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.

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.

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.

Ryan believes the next bull market is just getting started; the record Bitcoin short squeeze was an accelerant, ETF flows are broad across Bitcoin, Ethereum, Hyperliquid and XRP, crypto equities are performing, sidelined cyclical and traditional investors are returning, and he expects Bitcoin and many crypto assets to finish the year higher with 2027 another crypto outperformance year.

If regulated onchain perpetual futures come to the US, Ryan expects a massive acceleration in tokenized-asset and perp growth; perpetuals are already one of crypto's fastest-growing segments and are enabling 24/7 price discovery for oil, the S&P 500, SpaceX and Anthropic pre-IPO, plus gold, driving a perps race among platforms like Coinbase, Hyperliquid, Robinhood, and CME.

If regulated onchain perpetual futures come to the US, Ryan expects a massive acceleration in tokenized-asset and perp growth; perpetuals are already one of crypto's fastest-growing segments and are enabling 24/7 price discovery for oil, the S&P 500, SpaceX and Anthropic pre-IPO, plus gold, driving a perps race among platforms like Coinbase, Hyperliquid, Robinhood, and CME.

Ryan believes the next bull market is just getting started; the record Bitcoin short squeeze was an accelerant, ETF flows are broad across Bitcoin, Ethereum, Hyperliquid and XRP, crypto equities are performing, sidelined cyclical and traditional investors are returning, and he expects Bitcoin and many crypto assets to finish the year higher with 2027 another crypto outperformance year.

Galaxy is transitioning from a crypto-dominated company to an AI-first company, causing narrative messiness, but fundamentals and execution remain solid. The market is digesting this transition, creating a mispriced opportunity. The data center business within the AI boom offers significant growth potential, and the company can execute on both digital asset and AI sides, offering a bullish long-term outlook.

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.