I’m incredibly excited to announce the launch of my next project: Avalanche Treasury Co. 🧵

A Visa acquisition of Fireblocks would be incredibly interesting to watch. 1. Stablecoins are the future. 2. Fireblocks is the primary platform for OUSD. So now Visa has has a lot more control over that project which (to me) makes it a lot less interesting. 3. Many of the people that use Fireblocks today probably view Visa as competition (or the enemy) at some level. If Fireblocks is your primary wallet solution, moving away from it is pretty painful, so interesting to see how sticky those customers are. 4. TradFi companies looking to "self custody" with a wallet-as-a-service provider are a lot more likely to trust Visa than a crypto native provider they have never heard of. axios.com/pro/fintech-deals/…

Thanks again @JennSanasie and the @CoinDesk team for a great conversation yesterday at the @NYSE. Always enjoy talking about how tokenization is gaining momentum as more TradFi firms partner with crypto natives.

Great to be on the floor at @NYSE with @JennSanasie today! Tune in this afternoon to hear our full conversation on @CoinDesk’s Public Keys.

For years, the conventional wisdom has been that institutional participation creates liquidity in financial markets. Institutional participation is actually the last volume driver in the chain. The IMF recently found that 80% of tokenized stock trades are for less than one share. To me, that reinforces an important point: retail investors and wealth management flows often create the initial liquidity. Market makers tend to follow, further driving volumes. And then institutions come at scale. Hyperliquid is an example I often come back to. Retail speculators established liquidity on a decentralized platform that U.S. institutions initially had little need or desire to access. When geopolitical conflict created demand to trade oil over the weekend, institutions suddenly had a reason to enter a market where retail liquidity already existed. And once that liquidity was established, they didn't leave. Hyperliquid had become a viable venue for weekend trading and smaller positions that traditional markets couldn't accommodate. This is how markets develop. Retail participation creates initial liquidity, market makers begin competing for order flow, and larger institutions follow. While individual retail trades may be small, collectively that flow adds up quickly. This will remain relevant to tokenization. Institutions will adopt tokenized assets when liquidity and necessity require them. They aren’t the first mover. The real opportunity isn't just putting existing assets on new rails. It's creating new access to markets with the liquidity and accessibility that allow for trading across retail, market makers, and institutions at scale. Retail is already starting to show up. More on the IMF's findings: coindesk.com/business/2026/1…

Looking forward to joining @stabledash live today at 12:30pm ET to talk about the state of the market and why @avax is built for institutions coming on-chain.

A signal worth paying attention to. The IMF is highlighting the demand for after-hours trading, while Bloomberg Terminal’s recent integration of Hyperliquid market data shows traditional finance is taking notice. The shift toward 24/7 markets is underway, and @avax is building the infrastructure to support it.

One of the most compelling applications of tokenization is improving capital efficiency. Moving from monthly to daily interest distributions could fundamentally change how corporate treasuries manage and deploy capital. Great discussion at #TOKEN2049 on where this is all headed.

Ondo’s tokenization of private credit manages to address shortcomings of current market structure and expand the investable universe for many of the hats I wear - retail investor, institutional trader, and an institutional investor. Companies, like Oracle and Microsoft, used to go public early in their growth. Over the last decade or so, that has changed and some of the most innovative growth periods for companies like Stripe and Anthropic happen while they’re still private. Early access to that growth has largely been limited to institutional investors. With this offering, retail investors should regain access. Ondo is democratizing private-company investment opportunities by bringing them on-chain. Even as an institutional investor, this should in theory expand the universe of opportunities I can access and evaluate. The real value creation from tokenization isn’t solely from existing assets on new rails but rather creating or expanding opportunities. More here: theblock.co/news/business/20…

Great to be back with @paulbarron. We talked about what’s behind @avat_co's recent run, why a permanent capital structure lets @avat_co take the long view on @avax, and why the next 18 months will decide which chains win tokenized stocks, credit and stablecoins. Listen to our whole conversation: youtube.com/watch?v=nC2LMefe…

In the past 30 days alone, we’ve seen example after example of major institutions choosing @avax infrastructure. No question in my mind that Avalanche will be one of the very few winners.

In such a loud and crowded market cycle, this kind of institutional momentum may not be making headlines, but it’s exactly the kind of signal I’ve learned to pay attention to.

Institutional adoption isn’t waiting on Congress. The SEC and CFTC are advancing frameworks for digital assets, and demand for infrastructure like @avax that can support the shift toward onchain finance is growing.

.@NYSE's announcement is a clear signal: Avalanche is positioned to be one of the L1 winners of institutional adoption. When an institution of this size and standing treats @avax as a leading blockchain for core market infrastructure, other serious financial players are likely to follow.

Great conversation with @lifesgt on Around The Coin. We got into building @avat_co, why I bet on @avax for the next wave of institutional adoption, and where I think blockchain infrastructure is headed over the next 24-36 months. Tune in: podcasts.apple.com/us/podcas…

The SEC’s move on tokenized securities is a strong step forward. I've spent my career at the intersection of financial innovation and market infrastructure, and I haven’t seen an innovation with this much potential to reshape how markets work since the rise of spot ETFs - an instrument once seen as niche that eventually reshaped how retail and institutional investors alike can access markets. That’s what I see in tokenized securities: a fundamental change to who can gain exposure, and by what mechanism. Read here: cnbc.com/2026/09/17/sec-clea…