Mapping investment theses to instruments

The bottleneck in investing has shifted from access to asset selection. Once the same thesis can be expressed through a private secondary like Stripe, a public stock like Adyen, a startup like Ramp, a crypto card company like Rain or KAST, or a token, the real work is deciding which vehicle best captures the upside and leaks the least value to adjacent companies, intermediaries, or tokenholders.

• This is why crypto only funds are broadening out. Artemis describes investors moving across tokens, public equities, private companies, and prediction markets in one portfolio, because value creation in crypto often lands in picks and shovels businesses like exchanges, stablecoin issuers, and infrastructure firms rather than in the token itself.
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• The payments example is concrete. A bet on agentic commerce could sit in Stripe shares on the secondary market, Adyen in public markets, or newer crypto native cards and rails. Those assets have very different economics. Stripe monetizes payment volume and software attach, while smaller startups can win usage but still get boxed in if the checkout and merchant relationship consolidates upstream.
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• As more venues become liquid, research and execution are collapsing into one interface. Robinhood opened MCP based agent trading in May 2026, Public rolled out AI agents for portfolio automation in March 2026, and SoFi introduced Composer by SoFi in June 2026. The product race is now about owning the screen where a thesis turns into an actual position.
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The next step is portfolio software that chooses the instrument, not just the theme. Winning platforms will map a view like agentic payments or stablecoin adoption into the specific stock, private share, token, or contract with the best payoff, then monitor it and rotate automatically as market structure changes and the best expression of that thesis moves elsewhere.