Ethereum World Computer
jackie luo@jackie
−11.8%
since Sep 29
The idea
I believe Ethereum is turning into a cryptographic world computer, not just a blockchain, and that shift creates value on two sides at once. I own ETH directly through spot ETFs and more aggressively through treasury companies that stack ETH on their balance sheets, while pairing that with exchanges building their own Ethereum L2s, tokenization plays, and steadier financial-rails names as ballast. I keep a cash reserve to add on drawdowns and hold broadly across both halves since this is a multi-year roadmap, not a quarterly trade.
What it owns
- On-ramps and trading venues that capture fees as activity flows through Ethereum and its layer-two networks. · Coinbase GlobalCoinbase operates Base, a major Ethereum layer two, and profits directly from activity growth on the network., Robinhood MarketsRobinhood is building tokenized stock infrastructure on Ethereum rails, creating native use cases for the network., BullishBullish targets institutional traders moving serious capital through Ethereum settlement infrastructure., Gemini Space StationGemini captures exchange volume as Ethereum and its assets see growing retail and institutional trading.26%
- Direct ownership of the asset that settles all activity on Ethereum, structured through regulated funds. · iShares Ethereum TrustA spot Ethereum fund that tracks the asset underpinning all world computer settlement., Fidelity Ethereum FundA second Ethereum fund from Fidelity, diversifying the core holding across multiple issuers.22%
- Companies holding and staking Ethereum on their balance sheets, creating leveraged exposure to the asset's appreciation. · BitMine Immersion TechnologiesThe largest public company stacking Ethereum on its balance sheet, trading as a leveraged proxy for the asset., SharpLink GamingSharpLink converted its balance sheet into an Ethereum accumulation vehicle, concentrating the price appreciation bet., Bit DigitalBit Digital exited bitcoin mining to hold and stake Ethereum, betting that the asset captures ecosystem value., BTCS IncBTCS holds and stakes Ethereum, earning yield on the treasury while riding price appreciation.20%
- Established financial institutions integrating Ethereum infrastructure, providing stability to the broader ecosystem bet. · CME GroupCME operates the primary regulated futures market for Ethereum, earning fees on hedging and trading activity., BlackRockBlackRock issues Ethereum funds and is pushing tokenized assets onto Ethereum, institutionalizing the ecosystem.14%
- Companies moving real-world assets and lending onto Ethereum rails, generating native usage and transaction fees. · Galaxy DigitalGalaxy Digital operates across asset management and tokenization deals, capturing upside from institutional ecosystem buildout., Figure Technology SolutionsFigure runs blockchain-based lending that tokenizes real credit, demonstrating live real-world asset adoption.10%
- Cash8%