Ryan Rasmussen

Coinbase's artificial intelligence angle is widely misunderstood and underplayed. The market has not priced in the exposure Coinbase has to AI trends, and the stock will eventually get caught up in the AI trade.

Hyperliquid (HYPE) is a breakthrough crypto network with strong tokenomics (99% of fees used to buy and burn HYPE), a growing ecosystem (perpetual futures, spot trading, prediction markets), and regulatory tailwinds. Bitwise is bullish long-term on HYPE, expecting significant price appreciation as adoption expands.

Chainlink is critical middleware infrastructure for tokenization, stablecoins, DeFi, and cross-chain interoperability. It has a dominant market share and a strong moat as the first mover. As tokenization and stablecoin usage grow, Chainlink's network will become more valuable.

Stablecoin growth will be a multi-trillion-dollar trend. Value will accrue to: (1) layer-1 blockchains (Solana, Ethereum, Hyperliquid) where stablecoin activity settles, (2) oracle middleware (Chainlink) that connects apps, and (3) stablecoin issuers like Coinbase that earn large margins on reserve interest. These are all structural beneficiaries of stablecoin adoption.

Stablecoin growth will be a multi-trillion-dollar trend. Value will accrue to: (1) layer-1 blockchains (Solana, Ethereum, Hyperliquid) where stablecoin activity settles, (2) oracle middleware (Chainlink) that connects apps, and (3) stablecoin issuers like Coinbase that earn large margins on reserve interest. These are all structural beneficiaries of stablecoin adoption.

Crypto equities (Bitwise Crypto Innovators Index) are up 30% year-to-date while Bitcoin is down 30%. They offer diversified exposure to megatrends like stablecoins, tokenization, and AI with clearer narratives than holding crypto assets directly. Institutional investors are increasingly drawn to this diversified crypto allocation.

Ryan Rasmussen stated Circle is a "pure play way to get exposure" to the stablecoin market, which is predicted to grow from $300B to $4T, and that it holds ~80-90% of the *regulated* stablecoin market. Institutional demand for regulated stablecoin exposure is growing. Circle's dominant positioning in the regulated segment, which is where most future growth from traditional finance is expected, gives it a structural advantage. LONG because Circle is uniquely positioned to capture disproportionate growth in the expanding and increasingly regulated stablecoin ecosystem. Regulatory delays (e.g., Clarity Act not passing) or increased competition eroding its market share in the regulated segment.