Crypto-Native Rails
Uncle Vibecoder
@leo_guinan
−4.0%
since Sep 29
The idea
I believe real-world assets like stocks, bonds and funds increasingly settle on programmable blockchains, and the crypto-native side of that shift wins over legacy incumbents. So this basket weights settlement chains like Ethereum and Solana at its core, surrounds them with the exchanges and on-ramps that bring assets onchain plus the stablecoin plumbing they run on, and adds a smaller sleeve of leveraged treasury proxies.
What it owns
- Someone must list, custody and trade tokenized assets, and these are the crypto-native venues where that activity concentrates. · Coinbase GlobalIt is the default US venue where tokenized assets meet their buyers, earning on trading, custody and stablecoin economics., Robinhood MarketsIt runs the clearest proof that brokers can move stocks onto blockchain rails, with a live tokenized stock product., Galaxy DigitalIt serves as the bank-like firm institutions contact for on-chain assets, from trading to asset management to tokenization deals., BullishIt operates an exchange built for institutions, capturing professional flow as it moves onto crypto-native venues., Gemini Space StationIt pairs a crypto exchange with regulated custody, the foundational plumbing that tokenized assets require someone to operate., eToro GroupIt is a retail on-ramp outside the US that already blends stocks and crypto in one platform for millions of users globally., Exodus MovementIt makes the self-custody wallet, the crypto-native answer to the brokerage account, and earns on swaps and services around on-chain holdings.38%
- Every tokenized asset that settles on a blockchain pays fees to that chain, so the rails themselves collect tolls regardless of which applications win. · iShares Ethereum Trust ETFIt tracks Ethereum, which processes most tokenized asset settlements today and collects fees from every transaction on the chain., Bitwise Solana Staking ETFIt tracks Solana with staking yield, betting that meaningful tokenized asset volumes pick Solana for its speed and low costs.22%
- Tokenized markets settle in digital dollars and need issuance platforms, the infrastructure underlying every transaction. · Circle Internet GroupIt issues USDC, the dollar that tokenized markets settle in, and earns interest on the reserves backing every coin in circulation., Figure Technology SolutionsIt stays healthy as long as its tokenized loan volume keeps growing and other lenders keep joining its rails.17%
- Companies holding ETH or SOL on their balance sheets move harder than the coins themselves, offering a leveraged exposure to the same settlement rails. · BitMine Immersion TechnologiesIt holds one of the largest Ethereum treasuries among public companies, moving with ETH but with additional leverage from the balance sheet., DeFi Development CorpIt holds Solana on its balance sheet, giving the Solana settlement layer a leveraged proxy similar to the Ethereum treasury plays., SharpLink GamingThe position breaks if the company sells down its coins or the treasury-company model falls out of favor., UpexiIt spreads the Solana balance-sheet bet across a second company, diversifying the treasury-holdings exposure to the chain.12%
- Cash11%