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By Peter Slagter in Alpha News —

Gated DeFi

At Cannes, Robinhood unveiled a bold plan: tokenizing 200+ US stocks and private giants like SpaceX on its own blockchain for a seamless European launch. Meanwhile, dormant BTC wallets shifted 80k coins and Ric Edelman insists: ignoring crypto is no longer an option.

Gated DeFi

On a sunlit hill along the French Riviera, the financial elite and top crypto players gathered in the garden of a chic hotel in Cannes. The pristine lawn and a hedge fashioned into the Robinhood logo set the stage. While savoring lobster bites and champagne, CEO Vlad Tenev explained Robinhood’s upcoming plans. And that’s quite something.

Robinhood is going all in on both European markets and cryptocurrency, and as Tenev explains, it’s not just a pilot project but a transformative leap forward.

They are launching with tokenized American stocks and ETFs available to European users—over 200 in total, including Apple, Nvidia, and Microsoft. Soon, these tokens will trade 24/5 without any commission. Robinhood claims the real innovation lies beneath the surface: these are blockchain-based versions of stocks, replacing traditional infrastructure with a system that can also serve as collateral in DeFi.

In addition, Robinhood plans to offer tokens representing shares in private companies—starting with SpaceX and OpenAI. Until recently, such investments were reserved for institutional investors. Now, Robinhood is opening its own gate.

Moreover, besides all those tokens, they are developing their own second-layer network built on Arbitrum technology. This allows them to control every aspect—transactions, speed, costs, and the overall user experience. With crypto perpetuals, staking options for ETH and SOL, and an AI assistant integrated into the app, the emerging picture is clear: Robinhood is crafting an ecosystem where crypto investors can do it all—as long as they stay within its domain.

What they are doing is known as vertical integration—bringing as many processes in-house as possible. It involves not only controlling the products but also managing the channels through which they operate. Think Amazon, which handles everything from its online store and delivery service to cloud infrastructure, or a supermarket that owns its dairy cows, drives its own trucks, and produces its own packaging.

Coinbase is pursuing a similar strategy but is opening things up even further. Their second-layer network, Base, is built on Optimism’s OP Stack, showcasing vertical integration with its own network, wallet, and transaction flows. However, rather than keeping it closed off, they’re making it public—inviting anyone to build on it. The tokens traded on Base are part of a broader ecosystem; it’s their infrastructure, but with an open invitation for participation.

And so you see two movements unfolding simultaneously.

On one hand, major American companies are poised to launch their services across the EU under a single MiCA license. Instead of a piecemeal, country-by-country approach, they are debuting continent-wide. We always anticipated this, but the moment these firms assert their dominance is still impressive.

Meanwhile, those very same companies are increasingly consolidating everything in-house. They aren’t merely developing products but are also controlling every link in the chain—wallets, blockchains, interfaces, and assets. While often labeled as “on-chain,” it is essentially an in-house operation.

Robinhood has closely observed DeFi, adopting its tools, aesthetics, and promises—but their execution is carefully orchestrated, much like that garden in Cannes: everything is neatly trimmed, perfectly scaled, and meticulously designed. There’s no anarchy, no chaos; not an open protocol, but a well-paved pathway culminating in a polished interface where you buy stocks that aren’t available elsewhere.

You can debate whether that is good or bad. But it is undeniably smart—and it’s where the market is headed. Ease of use wins, and whoever controls the infrastructure ultimately controls the customer.

More Alpha

Are you Plus Member? If so, we continue with the following topics:

  1. Ric Edelman: crypto not a gamble, but a necessity
  2. Figma’s silence speaks louder than laser eyes
  3. Dormant wallets from the ‘Satoshi Era’ move a record amount of BTC

1️⃣ Ric Edelman: crypto not a gamble, but a necessity

Contribution from Peter

Sometimes a turning point emerges. This week, for both crypto and traditional investors, it was encapsulated in one figure: 40 percent.

Ric Edelman advises aggressive investors to allocate as much as 40 percent of their portfolios to crypto, 25 percent for moderate investors, and even conservative investors should hold at least 10 percent. “Owning crypto is no longer a speculative move; neglecting it is,” he asserts. This is not a cautious suggestion, but a wholehearted endorsement.

