51 Insights – What Matters in Digital Assets

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“The $400 trillion market is any asset that is recorded on an antiquated ledger... If we go to $2 trillion in the next five or 10 years, that would be a very good outcome for everybody.”That’s Carlos Domingo, CEO and co-founder of tokenization pioneer Securitize. And he clears up a big myth: “Tokenization makes the asset easier to trade... But that doesn’t necessarily make it liquid unless the asset is liquid itself because the liquidity is intrinsic to the asset.”In this episode, we sit down with Carlos to understand how tokenisation moves from a buzzword to reality.Carlos explains why 2025 is an inflection point for tokenization. He breaks down why Securitize is going public via a SPAC at a ~$2B valuation , and why the “liquidity myth” of tokenizing real estate is a trap.We also cover the critical shift from stablecoins to tokenized treasuries, the entry of BlackRock, and the inevitable future where your Tesla shares aren’t just entries in a DTCC database, but liquid collateral in your digital walletAbout Carlos: Carlos Domingo is the Co-founder and CEO of Securitize, the leading compliance platform for tokenizing digital securities. He founded the company in 2017 when the space was pure speculation. He has led Securitize to become the transfer agent of choice for giants like BlackRock and KKR. Before Securitize, he worked at Fortune 500 companies and was co-founder and managing partner at SPiCE Fund. 🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (00:25) → The $400T opportunity: Why tokenization isn’t a threat to traditional finance, it’s an upgrade to it. And why $2-10T in real tokenized assets over the next 10 years is the realistic target.* (04:39) → Why Carlos started Securitize in 2017: The founding story, watching shares take weeks to transfer, getting inspired by ICOs, and realizing institutions needed the same efficiency.* (08:57) → The BlackRock moment: Why the largest asset manager in the world launching a tokenized product wasn’t just a win for Securitize, it was the moment the entire industry’s eyes opened.* (18:39) → The public vs. private blockchain war: Why private blockchains (like JP Morgan’s) will lose to open ecosystems, using the same logic that killed AOL and won the internet for everyone.* (23:36) → Tokenizing public equities: Why shares trapped in DTCC databases need to be freed onto blockchains, and why the first big marquee company to do it unlocks everything.* (31:15) → How to profit from tokenisation: Three buckets - infrastructure tokens, service providers like Securitize, and enterprise exposure. Why betting on all three matters, and why buying the asset is better than buying the company.Important Links * LinkedIn: https://www.linkedin.com/in/carlosdomingo/ * X: https://x.com/carlosdomingo* Instagram: https://www.instagram.com/carlosdomingo/* Medium: https://medium.com/@carlosdomingo* Securitize: https://securitize.io/* BlackRock BUIDL Fund: https://securitize.io/buidl🎙️ In our conversation, we discussed:* The “big bang” moment for tokenized assets: Why 2025 might be the tipping point as BlackRock, JPMorgan, and Citi scale tokenized funds and treasuries.* Why Stablecoins were the Trojan Horse: How the $300B stablecoin market proved the tech works, paving the way for yield-bearing instruments like Treasuries.* The “infrastructure war”: Why banks are building private chains due to regulation, not utility, and why open innovation always wins.* Tokenized equities: The roadmap to taking shares of companies like Tesla or Apple out of the centralized depository and into your digital wallet.* The “service provider” alpha: Why investing in the picks and shovels (transfer agents, compliance layers) is the safest bet on the tokenization megatrend.Watch or listen now:YouTube • Apple PodcastsRecommended podcasts:Recommended reports:🙌 A note from 51: Start a research-driven growth campaign with us and reach 100k+ decision makers across digital assets and finance. My biggest takeaways from this conversation & who to bet on: 1. Private blockchains are the “Intranets” of finance (and they will die)

