Four Pillars

Professional Research For Institutions and Crypto Natives

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[Four Pillars @FourPillarsFP]

: : We're excited to announce that @FourPillarsFP has raised Series A Funding from @PanteraCapital and @further.

This round marks our next chapter: scaling from a research firm into an institutional-focused blockchain research and infrastructure provider.

[Four Pillars @FourPillarsFP]

Full comment:

https://t.co/xsgzK7UOZD

[Four Pillars @FourPillarsFP]

Following Kaito's partnership announcement with X, let’s examine both the limitations and the future potential of InfoFi.

👇

[Steve @Steve_4P]

Following Kaito's partnership announcement with X, examine both the limitations and the future potential of InfoFi. https://t.co/tqSDViI8Fz

[Four Pillars @FourPillarsFP]

https://t.co/6L159gsJgF

[Ponyo @ponyo_fp]

Tonight i published my full report on @Securitize. As far as i know, it's the first comprehensive one anyone has written on the company. If you hold $SECZ or are thinking about it, i think you'll find it useful!

some of what's inside:
- what tokenization actually is, where the market stands today, and the current US/EU regulatory environment around it
- the competitive map (platform and product players, how they charge, and where Securitize sits among them)
- how the company makes money (a breakdown of its revenue streams and what drives each of them)
• Financials (quarterly performance since 2025, management guidance, and the margin outlook)
• 2026 catalyst calendar (Computershare, NYSE tokenized trading, EU TSS, and the timeline for each)

[Surf Developer | Researcher @Surfdeveloper]

Korean TradFi giants are purchasing shares of Korean CEXs.
The biggest move includes;

Mirae Asset → Korbit: 92% for $92M
Hana Financial → Upbit: 7% for $667M
OKX + KIS → Coinone: 20% for $53M

@FourPillarsFP and Surf AI researched this ongoing investment trend.

[Four Pillars @FourPillarsFP]

Full Comment:
https://t.co/HuNj8ZsJgJ

[Four Pillars @FourPillarsFP]

The CEX plays a different role in Asia than in the West. Retail traders tend to rely on exchanges rather than taking sovereignty over their own assets through non-custodial wallets. That reliance grew strongest in Korea, where regulation restricted the on/off ramp to only 5 licensed CEX.

This is a joint research initiative on “Asia CEX Research” with SurfAI.

👇

[Heechang Kang @xparadigms]

https://t.co/dfJU7m6oxS

[Four Pillars @FourPillarsFP]

https://t.co/hb9ktRSnRw

[Four Pillars @FourPillarsFP]

Full Comment:
https://t.co/RkyKpWNMWT

[Four Pillars @FourPillarsFP]

As crypto becomes increasingly integrated into regulated markets and stakeholder interests grow more fragmented, the idea that a single narrative or leader can set the direction for the entire industry is becoming less viable. Rather than trying to predict which sector will define the next cycle, industry participants should focus on teams that have demonstrated real demand in their respective markets and can connect assets, liquidity, and users across products.

👇

[JayLovesPotato @JayLovesPotato]

https://t.co/7iQ6Fo9i7y

[Four Pillars @FourPillarsFP]

: : Securitize, Inc. (SECZ) — Initiating Coverage
Written by @ponyo_fp

- We initiate coverage of @Securitize Corp. with an Outperform (Speculative) rating and a price target of $14.50, the probability-weighted intrinsic value of our scenario DCFs, approximately 96% above the $7.41 close of July 8, 2026. The target weights bear, base, and bull intrinsic values of $3.93, $13.04, and $28.16 at 25/50/25. The catalysts that force price discovery are the Q2 2026 print and the first equity-tokenization revenue. The shares have fallen approximately 40% since the July 2 debut on no company-specific news, a move we and press coverage attribute to post-SPAC investor rotation through a thin float. At $7.41 the market pays 0.51x our weighted value and 0.57x our base-case DCF value, with the equity-tokenization option priced at zero. Prices are as of the July 8 close; the stock has since held near that level, closing July 21 at $7.54.

