Our recent conversation with Matthew Sigel, Head of Digital Assets Research at VanEck, covers the state of Bitcoin ETFs, the growth of the broader Bitcoin ecosystem, understanding value accrual, differences in VanEck’s valuation models for Ethereum and Solana, the pros and cons of onchain data, key line items in blockchain P&Ls, and more.
VanEck is a global investment management firm with over $100 billion in assets under management as of March this year. VanEck offers a range of investment vehicles, including ETFs, mutual funds, institutional funds, separately managed accounts, and model delivery portfolios. Recognizing the transformative potential of digital assets early on, they have solidified their position as a thought leader in the space.
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Timestamps:
00:00 Introduction
03:47 Bitcoin ETFs and the current state of institutional interest
08:59 Growth of the Bitcoin ecosystem
12:56 Bitcoin L2s
16:05 How does increased economic activity on Bitcoin affect portfolio construction and value accrual
22:39 Value creation: Ethereum vs. Solana
26:58 Will Solana L2s be a thing, or can a monolith scale?
31:00 Ethereum L2s: is it a winner takes all market?
34:22 Value accrual on Ethereum
37:27 Onchain data and accounting
47:59 Breaking down blockchain P&Ls
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