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“Zero is crazy because it means you’re just completely against the market... The starting point is about 2% of the size of the equity market and that should be the neutral starting point.”That’s Matt Hougan, CIO of Bitwise Asset Management, on Bitcoin allocation. His point isn’t that one needs to be a crypto evangelist or a “laser-eyed” maximalist. It’s simply that in a world where Harvard is tripling its exposure and sovereign wealth funds are doubling down, having 0% exposure to digital assets is actually an active bet against the market.In this episode, we sit down with Matt to make sense of the market’s recent swings. Matt explains why the liquidity crunch and rate anxiety are temporary headwinds masking a massive structural shift: the transition from a programmed, halving-dependent cycle to a mature, macro-driven asset class.We cover the “Bitcoin as a Service” valuation framework, why the old four-year cycle no longer explains the market, and why the smart money is quietly buying the haystack while retail tries to time the needle.About Matt: Matt Hougan is the Chief Investment Officer at Bitwise Asset Management, the world’s largest crypto index fund manager. He was an early voice advocating for Bitcoin ETFs, and before joining Bitwise, he served as the CEO of ETF.com. A three-time member of the “Barron’s 100 Most Influential People in Fund Management,” Matt is the bridge between Wall Street rigor and the digital asset frontier, with presence on financial news channels like CNBC and Bloomberg.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (00:37) → The Four Major Headwinds: Why the market is stalling right now (liquidity, election anxiety, and the ghosts of October 10th) and why 2026 is the real target* (11:44) → Bitcoin is a SaaS Company: Matt’s brilliant framework for explaining Bitcoin’s value to traditional investors: It provides a service (wealth storage), but you buy the asset instead of paying a subscription.* (22:14) → Is MicroStrategy A Ticking Time-Bomb?: Matt breaks down the math behind the “synthetic halving” and why corporate treasuries need to do more than just HODL.* (26:30) → The “Do Hard Things” Thesis for DATs: Why ETFs have become the “risk-free rate” of crypto access, forcing companies like MicroStrategy and others to take on operational complexity to justify their premiums.* (41:33) → Buy the Haystack: In a world of exploding stablecoins and L2s, picking winners is hard. Matt explains why a diversified approach, owning the equity, the infrastructure, and the tokens, is the only sane strategy.* (46:36) → The Four 2026 Catalysts Bitwise Is WatchingLiquidity reversal (December 1st), Fed rate cuts, October 10th fears fading, and market structure progress. Matt’s specific roadmap for what needs to happen to hit new all-time highs—and why institutions are positioning now.Important Links * LinkedIn: https://www.linkedin.com/in/matthew-hougan/* X: https://x.com/Matt_Hougan* Bitwise memo: https://experts.bitwiseinvestments.com/cio-memos* CFA Society NY: https://cfany.org/speaker-organizer/matt-hougan/* Forbes: https://www.forbes.com/sites/matthougan/🎙️ In our conversation, we discussed:* Why the “Four Year Cycle” is fundamentally dead, even if it’s psychologically alive.* The rise of the “DeFi Mullet”: TradFi in the front, DeFi in the back.* Why stablecoins are the US dollar pair for the future of tokenised markets.* The valuation math behind a $1.3M Bitcoin price target by 2035.* Why Bitwise launched an XRP ETF and a staking-native Solana ETF.Watch or listen now:YouTube • Apple PodcastsRecommended podcasts:Recommended reports:🙌 A note from 51: We arm financial institutions and digital asset leaders with bespoke research, thought leadership to shape the most important conversations, scale trust, and win business.My biggest takeaways from this conversation:

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“Fiat needs to move 24/7. And that’s what blockchains are built for.”That’s Sveinn Valfells, co-founder of Monerium, one of Europe’s oldest and largest stablecoin players – and one of the few people in Europe who’s not just talking about on-chain finance but actually building the regulatory-compliant rails to make it happen.In this episode, we talk about how Sveinn helped write the stablecoin playbook that’s now shaping global policy. His company, Monerium, issued the first regulated stablecoin in Europe, long before Circle had a legal framework and before the U.S. even passed enabling legislation.But this isn’t just another stablecoin episode.It’s a front-row seat to the regulatory cold war unfolding between the U.S. and Europe and why Europe lost the first phase of this war. About Sveinn: Sveinn Valfells is an Icelandic entrepreneur, scientist, and investor. With a background in tech and physics, Sveinn was an early adopter of Bitcoin, helping to organise the first Bitcoin conferences in London. He led Monerium in 2015 to become the first company licensed in the European Economic Area to issue e-money on-chain, including EURe, GBPe, and USDe stablecoins, enabling instant transfers between traditional bank accounts and blockchain wallets.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (00:37) → The future of Fiat is on-chain: Sveinn explains his core thesis: blockchains offer a superior infrastructure for transacting real-world assets, and fiat currency is the most significant of these.