of @thecryptovalley.

Our Market Intelligence team - led by @gregory_raymond & @BukovskiBuko3 - has conducted a deep dive into the Swiss banking landscape and its strategic moves in digital assets.

I’ll be unveiling this report exclusively, live on stage, in front of 300+ industry leaders: https://t.co/tDfrZak6Gb

I can’t reveal the details just yet… but Switzerland is an absolute global leader in one specific area. Care to guess which one?