All themes
Crypto & digital assets
77 managers wrote about this in 103 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2024 Q47% of 30
- 2025 Q13% of 40
- 2025 Q29% of 88
- 2025 Q314% of 88
- 2025 Q49% of 129
- 2026 Q17% of 137
- 2026 Q25% of 709
- 2026 Q33% of 863
- 2026 Q43% of 73
- AcatisOct 2026
Strategy Strategy was purchased as a targeted Bitcoin investment based on what we considered to be an attractive valua- tion.
Read the letter → - Greystone Capital ManagementOct 2026
In addition, although I never viewed it as material or detrimental to the thesis, but on the subject of bitcoin, I was really impressed by how KITS listened to shareholders and took lots of feedback, and then actually changed their mind and reversed the decision, almost immediately.
Read the letter → - Manole Capital Management FINTECH StrategySep 2026
Lastly, our summer interns researched several developments across the FINTECH ecosystem, including tokenized bank deposits, the competitive moats surrounding Visa and Mastercard, cryptocurrency acceptance, and the continuing coexistence of physical cards and digital wallets.
Read the letter → - GreensKeeper Value FundSep 2026
Proactively, ICE licensed its benchmark Brent and WTI crude pricing to OKX, a major cryptocurrency exchange, securing ICE’s participation should perpetual futures demand grow without compromising its core institutional base.
Read the letter → - Fiduciary Management FundsSep 2026
The Funds does not directly invest in Bitcoin or other cryptocurrencies.
Read the letter → - AcatisSep 2026
Our crypto investments (three positions in Bitcoin, one in Ethereum and one in Coinbase) posted gains of 20 30 per cent.
Read the letter → - Pershing Square Holdings, Ltd.Sep 2026
Open USD, the stablecoin issued by the Open Standard consortium, went live with Visa and Mastercard among its founding partners.
Read the letter → Bitcoin and other cryptocurrencies are a relatively new asset class and are subject to unique and substantial risks.
Read the letter →Despite emerging cracks, the trading of “rolling bubbles” continues, from GLP-1s to cryptocurrencies to private credit to “banks and tanks” to oil.
Read the letter →Rather than deciding whether the next decade favors physical or digital assets, we seek to identify where the economics are changing and where the next dollar of capital is likely to earn a higher return.
Read the letter →Contributors and Detractors Top contributors to performance for the quarter included US cybersecurity software leader CrowdStrike, Indian digital payments company One 97 Communications (Paytm), US data center software provider Snowflake, Indian food delivery and quick-commerce company Eternal, and US-based fintech platform and stablecoin issuer Circle Internet Group.
Read the letter →Terawulf is a digital infrastructure company that has increasingly pivoted from bitcoin mining toward leasing high-performance computing capacity to AI and cloud customers.
Read the letter →- Copeland Capital ManagementSep 2026
The Box Score Is Changing In recent years, ever more money piled into a wide range of shiny new ideas, including AI, space, quantum compuƟng, nuclear power, and cryptocurrency.
Read the letter → - CopelandSep 2026
The Box Score Is Changing In recent years, ever more money piled into a wide range of shiny new ideas, including AI, space, quantum compuƟng, nuclear power, and cryptocurrency.
Read the letter → - Alluvium AM ConventumSep 2026
This company (founded by a convicted insider trader, his cousin and his former brother in law) pivoted from Bitcoin mining to neocloud development after it reached an agreement with Nvidia in 2021.
Read the letter → - Miralta Asset ManagementSep 2026
That includes capital and liquidity requirements that favor public debt, stablecoins obliged to be backed by bills and savings channeled toward the sovereign.
Read the letter → HORIZON KINETICS EQUITY OPPORTUNITIES FUND, LP Class H (Bitcoin Cash) Portfolio August 2026 © 2026 Horizon Kinetics LLC®.
Read the letter →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.
Read the letter →- ACATISJul 2026
The success of this risk diversification model is demonstrated by the strong performance this year - despite the most recent temporary Bitcoin weak- ness.
Read the letter → Technological advancements make it easier to manufacture increasingly complex products that use exotic financial instruments, derivatives, leverage, illiquid instruments, cryptocurrencies—and the list goes on.
Read the letter →- Horos AM FundsJul 2026
The theoretical digital alternative to gold, bitcoin, has fared no better: it is down around 35% in the first six months of the year.
Read the letter → 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.
Read the letter →- Beck Mack & Oliver PortfolioJul 2026
Gold and bitcoin, which were popular retail trades not that long ago, have traded down substantially this year.
Read the letter → - Lorne Steinberg Wealth Management Steinberg Equity StrategiesJul 2026
The names and ideas change: Nortel, a cryptocurrency, a meme stock, marijuana stocks … a single company that supposedly cannot lose.
Read the letter → - Horizon KineticsJun 2026
A Math Model of Compounding–From a Water Glass to a Snowball to Amazon and Bitcoin..17 Waiter!!!
Read the letter → - Manole Capital ManagementJun 2026
Stablecoins Move Toward the Financial Mainstream: Stablecoins continue moving beyond the cryptocurrency ecosystem and increasingly toward mainstream financial infrastructure.
Read the letter → - Ninepoint PartnersJun 2026
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.
Read the letter → - Pershing SquareJun 2026
More recent fears center on perpetual futures, or “perps,” following regulatory approval of the first onshore contract, for Bitcoin, on May 29th.
Read the letter → Over 50% of auto sales in China are EV’s. Chart of the Futures contract for June 2027 delivery of a barrel of West Texas Intermediate Oil Gold and Bitcoin trending down Say goodbye to the “Debasement” trade.
Read the letter →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.
Read the letter →- FPA Source CapitalJun 2026
Cryptocurrency includes digital coins, alternative tokens, and stablecoins that rely on secure computer code.
Read the letter → A multi-year rally in the price of gold took a pause, ending a streak of ten straight quarterly gains, while a slide in Bitcoin continued and saw the flagship cryptocurrency finish down double-digits for a third straight quarter.
Read the letter →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.
Read the letter →- Aoris International FundJun 2026
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.
Read the letter → - CDT CapitalJun 2026
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”.
Read the letter → We believe that the acceptance, security, and trust that the Visa network provides, combined with ongoing investment in innovation, can make agentic commerce and stablecoins future growth drivers for the company.
Read the letter →- Montaka Global FundJun 2026
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.
Read the letter → With its technology-native, mobile-first platform and a rapid pace of new product introductions across active trading, cryptocurrency, futures, advisory services, and international markets, we believe Robinhood Markets has a credible opportunity to become the industry's first global leader while compounding revenue at attractive rates.
Read the letter →This has deteriorated quickly, as the current administration has moved to replace CFTC executives with individuals sympathetic to new rules on polymarkets and cryptocurrencies.
Read the letter →- Baillie Gifford Positive ChangeJun 2026
This stablecoin issuer is building infrastructure for digital asset payments.
Read the letter →
Showing the 40 most recent of 103 letters.