* (07:23) → The e-money blueprint: How Monerium issued the first regulated stablecoin in Europe using the pre-MiCA e-money framework — years before Circle or Paxos had legal clarity.* (17:11) → MiCA vs. the Genius Act: Sveinn compares the EU’s MiCA regime with the U.S. Payment Stablecoin Act — and explains why America is now copying Europe’s early blueprint.¨* (23:47) → The “too big to fail” risk of dollar dominance: Why relying on USD for 99% of stablecoin volume is dangerous — and how multi-currency rails could mitigate systemic risk.* (29:00) → Why Europe fell behind and how they’ll catch up: Despite clear regulation, Europe’s fragmented startup ecosystem slowed real adoption. Sveinn outlines what needs to change for Europe to lead.Important Links * Website: https://sveinn.valfells.com/* X: https://x.com/sveinn_valfells* LinkedIn: https://www.linkedin.com/in/sveinn-valfells* Medium: https://medium.com/@valfells* Monerium: https://monerium.com/board/🎙️ In our conversation, we discussed:* Why the future of fiat currency is on the blockchain* How Monarium pioneered regulated stablecoins in Europe* The critical differences and similarities between EU and US stablecoin regulation* The systemic risks of global reliance on the US dollar and its infrastructure* Why the Euro has the potential to become a major on-chain currency* The future of financial services in a tokenised world* Why a multi-chain, multi-currency stablecoin ecosystem is inevitableWatch or listen now:YouTube • Spotify • Apple PodcastsRecommended podcasts:Recommended reports:🙌 A note from 51: We arm financial institutions and digital asset leaders with bespoke research, thought leadership to shape the most important conversations, scale trust, and win business.My biggest takeaways from this conversation:

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“We’ve now got the single most powerful factor in all of investing that’s ever existed… Everything is tied to this debasement of currency.”That’s Raoul Pal, CEO of Real Vision and one of the most respected macro thinkers in the world, explaining why the entire financial system has converged on a single trade: outrun the collapse of fiat.In this episode, Raoul lays out a sweeping thesis: The world is caught in a massive sovereign debt spiral that can only be managed by persistent currency debasement. What looks like asset appreciation is really just denominator decay, the optical illusion of rising prices in a world of falling money. “The S&P 500 isn’t going up. The dollar is going down. Once you see that, you can’t unsee it.”This isn’t a bug; it’s a feature of the current financial system. This singular macro force makes investing in scarce, exponential assets like crypto not just an opportunity, but a necessity for capital preservation and growth.We trace this macro supercycle from its origins in the global debt boom to its next chapter: tokenized networks, AI agents, and a replatforming of capital itself. The game is no longer about picking assets based on traditional fundamentals; it’s about choosing the best vehicles to outrun the devaluation of fiat currency.About Raoul: After forecasting the 2008 financial crisis and the 2012 European sovereign debt crisis, Raoul delved into the world of Bitcoin. He authored the first-ever institutional macro report on Bitcoin in 2013 and has since transitioned from a diversified macro investor to being almost entirely focused on digital assets. After a distinguished career that included managing hedge funds at Goldman Sachs, he retired from active fund management at 36 to launch the research service Global Macro Investor. He later co-founded Real Vision to democratise financial knowledge for all.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (04:22) → The Endgame of Currency Debasement and Debt: Raoul explains the inescapable math of sovereign debt, how the post-2008 debt spiral locked central banks into perpetual money printing, and why central bank liquidity is the “single most powerful factor in all of investing.”* (07:46) → The $100 Trillion Destination: Why crypto is the single most powerful macro trade of all time, with a network adoption trend line pointing to a $100 trillion asset class within eight years. We are only 4% of the way there.* (13:12) → Why Gold Preserves Wealth but Doesn’t Compound ItRaoul contrasts gold and crypto: gold protects against debasement, but crypto grows through exponential network effects. In a system where fiat is structurally melting, compounding > storing.* (20:10) → Metcalfe’s Law, Not DCF: Why traditional valuation models fail for crypto. Raoul argues that blockchains are technology networks, not companies, and their value is driven by users and transaction volume, the same law that governs Google, Amazon, and Tesla.