Uncovering the Key to Token Performance: Effective Investor Relations

Welcome to Crypto Long & Short, our institutional newsletter. This week, we delve into the world of token performance and the hidden driver behind it. Jordan Brewer, investment analyst at Runa Digital Assets, sheds light on the importance of guide, deliver, repeat in token markets. He argues that institutional-grade investor relations is the missing piece in token markets, and that protocols now seeking public market investors need to provide more durable capital. A key aspect of investor relations is regular investor calls where management provides forward guidance. Brewer cites the example of Maple Finance and EtherFi, which are leading the way in this regard. Research shows that firms that consistently meet or beat their own guidance enjoy a measurable stock price premium over those that don't. This dynamic is beginning to emerge in crypto, with Maple and EtherFi delivering on their guidance and being rewarded by the market. However, guidance without delivery is just marketing, and investor relations in crypto doesn't end with a dashboard - it's where it starts. Guidance and accountability are at the heart of credibility for protocol teams, and it's credibility that builds conviction in public investors. In another article, Martin Burgherr, chief clients officer at Sygnum Bank, discusses how institutions are separating custody from execution in crypto. This shift signals a broader evolution in digital asset market structure, with major trading firms increasingly holding assets in regulated bank custody while executing trades on exchanges. The infrastructure is catching up, with firms like Wintermute and Nomura's Laser Digital already operating in this way. When collateral moves into regulated custody, it can take a different form, such as U.S. Treasuries or tokenized money market fund shares, which can serve as trading collateral while earning yield. This fundamentally changes the economics of running an institutional crypto trading operation. The market is maturing, with 73% of institutional investors planning to increase their digital asset allocations this year, according to EY-Parthenon's 2026 institutional investor survey. The migration is already underway, with the infrastructure scaling to meet the demand.