Jason Yanowitz

Jason Yanowitz × Santiago Roel Santos

AI’s narrative dominance masks a possible crypto bull market, as Yano reports revived interest after 18 barren months and tokens that have increased 50 times.Anthropic’s reported $1 of revenue per $60 of compute, possible ARR stabilization, and customer switching leave frontier-model economics unresolved, while 1 gigawatt of AI capacity costs $50–60 billion.Falling inference costs could strand capacity or trigger Jevons’ paradox, as LPs seek crypto’s growth-stage fintech opportunity as a countercyclical alternative to crowded AI.

Jason Yanowitz × Santiago Roel Santos

Memecoin–stock-token pools are forcing tokenized equities to confront real liquidity and infrastructure constraints.In the BONER/HIMS pool, roughly 60,000 HIMS tokens and limited weekend minting drove the wrapper to an implied $132, or three-to-four-times Friday’s close, without squeezing HIMS itself.The experiment could accelerate 24/7 markets, but custody, backing, redemption, and token-holder rights remain unresolved.

Jason Yanowitz × Santiago Roel Santos

Blockworks logged more sales calls than in any recent period, while inbound leads rose as fintechs and brokerages rolled out crypto.CLARITY remains uncertain; SEC and CFTC rulemaking could catalyze innovation, but unclear token value accrual and falling CEX volume leave institutional adoption unresolved.

Jason Yanowitz × Santiago Roel Santos

After eight months across 20-plus sectors, Santos says Inversion’s crypto-embedding thesis failed to clear the return hurdle, shifting focus to quality, cash-flowing businesses.On-chain B2B borrowing costs 8–12%, while crypto FX quotes sit 20–50 basis points above mid-market; Robinhood Chain’s more than $500 million in Uniswap volume and roughly 150,000 new active wallets show verticalization, though P&L value remains disputed.

Jason Yanowitz × Santiago Roel Santos

Crypto venture is splitting into a weak early-stage market and improving later-stage payments, stablecoin, tokenized-asset and M&A activity.Stablecoin transfer volume remains distorted by bots, but adjusted metrics, card swipes and about 30 public-company implementations offer stronger adoption evidence.Kalshi’s reported $40B raise remains unconfirmed as fee compression looms, while institutional clearing and block trades could expand prediction markets.

Jason Yanowitz × Santiago Roel Santos

Anthropic’s Fable was released around June 9 and blocked from export three or four days later, turning AI’s job-loss narrative into a regulatory and political liability.Jordy calls MicroStrategy panic way overblown as Saylor raises about $200M weekly, while Santi sees eventual Monte Carlo failure; open-source models and smart routing may matter more than privacy maximalism, but government restrictions remain an unresolved risk.

Jason Yanowitz × Ryan Watkins

Hyperliquid launched at roughly $200M in annual revenue without extreme unlocks, making it one of few crypto assets to clear Watkins’ global-capital-allocator test.Its Binance-like product, community-led expansion, and 70-75% on-chain-perpetuals share support an “everything exchange” ambition.Tokenized-asset spot trading could hinge on regulatory clarity, while decentralization remains unresolved as the protocol scales.

Jason Yanowitz × Santiago Roel Santos × Rob × Ryan Zurrer

SpaceX’s expected June 12 IPO values 12 business lines at roughly $1.75T–$1.77T; Ryan Zurrer models $1.2T of 2035 revenue and a $185 price.Profitability since 2018 and nearly $50B in revenue, plus new contracts, challenge 100x-revenue critique.Elon’s 42% stake and roughly 30% locked for 366 days could delay price discovery until 2027, while antitrust pressure and Chinese competition remain risks.

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.

Jason Yanowitz × Santiago Roel Santos

Stablecoins are emerging less as peer-to-peer payments than as a settlement layer, with a LatAm AP and bill-pay company at $80–90M run-rate revenue and growing 40% month-over-month.Rain is adding roughly 20% monthly growth and Visa-settled volume is doubling every few months, but Santi remains bullish only on less than five names and questions transfer economics.