51 Insights – What Matters in Digital Assets

Marc Baumann

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  1. Ethereum's Endgame: Why Credible Neutrality Beats Speed, with William Mougayar

    15 OCT

    Ethereum's Endgame: Why Credible Neutrality Beats Speed, with William Mougayar

    This is a free preview of a paid episode. To hear more, visit www.51insights.xyz Hi, it’s Marc. ✌️ “You cannot build a reputation based on what you are going to do. Trust must be earned over time. The track record matters.” William Mougayar on why Ethereum’s 10-year record matters more than competitor speed claims. William Mougayar, an early internet pioneer and one of the first to recognise the potential of Ethereum, has been in the technology business for nearly four decades. He met Vitalik Buterin in late 2013 and has had a front-row seat to the evolution of the blockchain industry ever since. He advised the Ethereum Foundation through its early growing pains, served as chairman of the Kin Foundation during Solana’s 35-cent days, and has spent four decades watching technology waves from Hewlett-Packard to peer-to-peer protocols. His thesis: The general-purpose L1 wars are over. Ethereum won. What remains is specialization, consolidation, and the infrastructure layer maturing into a $700B capital base. 🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here. 🎧 Jump to the best parts * (07:03) → The double-spend solution and programmable money: William traces blockchain’s lineage from 1990s Cybercash to Napster’s peer-to-peer revolution to Satoshi’s breakthrough, explaining why “if this, then that” logic with money attached changed everything. * (17:05) → The first principles of blockchain: William argues that trust, decentralisation, and credible neutrality are far more critical than speed, explaining why institutions prioritise consistency and fairness over flashy performance metrics. * (28:48) → Why Ethereum sacrificed L1 activity by design: The intentional shift to L2s wasn’t weakness—it was strategic expansion. “Ethereum is no longer just the L1. Ethereum is an ecosystem.” Why comparing Solana’s base layer to Ethereum’s base layer is intellectually dishonest. * (34:40) → Debunking Solana’s narrative: DEX volumes, app revenue, L2 value extraction, capital turnover, and speed. William systematically dismantles each with data: Ethereum does 8.4B in DEX volume vs Solana’s 5B when L2s are included. Top 10 Ethereum apps revenue: $4B; Solana: $2B. * (40:03) → A new valuation for blockchains: Why traditional metrics like P/E ratios and discounted cash flows fail to capture the value of public blockchain infrastructure, and why network effects and the flow of money are better indicators. 👉 Subscribe to our digital asset treasury newsletter for all the alpha! We sat down with William Mougayar, author of The Business Blockchain and founder of the Ethereum Market Research Center, to cut through the noise and return to the first principles of what makes a blockchain valuable and enduring. Why it’s important: As the Layer 1 landscape becomes increasingly competitive, narratives often diverge from fundamentals. With billions of dollars at stake, understanding the core tenets of decentralization, trust, and credible neutrality is crucial for investors, builders, instituions and enterprises. William provides a masterclass in separating hype from reality, drawing on his decades of experience in technology cycles. Where to find * X: @wmougayar * Blog: https://wamougayar.xyz * Research: https://ethmrc.com 🎙️ In our conversation, we discussed: * Pre-Bitcoin digital cash and peer-to-peer technologies * What made Ethereum’s smart contracts a revolutionary leap forward * Why the “Layer 1” label is a misleading oversimplification for Ethereum * The critical importance of credible neutrality and censorship resistance * A detailed rebuttal of common anti-Ethereum arguments, particularly regarding Solana * The flaws in using “revenue” as the primary metric for valuing a blockchain * How value accrues to ETH through its role as a productive, foundational asset * The evolution of valuation models from the early internet to today’s blockchain ecosystems * What’s next for blockchain adoption, from institutional finance to consumer apps Watch or listen now:YouTube • Spotify • Apple Podcasts Recommended podcasts: Recommended reports: 🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. My biggest takeaways from this conversation: 1. The “general-purpose blockchain” game is over

    51 min
  2. How Stablecoins Are Eating Payments, with Chris Harmse, Co-founder & CBO of BVNK

