I wrote my CIO Memo this week on SEC Chair Paul Atkins' "Project Crypto." There's a lot to say -- I'll post more tomorrow -- but one thing is this: It's not priced in.

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Uniswap at $6 billion feels too small. If it were a company, it would be the 400th largest financial services business in the world -- roughly the same size as Storebrand, a savings and insurance business in Norway.

Ethereum ETFs pulled in $5.4 billion in July. When you consider Ethereum is 20% the size of Bitcoin, the scale of those flows really hits home. Imagine if bitcoin ETFs did $27 billion in a month...

The probability of a 25bps rate cut in September just went from 37.7% to 81.9% according to the CME FedWatch tool (which is awesome btw).

The four-year cycle is not the most important pattern in bitcoin. The most important pattern is "up and to the right."

Crypto is *here*… Period. You may not like that, but significant part of our future IMO. From investment perspective, the question is who the winners will be. That’s the *difficult* part. Study dotcom bubble & its aftermath. Why I’m bullish index-based crypto approaches.

Q2 2025 Income Strategy: $10.0 billion Goldman Sachs: $3.7 billion

Increasingly clear that 2025 is the watershed year for crypto. Era 1 was 2009-2016. Era 2 was 2017-2024. 2025 kicks off Era 3. Years from now people will say there was crypto before 2025 and then crypto after 2025. This is the year that Wall Street, DC, and Web 2 not only accepted crypto, but leaned into it. What an experience to live through a moment like this. I think many of us will look back in a decade and say we were there in 2025. We were there when we flipped DC. We were there when banks finally accepted crypto. We were there when stablecoins went mainstream. We were there... What a cool feeling.

Squint and it's an Ether Rock.