Crypto Becomes Plumbing
“crypto infrastructure is becoming regulated financial plumbing”
The next phase of crypto isn't speculation, it's regulated rails: licensed exchanges, chartered stablecoin issuers, and banks wiring digital assets into everyday finance. This basket leans hardest into the two companies built specifically for that transition, then adds the banks and brokerages stitching crypto into regulated accounts. The bet is that clarity from regulators turns crypto from a trading product into settlement infrastructure that sits underneath payments and banking.
- Holdings
- 8
- Largest
- 25%
- Pillars
- 3
- Revisions
- 1
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How it breaks down
Regulated Exchanges and Custody
37%Companies whose core business is licensed trading, custody, and institutional crypto services.
Stablecoins and Payment Rails
32%Issuers and processors building the settlement layer that lets stablecoins move like regulated money.
Bank and Brokerage Access Points
31%Chartered or licensed retail platforms that fold crypto into everyday regulated accounts.
Holdings
8Every position, why it is here, and its token on chain. Weights sum to exactly 100%.
- COINCoinbase25%
The largest US-licensed crypto exchange and custodian, the closest thing to a regulated stock exchange for digital assets.
0x6330…450b - CRCLCircle Internet Group20%
Issuer of a major dollar stablecoin built explicitly around bank-grade reserves and regulatory compliance, the clearest pure play on stablecoins as plumbing.
0xdF09…1CB5 - GLXYGalaxy Digital Inc.12%
Operates as an institutional merchant bank for crypto, bridging trading, lending, and custody the way regulated financial intermediaries do.
0x2D42…05B7 - FISVFiserv, Inc.12%
A legacy payments and core-banking processor now embedding stablecoin settlement into the rails banks already run on.
0x9ECe…98cc - SOFISoFi Technologies10%
A chartered digital bank offering crypto trading and custody inside a regulated deposit-taking institution.
0x98E7…A926 - NUNu9%
A licensed digital bank across Latin America adding crypto access as a standard feature of regulated retail banking.
0x408c…e250 - BULLWebull Corporation7%
A regulated brokerage adding crypto trading alongside stocks, showing crypto access folding into mainstream compliant platforms.
0xceF9…7A68 - FUTUFutu Holdings5%
A licensed brokerage expanding crypto trading access for retail investors under existing securities regulation.
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What breaks this
Written by the same model that built the basket, and not edited to sound better.
- 01Heavy dependence on crypto prices, a bitcoin or stablecoin selloff drags nearly every holding down together.
- 02Regulatory clarity could stall or reverse, especially stablecoin legislation that CRCL and FISV are betting on.
- 03COIN and CRCL alone are 45% of the basket, exchange or issuer-specific problems hit hard.
- 04Traditional banks or payment giants not in this basket could build competing rails and squeeze margins.
- 05Thin trading history for names like CRCL and GLXY means volatility and valuation risk are elevated.
Changelog
1Every revision to this basket, who made it, and when. A theory is allowed to change its mind in public.
- by the modelSep 1, 2026
Basket created from the thesis. 8 holdings.
How this basket was made
- Source
- Generated
- Model
- claude-sonnet-5
- Chain
- Robinhood Chain · 4663
- Created
- Sep 1, 2026
The model was given the full list of equities tokenized on Robinhood Chain and could only pick from it. Token addresses were attached afterwards from that same list, so a ticker the model invented would have been dropped rather than shown here. This is not investment advice and it has not been backtested.