HHorsley

Circle IPO is changing the conversation with mainstream investors.

2025 is the start of the mainstream era —

What do you think the market cap of Bitcoin is in 2050 (25 years)?

I don't think Bitcoin's competition is going to end up being gold.

They're both apolitical stores of value. Gold lower vol, Bitcoin higher vol. Investors seeking apolitical SOVs will like both.

Rather, I think Bitcoin's competition is going to end up being U.S. Treasuries and other Government's Bonds (eg UK gilts): the ultimate *political* SOVs.

It used to be that "regulatory uncertainty" was Bitcoin's biggest obstacle for investors.

This is no longer the case in 2025, which is a huge unlock. It's impact still hasn't fully manifested.

So, what are the biggest obstacles now?

I see two coming up in conversations:

(1) People are busy:
Most investors and allocators are very busy. They're constantly presented with opportunities, including things that could 10x. Why do they *need* to turn their attention to Bitcoin, which for many is still a complicated topic.

(2) Digital Gold:
I had a conversation with a family office investor this week. He said, "as I understand it, it's digital gold, but we don't do gold." Gold is indeed one of the least popular investments in America.

These two aren't the most pressing items of this moment, but they will reveal themselves as the next obstacle over the coming quarters.

Met with a group of family offices this week.

Bitcoin is no longer controversial, even to those that don't own it.

The Bitwise Bitcoin ETF took in ~$83,000,000 last week. The 2nd most inflows of any BTC ETF globally.

Bitwise Ethereum ETPs in US + Europe took in a combined ~$28,000,000 last week.

Investors seem to be taking another look at Ethereum.

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BITB Disclosures & Prospectus: https://t.co/kjsBn1qvI6. BITB is not an investment company registered under the Investment Company Act of 1940 and is not afforded its protections. BITB is not suitable for all investors. BITB is subject to significant risk and heightened volatility.

There's a lot of Bitcoin Treasury Companies that have announced— but haven't yet closed, and thus bought the bitcoin.

There's a lot of demand coming in Q3.

Millions of inflows into Bitwise Ethereum ETPs in both the US and Europe today.

I think once Bitcoin breaks through eg $130-150k, no one is going to sell their Bitcoin.

Right now at $100k, it seems individuals who hold a lot of Bitcoin that was bought a long time ago at very low prices, are selling some.

That said, once Bitcoin breaks new levels, this will peter off.

And from there on, when people need liquidity, they are going to borrow from an ever growing set of lenders.

All of which will further propel price.

There's simply not going to be enough Bitcoin.

A $12B AUM RIA approved access to three Bitwise ETPs today for clients —

The drumbeat of progress continues.

From an email from a wealth management client today:

"We include digital assets in our alternative exposure which we spread out amongst private equity, private real estate & private credit."

Crypto is a new alternative asset class —

Thrilled to share that as of today @Stifel (~$500B AUM in wealth management) is allowing financial advisors access to $BITB and $ETHW.

Stifel is a fantastic firm and a ton of work from their team went into the approval. We're so happy to get to support it.

Millions of people rely on their financial advisors to participate in investment opportunities. Delighted for advisors to have access to the opportunities in this space.

2025 is a shaping up to be a watershed year for crypto going mainstream.

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BITB Disclosures & Prospectus: https://t.co/kjsBn1qvI6

BITB is not an investment company registered under the Investment Company Act of 1940 and is not afforded its protections. BITB is not suitable for all investors. BITB is subject to significant risk and heightened volatility.

ETHW Disclosures & Prospectus: https://t.co/l9thx4FsrI

ETHW is not an investment company registered under the Investment Company Act of 1940 and is not afforded its protections. ETHW is not suitable for all investors. ETHW is subject to significant risk and heightened volatility.

This week a $50B AUM wealth firm signed Bitwise on to advise on digital assets:

- Attend monthly IC meetings
- Advise on exposure in models
- Support wealth teams in several dozen offices across the country

Wealth managers are going to help millions participate in this space.

Grateful to get to contribute.

This week a $50B AUM wealth firm signed Bitwise on to advise on digital assets:

- Attend monthly IC meetings
- Advise on exposure in models
- Support several wealth teams in several dozen offices across the country

Wealth managers are going to help millions participate in this space.

Grateful to get to contribute.

Today is bitcoin pizza day. We celebrate the long history of people underestimating how valuable their bitcoin will become.

Fitting it coincides with an all time high. Just getting started.

Cheers to this great community.

I think the CoinMarketCap leaderboard era of crypto is close to its end.

Is it interesting to invest in Walmart? Adobe? Mastercard? Johnson & Johnson?

You don't answer that question by looking to see how their ranking in the S&P and market caps compare.

You don't invest in Exxon because its market cap is cheaper than Eli Lilly & Co.

You develop a thesis specific to each business and its space and prospects.

I think that's what's coming in crypto.

These things are not all the same.

I think the CoinMarketCap leaderboard era of crypto is close to it's end.

Is it interesting to invest in Walmart? Adobe? Mastercard? Johnson & Johnson?

You don't answer that question by looking to see how their ranking in the S&P and market caps compare.

You don't invest in Exxon because it's market cap is cheaper than Eli Lilly & Co.

You develop a thesis specific to each business and its space and prospects.

I think that's what's coming in crypto.

These things are not all the same.

Last week:
A $600B AUM bank announced approval of two Bitwise products. A $40B RIA announced approval as well.

This week:
Signed agreement today to develop crypto model portfolios for a $50 billion AUM RIA.

Crypto is entering the mainstream —

Bitcoin isn't just an asset.

It's a team. 100,000,000 people worldwide that want to see it succeed.

There's never been an asset like it —

There is so much M&A in the works in crypto.

The industry is going to be streamlined and bulked up over next 12 months.

A great part of the space maturing —