Crypto funds moving into robotics and hardware may be an adverse-selection trap as LPs question mandate creep and post-2021 returns converge with regular venture.Cloudflare’s guardrailed, chain-agnostic wallets could make identity and authorization a value layer, while Circle’s 7% revenue growth, falling USDC supply, 62% distribution share, and November’s Western Union bet leave monetization unresolved.

Harry Stebbings × Paul Erlanger

FOMO raised a $75M Series B at a $550M post-money valuation from Index and USV, with founders anchoring the price before receiving a term sheet.Its 17-person, AI-enabled organization has no meetings, 1:1s, or hierarchy, while founder-grade equity aligns a small group for a decade-long build.Pre-IPO perps and thesis-driven trading could define its global wedge, but SpaceX’s retail performance and prediction-market regulation remain key tests.

Avichal Garg × Jason Yanowitz

AI’s dominance makes early-stage entry difficult, pushing Electric Capital toward cold spots such as crypto.Certora’s formal verification could become critical as AI-powered attacks target DeFi securing billions.Stablecoin rails may let 5-6 billion people with limited U.S. market access pay higher P/E multiples for on-chain cash flows, though token re-rating depends on durable revenue and buybacks.

Ceteris × Jason × Yan × Jose × Kevin

Crypto’s 2026 stock-pickers’ market favors structural flows, revenue, or strong narratives; Venice shows the fundamental case with roughly $60M ARR and weekly additions above $2.5M.Falling VVV issuance and a clean, self-funded structure could support at least $200M of additional ARR, but value transfer is not guaranteed as L1 token accrual breaks down and HYPE expands beyond crypto.

Jason Yanowitz × Santiago Roel Santos

Santi is redeploying less than 10% of his cash into equities down 30-50%, while Rob sees near-$120 oil favoring patience.Crypto venture is consolidating around runaway winners, with sensible $20-25M seeds alongside $50-100M+ stablecoin froth.Drift’s $280M hack exposed operational-security risk, while Google’s 20x qubit reduction points to a maybe-2029 wallet threat and Jason predicts a Bitcoin hard fork this year.

Patrick O'Shaughnessy × Matt Huang

Matt Huang argues that illegibility can preserve upside because easily explained frontiers are more likely to be priced, favoring unusual founders and technical paths over memes and consensus.His ByteDance investment backed Yiming’s judgment despite disliking personalized news, while Paradigm paired builder-led crypto investing with Bitcoin near $6,000-$3,000 and Ethereum near $100.Stablecoins now exceed $200 billion on-chain and could modernize global payments, while FTX and organizational overconfidence show why trusted counterparties and technical conviction remain major risks.