Invesco Takes Over Superstate’s $900M Fund; Franklin Crypto in Focus
Speakers
Chris Perkins -- CEO, 250 Digital Asset Management / Head, Franklin Crypto (Franklin Templeton)
— Chopping Block co-host
Robert Leshner -- CEO and Co-founder, Superstate
— Superstate CEO, Compound founder
Summary
- Bitcoin Miners to AI: A clear pivot is underway as mining economics worsen (losses ~$19k/BTC) and AI data center demand surges. Market rewards this pivot with higher multiples (~12x revenue for miners with AI exposure vs. ~6x for pure-play).
- Institutional Moment: Multiple executives state the institutional moment for crypto has arrived, driven by regulatory clarity (Clarity Act, SEC actions) and the need for partners to navigate 24/7 markets and provide active strategies.
- Franklin Templeton's Push: Acquired 250 Digital to form 'Franklin Crypto', aiming to offer active, liquid strategies and tokenized solutions alongside ETFs, viewing both as important for different client needs.
- Invesco-Superstate Partnership: Invesco takes over management of Superstate's $900M tokenized U.S. Treasury fund (USTB). Model splits investment management (Invesco) from tech/operations (Superstate), seen as a blueprint for future on-chain funds.
- DeFi as the Use Case: Tokenization's primary utility is enabling assets like tokenized treasuries to be used as collateral in DeFi protocols (e.g., Aave), unlocking new financial applications and attracting capital on-chain.
- ETF Flow Divergence: Spot Bitcoin ETFs snapped a 4-month outflow streak with $1.32B net inflows in March, signaling institutional accumulation. Spot Ethereum ETFs saw $46M net outflows, indicating a more selective, hesitant institutional approach.
- Macro & Geopolitical Overhang: Key focus is on Middle East tensions (Iran/Israel) and its impact on oil, alongside critical inflation data (CPI). A stagflationary data mix (strong labor, high service prices) is a concern.
- Contrarian Bear Case: Mike McGlone posits Bitcoin could fall to $10k, citing the end of the easy-money era and growing crypto competition. His thesis breaks if Bitcoin reclaims and holds $75k.
- Technology Readiness: Executives assert blockchain technology is ready to handle trillions in assets, citing its proven role as a single, transparent source of truth for ownership, now being applied to securities.
- Investor Education & Adoption: Education remains critical for clients on new products like tokenized funds, but the infrastructure is now institutional-grade, enabling traditional managers to operate on public networks.
Trade Ideas
Speaker explicitly called Bitcoin a "digital store of value" and "digital gold." He stated that despite near-term dislocations (e.g., buying physical gold), the fundamentals continue to improve, and current conditions of "sentiment all-time lows" and "fundamentals steadily improving" set strong conditions. Its narrative as a hard, trustless, permissionless asset aligns with a geopolitical shift towards "max realpolitik," enhancing its long-term appeal as a store of value. Improving fundamentals (e.g., ETF adoption) contrast with weak sentiment, creating a favorable setup. Bitcoin's core value proposition is strengthening in the current macro climate, and the disconnect between poor sentiment and improving fundamentals presents a bullish opportunity. A severe, prolonged global risk-off event that crushes all risk assets, including digital gold narratives.
Speaker grouped Ethereum ("on down") with Bitcoin as part of the exciting long-term perspective, specifically highlighting that "Smart contracts unlock 24/7 markets." Ethereum's programmable blockchain is the foundation for decentralized finance (DeFi) and tokenized assets, which are cited as key drivers for institutional adoption and the utility of on-chain finance. Ethereum's role as the primary platform for smart contracts and tokenization positions it to capture significant value as institutional activity moves on-chain. Failure to scale effectively or technological obsolescence from competing smart contract platforms.
Up Next
This CoinDesk video, published April 06, 2026, features Chris Perkins discussing BTC, ETH. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Chris Perkins · Tickers: BTC, ETH