−4.8%
since Sep 23
The idea
I don't think the money in crypto goes to whoever holds the coins, it goes to whoever runs the plumbing underneath it. So this basket owns the toll collectors: payment and stablecoin rails, old-guard exchanges building crypto products on profitable cores, custody and tokenization players, and a smaller slice of crypto-native platforms for extra upside. I skip miners entirely and keep 18% in cash so I can sit through a crypto winter without selling. I don't need coin prices to rise, just the transactions to keep flowing.
What it owns
- These positions collect tolls as stablecoins and crypto move through payment networks and settlement layers. · VisaIt collects fees as stablecoins like USDC settle across its payment network instead of replacing it., Circle Internet GroupIt issues USDC and earns interest on the reserves backing it, capturing value directly from stablecoin adoption., MastercardIt collects fees on payment volume as crypto and stablecoin settlement integrate into its network., BlockIt earns fees on money movement through Square and Cash App as merchants and consumers move bitcoin and stablecoins., PayPal HoldingsIt issues its own stablecoin and can push it through an existing consumer and merchant base to earn payment fees.28%
- These positions earn from regulated crypto trading, clearing, and surveillance infrastructure regardless of coin prices. · Intercontinental ExchangeIt operates regulated exchanges, clearing, and data services that earn fees on crypto trading volume whether prices rise or fall., CME GroupIt hosts bitcoin and ether futures for institutional traders, earning tolls on derivatives volume that grows with crypto adoption., Cboe Global MarketsIt operates options and ETF markets where spot crypto ETF and derivatives trading generate exchange revenue., NasdaqIt sells exchange technology and surveillance tools to crypto venues while listing crypto-adjacent companies going public.24%
- These positions earn fees on crypto asset management and storage without taking coin price risk. · BlackRockIt manages the largest bitcoin ETF and tokenized funds, earning management fees on crypto assets without owning coins outright., State StreetIt builds digital asset custody and tokenized fund services for institutions seeking trusted legacy custodians., Interactive BrokersIt earns fees on crypto trading and custody alongside traditional services without taking coin price risk.16%
- These positions earn directly from crypto trading volume and activity, with more upside if institutional adoption grows. · Robinhood MarketsIt collects transaction fees from retail crypto trading, making crypto a major revenue stream., Galaxy DigitalIt earns fees from trading, asset management, and data-center infrastructure serving the crypto economy., BullishIt operates a regulated institutional crypto exchange and owns CoinDesk, earning fees on trading volume rather than coin prices., eToro GroupIt collects fees from retail crypto and stock trading across an international user base.14%
- Cash18%