Crypto & digital assets

The US GENIUS Act gives regulatory cover for Stripe and others to build stablecoin infrastructure, and merchants – longstanding critics of swipe fees – may increasingly steer volume away from card networks.

The success of this risk diversification model is demonstrated by the strong performance this year - despite the most recent temporary Bitcoin weak- ness.

On 29 May, the US Commodity Futures Trading Commission approved trading platform Kalshi's application to list the first regulated Bitcoin perpetual futures contract onshore in the US.

A Math Model of Compounding–From a Water Glass to a Snowball to Amazon and Bitcoin..17 Waiter!!!

The majority of new demand has flowed into the largest crypto assets including Bitcoin, Ethereum, and Solana, while interest in smaller, retail-favored altcoins has fallen sharply, a clear marker of a maturing ecosystem.

More recent fears center on perpetual futures, or “perps,” following regulatory approval of the first onshore contract, for Bitcoin, on May 29th.

However, in Q4’25, the company surprisingly made the decision to use excess cash to buy into a bitcoin (BTC) ETF as part of a long-term investment strategy.

Bottom contributors to performance for the quarter included Chinese AI model company MiniMax, Chinese platform company Tencent, Chinese Internet leader Alibaba, US-based stablecoin issuer Circle Internet Group, and US-based fintech provider Coinbase.

What investors are concerned about AI agents may prefer to transact through lower cost means of payment to Visa, such as bank transfer or stablecoins.

Most recently, people have pointed to a “Bitcoin Bubble”, “a Meme Stock Bubble” and before that a “Cloud Computing Bubble” and even a “Cannabis Bubble.” Today it is the “AI Bubble”.

This has deteriorated quickly, as the current administration has moved to replace CFTC executives with individuals sympathetic to new rules on polymarkets and cryptocurrencies.

This stablecoin issuer is building infrastructure for digital asset payments.

Trading activity is currently concentrated in cryptocurrency markets, but several recent product announcements have raised concerns that perpetual futures could expand into more traditional asset classes.

It arrived on a “floppy” disk stapled to a computer magazine, or was downloaded using protocols only a hobbyist could love (readers who have attempted to set up a cryptocurrency wallet will recognise the feeling).

The CFTC approved the listing of perpetual futures for Bitcoin on Kalshi, a prediction markets platform.

We believe fears of disruption from stablecoins and agentic commerce are overdone.

The real threat is not buy-now-pay-later or stablecoins but the rise of domestic real-time public rails like Brazil's Pix and India's UPI, alongside regulatory pressure on interchange.

Lack of exposure to bitcoin mining companies (technically software) and satellites comprise the balance of the underperformance.

And in our view, strong growth will likely continue – driven by new value–added services attached to their payment networks (related to stablecoins, agentic commerce, fraud detection, and other data services) which are growing at even faster rates.

In predictive markets, B3 launched contracts for Ibovespa (the main Brazilian equity index), US dollar, and Bitcoin, currently only on offering to professional investors although pending removal of regulatory restrictions.

Stablecoin, crypto, AI, deregulation all might affect these companies.

Preceding the momentum in defense was overenthusiasm for gold and cryptocurrencies, as well as sustained trading into private credit and collateralized loan obligations, which are showing fresh cracks.

Circle is a financial technology platform centered on stablecoins and blockchain-based payments infrastructure, most notably as the issuer of USDC, a dollar-backed digital currency.

Miller Value Partners April 2026 Bitcoin's Setup Looks Increasingly Compelling - Miller Value Partners Strategies Approach Team Blog Contact Us | Go to millervaluefunds.com Market Commentary Bitcoin's Setup Looks Increasingly Compelling By: Liz Goodier April 29, 2026 Bill Miller IV answered questions on our recent MVP LIVE call about his current perspective on Bitcoin and related topics.

The stock has also been weak due to concerns about Agentic Commerce’s potential to disrupt traditional payment rails and interchange fees, particularly through the integration of stablecoins.

Those businesses also faced potential disruption from fintechs, blockchain, cryptocurrencies, digital currencies, and most recently, AI agents.

Versant is a collection of legacy cable channels and other digital assets and as a standalone business it did not fit our value philosophy.

Robinhood Markets Inc. operates a financial services platform enabling users to invest in stocks, exchange-traded funds, American depository receipts, and cryptocurrency.