Bart Stephens @pbartstephens
#Blockchain #crypto VC - Founder & Managing Partner @bcap. 13 years of building an industry, 1 founder at a time. Legal disclaimer: Views are my own. blockchaincapital.com Joined January 2010-
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A bunch of awesome takes from @bcap Partner @yuan_han_li on the nuances of the crypto capital markets including a little history on @tether 's meteoric rise
Had a lot of fun presenting today at @JoinFutura
Ppl are saying that >50% of all internet traffic comes from agents. If this repeats on blockchains and the dominant users are agents, who will benefit economically? The old blockchain value capture theses may no longer hold. I’ll lay out a new AI thesis at 3PM @JoinFutura.
The BCAP Team are in Berlin for @BerBlockWeek! Catch @jonah_b speaking at @JoinFutura Sovereign AI Day about where value accrues in the agentic world. ⏳3pm - Value Capture in the Age of Agents 📍Funkhaus luma.com/k6kcftoo?tk=ca…
Welcome Enara 🙌🏻
So true. Network valuations don’t fit TradFi sell side Wall Street models. Banks can & will embrace new Blockchain architecture and improve. Bitcoin, Stablecoins, and Tokenization have all achieved escape velocity. Many things can be true at the same time. Liquid crypto assets are often mis-priced by the market based on sentiment and cycles I have humbly learned this in my 14 yrs of experience financing a new industry. This moment is exacerbated by potential over allocation to “anything AI” , like a basic physical construction project.
The mistake the banks are making is treating crypto like a technology rather than a network. It's great that they're using new tech to upgrade their backends, but it has nothing to do with the internet of value, which is the whole point.
The banking lobby has officially declared its opposition to the Clarity Act. JPMorgan CEO Jamie Dimon went on national television this week and promised to fight the bill: "The banks will not accept it." Here's what's at stake and what you can do about it. 🧵👇
Well earned by years of fighting in the regulatory trenches 💪🏻They probably still don’t like you though @nathanmccauley 😂
2026: Absolute legend status confirmed. Today, American Banker named Nathan McCauley one of the most innovative people in finance.
@Sonnenshein @cornerxyz Congrats @Sonnenshein ! A crypto OG joining a low key, but, highly successful, VC firm that is not a “crypto fund”
Fat Protocol Thesis RIP. Fat App Thesis emerges, and where do agents fit in wrt value capture? Great questions for the crypto investor to monitor. We debate this a lot internally @bcap. TY @jonah_b , @CremeDeLaCrypto and the entire investment team!
Seeing blockchain fees as "extractive" is the wrong mindset imo. Fees pay for the security of the chain. In a proof-of-stake system, the network is secured by the value of the native asset. For Ethereum the network to be valuable, ETH the token has to be valuable too. There's a negative feedback loop here: if ETH's value declines, security weakens, which erodes the utility of using Ethereum, which further erodes ETH, and so on. For the token to hold value, you have two options: 1. Seigniorage. But L2s are incentivized to push stablecoins for UX reasons, and most people in trading and DeFi now denominate in stables rather than ETH. Combined with ETH's lackluster price performance and other chains taking market share, fewer people view ETH as a safe monetary asset. 2. Fee capture. Fees are burned and deflate ETH supply, accruing value back to the underlying asset. Folks can hope ETH remains a monetary asset, but day by day, as other chains chip away at that narrative, the hope gets harder to hold. So fees matter bec they protect the value of ETH, which in turn protects the chain itself.
@jonah_b @ethereum @solana @HyperliquidX I don't believe that blockchains derive their value from the fees they extract. All fees will go towards zero at some point (which is a good thing). The blockchain that will actually win the majority of tokenized assets needs to be the most decentralized, secure, and reliable
When you buy a pair of shoes with a credit card, the merchant often doesn’t actually receive final settlement for days, sometimes longer. Part of the reason is consumer protection: there’s a window for chargebacks, refunds, fraud checks, and disputes in case the shoes never arrive. But internet-native goods, especially data & APIs are different. Delivery is instantaneous and verifiable. If an AI agent buys data online, the product is received immediately, so the traditional delay between authorization and settlement makes less sense. That’s where stablecoins become interesting. They enable instant, final settlement for digital commerce in a way legacy card rails weren’t designed for.
The onchain economy needs both open innovation and deep capital The question is how you get both when the properties that make the environment great for building also make it harder for large allocators to underwrite (!) I think there's a market structure that emerges which actually solves for this. Wrote about it here
The cost of financial intermediation in the US hasn’t changed meaningfully since the 1880s Now, blockchains and AI are finally letting software eat the plumbing Finance history will look back at the 2020s as the decade when a new, cheaper, and far more powerful stack was born
Banger post by @bcap GP @CremeDeLaCrypto !
🔥
For the entire history of crypto, the three biggest pools of capital in the world ($19T in bank deposits, $38T in treasuries, $100T in equities) were walled off from the onchain economy In the last 12-18 months, all three got direct pipelines. And some of the institutions that
America must lead the future of finance. It's time for Clarity. My thoughts today in @CoinDesk: coindesk.com/opinion/2026/0…
As a former hedge fund manager - I agree. The public markets are far less forgiving than late stage private equity. They will be a public company very soon. But watching @carlosdomingo over a 10 yr period, leading their seed and A rounds, and @bcap being @Securitize ‘s first customer. I wud not bet against him!
The biz dev team at @Securitize is just killing it. The pace of major partnerships and deals is mind blowing 🤯
BREAKING: @Securitize, @jumptrading, and @JupiterExchange launch fully onchain, regulated trading for tokenized equities on Solana. Real shares, not synthetics. Full legal ownership. SEC-registered broker-dealer and transfer agent backing every trade.
Payward (@krakenfx parent company) has been steadily amassing a massive range of products Kraken - global exchange xStocks - tokenised equities Ninja Trader - futures trading platform Breakout - prop trading platform CF Benchmarks - crypto indices Reap - stablecoins for cross border & B2B (announced today) no one can argue Kraken is just a crypto exchange anymore
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