How concentrated this is
Holdings7
Weighted like6.5 equal ones
LargestCOIN at 21.0%
Half the portfolio3 names
Exposed to the premise90%
90% of this book is one theme. It is a bet on Tokenised markets, not a spread of them.
Traditional assets move onto public ledgers, and the rails that carry them collect the fee.
Only 1 term in your premise matched this theme (ledger). The match is weak — check the holdings carefully or rewrite the premise more specifically.
This link was built against universe v1, and the published universe is now v2. Conviction scores and holdings may have been revised since, so the portfolio below is not necessarily the one that was shared. See what changed.
Universe v1· No stated date on this link
Every holding, and why it is that size
Restore the portfolio21%Coinbase
The regulated on-ramp with the widest institutional footprint.
COIN · Equity · $169.56 · $19B · Tokenised markets
−+×17.9%Circle
Stablecoin issuance is the clearest revenue line in the sector.
CRCL · Equity · $530.30 · $371B · Tokenised markets
−+×15.7%Robinhood Markets
Retail distribution plus a chain of its own for tokenised equities.
HOOD · Equity · $158.06 · $247B · Tokenised markets
−+×14.2%Ethereum
Settlement layer where most tokenised assets currently live.
ETH · Crypto · $23.50 · — · Tokenised markets
−+×11.4%BlackRock
The largest issuer moving funds on-chain.
BLK · Equity · $81.17 · $153B · Tokenised markets
−+×9.8%Bitcoin
The reserve asset of the sector; correlated to it, not a bet on rails.
BTC · Crypto · $1326.56 · $2.87T · Tokenised markets
−+×10%7–10 Year Treasury ETF
Duration that tends to rally when growth disappoints.
IEF · Treasury · $91.18 · — · Ballast
The case for
Stablecoin settlement is at meaningful scale and regulated in several jurisdictions. Tokenised treasuries went from nothing to billions in under two years, and the venues holding the on-ramps monetise the transition whichever chain wins.
The case against
Regulation can reverse faster here than anywhere else on this list. Fee compression is the historical norm for market infrastructure, and much current volume is speculative rather than structural.
What the weights are worth
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igitur.xyz/b/traditional-assets-move-onto-public-ledgers-3pkzjf