Head of Research @grayscale. Opinions are my own. Disclosure: https://xitter.cf/t.co/ojLj461iVI
Stamford, CT
Joined November 2021
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Read and subscribe to Grayscale's crypto research blog The Stack grayscale.com/the-stack
Physical Bitcoin mentioned
Last month, we demonstrated high-rate alchemy: turning mercury into real, stable gold, beating CERN’s record by a factor of 10.
Last week, we enriched isotopes in the world’s most powerful plasma centrifuge, beating the Soviet record that stood for 40 years.
Now, we’re building a fusion reactor in San Francisco to achieve record power density.
Zach Pandl retweeted
"Token Value Accrual" is one of the most commonly used phrases... but what does it really mean?
The relationship between capital returns (buybacks, burns, staking) and token supply (vesting, emissions, etc.) is critical to evaluating token valuation analysis.
Top 10 Tokenholder Yield: $HYPE, $LIT, $CAKE, $AERO, $UNI, $RAY, $PENDLE, $AAVE, $JUP, $CRV
Top 10 Adjusted Earnings Yield: $CAKE, $LIT, $HYPE, $RAY, $AAVE, $JUP, $SKY, $UNI, $AERO, $PENDLE
Crypto valuations don’t have to rely on narratives alone. Many crypto assets can be valued on their cash flows, earnings, and capital returned to tokenholders. Read more on The Stack: grayscale.com/the-stack/brin…
Zach Pandl retweeted
Top 10 Tokenholder Yield: $HYPE, $LIT, $CAKE, $AERO, $UNI, $RAY, $PENDLE, $AAVE, $JUP, $CRV
Top 10 Adjusted Earnings Yield: $CAKE, $LIT, $HYPE, $RAY, $AAVE, $JUP, $SKY, $UNI, $AERO, $PENDLE
Crypto valuations don’t have to rely on narratives alone. Many crypto assets can be valued on their cash flows, earnings, and capital returned to tokenholders. Read more on The Stack: grayscale.com/the-stack/brin…
Zach Pandl retweeted
*most things are DCF.
Love that this topic is (finally) becoming more prominent in this asset class.
Check this out from @Grayscale
Crypto valuations don't have to rely on narratives alone. Onchain applications generate measurable economic value through earnings and capital returns, providing investors with a foundation for fundamental valuation.
@LowBeta @charlieperk4 🤝
grayscale.com/the-stack/brin…
🔥🔥🔥
Scoop via @axios: Visa in talks to acquire Fireblocks for around $2.5B
axios.com/pro/fintech-deals/…
Fitting that Bitcoin Bad Boy played at the Chain Theatre
It was a super fun story about Bitcoin, memecoins, pardons, and true believers
Last show is on Sunday
The former managing editor of CoinDesk is putting on an off-Broadway play called Bitcoin Bad Boy
It sounds hilarious
Tickets and info: tickets.inferno.works/events…
Zach Pandl retweeted
Graphics Processing Unit (GPU) rental prices are hitting new highs, yet compute stocks are sitting near one-year lows.
As AI agent demand continues to accelerate, compute scarcity is set to deepen.
The Grayscale AI Compute ETF $GCPU offers exposure to the businesses powering the compute economy. Learn more: etfs.grayscale.com/gcpu.
Zach Pandl retweeted
Grayscale has expanded the ability for investors to deliver crypto in exchange for ETF shares…
Here’s the approx minimum $$$ amount of each crypto needed to do this.
This space is evolving *quickly*.
Zach Pandl retweeted
Tons of topics ready for TOMORROW!
bitdevs.org/2026-10-22-socra…
Come enjoy some beer, pizza, and BITCOIN with us.
Our next BitDevs Meetup is Thursday October 22.
Sponsored by @cakewallet and @ChaincodeLabs
RSVP on Meetup or Luma:
meetup.com/bitdevsnyc/events…
luma.com/0v4gd0aq
Zach Pandl retweeted
Introducing in-kind investing at Grayscale: contribute eligible digital assets directly in exchange for shares of a Grayscale product.
Benefits for investors include:
- Reduced burden of self-custody
- Potentially lower execution costs
- Incorporation into conventional portfolio management
In-kind is now available for 10 Grayscale products:
- Grayscale Avalanche Staking ETF ($GAVA)
- Grayscale Bitcoin Mini Trust ETF ($BTC)
- Grayscale Chainlink Trust ETF ($GLNK)
- Grayscale Ethereum Staking Mini ETF ($ETH)
- Grayscale Dogecoin Trust ETF ($GDOG)
- Grayscale Hyperliquid Staking ETF ($HYPG)
- Grayscale Solana Staking ETF ($GSOL)
- Grayscale Sui Staking ETF ($GSUI)
- Grayscale XRP Trust ETF ($GXRP)
- The Zcash ETF ($ZCSH)
Learn more about in-kind: grayscale.com/campaign/in-ki…
The stablecoin dashboard from @Visa and @AlliumLabs now shows breakdown by transaction type
Excluding short-term routing and "infrastructure" (bridges, bots, MEV, etc), payments were ~25% of total in September
Zach Pandl retweeted
AI compute infrastructure stocks ($CRW, $NBIS) have taken a beating of late. But compute demand continues to grow.
This is an opportunity to add exposure to the AI compute layer.
Read more on The Stack: grayscale.com/the-stack/comp…
Grayscale's report on valuing crypto with cashflows, featuring $AAVE: research.grayscale.com/repor…
