Jeff Dorman

Correct. But all it takes is a promise to use some portion of the future revenues to buyback tokens, and some VIP treatment for token holders (discounts, early reservations, etc) and voila, the token now has both utility value (spend at the restaurant) and financial value (quasi-equity value). This isn’t that hard. We’ve been saying for years that buybacks are the only way to create value for a token. But when done right, tokens become the greatest capital formation and customer bootstrapping mechanism ever created.

Good time to re-read the piece on $SECZ from @joeyreinberg_ back in June, discussing why @Securitize was poised to win the RWA tokenization race on the heels of the recent SEC Innovation Exemption We think there are only 4 blockchain themes worth investing in today: 1) RWA tokenization -- $SECZ, Kraken, $HOOD 2) DeFi - $HYPE $AERO, ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be, $LIT etc 3) Stables/payments -- much tougher as most pure plays don't actually make much money 4) AI - $GLXY $TAO base:0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf (NOTE: GLXY actually gives you exposure to all 4) https://t.co/jw0UDUaXEB

Good time to re-read the piece on $SECZ from @joeyreinberg_ back in June, discussing why @Securitize was poised to win the RWA tokenization race on the heels of the recent SEC Innovation Exemption We think there are only 4 blockchain themes worth investing in today: 1) RWA tokenization -- $SECZ, Kraken, $HOOD 2) DeFi - $HYPE $AERO, ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be, $LIT etc 3) Stables/payments -- much tougher as most pure plays don't actually make much money 4) AI - $GLXY $TAO base:0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf (NOTE: GLXY actually gives you exposure to all 4) https://t.co/jw0UDUaXEB

Been true for 2+ years... still true... will always be true. Stop letting the "Four Horsemen of Incompetence" (Exchanges, VCs, Market makers and the media) gaslight you into thinking the nonsense L1, L2 and memecoins have economic value. https://t.co/Y78GEhLKct

Counter. There are only a handful of crypto assets that are meaningfully higher YTD (1st column) and those are the highest revenue generative assets with the best tokenomics. Reality is that most assets are only up a modest amount since the stone cold July 1 lows (2nd column). Looking further back to the Oct 2025 highs (3rd column) and almost all assets are still down -30-50%. Crypto stocks look similar. Would hardly call this euphoric.

Seven years ago, we argued tokenization wasn’t failing because blockchain didn’t work. We were just tokenizing assets nobody cared about. Now BlackRock, Robinhood, Nasdaq, NYSE, DTCC and JPMorgan are putting the assets people actually want on-chain. This time is different and it’s all coming together as we thought it would.

There's a quiet irony watching Senators slowly walk to a podium to place an in person vote while some secretary calls out their name to verify the vote... while that vote decides the fate of a new technology (blockchain) dedicated to improving record keeping and asset transfer

Quick update on $MSTR 8 weeks ago we posted that we covered all our shorts and called the go-forward story "boring", because the death spiral ended once MSTR did the right thing by raising a ton of cash (after destroying $40 bn in enterprise value for no reason earlier in the year). https://t.co/DEVrOJ2iVn Today I'lll quantify why it is boring: The mNAV is +/- 1.0 now, and probably won't deviate too much from there since they continue to dilute the company with stock sales for cash raising. Without mNAV growth, the question is can MSTR still act as "levered BTC". The answer is sort of, but not really. Assuming a constant mNAV, you get at most 20% more upside owning MSTR than you do owning BTC, and that assumes BTC doubles. Also, that's before accounting for the eventual cash depletion to continue to service the debt and pfds. Thus, just a boring story now unless you really believe mNAV is going to skyrocket again h/t as always to @Crypto_Alex17

Quick update on $MSTR 8 weeks ago we posted that we covered all our shorts and called the go-forward story "boring", because the death spiral ended once MSTR did the right thing by raising a ton of cash (after destroying $40 bn in enterprise value for no reason earlier in the year). https://t.co/DEVrOJ2iVn Today I'lll quantify why it is boring: The mNAV is +/- 1.0 now, and probably won't deviate too much from there since they continue to dilute the company with stock sales for cash raising. Without mNAV growth, the question is can MSTR still act as "levered BTC". The answer is sort of, but not really. Assuming a constant mNAV, you get at most 20% more upside owning MSTR than you do owning BTC, and that assumes BTC doubles. Also, that's before accounting for the eventual cash depletion to continue to service the debt and pfds. Thus, just a boring story now unless you really believe mNAV is going to skyrocket again h/t as always to @Crypto_Alex17

I gave an update 8 weeks ago when we covered all our shorts. They’ve bought themselves time at the expense of $MSTR shareholders. $40 bn in enterprise value was lost due to unforced errors, but now it’s stable and boring. Nothing changed long term. If BTC moons, MSTR will be modestly more attractive than BTC. But debt holders, pref holders and stockholders are all competing with each other still and one part of cap structure will always suffer at expense of the others.