- Tokenized real-world assets reached $31.93B as of June 2026, up 164% year-over-year, with US Treasury products at $14.80B (46.4% of the market) (https://t.co/ayXvVBB5X2, July 3, 2026). The market grew 46% in the first half of 2026 alone. Regulatory prerequisites that blocked institutional adoption (stablecoin legislation, broker-dealer custody, exchange rulemaking, and EU settlement licensing) were each addressed between July 2025 and May 2026.

- Revenue quality, not topline growth, is the center of our analysis. Securitize’s tokenization revenue was flat year-over-year ($11.3M in Q1 2025 versus $11.1M in Q1 2026, down 1%), with full-year 2025 implying a lumpy intra-year path, while platform AUM traveled from $2.9B to a $4.6B peak and back to $3.4B. FY2025’s 234% revenue growth was driven by acquired fund administration and by one-time, partly token-denominated integration fees, not by an AUM royalty. We model the business as four distinct revenue streams. The decomposition drives our estimates below management’s September 2025 targets.

- Q1 2026 results ($19.5M revenue, +39% year-over-year; adjusted EBITDA $0.8M) mark the trough of the recent crypto drawdown rather than the forward run-rate, but the recovery case must be argued from catalysts, not extrapolation. Tokenized AUM was $3.4B at March 31, 2026 and recovered above $4.0B by April (company disclosures). Our FY2026E base case of $92M sits below the $110M management estimate that the issuer itself walked back in the definitive proxy.

- We view the competitive moat as real and specific. Securitize is the only company licensed to operate regulated digital-securities infrastructure in both the US and the EU. The stack comprises an SEC transfer agent, a FINRA broker-dealer with an ATS, the first FINRA custody and atomic-settlement approval (May 4, 2026), fund administration, a CNMV Investment Firm authorization, and an EU DLT Pilot Regime Trading and Settlement System license granted November 26, 2025. Assembling the stack took nine years. The licenses are reinforced by a technical layer that regulation cannot commoditize. The proprietary DS Protocol compliance framework and the shared Securitize iD investor registry sit inside every token on the platform, so migrating an issuer means redeploying contracts on every chain and re-verifying every investor. In our view the open question is not replication but disintermediation and fee capture, which we address in Section IX.

- The intrinsic ladder defines the risk-reward. Downside to our bear-case value of $3.93 is 47%; upside to our base-case value of $13.04 is 76%; the bull case is worth $28.16. The bear assumes growth slows to the recurring engine’s pace (a 31% revenue CAGR) valued at a punitive 17% discount rate; the base requires execution of a 60% revenue CAGR built on contracted but largely unconverted channels; the bull requires the Computershare and NYSE equity-tokenization infrastructure (signed and rule-approved) to convert at scale from 2027. The July 8 close is consistent with a roughly 60% probability on the bear path and none on the bull. A cash floor of approximately $1.92 per share, 26% of the July 8 close, bounds but does not eliminate downside.

Full Report:
https://t.co/ddIYB62xgj

[Four Pillars @FourPillarsFP]

https://t.co/15lbA3oiUh

[Four Pillars @FourPillarsFP]

: : Four Pillars Joins Finality Forum as Official Research Partner

Four Pillars is joining Finality Forum, taking place on 9 October 2026 in Singapore, as its Official Research Partner.

Finality Forum is the crypto edition of Convergence Summit, whose previous conference have brought together speakers from Stripe, AWS, Notion and other leading global technology companies.

As Official Research Partner, Four Pillars will bring research to the conversations taking place at the forum. Drawing on our research, and institutional advisory work across Korea, Japan and the wider Asian market, we will connect the region's crypto markets with the global capital gathering in Singapore.

Following our research partnerships with MoneyX and WebX in Japan, this partnership extends Four Pillars' presence into Singapore, one of Asia's most important hubs for institutional digital assets.

https://t.co/wUhWVk5KNI

[Finality Forum 🇸🇬 | 9 Oct 2026 @FinalityForum]

This is a big one for Finality Forum.

Four Pillars is joining us as our Official Research Partner.