    7 OCT

    How Stablecoins Are Eating Payments, with Chris Harmse, Co-founder & CBO of BVNK

    This is a free preview of a paid episode. To hear more, visit www.51insights.xyz Hi, it’s Marc. ✌️ “Money should travel at the speed of the internet. Stablecoins make that possible.” — Chris Harmse, Co-founder & CBO of BVNK BVNK, a leading stablecoin payment infrastructure provider, just hit $20 billion in annual transaction volume with 320 employees. In May, they partnered with Worldpay, which processes $2.3 trillion annually for 1M+ merchants, to enable stablecoin payouts across 180+ countries. 🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here. 🎧 Jump to the best parts * (08:28) → The new financial stack: Chris outlines the six core ‘payment primitives’ (send, receive, store, earn, spend, comply) driving adoption and explains how companies can now build entire neobanks on top of stablecoin rails, reaching 200 markets instantly. * (15:13) → The three catalysts behind the 2025 Stablecoin summer: Why did the market explode this year? Chris pinpoints the trifecta of regulatory clarity, massive payment volumes, and a critical mass of global users that created the perfect storm for enterprise adoption. * (20:41) → Competing with giants like Stripe: As big players enter, Chris explains why fragmentation creates opportunity and how BVNK’s value proposition is to abstract away all complexity, making blockchain payments as seamless as using a credit card. * (29:15) → Regulation, regions, and the next 3 years: Why LatAm, Africa, and Southeast Asia are leading adoption from the bottom up, and why regulatory clarity has turned from headwind to tailwind for global enterprises. 👉 Subscribe to our digital asset treasury newsletter for all the alpha! We sat down with Chris Harmse, Co-Founder and Chief Business Officer at BVNK, to explore the surge in demand for stablecoins for payments and their transformative impact on global finance. Why it’s important: Stablecoins have crossed $300B in supply, putting them on par with some of the largest U.S. retail money market funds and regional banks. Initiatives like Stripe’s Open Issuance, BVNK’s WorldPay partnership and Circle’s Payment Network CPN show that money movement on blockchains is hitting mainstream. BVNK: Founded in 2021, BVNK is a London-based fintech company that provides a full-stack stablecoin operating system for businesses, enabling them to integrate stablecoin payments and treasury solutions into their operations. It has processed $20B+ in transactions and is valued at $750M, backed by top investors and enterprise partnerships across 180+ countries. Where to find Chris Harmse: LinkedIn: https://www.linkedin.com/in/chrisharmse/ X: https://x.com/chrisharmse89 Website: https://bvnk.com/about-us 🎙️ In our conversation, we discussed: * Why traditional payment rails are broken and fragmented * The evolution of stablecoins from niche to enterprise-scale * Which use cases (payouts, commerce, treasury) are scaling fastest * How BVNK differentiates in an increasingly crowded market * Why regulatory clarity flipped the narrative in 2025 * The WorldPay partnership and its network effects * How emerging markets are driving adoption from the bottom up * Where value will accrue across the payments stack (issuers vs. distributors vs. L1s) * Navigating the complexities of KYC and compliance in a blockchain world * Future outlook: Regulation and enterprise adoption Watch or listen now:YouTube • Spotify • Apple Podcasts Recommended podcasts: Recommended reports: 🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. My biggest takeaways from this conversation: 1. Enterprise adoption has matured 1. Enterprise adoption has matured—the conversation shifted from education to execution The pilot phase is over. Chris argues that enterprises no longer need stablecoin 101 - they’re architecting specific use cases. The traditional financial system, with fragmented domestic schemes and SWIFT-dependent cross-border rails, can’t compete with instant, 24/7, low-cost blockchain infrastructure. “Two to three years ago, people were thinking about pilots. That has shifted to today where they’re going live and they’re doing billions and billions of dollars of TPV.”

    36 min
  3. Inside Pantera’s $500M Solana Treasury Play, with Cosmo Jiang, GP at Pantera Capital

    29 SEPT

    Inside Pantera’s $500M Solana Treasury Play, with Cosmo Jiang, GP at Pantera Capital

