Crypto as a sub-asset class

This marks crypto’s shift from a standalone investing world into one sleeve inside a broader alternatives portfolio. In practice, that means the winners increasingly are not pure token stock pickers, but data and execution platforms that help funds compare tokens with crypto equities, stablecoins, prediction markets, and private deals in one workflow. That is why Artemis is moving from crypto fundamentals toward cross asset investing tools, while products like Dune remain useful as institutional crypto infrastructure.

• The customer changed. Artemis describes large crypto funds like Multicoin and Paradigm as now investing across equities, private companies, AI, robotics, and tokens, rather than running narrow long only token strategies. That makes crypto research less about finding the next token and more about comparing many ways to express the same thesis.
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• The remaining durable crypto data businesses serve institutional jobs, not mass token speculation. Dune now sells directly to asset managers for tokenized fund monitoring, stablecoin flow analysis, crypto equities research, and prediction market signals. Chainalysis similarly sells compliance and token monitoring tools needed for issuance, redemptions, and secondary market oversight.
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• New adjacent products reinforce the sub asset class view. Prediction markets are being folded into institutional workflows as signal and hedge tools, not just standalone betting venues. Kalshi pitches institutions on hedging direct event risk, and Polymarket has become large enough to matter as market data, with an estimated $1B in annualized revenue by June 2026.
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The next step is portfolios and software that treat tokens as one input among many. Research agents, brokerages, and analytics stacks will increasingly route a single idea across stocks, tokens, stablecoins, event contracts, and private assets, which pushes more value toward the firms that own the research workflow and away from crypto only fund wrappers.