One of Asia’s leading Web3 research firms, @FourPillarsFP connects the region’s crypto markets with global capital through bilingual deep-dive research, validator infrastructure and institutional advisory.

Their work across Korea, Japan and the wider Asian market will bring a sharp research layer to the conversations taking place at Finality Forum.

Together, we’ll examine the data, market intelligence and regional developments shaping how institutions engage with digital assets across Asia and globally.

9 October 2026 | Singapore | 10 AM onwards

RSVP: https://t.co/tYJeAvhyK4

[ryan 🌊 @ryanli]

@Surfdeveloper is publishing a joint research series with @FourPillars, one of Asia's most respected research desks.

We studied Asian CEX, one of the hardest domain to get clean and uniform data in crypto.

Those who are exposed to Asian CEXs.
This series is for you.

[Four Pillars @FourPillarsFP]

: : Four Pillars Partners with SurfAI to Analyze the State of CEXs in Asia

Four Pillars is partnering with @Surfdeveloper on the Asia CEX Research Series, a joint effort to analyze user behavior and the state of centralized exchanges across Asia.

CEXs are the heart of crypto in the region, but Asia is no monolith. Korea, Japan, Hong Kong, and Southeast Asia each run on different regulations, user bases, and competitive dynamics, with global giants like Binance, Bybit, and OKX dominant yet perpetually contested by licensed local venues and tightening compliance.

The timing matters because the ground is shifting fast. Regulation is converging toward formal VASP frameworks, and competition is moving beyond spot trading into payments, custody, and on chain settlement.

The series will map that evolution market by market, profiling the major exchanges, the regimes that shape them, and the data on volumes, listings, and user behavior.

[Heun @0xheun]

Beyond dashboards, the Data tab on our Research page is home to a growing collection of articles across many categories, all written by @FourPillarsFP researchers.

Each one goes past the numbers to explain what the data really means. If that sounds useful, be sure to check them out!

https://t.co/sddvgstEUj

[Ryo Sakai | WebX @RyosCoinPost]

WebX会場内限定でお渡ししていた@FourPillarsFP と@HashHubResearch 合同で作成した日本のマーケットレポートがオンラインでダウンロードできるようになりました！

最近のトレンドのみならず、過去の事件や法律の改正など、タイムラインに沿ってわかりやすく解説されています！

これを読めば日本のマーケットについてより深く理解ができるので、当日手に取れなかった人はぜひこの機会に読んでみてください！

日本語と英語どちらもあります🙆‍♂️

[Four Pillars @FourPillarsFP]

Japanese Version:

https://t.co/Q0xZMhP2Bv

[Four Pillars @FourPillarsFP]

: : [Asia/Report] Japan Crypto Market 2026
Written by @FourPillarsFP, @HashHubResearch, and @coin_post

- To understand the future of Web3 in Asia, you have to understand Japan. Japan's crypto market did not arrive at this moment by accident. It is the product of more than a decade of regulatory iteration, much of it forced by crisis.

- From the Mt. Gox collapse to the Coincheck and DMM Bitcoin hacks, each incident became a forcing function that expanded the licensed perimeter and brought more activity into supervised channels. The result in 2026 is a market of over 12 million active users, more than 5 trillion yen in deposits, and a regulatory structure that gives the FSA a level of visibility few peers in the world can match.

- The report walks through the pieces that make 2026 a pivotal year: the reclassification of crypto assets under the FIEA and the shift toward separate taxation, the emergence of a genuine yen stablecoin competition spanning JPYC, the megabank Project Pax, SBI's JPYSC, and USDC, and the steady widening of tokenization from real estate into bonds, funds, and REITs. It closes with a quarterly review of early 2026 and a tactical calendar of catalysts to watch through 2027 and beyond, including the path toward a potential spot Bitcoin ETF.

- Japan is not chasing the fastest or the freest market. It is patiently building the most trustworthy one. If that thesis is right, 2026 will be remembered not as the year crypto arrived in Japan, but as the year it became part of the country's financial plumbing. We hope this report helps you see that story clearly, and make the most of your time at WebX.

Full report:
https://t.co/EzGpRqYvo3