Edelman is no stranger in the American financial arena. As the founder of Edelman Financial Engines—an advisory firm managing over $300 billion for 1.3 million clients—he has been named the nation’s best independent financial advisor by Barron’s multiple times and is regarded as an authority in the RIA (Registered Investment Advisors) circuit. Or, as Bloomberg’s Eric Balchunas aptly put it: “This guy is Mr. RIA.”

This makes his recent message all the more striking. Edelman argues that the classic 60/40 model—60 percent stocks and 40 percent bonds—is no longer sufficient. The world has changed, necessitating a new portfolio composition. In his view, crypto now belongs as a structural element—not merely as a speculative sideline, but as a full-fledged pillar in a future-proof portfolio.

He supports his argument with four key observations:

  1. The 60/40 model is dead, partly due to technological changes that challenge traditional assumptions about returns and risk mitigation.
  2. Crypto has shed its speculative status. According to Edelman, it is now irresponsible for investors to avoid exposure.
  3. Performance cannot be ignored. Over the past 15 years, Bitcoin has outperformed every other investment, and portfolios that include Bitcoin perform better on key metrics like the Sharpe and Sortino ratios.
  4. The momentum is structural. He asserts that over the next decade, digital assets will continue to play a crucial role in both returns and diversification.

Edelman’s message resonated widely. Nate Geraci emphasized the significance: “Ric Edelman recommends 40% crypto for aggressive investors. That’s not a typo.” Meanwhile, Balchunas described it as the “most significant endorsement of crypto by someone from the traditional financial world since Larry Fink.”

Thousands of advisors and millions of Americans are using Edelman’s vision as their compass. His stance isn’t merely personal opinion—it’s a signal to the entire financial sector: crypto belongs, and if you’re not involved, you’re essentially playing against the market.

2️⃣ Figma’s silence speaks louder than laser eyes

Contribution from Peter

No tweet, no press release, no CEO boasting on a podcast. Figma, the design company on the verge of going public, quietly bought nearly $70 million worth of Bitcoin. The announcement? Barely a note—included only as a brief mention in the paperwork submitted to the US market regulator ahead of their IPO.

As if it were the most ordinary thing in the world.

And perhaps it is. Although Bitcoin was long associated with speculation, anarchy, and memes, it is now simply a component of treasury management. Figma treats Bitcoin just like cash or government bonds—as a store of value.

Figma has also received approval to invest an additional $30 million in Bitcoin at a later stage. In preparation, the funds have already been converted into the stablecoin USDC. Once again, it’s notable—they’re not shouting it from the rooftops; there’s no hype or marketing, just sound financial management.

This positions Figma in stark contrast to other companies, such as the so-called “awakened zombies.” Consider struggling tech firms or obscure holding companies that suddenly begin buying Bitcoin “strategically,” complete with press releases, Twitter threads, and CEOs portraying themselves as visionaries. That’s more marketing than genuine fiscal strategy.

In between these extremes is Coinbase—a company trying to please everyone: the Bitcoin maximalist, the crypto populist, and the shareholder. “We’re buying more Bitcoin every week,” Armstrong tweeted last week. Figma, however, isn’t concerned with such fanfare; they simply do what they deem necessary, and that may be their greatest strength.

In any case, the adoption of Bitcoin as a store of value is taking on serious dimensions.

3️⃣ Dormant wallets from the “Satoshi Era” move a record amount of BTC

Contribution from Erik

On July 4th and 5th, eight Bitcoin addresses that had been dormant since April 2011 were completely emptied. In total, these addresses moved 80,009 BTC—almost 8 billion euros. It’s the largest movement of Satoshi Era coins in years. Mega-transactions like these tend to attract attention, partly due to the potential market disruption; however, that wasn’t the case this time.

Often, Bitcoin’s price jitters in response to movements of very old coins, since early holders possess vast amounts that could, in theory, be sold all at once. Although many of those early coins are presumed lost, such transactions highlight that there is still a significant—albeit uncertain—quantity of dormant coins available. This could even apply to roughly one million BTC that once belonged to Satoshi himself, assuming he’s still around and his keys remain intact.

As is typical with ancient coins, there was plenty of speculation about the owner this time. Analysts on X suggested that the wallets might belong to Roger Ver, the prominent early Bitcoin investor and advocate of the later Bitcoin Cash fork. Theories cite his recent legal troubles in Spain and the US and the fact that he was active as an early investor in 2011, although no concrete evidence has surfaced to support this claim.

A Security Update?

