Investor Relations in the Onchain Era

Michael Ippolito, co-founder of Blockworks, discusses the launch of Blockworks Investor Relations (IR) and the evolving expectations of institutional investors in the crypto market. He emphasizes the need for transparency, standardization, and professionalism in investor relations, which should differ from traditional markets. Ippolito highlights the challenge of effectively communicating the real-time visibility of on-chain businesses to investors, proposing that Blockworks IR will provide curated analytics, branded investor portals, and advisory support to enhance storytelling and understanding.

He notes the mixed performance of tokens, acknowledging positive industry developments while pointing out the decline in average token prices and market cap. The total crypto market cap remains stable, but the increase in the number of tokens has led to a significant drop in the average market cap by about 50% since 2021. Ippolito discusses the disconnect between on-chain revenue and token prices, which historically correlated but diverged in 2025, leading to trust issues among investors.

The conversation addresses the trust problems investors face, stemming from excessive token supply, unclear value accrual, and a lack of reliable data and standardized reporting. Ippolito argues that transparency is crucial to improving market structures and preventing past issues. He compares the crypto space unfavorably to public companies, which benefit from regular reporting and management presentations that provide clarity to investors.

Ippolito stresses the critical nature of investor trust, noting that the industry must proactively provide standardized, accessible information rather than waiting for regulatory enforcement. He introduces Blockworks IR as a solution, which includes data accessibility, integrated services like quarterly reports, and a comprehensive management tool for investor relations. The platform aims to streamline information for investors and reduce redundant diligence, offering a front-facing website akin to public company investor relations pages.

Looking ahead, Blockworks plans to develop an intelligence solution for engagement analytics and insights into investor behavior, along with a Blockworks agent to provide data and storytelling services at a lower cost than traditional IR firms. The focus remains on enhancing data transparency and accessibility, with the platform already in use by leading protocols like BNB and GEDO.

The conversation highlights the significant challenges faced by public companies, noting that the number of such companies in the U.S. has halved over the past two decades, while the costs associated with being public have quadrupled. The discussion introduces the potential of crypto and on-chain solutions, emphasizing that the aim is to enhance existing public market structures rather than merely replicate them. Current investor relations practices are criticized for being outdated, with unengaging presentations and basic data failing to capture investor interest.

On-chain data is presented as a transformative tool, allowing 90% of a company's operating and financial history to be transparently accessed, which can effectively narrate a company's story and attract new capital at lower costs. Vlad Tenev points out that if presenters are bored, the audience will be too, highlighting the need for a shift from traditional, compliance-focused investor relations to more engaging and proactive experiences.

The vision for the future of investor relations includes increasing the number of token holders and utilizing real-time data, with an emphasis on live events, social media engagement, and diverse voices in presentations. Anticipation is expressed for a rapid evolution in the industry, with protocols and exchanges expected to adopt more dynamic IR practices within a year, and significant changes anticipated within two years. The transformative potential of crypto is underscored, noting its impact on market operations and the challenge it poses to traditional finance norms. The conversation reflects on the resilience of the crypto industry, which has weathered significant market fluctuations, and emphasizes its strength, foresight, and innovative capabilities.