* (31:37) → The Economic Singularity: Raoul’s long-term outlook. The debasement trade will continue until ~2032, forcing a mass migration to blockchain rails before AI and robotics fundamentally rewrite the rules of GDP growth.* (33:37) → The Four-Year Cycle is Now Five: A provocative and data-backed argument for why the crypto cycle has elongated. It was never about the Bitcoin halving; it was about the global debt refinancing schedule.* (44:29) → NFTs Are Humanity’s Contract Layer: Moving beyond digital art, Raoul explains why NFTs will become the largest part of crypto networks, underpinning everything from financial derivatives and brand loyalty to your digital identity.Important Links * Website: https://raoulpal.com/* X: https://x.com/RaoulGMI * LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/* Real Vision: https://www.realvision.com/contributor/raoul-pal🎙️ In our conversation, we discussed:* The endgame of currency debasement and debt* The “biggest macro trade of all time”* Why gold is a store of value but not a compounder of wealth* Why the four-year crypto cycle is dead* Why the current cycle’s slow, steady build-up may actually be a sign of deep structural strength* Which L1s are going to win* How NFTs will transform brand loyalty, social graphs, and the creator economy.* Why AI and blockchain will be the solution to our debt spiralWatch or listen now:YouTube • Spotify • Apple PodcastsRecommended podcasts:Recommended reports:🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business.My biggest takeaways from this conversation:

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“You cannot build a reputation based on what you are going to do. Trust must be earned over time. The track record matters.”William Mougayar on why Ethereum’s 10-year record matters more than competitor speed claims.William Mougayar, an early internet pioneer and one of the first to recognise the potential of Ethereum, has been in the technology business for nearly four decades. He met Vitalik Buterin in late 2013 and has had a front-row seat to the evolution of the blockchain industry ever since. He advised the Ethereum Foundation through its early growing pains, served as chairman of the Kin Foundation during Solana’s 35-cent days, and has spent four decades watching technology waves from Hewlett-Packard to peer-to-peer protocols.His thesis: The general-purpose L1 wars are over. Ethereum won. What remains is specialization, consolidation, and the infrastructure layer maturing into a $700B capital base.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (07:03) → The double-spend solution and programmable money: William traces blockchain’s lineage from 1990s Cybercash to Napster’s peer-to-peer revolution to Satoshi’s breakthrough, explaining why “if this, then that” logic with money attached changed everything.* (17:05) → The first principles of blockchain: William argues that trust, decentralisation, and credible neutrality are far more critical than speed, explaining why institutions prioritise consistency and fairness over flashy performance metrics.* (28:48) → Why Ethereum sacrificed L1 activity by design: The intentional shift to L2s wasn’t weakness—it was strategic expansion. “Ethereum is no longer just the L1. Ethereum is an ecosystem.” Why comparing Solana’s base layer to Ethereum’s base layer is intellectually dishonest.* (34:40) → Debunking Solana’s narrative: DEX volumes, app revenue, L2 value extraction, capital turnover, and speed. William systematically dismantles each with data: Ethereum does 8.4B in DEX volume vs Solana’s 5B when L2s are included. Top 10 Ethereum apps revenue: $4B; Solana: $2B.* (40:03) → A new valuation for blockchains: Why traditional metrics like P/E ratios and discounted cash flows fail to capture the value of public blockchain infrastructure, and why network effects and the flow of money are better indicators.👉 Subscribe to our digital asset treasury newsletter for all the alpha!We sat down with William Mougayar, author of The Business Blockchain and founder of the Ethereum Market Research Center, to cut through the noise and return to the first principles of what makes a blockchain valuable and enduring.Why it’s important: As the Layer 1 landscape becomes increasingly competitive, narratives often diverge from fundamentals. With billions of dollars at stake, understanding the core tenets of decentralization, trust, and credible neutrality is crucial for investors, builders, instituions and enterprises. William provides a masterclass in separating hype from reality, drawing on his decades of experience in technology cycles.Where to find * X: @wmougayar* Blog: https://wamougayar.xyz * Research: https://ethmrc.com 🎙️ In our conversation, we discussed:* Pre-Bitcoin digital cash and peer-to-peer technologies* What made Ethereum’s smart contracts a revolutionary leap forward* Why the “Layer 1” label is a misleading