Jason Yanowitz

Circle (issuer of USDC) posted strong earnings (beating consensus $0.43 vs $0.16) and its secondary market stock price is up ~50% ($60 to $90). Coinbase is the primary strategic partner and equity holder in Circle. While the speaker notes a "mix shift" where more USDC is off-Coinbase (meaning Coinbase takes a smaller % of the *total* pie), the massive expansion of the pie (Circle's valuation and adoption) directly benefits Coinbase's balance sheet and equity investment. If Circle is the "only pure play" on stablecoins and is winning, Coinbase is the best public proxy. LONG. Regulatory crackdowns on stablecoins; continued margin compression if USDC moves off-platform.

Centralized exchanges are steadily moving trading onchain to own the infrastructure and improve margins. Coinbase (via Base) and Binance (BNB) are among the best-positioned to become some of the largest blockchains, with their equity and token respectively set to benefit from this shift.

If you want to be long crypto broadly, you should own Bitcoin for its institutional adoption and network effect. Bitcoin is a sensible holding.

Hyperliquid's non-token markets (real-world assets like oil, commodities, stocks) continue to grow and crypto will rebound, making HYPE the best bet to express that view. The downside is limited relative to the rest of crypto.

The speaker explicitly states he is "piling into DoorDash" (DASH) and describes the founder as "the GOAT." He explains his personal spending on the service has increased every year for 5-6 years, a pattern he last observed with Amazon. He posits that in an AI-dominated market, "operationally heavy" companies will disproportionately benefit. DoorDash is cited as a prime example of an operationally intensive business. LONG. The thesis combines observed personal consumption trends with a macroeconomic view that AI will favor complex logistics businesses over pure software, suggesting structural growth and potential market outperformance. A macroeconomic downturn reducing consumer discretionary spending on delivery services, or regulatory challenges impacting the gig economy model.