    This is a free preview of a paid episode. To hear more, visit www.51insights.xyz Hi, it’s Marc. ✌️ “Solana is just faster, cheaper, and more accessible. It maps perfectly to the same consumer demand cycle that made Amazon unbeatable.” — Cosmo Jiang, General Partner at Pantera Capital 🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here. 🎧 Jump to the best parts * (10:56) → Why “NAV per share” is the new “free cash flow per share: Cosmo explains how digital asset treasuries work just like banks or Amazon in its prime: execution and capital allocation matter more than hype. Investors should look at NAV-per-share growth, not token price, just as Amazon’s stock rewarded reinvestment before profits. * (22:03) → Inside Solana Company (NASDAQ: HSDT): We break down how Pantera structured Solana Company to systematically acquire and stake Solana, combining a $500M PIPE, $750M in stapled warrants, and differentiated staking economics. Actionable takeaway: public vehicles can outperform ETFs when they compound yield and use capital markets tools (buybacks, convertibles) to increase tokens per share. * (29:43) → Solana vs. Ethereum & Why Tokens Are Infrastructure Equity: Cosmo makes the case that Solana isn’t just “cheaper”, it’s a cash‑flow‑producing platform growing faster than ETH on incremental users, developers, and fees. He reframes tokens as ownership units in productive networks, not commodities. For investors, that means valuing Solana the way you’d value a high‑growth infra company, not a currency. 👉 Subscribe to our digital asset treasury newsletter for all the alpha! We sat down with Cosmo Jiang, General Partner at Pantera Capital and Board Observer at Solana Company, to unpack the rise of digital asset treasury companies (DATs) and why Solana is at the centre of the next wave. This isn’t just a copy of MicroStrategy. It’s a redesigned flywheel, engineered for speed, yield, and public markets scale. Why it’s important: Digital asset treasury companies (DATCOs) have raised $20B in 2025 so far. July alone accounted for nearly $10B, making DATs (digital asset treasuries) the single largest category of crypto fundraising this year. While Bitcoin still dominates, increasing flows are moving to Ethereum, Solana, TON, and other altcoin-focused DATs. Pantera: It is one of the original and largest institutional investors in digital assets. Its portfolio spans eight tokens, including Bitcoin, Ethereum, Solana, and BNB across U.S., U.K., and Israeli companies. These include BitMine Immersion, Twenty One Capital, DeFi Development Corp, and Mill City Ventures III. Where to find Cosmo Jiang: LinkedIn: https://www.linkedin.com/in/cosmojiang X: https://x.com/cosmo_jiang Pantera: https://panteracapital.com/team/ 🎙️ In our conversation, we discuss: * Origin of digital asset treasuries (DAT) * Why Solana beats Bitcoin and Ethereum on raw product-market fit * What Pantera saw that made them launch a $1.25B SOL-native public vehicle * Why public equities are the ultimate crypto onboarding funnel for institutions * How Solana Company is engineered to maximize SOL per share * Why most investors underestimate how active Solana already is * Understanding MNAV and navigating market cycles * Why Solana is becoming the default blockchain for payments, AI, and RWAs * Debunking core crypto misconceptions for institutional investors * The case for treating tokens like infrastructure equity, not software * The rise of corporate chains and the multi-chain future Watch or listen now:YouTube • Spotify • Apple Podcasts Recommended podcasts: My biggest takeaways from this conversation:

    36 min
  4. Stable Fees, Infinite Scale with Matt Sorg, VP of Technology at Solana Foundation

    24 SEPT

    Stable Fees, Infinite Scale with Matt Sorg, VP of Technology at Solana Foundation

    This is a free preview of a paid episode. To hear more, visit www.51insights.xyz Hey, it’s Marc. ✌️ “Solana’s built to be the internet’s capital market fast, decentralized, and ready for the future.” We sat down with Matt Sorg, VP of Technology at Solana Foundation, for an insightful look into why Solana’s high-speed, low-cost blockchain is redefining how value moves globally. From his days leading AI at Unity to steering Solana’s tech vision, Matt’s journey reflects the cutting edge of blockchain innovation. Now, he’s helping Solana power everything from meme coins to institutional assets, with AI and quantum security on the horizon. We talked about: * Solana’s core philosophy: "Increased Bandwidth, Reduced Latency." * Why it’s the go-to for DeFi, NFTs, and DePIN * How Solana outpaces traditional finance * Preparing for a quantum-secure future * AI’s growing role in blockchain … and much more. Here are our key insights & take-aways. The Solana advantage Matt keeps it real about Solana’s edge: “Solana delivers internet-scale capital markets, moving value faster than anything out there.” Unlike traditional systems like Visa, which settle daily, Solana’s near-instant transactions let businesses scale at the speed of the internet. Think digital startups buying AI compute or tokenizing assets, Solana’s low fees and high throughput make it a no-brainer for innovators. Matt explained how Solana’s ecosystem thrives:

    55 min
  5. The $1.6B Solana Treasury Bet, with Kyle Samani, Co-Founder of Multicoin Capital

