Takeaway from a recent Bitwise roadshow: Clients are no longer asking what crypto is. Instead, we're diving into layer 2s and scaling, liquid staking, tokenization, stablecoins, and 401K product ideas.

A friendly reminder of bitcoin seasonality

I firmly believe: - Investors haven’t gotten their fill of crypto IPOs - Most investors will allocate to crypto equities through index funds - We’ll see many more crypto IPOs in the next 2 years (Figure, Gemini, Kraken, etc.)

1/ A short story on the U.S. Department of Labor's efforts to block crypto from 401k plans. 📜👇

If crypto captures X% of the $8 trillion 401k market: 1% … $80 billion 2% … $160 billion 3% … $240 billion 4% … $320 billion 5% … $400 billion 6% … $480 billion 7% … $560 billion 8% … $640 billion 9% … $720 billion 10% … $800 billion

When I was in middle school someone stole 50 Cent’s Get Rich or Die Trying book from my desk. Life lessons in there.

Coinbase is the crypto everything company. - SaaS - Wallet - Layer 2 - Trading - Staking - Custody - Payments - Stablecoins - Venture Capital - Bitcoin Treasury - Ethereum Treasury - Asset Management

You are not bullish enough

1/ Investors are totally missing the story on Coinbase's Q2 earnings. A thread (including the massive XRP surprise) 🧵👇

Today’s Fed meeting was the first time in 30+ years that two governors voted against the committee. Last time this happened was in 1993, when Alan Greenspan was Fed Chair and Bill Clinton was president.

In Q2’25, MARA… — Grew revenue +64% vs. prior year (beat estimates) — Deployed 30K new miners — Mined 2,358 BTC — Grew BTC Treasury to ~50K BTC total (2nd largest) — Inked 2 strategic partnerships for next-gen AI infra — Post-Q2 raised ~$1B for BTC purchases, M&A, etc.

If you don’t own crypto, you are effectively short crypto. If you are short crypto, you are betting that: Bitcoin, Ethereum, Stablecoins, Tokenization, DeFi, DePIN, Coinbase, and more are going to zero.

gm from Tahoe