... secondary offerings have been used relatively recently, since the development of the stock market in the 2000s. While the approaches to organizing such offerings are similar to international ones, they also carry specific features related to Russian legislation and market structure. History and Development of Secondary Offerings Secondary offerings have developed as a logical continuation of capital market tools. In Western practice, the subsequent offering of securities has been used for a long ...

... investments. Overall, as of May 2025, institutional interest acts more as a supporting factor for ETH's price, while the potential introduction of new investment products (ETFs, trusts, derivatives) could serve as a growth catalyst. Regulatory Environment and Legislation Regulations continue to have a significant impact on the cryptocurrency market. For Ethereum in May 2025, several aspects can be highlighted. Firstly, the legal status of ETH. In the U.S., discussions are still ongoing regarding whether Ethereum ...

... emerging from the "grey zone" and gaining official recognition, which enhances trust in the market from traditional financial players. Russia: Interest in cryptocurrencies in the Russian Federation has noticeably increased amid changes in legislation. Back in August 2024, President Vladimir Putin signed a decree legalizing the use of digital currencies in international settlements and in the currency market within an experimental legal framework. In 2025, regulators took the next step: ...

..., unemployment rate, country's balance of payments, as well as general market sentiment (phase of the economic cycle, presence of crisis phenomena or, conversely, recovery). The political situation is also important: a stable government, predictable legislation, absence of geopolitical tension create favorable conditions for business, while political crises or sanctions can negatively affect the securities market. The goal of this stage is to identify the global trend. If the economy is growing and ...