2Q2026

This quarter has been very much a continuation of the last. Crypto is in a great spot but if you only follow the mainstream news or the X timeline it might not seem that way on the surface. As always, we're focused on the long term and investing in founders focused on the same. Below are some of the main themes from Q2.

Ethereum is becoming the settlement layer for onchain finance. 

Robinhood just launched its own L2, Robinhood Chain, on Ethereum. At the time of writing, Robinhood Chain sits above $200m in TVL just over two weeks after going live. Our portfolio company Morpho is the largest protocol on the chain holding close to $140m in deposits, or roughly 70% of TVL, from 5,000+ individual depositors.

The decision by Robinhood to join Coinbase in building an L2 that settles to Ethereum is the latest proof point that Ethereum is strengthening its hold as the blockchain of choice for institutions to build on. Ethereum already holds around 64% of all USDC and more than half of every tokenised real world asset. Institutions choose to build on Ethereum because it offers the deepest developer tooling, the option for them to operate and customise their own L2, and has become battle tested as the most secure network.

Real-world tokenisation is accelerating and reaching more assets.

One of the core tenets of open systems like blockchains has been access, and tokenisation is the engine that drives global access to all types of assets.

The most tokenised asset so far is the dollar, with roughly $300bn in tokenised dollars, across chains and issuers like Circle and Tether. Treasuries are next, with around $15bn in tokenised value.

Tokenised stocks are the next asset class to move onchain in size. While they are still a small category today, with roughly $2bn worth of stocks tokenised, more value has moved onchain in the last six months than in all prior years combined. Issuers range from crypto-native tokenisation companies like Ondo and Backed, to large global fintechs like Robinhood, which is offering tokenised stocks on Robinhood Chain.

It is our belief that one by one, all types of assets will come onchain.

Onchain collectibles.

One area worth highlighting as well is collectibles like Pokémon and sports cards, coins, and jerseys. While collecting these assets has been a hobby for many years now, they have evolved into an asset class of their own. Over the last decade, the top graded Pokémon cards returned roughly 94% more than the S&P 500, and blue-chip sports cards have outpaced the index too. Tokenising them gives anyone, anywhere, a way to own and trade them. This is the thesis behind our investment in Courtyard. They vault collectibles and bring them onchain. The same assets that people have been collecting, now globally accessible and instantly tradeable.