Age of Kings
−4.3%
since Sep 30
The idea
We are reentering the age of kings. Capital is concentrating at the top and this will only increase and accelerate. Markets are moving more capital-concentrated whim than true market forces. Finance is gradually but inevitably moving on chain. Basket holds both the rails and the destinations: crypto majors as reflexive upside assets and basic infrastructure, the on-chain rails of stablecoins, exchanges and custody, then the things concentrated wealth buys — assets, indulgences and capital mechanisms.
What it owns
- The native blockchain assets themselves, held through spot ETFs, where capital ultimately settles as a store of value. · iShares Bitcoin TrustThe cleanest way to hold bitcoin, the crown asset where capital ultimately settles as a store of value., iShares Ethereum TrustHolds ethereum, the base layer where tokenized assets and stablecoins settle, benefiting if finance moves on-chain., Bitwise Solana Staking ETFHolds solana while staking, betting solana wins real settlement activity as a fast, cheap alternative to ethereum.19%
- The crypto-native infrastructure that moves wealth on-chain: stablecoins, custody services and on-chain asset management. · Circle Internet GroupOperates USDC, the dollar layer that stablecoins move across when finance shifts on-chain, clipping settlement flow., Coinbase GlobalCustodies and trades on-chain assets for institutions and ETFs, earning whether capital flows in or out of crypto assets., Galaxy DigitalManages money natively on-chain, growing assets under management as capital flows into crypto-native funds and staking services.18%
- Makers of exclusive, expensive goods and experiences sold to people with concentrated wealth: supercars, private jets and high-roller venues. · FerrariSells extremely expensive singular items to people with concentrated wealth through limited production and pricing power that ignores mass demand., General DynamicsOwns Gulfstream jets that ultra-rich buy and operates defense contracts, combining luxury goods sales with sovereign spending., Wynn ResortsBuilds palaces for ultra-high-net-worth gamblers and travelers, capturing spending on singular luxury experiences.17%
- Gold and the royalty companies that own it, the oldest store of wealth that capital gravitates toward in times of uncertainty. · SPDR Gold SharesHolds physical gold, the trophy asset that concentrated capital and central banks treat as the store of value of last resort., Franco-NevadaOwns royalties on gold mines, capturing gold's upside with margins mines cannot match, clipping precious metals flow., Wheaton Precious MetalsBuys streams of future gold and silver at fixed prices, capturing precious metals upside through royalty deals.14%
- Listed managers running private placements and alternative funds that capture fees from concentrated capital flows. · BlackstoneRuns the private placements and alternative funds where concentrated capital deploys, earning fees on wealth concentration., Apollo Global ManagementBoth a private markets manager and an experimenter in tokenizing private credit, bridging traditional placement fees and on-chain settlement.12%
- Traditional asset and infrastructure owners that provide stability and diversification across economic conditions. · BlackRockRuns the largest asset manager pushing finance on-chain through bitcoin and ethereum ETFs, earning steady fees either way., Brookfield Infrastructure PartnersOwns ports, pipelines and data centers that sovereign funds and governments buy as quality assets, providing hard-asset stability.10%
- Cash10%