Cr Crypto-exposed traditional enablers Loading... : Investor Sentiment and Bull/Bear Views

He is doing more work in crypto equities because the equity universe does not have the same token inflation as 2024 altcoins. The supply of digital-asset-geared equities is only about $200 billion, with limited IPO supply, so profitable companies may have valuation support. He prefers companies with small but growing digital-asset exposure—traditional enablers moving from zero to one—because that can re-rate multiples without adding as much volatility as pure plays. Pure-play Bitcoin miners that borrow to add Bitcoin are extremely volatile and often do not get high earnings multiples, so he is broadening the investment universe away from the ~20 pure plays to ~100 companies doing something with digital assets.