What might have been behind this move? It’s quite possible this was a ‘housekeeping’ operation intended to enhance the coins’ security. Supporting this theory is the fact that there was no deposit into an exchange and no immediate selling, although over-the-counter deals could still facilitate a sale.

Here’s the situation: the recently moved BTC was originally stored using the Pay-to-Public-Key-Hash (P2PKH) method common in Bitcoin’s early days. The owner transferred them to a newer, more secure type of address—one that didn’t exist in 2011.

Once spent, these older P2PKH addresses expose the public key, which theoretically could be vulnerable to quantum attacks capable of revealing the private key. It’s possible the coins were moved to mitigate that risk.

Arkham Intelligence published a chart showing all eight original P2PKH addresses and their new SegWit destinations.

Lookonchain mapped the initial two transactions (each 10,000 BTC) and connected them to six identical transfers that occurred hours later.

What are coins from the Satoshi Era?

This term refers to BTC that were mined and last moved between 2009 and 2011.

Movements of these sats are rare and, as mentioned, draw significant attention. The most notable instance occurred in May 2020, when 50 BTC—mined in February 2009—were moved for the first time. Bitcoin was just about a month old, with only a handful of miners active. This sparked panic over a potential “Satoshi dump,” causing Bitcoin’s price to drop by 4%. However, analysis later showed that the coins couldn’t have belonged to Satoshi.

Another significant movement occurred on December 7, 2023, when 1,000 BTC from 2010 were transferred to modern addresses. Since these coins weren’t sent to an exchange, the market stayed calm. A similar event took place in March 2024, when over 1,000 BTC from 2010 were moved again without any immediate price impact.

In any case, the recent movement of 80k BTC is unmatched in scale and stands out for that very reason.

🍟 Snacks

To wrap up, here are a few quick updates:

  • The German Sparkassen are on board: from 2026, individuals will be able to buy Bitcoin through the Sparkasse app. Just three years ago, this major banking group dismissed crypto outright. But now, thanks to a regulated offering via DekaBank—its in-house investment firm—a new shift is underway, driven by MiCA regulations. Collectively, the Sparkassen serve over 50 million customers.
  • Deutsche Bank is launching its own custody service in 2026. The mega bank is targeting institutional clients and, in collaboration with Bitpanda and Taurus, is developing a platform to securely store crypto. The service is expected to go live in 2026, following earlier plans for stablecoins and tokenized deposits.
  • Circle has applied for a US bank charter. Specifically, a “national trust bank charter” from the OCC, which would allow Circle to hold its USDC reserves and offer custody services. This move comes shortly after the company’s successful IPO and aligns with the new US regulations for stablecoins. Circle aims to better serve institutional clients and secure a strong position among traditional banks.
  • Tech billionaires are aiming to launch a new crypto bank: Erebor. Led by Palmer Luckey (of Oculus and Anduril) and backed by Peter Thiel and Joe Lonsdale, the digital bank is targeting crypto, AI, and defense startups. If approved, Erebor is expected to fill the void left by Silicon Valley Bank and plans to offer loans secured by cryptocurrency collateral.
  • The first spot Solana ETF offering staking is live in the US. The fund, under the ticker SSK, recorded $33 million in trading volume on its first day, with investors purchasing $12 million worth of shares. While this performance is significantly better than comparable futures ETFs, it still lags behind spot ETFs for Bitcoin and Ether. Nevertheless, it’s a promising start for Solana on Wall Street.
  • IBIT has become BlackRock’s new cash cow. The iShares Bitcoin ETF now generates more revenue for the asset manager than its largest fund, the iShares S&P 500 ETF. Since its launch in January 2024, IBIT has seen just one month of outflows. With nearly $75 billion in assets under management, the fund has turned into a fee-generating goldmine—or, as ETF expert Nate Geraci puts it, “Simply a machine.”
  • Tether is unveiling its own blockchain network: Stable. The new platform will use USDT for transactions, offering immediate settlement and compatibility with Ethereum dApps. This initiative is part of a broader strategy to cement USDT’s role in the sector’s infrastructure, with the network slated to launch in the third quarter.

Thank you for reading!

To stay informed about the latest market developments and insights, you can follow our team members on X:

  • Bart Mol (@Bart_Mol)
  • Peter Slagter (@pesla)
  • Bert Slagter (@bslagter)
  • Mike Lelieveld (@mlelieveld)

We appreciate your continued support and look forward to bringing you more comprehensive analysis in our next edition.

Until then!

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