The Crypto Theses 2026

Introduction

Welcome to the 2026 edition of The Theses!

2025 was perhaps one of the most polarizing years for the crypto industry. Your ultimate view of the year depends largely on who you are. If you’re reading this report while sitting in an office overlooking Wall Street, it’s been your best year in crypto…ever. And if you’re at the opposite end of the spectrum, perhaps a trench warrior spending 12+ hours a day lurking in Telegram and Discord chats, you’re probably longing for the times of yesterday. If anything, 2025 proved that our industry is just as volatile as the price charts we spend all day looking at:

• We started off the year with, in retrospect, the most exhilarating token launch of all time: TRUMP. Although the euphoria from it quickly subsided, it was a valuable stress test and helped prove just how far onchain infrastructure has come.
• The largest government in the world proclaimed Bitcoin a unique store of value, made it official policy to hold Bitcoin as a reserve asset, and even left the door open for future budget-neutral acquisitions. Just two years ago, this would have seemed like a fantasy beyond our wildest imaginations.
• The identity crisis that has plagued Ethereum for the past two years finally reached its climax, and Ethereum is better for it. Ethereum is now solidifying its position as the center of institutional adoption.
• DATs became the hot topic, and their collective bid pushed the asset class to new all-time highs.