I believe the next generation of investors never opens a traditional brokerage, and markets follow them onchain. This take owns the retail platform leading that shift, the onchain venues where trading and tokenized assets actually settle, and the balance sheets betting on crypto, with a cash buffer because this corner is volatile. I'm overweighting Backpack as the concentrated bet on Solana-native retail trading, alongside Uniswap and Jupiter for venue diversification. Time horizon is multi-year; the risk is concentrated in crypto-native volumes and platform velocity.
What would change my mind: Retail trading volumes fall for several quarters in a row, or onchain volumes stall.
What it owns
Retail platforms · HOOD
24%
HOODThe retail brokerage capturing the next generation of traders bridging to onchain.24% −0.6%