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Vivek Raman Profile picture
@VivekVentures
May 12 • 2 tweets • 1 min read • Read on X
1/ Five months after MONY, JP Morgan is launching a second tokenized money market fund — on the biggest, most institutional public blockchain:

Ethereum. Image
2/ SEC filing below

Blackrock and JPM issuing on Ethereum in the same week…

The ticker is ETH.

sec.gov/Archives/edgar…

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More from @VivekVentures

Vivek Raman Profile picture
Dec 25, 2024
2024 was indeed the perfect storm of fundamental catalysts for Ethereum

Rumors of ETH’s death were greatly exaggerated. In fact, the only recurring complaint was that ETH price was “only” up ~50%

Zooming out, let’s reflect on 5 unbelievable developments for ETH in 2024:

(1/8)
1. TRUMP OWNS ETH AS A STORE OF VALUE

It’s hard to overstate how crazy this is. Crypto has been shunned by governments for 10+ years

Now, the President is launching an app on Ethereum and using ETH as the store of value asset

If that’s not bullish, I don’t know what is

(2/8)
2. ETH ETF inflows accelerated

The previous SEC tried their best to sabotage Ethereum. It worked - at first

But, since the election, the total net inflow into all ETH ETFs is **$3.5 BILLION** — one of the most successful ETF launches ever!

And, staked ETH ETFs next year

(3/8)
Read 8 tweets
Vivek Raman Profile picture
Dec 21, 2024
One of the bigger Ethereum catalysts for 2025:

**Staked ETH ETFs will come quickly, before any new crypto ETFs are approved**

This makes it ~6x more profitable for asset managers to focus their growth on ETH ETFs than BTC ETFs!

Here’s the math:

(1/5)

coinage.media/s3/sec-commiss…
Total BTC ETF AUM: $93bn
Median fee: 0.2%
Annual revenue for issuers: $186mm

Total ETH ETF AUM: $7.2bn
Median fee: 0.2%
Annual revenue for issuers: $14.4mm

(Both AUM #s ex-Grayscale legacy trusts with higher fees)

Now let’s turn on ETH staking for the ETF issuers…

(2/5)
Total ETH ETF AUM: $7.2bn
Issuer revenue without staking; $14.4mm

Staking fee: ~3% staking yield; assume issuers keep 1/3 and give 2/3 to ETF holder

Issuer staking revenue: $72mm

Total issuer revenue with staking: $86.4mm

Issuer margins increase 6x from 0.2% to 1.2%!

(3/5)
Read 5 tweets
Vivek Raman Profile picture
Dec 13, 2024
**A US STRATEGIC CRYPTO RESERVE WILL LIKELY INCLUDE ETHEREUM**

There is mounting evidence that a national strategic crypto reserve will include ETH in addition to BTC as its core holdings

Here’s why:

(1/9)
Trump wants the US to be the **crypto** capital of the world

(Note that he says “crypto”, not “Bitcoin”):

"Strategic petroleum reserve-like for crypto?"
"I think so," Trump answered. "We're gonna do something great with crypto”

ETH = digital oil!

(2/9)
theblock.co/post/330616/tr…
Trump is buying into the ETH ecosystem

Holdings:
-ETH ($50mm, largest holding)
-cbBTC (BTC that lives on Ethereum)
-LINK (ERC-20 on Ethereum)
-AAVE (one of the biggest apps on ETH)

Trump’s portfolio lives on ETH!

What do you think happens next?

(3/9)
thestreet.com/crypto/markets…
Read 9 tweets
Vivek Raman Profile picture
Nov 24, 2024
**ETH should be a core part of a US Digital Asset Strategic Reserve**

The Ethereum network has become systemically important global technology

ETH = blockchain technology adoption and growth

4 reasons why ETH needs to be a US Strategic Reserve asset (alongside BTC):

(1/7)
1. Ethereum provides a structural buyer of Treasuries via stablecoins

$190bn of stablecoins exist on blockchains today

Of that, $110bn+ is issued in the Ethereum economy

Stablecoins are the 18th largest holder of US debt

*ETH is strategic for global stablecoin growth*

(2/7) Image
2. Ethereum is the most secure global blockchain for asset tokenization:

- 9+ years of stable operating history
- No downtime
- Regulatory clarity

Institutions choose to tokenize major assets on Ethereum first

(See Larry Fink video 2:40 onward):



(3/7)
Read 7 tweets
Vivek Raman Profile picture
Nov 7, 2024
Ethereum - and the crypto space - saw a tectonic shift over the past 24hrs

A hostile regulatory regime will to flip to constructive. Innovation will finally be rewarded - instead of punished

With that backdrop, 3 reasons why ETH has the best risk-reward setup in crypto:

(1/5)
1) If investors want exposure to the global asset tokenization movement - **the best way to express that is ETH**

ETH is the institutional tokenization platform

Tokenization - and trading activity - ultimately accrues value to ETH

Careful betting against this titan:

(2/5) Image
2) ETH is very oversold relative to other crypto assets…

And has cyclical and seasonal tailwinds that are rapidly ramping up:

(3/5)
Read 5 tweets
Vivek Raman Profile picture
Oct 26, 2024
**Prepare for Ethereum’s Renaissance**

Despite the ETH ecosystem having:

- The most devs and marquee apps
- The most capital onchain
- A vibrant set of L2s for scaling
- Regulatory clarity + ETFs

ETH feels subdued.

3 reasons why ETH will start winning again - swiftly:

(1/7)
1. Fundamental

While the memes, speculation, and financial nihilism movement has moved onto other L1 pastures…

Institutions are consistently - and increasingly - building and deploying on Ethereum:

- Blackrock launched its first tokenized fund, BUIDL, on Ethereum…

(2/7)
- Visa is facilitating asset tokenization on ETH
- Guggenheim is piloting commercial paper tokenization on ETH
- WisdomTree is deploying money market funds on ETH
- Coinbase/Sony/Kraken are launching L2s on ETH

Institutions are actually **using** ETH, not just speculating

(3/7)
Read 7 tweets

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