    16 SEPT

    The $1.6B Solana Treasury Bet, with Kyle Samani, Co-Founder of Multicoin Capital

    This is a free preview of a paid episode. To hear more, visit www.51insights.xyz Hey, it’s Marc. ✌️ “Solana is the foundation for Internet Capital Markets. And we’re building the most on-chain public company in the world to prove it.” We sat down with Kyle Samani — co-founder of Multicoin Capital, early Solana backer, and now Chairman of Forward Industries — a newly launched $1.65B Solana treasury company backed by Multicoin, Galaxy Digital, and Jump [RELEASE]. 📈 NASDAQ: FORD "We are now the largest Solana DAT Treasury company in the world. And I can tell you our aspirations are a lot greater than that. We just got to the starting line and we're sprinting." Kyle’s not new to making bold bets. From launching Multicoin in 2017 to leading Solana’s seed round in 2018, his views have often been early — and right. Now he’s taking that same conviction to public markets and is betting everything on Solana's internet capital markets vision. We talked about: * Why Forward Industries raised $1.65B for Solana (not Bitcoin) * The MNAV premium game and what happens in bear markets * How treasury companies can actually outperform holding crypto directly * Solana vs Ethereum * Why corporate layer ones will fail * The timeline for internet capital markets going mainstream Let’s jump in. Why FORD exists “It’s not enough to just buy Solana and trade at a premium. We want to rebuild capital markets on-chain.” Kyle sees Forward Industries as the first fully on-chain public company — not just buying SOL, but running payroll, governance, dividends, and vendor payments entirely on-chain. The vision: * Public company treasury model, but with real utility and cash flow * On-chain fundraising and operations * Yield from Solana DeFi, staking, and credit arbitrage They’ve already secured ~$1.65B, including personal capital from Kyle and institutional backers. Up to 75% of capitalcame from TradFi institutions, including pensions, endowments, and sovereigns. Solana > ETFs Kyle breaks down why treasury companies can outperform ETFs: “ETFs give you fixed exposure. But with a treasury company, you can grow the asset per share through yield, arbitrage, and M&A.” His strategy:

