At the Digital Asset Summit, a panel featuring Michael Bucella (Neoclassic Capital), Omar Shakeeb (SecondLand), Samantha Bohbot (Rockaway Capital), and James Newman (Republic) examined how venture, OTC, and credit markets in crypto are evolving amid renewed interest in token-equity hybrids and secondary-market liquidity.

A Shift Toward Equity and Hybrid Models

Omar noted a structural rebalancing in private markets: “Two years ago, 95% of OTC activity was token-based. Now, it’s closer to 60% tokens, 35% equity, and 5% hybrid.” The Circle IPO marked a turning point, catalysing interest in equity-driven exposure while reinforcing the value of hybrid models that combine tradable tokens with equity. 

James added that investors are increasingly drawn to the regulatory clarity and exit optionality of equity structures, while still grappling with value attribution and whether returns ultimately accrue to the token or the underlying shares. Samantha echoed that liquidity and mandate diversity have matured since 2022, as institutional investors now have frameworks for both exposures.

Capital Flow Divergence 

Michael described a “barbell market” in which investors either chase crowded sectors or bet contrarian. The spread between bid and ask prices in secondary markets has widened sharply, reflecting tighter liquidity and divergent valuations. Regional variation also matters. “Western investors hesitate to brand themselves token-focused,” he said, whereas Asian markets remain more crypto-native and open to hybrid deal flow.

Credit Innovation and On-Chain Finance

The conversation then turned to credit markets, where Michael highlighted the shortage of seasoned underwriters capable of structuring resilient on-chain debt. He pointed to protocols offering first-loss protection as some of the most mispriced but attractive opportunities in crypto credit. Samantha added that structured products natively built on-chain, not just replicas of traditional instruments, represent the next frontier for scalable yield.
Across the panel, consensus emerged that on-chain credit and finance could anchor the next growth cycle, bridging speculation-driven markets with institutional capital formation.

Key Takeaway
Crypto’s private markets are maturing from token speculation to hybrid equity-credit ecosystems. The panel believed that the next wave of outperformance will come from projects that blend compliant structure with on-chain scalability, where liquidity, governance, and value creation converge.