| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| LONG |
Matthew Sigel
Head of Digital Asset Research at VanEck |
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. | 7:20 | |
| AVOID |
Matthew Sigel
Head of Digital Asset Research at VanEck |
Sigel says VanEck is "very underweight" DATs. He describes them as "hedge funds in a box" that add leverage to already volatile assets. He notes that institutions are "scared by that." The market pays a low PE multiple for hedge funds. DATs are trying to sell yield via leverage, but the volatility risk outweighs the return for institutional mandates. As ETFs (spot products) become available, the inferior structure of DATs (high fees, leverage risk, discount to NAV) renders them obsolete. AVOID (or SHORT if pair-trading against Spot ETFs). A short-term crypto bull run could temporarily spike high-beta/levered assets like DATs before they structurally fail. | 0:11 | |
| LONG |
Matthew Sigel
Head of Digital Asset Research at VanEck |
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. | 0:53 | |
| AVOID |
Matthew Sigel
Head of Digital Asset Research at VanEck |
Sigel notes that "Square is a bank now" and cites a stat that "more than half of Gen Zers don't know JP Morgan is a bank." He argues legacy banks are facing the "innovator's dilemma"—lobbying to protect moats rather than re-platforming. Fintechs and stablecoin issuers with bank charters can pass yield directly to consumers (via stablecoins or deposits) more efficiently than legacy banks with heavy overhead. This will lead to "deposit flight" from legacy banks to Fintechs/Neobanks, shifting profit pools away from traditional finance. LONG SQ (as a proxy for Fintech banks) / AVOID JPM (as a proxy for legacy deposit franchises). Regulatory crackdown on non-bank financial institutions or stablecoin yields. | — | |
| WATCH |
Matthew Sigel
Head of Digital Asset Research at VanEck |
Sigel mentions Hyperliquid as "one of the better performing tokens this year" but notes "they don't have an ETF yet." VanEck is constantly scouting for the next token to wrap. By explicitly naming Hyperliquid in the context of ETF table stakes, he implies it is on the radar for institutional products once it matures. WATCH. Accumulate on dips in anticipation of future institutional access products. Failure to decentralize or regulatory hurdles preventing an ETF listing. | — |