oversimplification for Ethereum* The critical importance of credible neutrality and censorship resistance* A detailed rebuttal of common anti-Ethereum arguments, particularly regarding Solana* The flaws in using “revenue” as the primary metric for valuing a blockchain* How value accrues to ETH through its role as a productive, foundational asset* The evolution of valuation models from the early internet to today’s blockchain ecosystems* What’s next for blockchain adoption, from institutional finance to consumer appsWatch or listen now:YouTube • Spotify • Apple PodcastsRecommended podcasts:Recommended reports:🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business.My biggest takeaways from this conversation:1. The “general-purpose blockchain” game is over

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“Money should travel at the speed of the internet. Stablecoins make that possible.”— Chris Harmse, Co-founder & CBO of BVNKBVNK, a leading stablecoin payment infrastructure provider, just hit $20 billion in annual transaction volume with 320 employees.In May, they partnered with Worldpay, which processes $2.3 trillion annually for 1M+ merchants, to enable stablecoin payouts across 180+ countries.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here. 🎧 Jump to the best parts* (08:28) → The new financial stack: Chris outlines the six core ‘payment primitives’ (send, receive, store, earn, spend, comply) driving adoption and explains how companies can now build entire neobanks on top of stablecoin rails, reaching 200 markets instantly.* (15:13) → The three catalysts behind the 2025 Stablecoin summer: Why did the market explode this year? Chris pinpoints the trifecta of regulatory clarity, massive payment volumes, and a critical mass of global users that created the perfect storm for enterprise adoption. * (20:41) → Competing with giants like Stripe: As big players enter, Chris explains why fragmentation creates opportunity and how BVNK’s value proposition is to abstract away all complexity, making blockchain payments as seamless as using a credit card.* (29:15) → Regulation, regions, and the next 3 years: Why LatAm, Africa, and Southeast Asia are leading adoption from the bottom up, and why regulatory clarity has turned from headwind to tailwind for global enterprises.👉 Subscribe to our digital asset treasury newsletter for all the alpha!We sat down with Chris Harmse, Co-Founder and Chief Business Officer at BVNK, to explore the surge in demand for stablecoins for payments and their transformative impact on global finance.Why it’s important: Stablecoins have crossed $300B in supply, putting them on par with some of the largest U.S. retail money market funds and regional banks. Initiatives like Stripe’s Open Issuance, BVNK’s WorldPay partnership and Circle’s Payment Network CPN show that money movement on blockchains is hitting mainstream. BVNK: Founded in 2021, BVNK is a London-based fintech company that provides a full-stack stablecoin operating system for businesses, enabling them to integrate stablecoin payments and treasury solutions into their operations. It has processed $20B+ in transactions and is valued at $750M, backed by top investors and enterprise partnerships across 180+ countries.Where to find Chris Harmse:LinkedIn: https://www.linkedin.com/in/chrisharmse/X: https://x.com/chrisharmse89Website: https://bvnk.com/about-us 🎙️ In our conversation, we discussed:* Why traditional payment rails are broken and fragmented* The evolution of stablecoins from niche to enterprise-scale* Which use cases (payouts, commerce, treasury) are scaling fastest* How BVNK differentiates in an increasingly crowded market* Why regulatory clarity flipped the narrative in 2025* The WorldPay partnership and its network effects* How emerging markets are driving adoption from the bottom up* Where value will accrue across the payments stack (issuers vs. distributors vs. L1s)* Navigating the complexities of KYC and compliance in a blockchain world* Future outlook: Regulation and enterprise adoptionWatch or listen now:YouTube • Spotify • Apple PodcastsRecommended podcasts:Recommended reports:🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business.My biggest takeaways from this conversation:1. Enterprise adoption has matured1. Enterprise adoption has matured—the conversation shifted from education to executionThe pilot phase is over. Chris argues that enterprises no longer need stablecoin 101 - they’re architecting specific use cases. The traditional financial system, with fragmented domestic schemes and SWIFT-dependent cross-border rails, can’t compete with instant, 24/7, low-cost blockchain infrastructure.“Two to three years ago, people were thinking about pilots. That has shifted to today where they’re going live and they’re doing billions and billions of dollars of TPV.”

