Crypto Investing Moves Beyond Tokens

This shift means the best crypto investors are no longer asking which token wins, they are asking where the economics of a crypto theme actually land. In practice, that often means owning the exchange, stablecoin issuer, brokerage, or private infrastructure company that captures fees, float income, and customer relationships, instead of owning only the token that sits closest to the protocol narrative.

• Large crypto specialists have already widened the aperture. Paradigm now describes itself as a frontier technology firm investing in crypto, AI, and robotics, while Multicoin frames its strategy across crypto companies and protocols in public and private markets, not just liquid tokens.
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• The menu of investable crypto adjacent assets has exploded. Robinhood offers 90 plus stock tokens backed 1 to 1 by underlying equities, and Kraken has expanded xStocks while aiming for 500 plus tokenized equities by the end of 2026. A payments or stablecoin thesis can now be expressed through equity, tokens, or private shares.
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• That changes what research tools need to do. Artemis started as a crypto fundamentals product, then pivoted toward a cross asset research and agent platform because its users increasingly compare Coinbase, Robinhood, private secondaries, tokens, and prediction markets inside the same decision workflow.
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The next phase is a world where asset class labels matter less than who captures cash flow and distribution. Funds and platforms that can compare tokens, equities, and private companies in one model will have the edge, because more of the upside in crypto themed investing will keep migrating toward multi asset portfolios and the businesses wrapping the rails.