Few Durable Tokens and Businesses

This marks a shift from treating tokens like a broad asset class to treating them like a narrow set of durable networks and cash flow pipes. The reason Artemis moved up the stack into cross asset research is that most crypto exposure with lasting value now sits in a small group of assets, while much of the economic upside has migrated to businesses like exchanges, stablecoin issuers, and private market infrastructure that investors can underwrite alongside tokens.

• The practical screen for long term token ownership has gotten much tighter. Early crypto investors wanted Bloomberg for every token. By 2026, the useful workflow is closer to underwriting a few assets with real demand, developer activity, liquidity, and staying power, then comparing them against equities and private companies competing for the same capital.
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• That is why specialist crypto funds have widened their mandate. The same funds that once bought mostly tokens now also buy Robinhood, Securitize, private secondaries, AI companies, and prediction market exposure. Tokens are no longer the whole portfolio. They are one sleeve inside a broader frontier tech book.
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• The bigger winners in crypto increasingly look like toll collectors instead of standalone tokens. Stablecoin rails, exchanges like Kraken, and private market venues like Augment monetize trading, issuance, custody, or access. Those businesses often have clearer revenue mechanics than many tokens, which makes them easier to compare and hold with conviction.
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This pushes investing tools toward thesis building across asset types, not token discovery inside crypto alone. The long term battleground becomes the interface that helps an investor choose between owning the network, the exchange, the stablecoin issuer, or the private company built on top, then automates execution once that thesis is set.