TD has acquired Cowen Inc. Please bookmark TD Securities for further updates.

Digital Assets

An endless field of glass partitions casting shadows

The full magnitude of losses caused by the November collapse of cryptocurrency exchange FTX will take time to be fully unraveled, but we view it as a crystallizing event with lasting impact. Cowen also believes cryptocurrency and digital assets are here to stay. With public cryptocurrency market capitalization touching $1 trillion and nearly 30% of U.S. millennials actively using some form of cryptocurrency account, we believe we are entering a new chapter in the evolution of these asset classes and the businesses around them.  At least in the U.S., we anticipate adoption of a wide-ranging regulatory paradigm similar to the governance model currently controlling the traditional products and services that crypto and digital disruptors are looking to displace.


What we’re watching

  • Regulation
  • Evolving Use Cases in the Payments Ecosystem

Themes 2023 Handboook

Browse Cowen’s Themes 2023 Handbook.

Download Handbook

The FTX event will result in Congressional hearings next year, even with GOP gains on Capitol Hill. Their key question will be if global crypto exchanges could threaten financial stability in the United States.”