Citrini Names Tokenization Winners Beyond BTC, ETH — SkimNews
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- Citrini Research published a 79-page report Thursday titled "Breaking the Wall" arguing that bringing stocks, bonds and other financial assets onto blockchains could create new businesses in trading, lending and payments.
- Citrini explicitly stated "we can't assume that majors, primarily BTC and ETH, will make new ATHs on this," adding that "even if they do, there are better expressions" in fee-generating platforms and protocols.
- Named public-company beneficiaries include Securitize along with Coinbase, Robinhood, Circle, Figure Technology Solutions, SoFi and Bullish, with Securitize highlighted for maintaining the legal link between blockchain tokens and the securities they represent.
- The crypto token basket featured Aerodrome, Maple, Ondo, Pendle, ether.fi, Chainlink and Derive, with Citrini saying it was "actually more excited" about this basket, which offers broader exposure than the limited universe of listed companies.
- Hyperliquid (HYPE) was identified as a dominant blockchain-based perpetual futures platform, with Lighter (LIT) and Variational (VAR) cited as challenger venues that could gain traction — and stock-basket exposure added via the Bitwise Hyperliquid ETF (BHYP).
- Citrini cautioned that growing trading volumes and network activity don't always translate into higher token prices, and flagged legal hurdles around synthetic tokenized stocks that offer price exposure without the ownership or voting rights of traditional shares.
Why it matters: For investors who assumed a tokenization boom automatically lifts BTC and ETH, Citrini is explicitly rebutting that thesis — its two baskets name roughly 14 publicly traded stocks and crypto tokens as better-fee-based expressions of the same trend. The mechanism described (tokenized assets serving as round-the-clock collateral for loans from a digital wallet) potentially redirects value capture to platforms like Securitize and Coinbase rather than the base-layer cryptocurrencies.
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