Dan Tapiero manages $1.4B across 22 crypto companies, and 12 of them are exchanges or infrastructure. (Save this & follow for more) 50T doesn't disclose position weights, so this is by company count, not dollars: → Exchanges: 27.3% → Infra & Security: 27.3% → Gaming & NFTs: 13.6% → Stablecoins: 9.1% → Lending: 9.1% → Other: 13.6% A few things stand out: 1. He owns the platforms, not the tokens. Kraken, Gemini, eToro, HTX, Mercado Bitcoin and Deribit are six of the 22. Those businesses get paid on volume whether the market goes up or down. 2. Six names went liquid in roughly a year. Circle, eToro, Gemini and Figure all IPO'd. Coinbase bought Deribit. Bitfury reached the public market through the CIFR de-SPAC. 3. Only two companies touch stablecoins, Circle and Immersve, even though 50T lists stablecoins and payments as a core Fund V theme. Follow us for more @MilkRoadDaily and use the link below to see exactly what our PRO analysts hold.