Rails Between Two Markets
f(gautham)💤@gautham
−9.1%
since Oct 1
The idea
I believe the wall between traditional markets and crypto is coming down, driven by speculators on both sides rather than institutions, and the winners are the companies that get paid on the volume regardless of which way it flows. I own this in three layers: the venues where the trading happens, the plumbing every on-chain asset has to cross, and the incumbents already tokenizing as a hedge if regulation favors the old guard.
What it owns
- Trading venues earn fees on every transaction when retail speculation moves onto blockchain rails, whether the traded assets are cryptocurrencies, tokenized stocks, or memes. · Robinhood MarketsIt operates the app where retail traders access both meme stocks and cryptocurrencies, positioning itself to capture fees as those two markets converge and tokenized assets trade alongside crypto., Coinbase GlobalIt is the largest US venue where crypto speculation happens and is adding tokenized assets on top, earning fees on all trading activity that flows through its platform., BullishIt operates a crypto exchange designed for larger traders, earning fees when institutional money joins retail speculators on-chain., Gemini Space StationIt operates a crypto exchange earning fees on trading volume, benefiting whenever more activity moves onto blockchain rails regardless of market concentration., eToro GroupIt lets users trade stocks and crypto in one platform, earning fees as traders move between asset classes and more retail volume flows onto blockchain infrastructure.33%
- Stablecoins, custody, and market-making are the infrastructure that tokenized assets must pass through, earning fees on volume regardless of which venue or asset class dominates. · Circle Internet GroupIt issues the dollar stablecoin that tokenized treasuries, stocks, and memes settle in, earning on both custody and transaction volume as more assets move on-chain., Galaxy DigitalIt provides trading, lending, and custody services that on-chain assets depend on, earning on activity across the entire ecosystem regardless of which trading venue or asset class leads., Figure Technology SolutionsIt originates loans and puts them directly on-chain, earning fees on the issuance and trading of tokenized real-world assets as that market develops., Virtu FinancialIt makes markets in stocks and crypto, earning a share of every trade that happens across both traditional and blockchain-based venues regardless of price direction.31%
- Traditional asset managers and exchanges that are building tokenized products benefit if regulators favor established firms over crypto-native competitors. · BlackRockIt manages the largest tokenized treasury fund and has the scale to dominate that market if tokenization becomes mainstream, hedging the take against regulatory preference for established firms., CME GroupIt operates regulated crypto derivatives markets, earning fees as institutional speculation continues on traditional rails even while spot assets move onto blockchain., NasdaqIt sells technology to other exchanges and is integrating tokenized trading into its own platform, earning licensing fees and transaction fees if incumbents tokenize rather than get bypassed., Intercontinental ExchangeIt owns major exchanges and crypto infrastructure stakes, earning fees on trading whether volume stays on traditional platforms or flows onto blockchain-based ones., Franklin ResourcesIt launched a money fund on a public blockchain and is building on-chain financial products, positioning itself as the incumbent asset manager most committed to tokenized assets.26%
- Cash10%