Cosmo Jiang, General Partner at Pantera Capital, shares insights on Solana and digital asset treasuries. He explains how Pantera's unique treasury strategies reshape investment paradigms, emphasizing NAV per share over token price. Cosmo highlights Solana's potential as a cash-flow engine outpacing Ethereum in user growth and fees. He discusses the innovative structure of their Solana Company, which aims to maximize staking economics. Additionally, he envisions a future where multiple chains thrive together, driven by institutional interest and AI integration.

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHey, it’s Marc. ✌️“Solana’s built to be the internet’s capital market fast, decentralized, and ready for the future.”We sat down with Matt Sorg, VP of Technology at Solana Foundation, for an insightful look into why Solana’s high-speed, low-cost blockchain is redefining how value moves globally.From his days leading AI at Unity to steering Solana’s tech vision, Matt’s journey reflects the cutting edge of blockchain innovation. Now, he’s helping Solana power everything from meme coins to institutional assets, with AI and quantum security on the horizon.We talked about:* Solana’s core philosophy: "Increased Bandwidth, Reduced Latency."* Why it’s the go-to for DeFi, NFTs, and DePIN* How Solana outpaces traditional finance* Preparing for a quantum-secure future* AI’s growing role in blockchain… and much more.Here are our key insights & take-aways. The Solana advantageMatt keeps it real about Solana’s edge:“Solana delivers internet-scale capital markets, moving value faster than anything out there.”Unlike traditional systems like Visa, which settle daily, Solana’s near-instant transactions let businesses scale at the speed of the internet. Think digital startups buying AI compute or tokenizing assets, Solana’s low fees and high throughput make it a no-brainer for innovators.Matt explained how Solana’s ecosystem thrives:

Kyle Samani, co-founder of Multicoin Capital and early backer of Solana, discusses his ambitious new venture, Forward Industries, a $1.65B treasury focused on Solana. He elaborates on why they chose Solana over Bitcoin, the unique investment strategies of treasury companies, and the challenge of leveraging decentralized finance. The conversation dives into the competitive landscape between Solana and Ethereum, corporate blockchain dynamics, and the future of internet capital markets, all highlighting Solana's potential to reshape financial infrastructure.