    35 min

  6. 13 SEPT

    144: NASDAQ goes on-chain

    Hey, it’s Marc. This week felt like a turning point. Nasdaq tokenizing stocks, Tether entering the US, Fidelity moving Treasuries onchain, Franklin Templeton plugging into Binance, and then, this: “Crypto’s time has come. Most crypto tokens are not securities, and we will draw the lines clearly. We must ensure that entrepreneurs can raise capital on-chain without endless legal uncertainty.” — SEC chair Paul Atkins Wow. On top of that, we’ve all been glued to the Hyperliquid showdown and why Circle is about to lose 10% of its yearly revenue. We’ll unpack all of these highlights below. 👉 Crypto Treasury Alpha: Subscribe to our newsletter on digital asset treasury vehicles as long as it’s free 👇 Top Boardroom Reads * Stablecoin and the Future of Finance (IMF). How stablecoins reshape payments and challenge monetary control. * The New Entertainment Economy (51). How blockchain is rewriting music & media economics. * Blockchains as emerging economies (Fidelity). A framework to value chains as digital nations. * The stablecoin moment (State Street). GENIUS Act and its global market fallout. * 1 Million Bitcoin (Fiftyone). A snapshot digital asset treasuries. * Tempo, Libra, and the Illusion of Neutrality (Maja Vujinovic). Why both corporate and open chains will win. 🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. Top Signals This Week Tether goes U.S. What happened: Tether is launching USAT, its first U.S.-compliant stablecoin in December. Anchorage Digital will issue, Cantor Fitzgerald will custody, and Bo Hines (ex-White House digital asset advisor) will run Tether U.S. Why it matters: * Direct shot at Circle: Tether already prints $13B in yearly profits vs. Circle’s $156M. With USAT, Tether now invades Circle’s regulatory home turf. * Boost for ETH & Tron: 78% of USDT supply lives on these chains — expect more flow as USAT scales. * Dollar dominance: Treasury Secretary Scott Bessent said it best: “We’re going to keep the U.S. the dominant reserve currency in the world — and we’re going to use stablecoins to do that.” So what? This is about who controls the rails of the dollar in the digital era. USDT has a $180B market cap today. I expect 100s of billions to be flowing into USAT over the next years. And Tether just went from offshore giant to U.S. player with Washington ties, Wall Street custody, and a clear regulatory framework. NASDAQ tokenizes stocks starting 2026 Nasdaq has filed with the SEC to tokenize every stock on its exchange starting 2026. If approved, every listed share will trade in two forms: * traditional digital (today’s rails) * tokenized blockchain version (new rails) Same order book. Same rights. Same execution priority. Dive deeper: Nasdaq won’t run its own chain. Instead, it’s tapping DTCC’s AppChain, built on Hyperledger Besu (Ethereum-compatible), with a working group that includes Citi, Mastercard, Visa, Santander, Consensys, and Accenture. Why it matters: Tokenized assets are $28B today. Ripple + BCG project $18.9T by 2033. Until now, “tokenized stocks” were mostly wrappers and derivatives with no shareholder rights (Robinhood, Kraken). This would be different: issuer-recognized, regulator-approved, real equities onchain. And once stocks settle on blockchain, the rest of Wall Street will follow. This could be a once-in-a-generation overhaul of capital markets. Circle about to lose 10% of its yearly revenue What happened: Hyperliquid, a DEX with $700M TVL and more daily protocol revenue than Ethereum and Solana, wants its own native stablecoin: USDH. We’re witnessing one of the biggest showdowns in crypto right now. [NEWS] Why it matters: Hyperliquid has $5.5B in stablecoins sitting on it today. Most of that is USDC, on which Circle quietly collects the interest. At current rates that’s ~$200M a year (almost 10% of its revenue). Zero flows back to Hyperliquid. With a native USDH, that value could be captured by the Hyperliquid ecosystem instead. [ANALYSIS] Now Paxos, Ethena, Agora, Sky (MakerDAO), Frax, Native Markets and others are all competing with proposals ranging