Sigma Zero Capital
Founder of Sigma Zero Capital, Thematic Trader
Limited access to capital could help Figure's SMB HELOC channel outperform expectations. It has already performed better than almost anyone expected. Figure says more than 150 partners embedded its home-equity technology in 16 months, funding $135 million in business-purpose HELOCs in Q3 2026 alone. Figure's fair value is $35-$40 right now. x.com x.comÂ
Few new hyped token launches are crypto's most bullish feature, concentrating bids in good, fixed-supply tokens without VC scams that buy back supply. Unlike mega equity IPOs and a lack of hyperscaler buybacks, good crypto is structurally healthier than equities, with fewer headwinds and better risk/reward as tokenization stays a dominant theme for the next few years. A correlation shock remains possible, but crypto could recover fastest afterward; this is not the time to turn bearish. x.comÂ
Figure Technology Solutions is nearly impossible to be bearish on because of how Mike Cagney runs it. Revenue is growing more than 100% year over year and EBITDA grew over 50% in the same period. The lesson is to never bet against Cagney. x.comÂ
Crypto assets should reprice upward as purchasing power falls and nearly everything else costs more. Tokenization is still in its earliest stage and should reward patient investment in projects positioned to capture it; an altcoin portfolio centered on Ethereum and value-accrual tokens, with some Robinhood and Arc exposure, should outperform nearly everything over six to twelve months. Robinhood and Arc chains may drive much of the broader altcoin expansion. x.com x.com x.com x.comÂ
Morpho's stock-backed borrowing could bring tokenized-equity holders into its lending markets. It already supports USDC loans against tokenized S&P 500 and Nasdaq 100 ETFs, creating another lending opportunity if stockholders become regular DeFi users. MORPHO's fee capture remains less direct. x.comÂ
Circle and Coinbase will look extremely cheap in hindsight from this crypto bear phase. They are generational companies, and it's only a matter of time before Wall Street wakes up to the megatrends of tokenization, stablecoins and perpetual futures. x.comÂ
Robinhood is well positioned to benefit from tokenization, which Robinhood CEO Vlad Tenev says is entering a supercycle that will eat the entire financial system. Traditional finance firms will be more involved than many expect, and distribution and liquidity are paramount. Under-covered public crypto infrastructure companies valued below $5B, Bakkt, BitGo and Bullish, are also building in this space, and the pie will be big enough for everyone involved. x.comÂ
Ondo and Centrifuge are building the issuance, distribution, liquidity and asset-management rails that benefit as more assets move onchain, and their value does not yet reflect how fast the product layer is expanding. Tokenized stocks, at $2.46B of market cap, produced $808M of daily volume, about 60% of the total, while tokenized ETFs at $583M traded $163M, turnover close to stocks and almost 5x commodities. Robinhood leads now, but the opportunity should expand beyond one platform. x.comÂ
Circle looks cheap as a tokenization play, worth only $24B while Tether is raising at a $500B valuation. Tokenization is a candidate for the next market rotation, with Securitize about to merge with CEPT to create a pure-play trade on the tokenization of the NYSE, BlackRock and others. x.comÂ
Accelerating stock tokenization is a reason to be bullish on Ether and BitMine. Per @KobeissiLetter, on-chain tokenized stocks reached a record $1.6 billion market cap, up 240% year to date, trading volumes on major venues have roughly tripled, and Bloomberg reports the SEC is preparing a framework for tokenized stock trading. x.comÂ