Hi, it’s Marc. ✌️“BNB is the most overlooked blue-chip crypto asset in the space. It’s tied to the largest company in crypto, and yet Western investors still don’t fully get it.”We sat down with David Namdar — hedge fund veteran, Bitcoin OG, Galaxy Digital co-founder — now CEO of BNB Network Company (BNC), a $500M digital asset treasury betting big on BNB.David has been in crypto for more than a decade. From attempting one of the first Bitcoin ETFs at SolidX, to building Galaxy Digital with Mike Novogratz, to now leading a digital treasury platform for BNB, his journey mirrors the evolution of crypto itself.We talked about: * Why treasury companies are exploding now* BNB as “digital infrastructure equity”* and why he believes BNB is positioned to outperform Bitcoin over the next five years.… and much more.The treasury company explosionDavid keeps it simple about what Michael Saylor achieved:"He's been able to accumulate over 3% of the Bitcoin supply. At current prices, that's $70B."The playbook: Take corporate cash, buy Bitcoin, trade at a premium, sell more equity, buy more Bitcoin. Repeat.Five years ago, MicroStrategy was a struggling software company worth under $1B with $400-500M in cash. Today, it's over $100B with $70-80B in Bitcoin."The market loved it and traded at a premium. Then, he started creating this idea of a flywheel where he could sell more equity or sell debt in order to buy more Bitcoin.But it took validation time. David explains why other companies are following now:"After the model has been kind of validated over the last five years by Saylor, and then a couple of the more recent ones that have succeeded, MetaPlanet in Japan...it went from having $1-2B market cap to $5-10B."That strategy proved two things:* Bitcoin works as a corporate treasury reserve.* Markets will reward bold execution with premiums.The BNB thesisHere's David's core argument: BNB is systematically undervalued because U.S. investors don't understand what they're missing."Iimagine if in the U.S. we didn't have access to Apple, Google, Facebook, now Meta. Imagine if the largest social network, the largest tech company, something like Nvidia, was entirely outside of the U.S. market."The numbers back this up. Binance has 290M users. Most use BNB to pay reduced gas fees. All of that activity drives token burns and value accrual."BNB then is kind of this digital infrastructure equity of the entire Web3 universe. It actually has more activity in stablecoins than Ethereum does."David's positioning framework:* Bitcoin = digital gold* Ethereum = digital oil* BNB = digital infrastructure equityWhy treasuries matter now: Unlike past cycles, this time the U.S. regulatory environment has opened up, making it easier to bring corporate structures and capital markets into crypto.David estimates $100–200B will flow into digital treasuries over the next year, not through exchanges, but through public-market vehicles that institutional investors can buy.That means:* More disciplined capital allocation* Less froth around meme coins* More focus on blue-chip digital assets“Our job is to accumulate as much of the asset as possible — with discipline.”Digital asset treasuries vs. ETFsIt is simple. With an ETF, you always own the same amount of underlying asset per share. With treasury companies, successful execution can multiply your holdings.David breaks it down:"If they succeed at executing on the strategy and selling at a premium and getting the flywheel going...then you can end up with significantly more of the underlying asset per share than what you started with."But he warns against hype chasing:"What ends up happening a lot of the time with these treasury companies is there's an announcement that gets made. The stock jumps up 5-20x and investors rush in and immediately are down 50-80%."His advice: Wait a few days, understand the strategy, and verify the team can execute.The premium questionArthur Hayes thinks that NAV premiums will decline. David agrees, but with nuance:"We are going to see a lot of the premiums decline, but we're also going to see some of them persist for a lot longer than people think."His math: Outside MicroStrategy, there's $30-50B in treasury assets with $10-25B in premiums. He expects $100-200B more capital to flow in over the next year."During that process...that 10, 20, 30 billion of premium that [MicroStrategy has] will probably go to some of these other companies that are more capable to actually accumulate the underlying asset."Key takeawaysHere are some key takeaways David shared for public companies and institutional investors:* Digital asset treasuries are the next big capital market vehicle: Expect $100B–$200B to flow into crypto treasuries (beyond Bitcoin and Ethereum) over the next 12 months, skipping exchanges and going directly into corporate treasury vehicles.* Premiums will redistribute, not disappear: While some NAV premiums will compress, successful treasury companies with strong execution will capture value from weaker players. Access to capital markets during downturns determines survival.* Infrastructure matters more than hype: The winners will be treasury companies with experienced teams, diverse capital access, and focus on long-term asset accumulation rather than short-term price pumps.* BNB positioned for AI + Robotics transaction growth: BNB’s lower cost structure vs. Ethereum/Solana makes it the likely leader for AI, robotics, and trillions of microtransactions. BNB is evolving into the infrastructure chain and can provide AI and blockchain companies with scalability advantages.Take care, MarcMore from us:🚀 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe