Delphi Digital

Ceteris × Jason × Yan × Kevin × Jose

Delphi says the healthy alt-season sequence has played out: ETF flows remain consistent, leverage has not built, and BTC cooling while alts lead supports an alt-pickers’ market.Momentum may sustain gains without new asset-class inflows; on-chain stocks offer a differentiated one-to-two-year theme, while HYPE’s fee-funded buybacks and expanding markets provide catalysts, with regulation and selling discipline key risks.

Tommy × Travis Good

Ambient is positioning itself as an asset-light “Uber for inference,” using 100% logits verification to aggregate stranded GPU supply and guarantee delivery quality.With inference margins of 40-50% versus roughly 10% for rental operators, its routing and token incentives could capture a structural uplift, while falling token prices and a possible two-year AI winter remain the key test.

Ceteris × Jason × Yan × Jose × Kevin

Token-equity structures need explicit rights: Venice’s $1B raise showed ambiguity can make holders price trust in Erik rather than guaranteed value accrual, potentially creating a 10× premium; ACE-style KYC conversion offers a contractual alternative.Grass’s $70M 2026 revenue against roughly $30M of operating costs supports its network thesis, while Zcash’s Ironwood launch will test whether roughly 4M ZEC leaves Orchard slowly—or signals an exploiter is moving funds.

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.

Ceteris × Jason × Yan × Jose × Kevin

Markets were described as a melt-up, with the Qs up 25% in a month and earnings growth estimated near its strongest since late 2020.Saylor’s willingness to entertain BTC sales was read as STRC re-peg engineering; at 99.98, success by the 15th ex-date could unlock “low billions” of firepower.Zcash’s nine-year proof-of-work distribution supports a PVE case, while Houdini Swap and Pump expose token-holder rights as the unresolved ownership risk.

Yan Liberman × Can Gurel × Samed Düzçay

Tory tokenizes dollar-hedged emerging-market carry, borrowing USD at 4% to lend into Turkish lira at 40% or Egyptian pounds at 20-25%.Direct access, disciplined execution, and NAV oracles against depeg liquidations define the edge; user-controlled looping may lift yield further, while Ethereum mainnet is targeted within the next month and operational trust remains a key risk.

Markets have improved without a clear fundamental reset: STRC’s reflexive bid could support Bitcoin and enable another $5–10B of Strategy deployment.Kelp’s rsETH/Aave cascade exposes pooled DeFi’s collateral, bridge, and multisig risks, strengthening isolated pools and rate limits while weakening the host’s AAVE thesis.USD.AI and Venice add differentiated AI-linked watchpoints, but GPU collateral, emissions, and personal software economics remain unresolved.