Haseeb Qureshi

Venice did not sell VVV tokens; 50% were airdropped, and the company is using subscription revenue to buy back VVV with the goal of eventually buying back the entire supply. The token grants compute utility, the company is growing fast with $70M run rate, and investors acquired exposure to VVV because they believe it is valuable. This creates a supply-sink mechanism and demand from utility, supporting token price.

Hyperliquid (HYPE) represents a great risk-adjusted investment for those with higher risk appetite. It trades at an attractive multiple relative to its earnings, and the regulatory uncertainty that keeps institutions away today will likely resolve over time (e.g., via the Clarity Act). Once institutional demand arrives, multiple expansion will boost HYPE's valuation. Crypto-native capital is already front-running this demand.

"Stable coins were also a paragraph in the Ethereum white paper now they're 300 billion... actually creating permissionless finance." While the "metaverse" and "social" aspects of crypto are down, the financial utility (Stablecoins/DeFi) is hitting all-time highs in usage. Coinbase (COIN) is the primary US-listed beneficiary of stablecoin growth (via USDC revenue) and the bridge to this "working" financial layer. LONG Coinbase as the proxy for the only crypto vertical (Stablecoins/Finance) that has achieved product-market fit. Regulatory action against stablecoin issuers or declining interest income on stablecoin reserves.

Dragonfly raised $650M to deploy into high-conviction infrastructure. Haseeb explicitly names Monad, MegaETH, and Ethena (ENA) as key portfolio investments. Despite the bear market ("extinction level event"), Dragonfly is deploying into these specific protocols, signaling they view them as the technical winners of the next cycle. LONG the specific assets backed by this fresh capital. Execution risk on unreleased mainnets (Monad/MegaETH); smart contract risk for Ethena.

High-profile "Pioneers" (risk-takers like Kyle Samani) are leaving the industry, while Dragonfly raised $650M from institutions. The industry is transitioning from the "Pioneer Phase" (wild speculation, cults of personality) to the "Settler Phase" (institutionalization, steady growth). Long the "Settler Assets" (Majors and Infrastructure). The era of 100x returns driven by a single promoter's "force of will" is ending; the era of broad institutional adoption is beginning. The "Settler Phase" may bring lower volatility and consequently lower alpha compared to previous cycles.

High-profile "Pioneers" (risk-takers like Kyle Samani) are leaving the industry, while Dragonfly raised $650M from institutions. The industry is transitioning from the "Pioneer Phase" (wild speculation, cults of personality) to the "Settler Phase" (institutionalization, steady growth). Long the "Settler Assets" (Majors and Infrastructure). The era of 100x returns driven by a single promoter's "force of will" is ending; the era of broad institutional adoption is beginning. The "Settler Phase" may bring lower volatility and consequently lower alpha compared to previous cycles.

High-profile "Pioneers" (risk-takers like Kyle Samani) are leaving the industry, while Dragonfly raised $650M from institutions. The industry is transitioning from the "Pioneer Phase" (wild speculation, cults of personality) to the "Settler Phase" (institutionalization, steady growth). Long the "Settler Assets" (Majors and Infrastructure). The era of 100x returns driven by a single promoter's "force of will" is ending; the era of broad institutional adoption is beginning. The "Settler Phase" may bring lower volatility and consequently lower alpha compared to previous cycles.