Tokenization Goes Mainstream
Jonny Miller@jonnym1ller
−13.8%
since Sep 30
The idea
I believe real-world assets, from treasuries to stocks, are about to get tokenized at an accelerating pace over the next one to two years, and that crypto-native platforms capture the upside, not the old-guard banks. So this basket goes four layers deep: the trading platforms where tokenized assets meet buyers, the settlement rails they run on, the engines putting assets on-chain, and a small slice of custody and staking. I'm keeping 12% in cash to add on dips, since a concentrated, fast-moving theme like this swings hard.
What it owns
- If tokenized assets go mainstream, the exchanges and brokerages where people buy them collect fees on every trade. · Coinbase GlobalIt holds licenses, custody, and millions of users already in place to trade tokenized real-world assets as they move onto crypto-native venues., Robinhood MarketsIt pushes tokenized stocks harder than any retail broker and already operates across multiple countries on a crypto-native rail., BullishIt is the regulated crypto-native exchange designed for institutional trading if funds and treasuries move on-chain., eToro GroupIt offers stocks and crypto in one app across dozens of countries, serving as the international retail door into tokenized assets., Gemini Space StationIt operates on a regulation-first model, which matters if tokenized treasuries and funds require a compliant venue., Coincheck GroupIt extends the crypto-native trading platform bet to Japan, where regulators have been open to tokenized securities.41%
- Most tokenized assets settle in stablecoins on Ethereum, so the dollar rails and the chain itself win regardless of which platform dominates. · Circle Internet GroupEvery tokenized treasury or fund needs a dollar to settle in, and it supplies the crypto-native stablecoin most tokenized assets use., iShares Ethereum Trust ETFMost tokenized real-world assets go on-chain via Ethereum, so it is the direct bet on the settlement layer underneath the entire theme., BitMine Immersion TechnologiesIt holds a large pile of ether, moving harder than ether itself and acting as a turbocharged version of the settlement-layer bet.25%
- These companies do the actual work of putting loans, funds, and shares on-chain, the picks and shovels of the theme. · Figure Technology SolutionsIt puts real loans on-chain at scale, demonstrating tokenization working in practice rather than in theory., Galaxy DigitalIt structures tokenized funds and assets for institutions, capturing deal flow at crypto-native shops instead of traditional banks., Exodus MovementIt tokenized its own stock and builds tokenization tools, proving the plumbing works while its wallet users grow with the theme.18%
- Small asymmetric bets on the plumbing that holds and secures tokenized assets. · Sol StrategiesIt runs staking infrastructure on Solana, hedging against tokenization spreading to chains beyond Ethereum., Bakkt HoldingsIt provides custody infrastructure that tokenized assets will need if they multiply at scale across crypto-native venues.4%
- Cash12%