from BlackRock-backed reserves to PayPal integrations to fully decentralized issuance. The final vote will happen on September 14. The twist: Whoever issues USDH must share the yield back to the ecosystem, pay validators, fund the assistance pool, and buy back HYPE. That revenue could grow to $1B+ a year as stablecoin balances scale. Bottom line: Winning USDH doesn’t guarantee revenue, but it grants brand legitimacy, the seal of being Hyperliquid’s “native” stablecoin. Even if no proposal hits escape velocity, the network wins. Fidelity joins tokenization race What happened: Fidelity just launched its $204M Fidelity Digital Interest Token (FDIT) ($16.4T AUA) on Ethereum, a tokenized Treasury MMF, making it the second mega-asset manager (after BlackRock’s $2.2B BUIDL fund) to move assets onchain. Ondo Finance is the anchor investor, with 99% of FDIT’s assets tied to its OUSG fund. [ANNOUNCEMENT] So what? This instantly makes Fidelity one of the largest players in the $7B tokenized Treasuries market and a direct challenger to BlackRock’s BUIDL. With $12T AUM, the potential pipeline is enormous. Devil’s advocate: FDIT already has 99% exposure to Ondo’s OUSG. If Ondo’s inflows stall or reverse, Fidelity’s on-chain MMF looks illiquid. Dive deeper: FDIT is ERC20-native, recording ownership, transfers, and settlement directly onchain. JPMorgan, Fidelity, and BlackRock are already using tokenized MMFs as collateral, proving real efficiency gains in settlement, margining, and capital flows. Big picture: Tokenisation is moving from pilots into production. BlackRock, Kraken, R3, Solana are pushing tokenised stocks, MMFs, bonds, real estate, and more. Bonus: Fidelity released a report where it compared tokenization to American Depositary Receipts (ADRs), concluding it as the blockchain equivalent of moving an offshore asset to be recognized for investment and trading in a local market. Franklin Templeton partners with Binance Franklin Templeton ($1.6T AUM) partners with Binance (300M users) to build "tokenized financial products" that merge: [ANNOUNCEMENT] * Franklin’s compliant tokenization (BENJI platform + tokenized funds) * Binance’s global trading infrastructure + investor reach This dwarfs any pervious partnerships. * BlackRock x Coinbase? US only. * JPMorganChase x Coinbase? 80M users, US only. * Franklin x Binance? 300M users + global markets + retail & institutions. Tokenized funds won’t sit in a silo; they’ll trade at scale. And 300M Binance users = instant distribution. Stepping back: Franklin Templeton was the first incumbent to launch tokenised money market funds in 2021 with FOBXX, now live on eight blockchains, and this year launched the first fully tokenised UCITS SICAV fund in Luxembourg. So what? The line between TradFi and DeFi is blurring faster than most investors realize. News Flash * BBVA brings crypto custody on-chain with Ripple. Link * SEC’s plan to let companies raise capital directly on-chain under clear rules. Link * SEC delays BlackRock’s Ethereum staking ETF, plus XRP and Solana funds. Link * DTCC released institutional-grade upgrades on its collateral appchain. Link * Ant Digital tokenises $8.4B in China’s renewable energy assets. Link * Solowin Holdings (NASDAQ: $SWIN ) acquires AlloyX, a stablecoin infrastructure provider, for $350M. Link * Kraken acquires Breakout, an evaluation-based proprietary trading firm. Link * Tetra Digital Group to launch Canada’s first regulated stablecoin in 2026. Link * R3 hits $17B in tokenised assets, launches Labs on Solana. Link * Trump Media plans five America First ETFs, pending SEC approval. Link * Grayscale files for BCH, LTC and HBAR ETFs. Link * Hong Kong to launch wholesale CBDC and tokenised interbank deposits. Link * Oracle jumped 40%+ and added nearly $250B of market value (currently $922B) in a single session. Read the full AI story That’s all for now, folks. Take care – Marc & Team 🚀 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. * Check out our AI newsletter, AI Operator, here. * Check out our Crypto Treasury Alpha newsletter here. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

