Tokenization Plumbing Bet
winny@winny
−12.1%
since Sep 30
The idea
I believe tokenized real-world assets are moving past the hype stage, with real money already settling on-chain, and that the winners will be the plumbing underneath rather than any single issuer. This basket concentrates in the builders and settlement layers that collect the toll regardless of who wins the asset race, with a smaller slice in leveraged chain exposure for extra torque. I keep 10% in cash to buy into the swings this space tends to produce. I'm underwriting the next year or two, not a single headline.
What it owns
- Listed companies are building the custody, cash infrastructure, and chains needed to move real assets on-chain. · Coinbase GlobalCoinbase earns fees both from custodying tokenized assets for institutions and from its Base chain as a settlement venue., Circle Internet GroupEvery tokenized asset trade requires a cash leg on-chain, and Circle's USDC is that currency, so growing tokenization means growing USDC supply., Figure TechnologiesIt is already originating loans on-chain at scale and benefits as other lenders follow onto its tokenized lending rails., Robinhood MarketsIt is pushing tokenized stocks to everyday investors, the retail end of on-chain asset infrastructure, and grows as the product gains users., Galaxy DigitalIt builds and finances the institutional side of tokenization, earning fees as banks and funds move real dollars on-chain.41%
- The chains where tokenized assets actually live collect fees regardless of which issuer or application wins. · iShares Ethereum Trust ETFIt tracks Ethereum, the default settlement layer for most tokenized real-world assets, so growth in on-chain dollar flows drives demand for the network., Bitwise Solana Staking ETFSolana is the main challenger for tokenized-asset settlement and wins if issuers keep choosing its cheaper, faster infrastructure., Canary XRP ETFXRP is built for cross-border movement of tokenized dollars and assets, benefiting if institutions adopt those payment rails., Grayscale Chainlink TrustTokenized assets need trusted price and proof-of-reserve data, and Chainlink is the default oracle feeding that information on-chain.26%
- Companies holding large chain-token treasuries amplify returns if settlement volume grows over the next couple of years. · BitMine Immersion TechnologiesIt holds a large Ethereum treasury, amplifying returns if Ethereum benefits from tokenization flows and the company maintains its holdings., DeFi Development CorpIt holds a Solana treasury, amplifying returns if Solana wins tokenized-asset settlement and the company maintains its holdings., SharpLink GamingIt holds an Ethereum treasury, amplifying returns if Ethereum remains the settlement layer for tokenized assets and the company keeps its holdings.14%
- A diversified set of positions across the on-chain economy to capture infrastructure winners that may not be obvious yet. · Amplify Transformational Data Sharing ETFIt spreads exposure across companies building on-chain infrastructure, catching plumbing winners across the entire ecosystem., VanEck Onchain Economy ETFIt owns a basket of companies tied to the on-chain economy, capturing broad infrastructure upside as real dollars move on-chain.9%
- Cash10%