Citrini Research says Wall Street’s growing adoption of blockchain technology could generate significant opportunities across the digital asset industry, with fee-generating platforms and infrastructure providers potentially benefiting more than Bitcoin and Ether.
In a new report, the research firm suggested that investors seeking to capitalize on the tokenization trend should look beyond Bitcoin BTC $82,596.93 and Ether ETH $2,481.60 for potentially stronger investment opportunities.
The 79-page report, titled Breaking the Wall and published Thursday, examines how moving traditional financial assets such as stocks, bonds and loans onto blockchains could create new markets for trading, lending and payment services.
Tokenization represents traditional assets as digital tokens that can be transferred between platforms and potentially traded at any time. For example, a tokenized stock could be used as collateral for a loan directly from an investor’s digital wallet, reducing reliance on conventional brokerage services.
Citrini is known for its technology and financial market research, particularly its analysis of artificial intelligence. Its Substack newsletter has more than 263,000 followers. Earlier this year, the firm’s AI research gained widespread attention, intensifying market concerns and contributing to a short-lived sell-off.
The report argued that tokenization could open up new revenue streams for trading platforms, lending businesses, stablecoin providers and companies responsible for tracking securities ownership. Citrini believes the firms and crypto protocols collecting fees from these activities could capture a substantial share of the benefits.
“We can’t assume that majors, primarily BTC and ETH, will make new ATHs on this,” the report said, referring to all-time highs. “Even if they do, there are better expressions.”
Companies that could gain from tokenization
Citrini outlined two investment groups for investors looking to benefit from the trend: publicly listed companies and crypto tokens. Its stock selections largely focused on businesses that could earn fees as more financial activity moves onto blockchain networks.
Tokenization company Securitize (SECZ) was among the picks because it connects blockchain-based tokens with the securities they represent.
The firm also highlighted Coinbase COIN $172.48 and Robinhood HOOD $107.17 for their trading businesses and blockchain infrastructure. Circle CRCL $80.83 could benefit from increased demand for its USDC stablecoin as a means of settling transactions.
Other companies on the list included Figure Technology Solutions (FIGR), which focuses on tokenized lending; SoFi SOFI $15.56 , which offers stablecoin payment services; and Bullish BLSH $31.82 , an institutional digital asset exchange operator. Bullish, CoinDesk’s parent company, is acquiring share registrar Equiniti.
Crypto tokens to watch
Citrini said its crypto-token portfolio offered an even broader opportunity to benefit from the shift toward blockchain-based financial markets.
“If we’re right that stocks, commodities and other financial assets are moving onchain, then eventually all of the financial products built around those assets should follow them,” the report said.
The firm highlighted Aerodrome (AERO), a trading platform that could collect fees from tokenized stock transactions, and Maple SYRUP $0.2307 , which provides blockchain-based lending services for institutional investors.
Pendle (PENDLE), which enables users to trade future income from yield-generating assets, also made the list. Citrini included Ondo Finance ONDO $0.4811 , which offers tokenized U.S. Treasuries and stocks and has recently expanded into perpetual futures.
The portfolio also featured Aave AAVE $167.98 for decentralized lending, Uniswap (UNI) for token trading, and Ethena (ENA), a stablecoin issuer that has expanded into digital financial services such as savings, cards and payments.
Other selections included ether.fi (ETHFI) for crypto-based financial services, Chainlink LINK $12.78 for market data infrastructure, and LayerZero ZRO $2.0572 for connecting blockchain networks. These projects could benefit as tokenized assets become more widely available across financial applications and blockchain ecosystems.
Citrini also identified Derive DRV $0.4935 , a decentralized options trading protocol that could gain traction as tokenized stocks and other assets encourage more derivatives activity onchain.
The report additionally pointed to emerging perpetual futures platforms Lighter (LIT) and Variational (VAR). Perpetual futures, commonly known as perps, allow traders to speculate on price movements without holding the underlying asset and do not have a set expiration date.
Citrini described Hyperliquid (HYPE) as a leading blockchain-based venue for perpetual futures trading, while suggesting that Lighter and Variational could gain users as the market expands. Hyperliquid exposure was also included in the firm’s stock portfolio through the Bitwise Hyperliquid ETF (BHYP).
Risks remain for investors
Citrini warned that increased trading volumes and blockchain activity do not automatically lead to higher token valuations. Investors should evaluate how individual protocols generate income, which parties receive transaction fees and whether token holders are entitled to any portion of that revenue.
The report also identified liquidity fragmentation across competing blockchains, security vulnerabilities and regulatory uncertainty as potential obstacles to broader adoption.
Synthetic tokenized stocks present an additional concern. These products can track the prices of traditional shares without necessarily providing investors with direct ownership or voting rights. Such limitations could complicate the expansion of tokenized financial markets.