    11 min

  7. 8 SEPT

    The 500M BNB Treasury Company, with David Namdar, CEO of BNB Network Company

    Hi, it’s Marc. ✌️ “BNB is the most overlooked blue-chip crypto asset in the space. It’s tied to the largest company in crypto, and yet Western investors still don’t fully get it.” We sat down with David Namdar — hedge fund veteran, Bitcoin OG, Galaxy Digital co-founder — now CEO of BNB Network Company (BNC), a $500M digital asset treasury betting big on BNB. David has been in crypto for more than a decade. From attempting one of the first Bitcoin ETFs at SolidX, to building Galaxy Digital with Mike Novogratz, to now leading a digital treasury platform for BNB, his journey mirrors the evolution of crypto itself. We talked about:  * Why treasury companies are exploding now * BNB as “digital infrastructure equity” * and why he believes BNB is positioned to outperform Bitcoin over the next five years. … and much more. The treasury company explosion David keeps it simple about what Michael Saylor achieved: "He's been able to accumulate over 3% of the Bitcoin supply. At current prices, that's $70B." The playbook: Take corporate cash, buy Bitcoin, trade at a premium, sell more equity, buy more Bitcoin. Repeat. Five years ago, MicroStrategy was a struggling software company worth under $1B with $400-500M in cash. Today, it's over $100B with $70-80B in Bitcoin. "The market loved it and traded at a premium. Then, he started creating this idea of a flywheel where he could sell more equity or sell debt in order to buy more Bitcoin. But it took validation time. David explains why other companies are following now: "After the model has been kind of validated over the last five years by Saylor, and then a couple of the more recent ones that have succeeded, MetaPlanet in Japan...it went from having $1-2B market cap to $5-10B." That strategy proved two things: * Bitcoin works as a corporate treasury reserve. * Markets will reward bold execution with premiums. The BNB thesis Here's David's core argument: BNB is systematically undervalued because U.S. investors don't understand what they're missing. "Iimagine if in the U.S. we didn't have access to Apple, Google, Facebook, now Meta. Imagine if the largest social network, the largest tech company, something like Nvidia, was entirely outside of the U.S. market." The numbers back this up. Binance has 290M users. Most use BNB to pay reduced gas fees. All of that activity drives token burns and value accrual. "BNB then is kind of this digital infrastructure equity of the entire Web3 universe. It actually has more activity in stablecoins than Ethereum does." David's positioning framework: * Bitcoin = digital gold * Ethereum = digital oil * BNB = digital infrastructure equity Why treasuries matter now: Unlike past cycles, this time the U.S. regulatory environment has opened up, making it easier to bring corporate structures and capital markets into crypto. David estimates $100–200B will flow into digital treasuries over the next year, not through exchanges, but through public-market vehicles that institutional investors can buy. That means: * More disciplined capital allocation * Less froth around meme coins * More focus on blue-chip digital assets “Our job is to accumulate as much of the asset as possible — with discipline.” Digital asset treasuries vs. ETFs It is simple. With an ETF, you always own the same amount of underlying asset per share. With treasury companies, successful execution can multiply your holdings. David breaks it down: "If they succeed at executing on the strategy and selling at a premium and getting the flywheel going...then you can end up with significantly more of the underlying asset per share than what you started with." But he warns against hype chasing: "What ends up happening a lot of the time with these treasury companies is there's an announcement that gets made. The stock jumps up 5-20x and investors rush in and immediately are down 50-80%." His advice: Wait a few days, understand the strategy, and verify the team can execute. The premium question Arthur Hayes thinks that NAV premiums will decline. David agrees, but with nuance: "We are going to see a lot of the premiums decline, but we're also going to see some of them persist for a lot longer than people think." His math: Outside MicroStrategy, there's $30-50B in treasury assets with $10-25B in premiums. He expects $100-200B more capital to flow in over the next year. "During that process...that 10, 20, 30 billion of premium that [MicroStrategy has] will probably go to some of these other companies that are more capable to actually accumulate the underlying asset." Key takeaways Here are some key takeaways David shared for public companies and institutional investors: * Digital asset treasuries are the next big capital market vehicle: Expect $100B–$200B to flow into crypto treasuries (beyond Bitcoin and Ethereum) over the next 12 months, skipping exchanges and going directly into corporate treasury vehicles. * Premiums will redistribute, not disappear: While some NAV premiums will compress, successful treasury companies with strong execution will capture value from weaker players. Access to capital markets during downturns determines survival. * Infrastructure matters more than hype: The winners will be treasury companies with experienced teams, diverse capital access, and focus on long-term asset accumulation rather than short-term price pumps. * BNB positioned for AI + Robotics transaction growth: BNB’s lower cost structure vs. Ethereum/Solana makes it the likely leader for AI, robotics, and trillions of microtransactions. BNB is evolving into the infrastructure chain and can provide AI and blockchain companies with scalability advantages. Take care, Marc More from us: 🚀 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

