The research firm sees tokenized stocks, bonds and loans creating new markets for trading and lending, with fee-generating platforms and companies poised to benefit.

• Influential research firm Citrini Research sees tokenization opening a major new market for crypto, arguing that companies and protocols collecting fees from trading, lending and payments could benefit more than bitcoin or ether.
• Securitize, Coinbase, Robinhood Circle are among the stocks highlighted as potential beneficiaries of Wall Street moving financial assets onto blockchains, alongside Figure, SoFi and Bullish.
• Citrini was even more optimistic on opportunities among crypto tokens, highlighting Aerodrome, Maple, Ondo, Pendle and Derive, among others, while warning that growing blockchain activity doesn't always translate into higher token prices.

Wall Street's move into blockchain technology could open a vast new market for crypto, but investors betting on tokenization may find better opportunities than bitcoin

In a 79-page report titled Breaking the Wall, published Thursday, the research firm argued that bringing stocks, bonds and other financial assets onto blockchains could create new businesses in trading, lending and payments.

Tokenization turns traditional assets into digital tokens that can move between financial platforms and potentially trade around the clock. A tokenized stock, for example, could serve as collateral for a loan directly from an investor's digital wallet, without going through a traditional brokerage.

Citrini is best known for its research on technology and markets, including artificial intelligence, and for running the most-followed Substack newsletter, with more than 263,000 followers. The firm’s research on AI went viral earlier this year, sparking widespread fear and leading to a brief market meltdown.

The research argued that flexibility opens new markets for trading platforms, lenders, stablecoin issuers and companies that handle securities ownership records. And the biggest winners may be the companies and crypto projects collecting fees from all that activity, the report said.

“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.”

Stock picks for playing tokenization

To identify opportunities, Citrini proposed two investment baskets, one focused on publicly traded stocks and another on crypto tokens.

The report was particularly interested in businesses that stand to earn fees as more of Wall Street moves onchain.

It highlighted tokenization firm Securitize (SECZ), which maintains the legal link between blockchain tokens and the securities they represent.

Citrini also mentioned Figure Technology Solutions (FIGR) for tokenized lending, SoFi

Crypto tokens benefitting from tokenization

Citrini said it was "actually more excited" about its separate crypto-token basket, which it said offers broader exposure than the limited universe of listed companies.

“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.

Its analysis highlighted Aerodrome (AERO), a trading platform that could collect fees from tokenized stock transactions, and Maple

It also included Pendle (PENDLE), which allows investors to trade future income from interest-bearing assets, while Ondo Finance

Citrini's crypto basket also included ether.fi (ETHFI) for crypto-based financial services, Chainlink

It also gave a nod to up-and-coming perpetual futures trading venues Lighter (LIT) and Variational (VAR). Perpetual futures, or perps, are contracts that let traders bet on an asset’s price rising or falling without owning it, and unlike traditional futures, they have no expiration date. Hyperliquid (HYPE) has emerged as a dominant blockchain-based platform for perps trading, Citrini said the two challenger venues may gain traction alongside Hyperliquid as the broader perps market grows. The report also included exposure to Hyperliquid in its stock basket via the Bitwise Hyperliquid ETF (BHYP).

The Citrini report, however, cautioned that growing trading volumes and network activity don't always translate into higher token prices. Investors need to look at how protocols make money, who collects the fees and whether token holders get a share of that.

The report also flagged liquidity spread across competing blockchains, security risks that could slow adoption, and legal hurdles of synthetic tokenized stocks that offer exposure to share prices without granting investors the voting rights or direct ownership that come with traditional shares.

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