Value Settles Onchain
abram@abram
−10.5%
since Sep 30
The idea
I believe security is shifting from secrecy to systems that survive total inspection, so open source smart contract chains will keep pulling in more of the world's value over the next decade or more. I hold this through the base chains themselves via spot ETFs, companies whose balance sheets are built on staked coins, businesses that only work because the rails are open, the plumbing and custody layer, and traditional managers moving assets onchain, with a small cash buffer.
What it owns
- Businesses whose core product only works because the underlying contracts are public and inspectable by anyone, not hidden behind proprietary systems. · Circle Internet GroupIssues USDC on public chains, a business that exists only because the rails are open and inspectable, growing stablecoin supply onchain., Robinhood MarketsPushes tokenized stocks onto open chains, testing whether traditional financial assets migrate to inspectable public contracts instead of remaining in closed systems., Figure Technology SolutionsRuns lending operations on public blockchains, demonstrating that a regulated credit business can operate profitably on open infrastructure rather than private systems., Coinbase GlobalOperates Base, an open contract platform where anyone can inspect the code, representing the company's bet on open rails over the legacy trust-by-secrecy model.24%
- Direct exposure to the open source ledgers where the take says value migrates, held through spot ETFs that track the chains themselves. · iShares Ethereum Trust ETFProvides direct exposure to Ethereum as the largest open source smart contract chain and primary settlement layer for public contracts and tokenized assets., Bitwise Solana ETFProvides direct exposure to Solana as a high-throughput open chain positioned to capture everyday value migration through cheap and fast settlement., iShares Bitcoin Trust ETFProvides direct exposure to Bitcoin as the oldest open ledger that has survived the most inspection and attack, embodying the trustless value settlement the take emphasizes.23%
- Public companies that hold and stake blockchain assets as their primary balance sheet strategy, creating a leveraged exposure to the chains themselves through equity markets. · Bitmine Immersion TechnologiesHolds the largest corporate Ethereum treasury, offering leveraged exposure to the chain through a publicly traded company that accumulates and stakes ETH., SharpLink GamingConverted its balance sheet into staked Ethereum, creating a publicly traded company whose value depends entirely on Ethereum as a settlement layer., Bit DigitalPivoted from mining to holding and staking Ethereum, betting that the chain becomes the primary settlement layer rather than a speculative asset., DeFi Development CorpA public company whose value rides on its Solana treasury and staking rewards, offering leveraged exposure to Solana as an open contract platform through equity markets.16%
- Infrastructure for staking, trading, and self-custody that enables people to hold and move value on open chains without trusting a gatekeeper. · Galaxy DigitalBuilds staking, trading, and infrastructure services that grow directly with increased activity and asset value settling on open chains., Block IncBuilds payments infrastructure on open rails including bitcoin, betting that open source money becomes central rather than peripheral to the business., Exodus MovementMakes self-custody wallets that enable people to hold value in open contracts without relying on gatekeepers, growing as more assets move onchain.15%
- Traditional finance institutions tokenizing funds and payments on public chains, providing early proof that established financial value is migrating to open infrastructure. · BlackRockCreated a money market fund on public chains and operates major crypto ETFs, signaling that established financial institutions believe open rails are where assets settle., Franklin ResourcesOperates one of the first money funds recorded directly on public chains, testing whether established asset managers treat open infrastructure as permanent infrastructure., PayPal HoldingsIssued its own stablecoin on public chains and routes payment volume through open rails, betting that old payments companies have a future on inspectable networks.14%
- Cash8%