    34 min

  8. 6 SEPT

    143: Bad Databases

    Hey, it’s Marc. The big story this week: Stripe is launching its own “blockchain for payments.” Circle has Arc. Google has GCUL. Who's operating the nodes? How decentralized is this? How do the validator economics look like? Here’s the truth: these aren’t blockchains. They’re databases with extra cryptography and political and legal overhead. Meanwhile, the real progress is happening in open protocols: Ondo moving stocks on Ethereum, Galaxy putting its equity on Solana, and Aave turning RWAs into collateral. Interesting fact: For the first time, public companies now hold over 1M Bitcoin, nearly 5% of the supply. In just five years, corporate treasuries have amassed $110B in Bitcoin, echoing gold’s role as a reserve asset. 👉 Crypto Treasury Alpha: We launched another newsletter covering institutional moves and digital asset treasury vehicles. Subscribe below 👇 Also, our highlights this week: * Stripe and Paradigm launch Tempo, its L1 for payments * Fireblocks launches the Network for Payments * Ondo lists 100+ tokenised U.S. stocks and ETFs on Ethereum * Galaxy puts Nasdaq stock directly onchain * Aave turns RWAs into DeFi collateral And much more. Top Boardroom Reads * Why Digital Asset Adoption Is Accelerating (Goldman Sachs). An interview with Matthew McDermott, Global Head of Digital Assets. * DeFi Is Following The SaaS And Fintech Playbooks (Ark Invest). It explores the evolution of Decentralised Finance (DeFi), drawing parallels to historical unbundling and rebundling cycles observed in SaaS and fintech industries. * The New Entertainment Economy (Fiftyone). A webinar with industry leaders and builders from CreatorFi, EVEN, and Republic Film unpacking blockchain as an infrastructure in the music and entertainment space. * 6 myths about privacy on blockchains (a16z crypto). It addresses six common misconceptions about privacy on blockchains, emphasising that concerns about new technologies and privacy are not new, dating back to the telegraph. * Money’s new operating system (51). An fintech-focused stablecoin report. * The Great Chain Debate (Maja Vujinovic). Explores in a why centralzed blockchains from Stripe and Cricle won’t win. We agree. 🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. Top Signals This Week Stripe builds its own blockchain Stripe and Paradigm just launched Tempo, a blockchain purpose-built for payments. Co-designed with Visa, Deutsche Bank, Shopify, Nubank, OpenAI, and Anthropic, it comes with features like fiat-denominated fees and batch transfers (critical for payrolls and remittances, irrelevant for trading). [RELEASE] So what? Stripe isn’t saying “Tempo is the stablecoin chain.” They’re saying “Tempo is the payments chain.” It is working with top banks, which can plug their tokenised deposits into their infrastructure. Plus, Tempo’s design, fiat-denominated fees and batch payments are positioning it as the “neutral”, Stripe-grade settlement layer for finance. Our take: This is Stripe’s play to control the money rails. Just like Google with GCUL and Circle with Arc, the strategy is simple: own the chain, own the money. But here’s the catch: corporate blockchains always face the same wall: they can’t solve the trust problem. IBM’s Hyperledger fizzled, Meta’s Libra collapsed under regulatory pressure. Institutions like BlackRock or governments won’t settle trillions on rails owned by one company. They need neutral, credibly open infrastructure. Fireblocks launches the SWIFT of stablecoins What happened: Fireblocks unveiled its Network for Payments, already processing $200B/month in stablecoin flows across 300+ firms, 40+ providers, and 100+ countries. Participants include Circle, Bridge (Stripe’s $1B acquisition), and major OTC desks, PSPs, and banks. The single API lets companies move, convert, and settle stablecoins globally without stitching together fragmented rails. [RELEASE] So what: Unlike Stripe’s Tempo (payments-focused L1) or Circle’s Arc (USDC-centric), Fireblocks isn’t building its own chain. It’s building the connectivity + orchestration layer across all chains and issuers. Think SWIFT, but for stablecoins: * Multi-issuer: Supports USDC, USDT, PYUSD, EURC, and others * Multi-rail: Works across blockchains, banks, and on/off-ramps This neutral position matters. Again: No one wants to settle trillions on rails owned by one firm. Fireblocks sidesteps that trap: it doesn’t care which stablecoin or chain wins, it just moves the money. Punchline: While Stripe and Circle fight to own the rails, Fireblocks may quietly own the plumbing. And in payments, plumbing is where the real power sits. 📈 Ondo puts 100+ U.S. stocks on Ethereum What happened: Ondo Finance launched Ondo Global Markets, offering more than 100 tokenized U.S. stocks and ETFs on Ethereum, with support for Solana and BNB Chain to follow. Assets are backed 1:1 by U.S.-registered broker-dealers, transferable onchain 24/7, and integrated with wallets and protocols like BitGo, Ledger, 1inch, and LayerZero. [NEWS] So what: Stablecoins exported the dollar. Ondo wants to export the entire U.S. stock market. * Access: Ondo plans to scale to 1,000 assets by year-end, giving eligible investors in APAC, Europe, Africa, and LatAm onchain access to U.S. equities. * Liquidity: Tokens plug into DeFi rails for lending, collateral, and yield, beyond just “buy and hold.” * Scale: Competes directly with Kraken’s xStocks, Robinhood’s EU tokenized equities, and Coinbase’s pending U.S. tokenized stock play. The implications are massive for emerging markets. Buying U.S. equities today often requires complex FX, intermediaries, and high fees. Galaxy puts Nasdaq stock directly onchain Galaxy Digital just became the first Nasdaq-listed company to tokenise its SEC-registered public equity directly on Solana via Superstate’s Opening Bell. Unlike wrappers or synthetics, these tokens are legal GLXY shares with real shareholder rights, updated in real-time by Superstate as transfer agent. [RELEASE] So what? Most tokenised stocks so far (Kraken xStocks, FTX-era synthetics) were derivatives without issuer participation. In Galaxy’s model, shares are issued and recognised by the company itself, unlocking direct regulatory legitimacy and legal clarity. This signals that if equities can live onchain with full compliance, capital markets infrastructure is about to compress settlement times from days to seconds. Aave turns RWAs into DeFi collateral Aave just launched Horizon, a lending market where institutions can borrow stablecoins against tokenised Treasuries, loans, and funds. At launch, collateral comes from Circle, Superstate, and Centrifuge, with backers like Ripple, VanEck, and WisdomTree in the mix. [RELEASE] So what? Until now, tokenized Treasuries and other RWAs were largely dead weight in DeFi, isolated from lending markets and capital-inefficient. Horizon changes that by making RWAs productive collateral. Qualified investors can post RWAs and borrow stablecoins; anyone can supply stablecoins (RLUSD, USDC, GHO) and earn yield from institutional borrowers. News Flash * Jack Ma's Yunfeng Financial Group bought $44M of ETH. Link * US SEC unveils agenda to revamp crypto policies, ease Wall Street rules * FIS launches AI-powered treasury suite. Link * VersaBank USA launches pilot for tokenised, FDIC-insured deposit receipts. Link * ~40% of daily code at Coinbase is AI-generated. Link * Trump family secures $5B paper fortune from WLFI crypto token launch. Link * Gemini just launched an XRP-branded credit card with Ripple. Link That’s all for now, folks. Take care – Marc & Team 🚀 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. * Check out our AI newsletter, AI Operator, here. * Check out our Crypto Treasury Alpha newsletter here. This is a public episode. 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