What is changing
Payment rails, asset custody and settlement are being rebuilt on open networks, and the regulated financial system has begun to connect to them: exchange-traded products, bank custody, tokenised funds and stablecoin settlement at established payment companies.
How we express it
Through regulated, exchange-traded vehicles and the listed companies building and operating the infrastructure, never through direct custody of tokens on a client’s behalf.
How it is sized
As a small sleeve with a hard position limit in the investment policy, given the volatility of the asset class, and only for clients whose policy allows it. For most clients it is not held at all.
What would make it wrong
Regulation that closes the connection between the open networks and the regulated system; a failure of a major custodian or stablecoin that resets institutional adoption; or the incumbents matching the cost and speed advantages on their own rails.
Who it is for
Clients with a long horizon and a policy that explicitly accepts a position which can halve in a year, sized so that halving changes nothing about the plan.
This material is for informational purposes only and is not a recommendation to buy or sell any security. All investing involves risk, including loss of principal.