Matthew Sigel

Bitcoin is likely to reach its all-time high again within 12 months, supported by investor survey intent, lack of optimism in derivatives markets (short covering), and a mega trend of central bank adoption as a global settlement asset.

The VanEck Onchain Economy ETF (NODE) focuses on companies that earn cash flow from blockchain adoption, such as Bitcoin miners and infrastructure providers. This approach has led to a 75% gain since inception versus Bitcoin's 20% decline, and the ETF remains the preferred vehicle for capturing blockchain value without direct crypto exposure.

Bitcoin miners will outperform due to AI convergence; as the AI side of their business accelerates, miners sell less Bitcoin, creating a virtuous cycle. This is the team's number one exposure.

He still holds a little Ethereum because the odds of the Clarity Act passing are low, so any positive regulatory surprise in September could trigger a decent rally for Layer 1 tokens. Additionally, Ethereum governance changes earlier this year are positive.

Galaxy Digital has an attractive asset in the Texas Helios data center, which is already partially leased to CoreWeave and has the option to lease additional power, even with the recent Texas data center moratorium. The stock looks very cheap with great optionality, but the initial tenant was not investment grade and the asset is geographically concentrated, making a spin-off difficult.

He holds a small Solana position for the same reason as Ethereum: a possible regulatory catalyst from the Clarity Act in September could spark a Layer-1 rally, though follow-through is uncertain.

Zcash has interesting leadership and was the first project to face an existential threat from AI. It reacted earliest to make itself future-proof against AI software, which makes it appealing.

VanEck launched an Avalanche ETF. Sigel explicitly states AVAX has "product-market fit," "better than average economic clarity" regarding token value accrual, and a strong BD team driving "institutional distribution." Institutions require three things: Custody, Compliance, and Economic Drivers (revenues/fees). VanEck has validated that AVAX checks these boxes. The launch of the ETF provides the regulated wrapper necessary for large allocators who cannot hold self-custody tokens to enter the ecosystem. LONG. The ETF acts as a stamp of approval and a passive inflow mechanism. Regulatory reversal or failure to reach the $100M AUM "escape velocity" milestone mentioned by Sigel.

Sigel cites Figure as a "successful IPO from last year" that has taken "10% market share in the origination of HELOCs" (Home Equity Lines of Credit) using the Provenance blockchain. This is the "upstream origination" thesis. Figure isn't just tokenizing a fund; they are using blockchain rails to originate loans faster and cheaper than competitors. This allows them to earn healthier margins while offering competitive rates, creating a flywheel that steals market share from traditional lenders. LONG. This is a play on RWA infrastructure that has actual product-market fit. Real estate market downturn reducing demand for HELOCs.