Michael Steinberg //

@Ryan__Barney @hiFramework @pythianism Congrats Ryan, I'm sure you'll continue to crush it !

Some personal news: I've joined Framework Ventures (@HiFramework) to invest where finance, AI, and the real economy are being rebuilt from the ground up. Framework has been the fund I've measured my own thinking against for years. Across multiple cycles, @pythianism and @im_manderson have been early to where new financial infrastructure actually meets the real world: tokenization, AI, fintech, energy, compute, robotics, and more. They aren't shying away from re-inventing how a venture capital firm operates in this market. I'm spending my time with founders pulling the future forward: founders building credit, payments, and settlement for the next economy. Founders building the energy and compute infrastructure that AI demands. Founders running toward the hard problems that define new categories. If that's you, I'd love to hear from you. — Closing out 4+ years at @PanteraCapital, I'm grateful beyond words to @veradittakit , @dan_pantera, @FranklinBi , @cosmo_jiang , and the founders who trusted us to back them.

Excited to share that Reciprocal co-led the Series A extension for @Blockworks_ alongside @paraficapital. Here's why we believe Yano and Mike are building the Morningstar for crypto. This industry is at an inflection point. The technology works. Regulation is finally catching up. Institutions are showing up. The thing standing in the way of real scale isn't any of the old excuses anymore. It's the trust gap. Most crypto businesses haven't done the work to earn investors' trust. And investors don't have the information they need to underwrite the asset class with conviction. That's the bottleneck. Solve it, and a lot of capital starts moving. Here's the bigger picture: every capital market in the world is moving onchain. Stocks, bonds, currencies, commodities, real estate, and tokens. All of it, on public blockchains, trading 24/7, globally and transparently. We've believed this for years and it's no longer a fringe view. In every mature capital market, the information layer is one of the most valuable parts of the system. Bloomberg, S&P, Moody's, Morningstar, FactSet, CapIQ, Refinitiv, Broadridge. These businesses help investors underwrite and help issuers tell their story. They're often worth more than the assets they cover. Crypto deserves its own version of that layer. Built natively for onchain markets with AI from day one. Blockworks is building it. Three products are doing the work today: Data. One of the largest data platforms in the industry. Trillions of rows across 100+ pipelines, ingesting from nearly 100 sources, with fully indexed blockchains and direct feeds from a dozen-plus major exchanges. Hundreds of companies and funds run their workflows on top of it. Investor Relations. Blockworks IR is the first full-stack IR platform built for onchain businesses. Branded portals, curated analytics, quarterly reports, the whole stack. Solana, BNB Chain, and Jito are live. Many more are on the way. Disclosures. The Token Transparency Framework is becoming the standard. 30+ issuers rated today, 200+ by year end. Presented to both the SEC and the CFTC. Active integration conversations with every major exchange. This is what mandated token disclosures will look like. But a great product isn't enough. Winning this market requires trust, and Blockworks has spent years earning it from crypto teams, financial institutions, and large enterprises. This has become a differentiator and a distribution advantage. Customers are telling Blockworks what to build next, and they are delivering. As a result, ARR has grown more than 10x since their last raise. Couldn't be more pumped to back @JasonYanowitz and @MikeIppolito_ for what's next!

@MrHasty3 Lastly, no upstream supplier in this space has ever generated margins even close to 80%. So you can believe what they say or trust the historical empirical data. I know what works for me.

@Mike9MS Explain? Digital realty does somewhere around 50% where they have tonnes of full service costs included. Galaxy's deal with coreweave is a triple net lease and are expecting 90%. Core scientific also expect around 80% on their deal with coreweave

$GLXY As of 5th April 2026 Market Cap: $6.86B Share Price: $17.64 Let me get this straight (in my humble view), even on conservative estimates: 800MW with $CRWV @ 80% EBITDA margins and 20x multiple (vs. estd. 90% margins and 25x based on market avg.) - 2028 Enterprise Value @ $780M EBITDA margins = $15.6B Less $5.53B construction costs - 2028 Equity Value = $10B or $29.8 per share $10B equity value discounted to today @ 12% DR -$7.9B or $23 per share Share price today $17.64 implies 800MW is trading at a 24% discount Market is signing $0 value to: - $2.6B of cash and digital assets - Entire digital assets business - 830MW approved power - 1.6 GW additional pipeline Looks a tad bit asymmetric if you ask me

@MrHasty3 While margins can improve with tighter power markets or better contract terms, they are unlikely to approach extreme levels like 80% on a sustained basis, given the more competitive and capital-intensive nature of an infrastructure layer.

@MrHasty3 Galaxy’s margins will be structurally constrained bc they sits upstream as a supplier; its pricing is embedded as a cost for customers like CoreWeave and reflects infrastructure economics and lack end-market pricing power.

$HYPE has a way of energizing creative ideas…even in down markets

@drydenwtbrown Get a grip

The founder of the biggest hedge fund in the world sold his stake and moved his family office to the UAE. This is under-appreciated. The first significant EXIT.

@EdGrapeNutZimm Politics aside, 60 Minutes is far from an “investigative powerhouse.” They have a long history of misreporting and being easily duped. tvinsider.com/1196172/bigges…

« We go from being an investigative powerhouse to a stenographer for the state » Sharon Alfonsi! Well said. Bari Weis is not a journalist and lacks integrity.

@chainyoda Robinhood has eligibility reqs

I have spent a material amount of time in the trenches but I still don't understand why a stonk trader would use Solana with phantom wallet instead of Robinhood.postgres. Blockchains are back office software that can reduce reconciliation but not so much fun on the front end

@santiagoroel Another dumb tweet

every day you hold a position is a day you’re buying it

@tushar_jain JupLend is using the Bear Stearns CDO playbook, but with less transparency. This increases systemic risk to the ecosystem. Kamino trying to ring fence. Smart.

@laurashin @LucaNetz Im guessing this guy never has a risk manager

A DeFi protocol blacklisting a competitor? 😳 Kamino’s move to block Jupiter Lend shocked Solana DeFi — especially as Jupiter rapidly gains TVL. @LucaNetz says this is a user-hostile precedent that DeFi cannot normalize.

@DeFi_Dad @circle @HypeStrat @dschamis @edge_pod They should advise the team to stop undermining their community…or share losses will continue

A reputable team of investors who nearly pulled off taking @circle public 4 years ago, is now laser focused on Hyperliquid. They've launched the largest HYPE treasury co ($PURR), @HypeStrat with $570M HYPE held. Here's a clip with the CEO @dschamis in a new @edge_pod today...

@goswish I call BS Lead a Series A and prove me wrong

I feel like I haven't slept all week. We're now at $200M in expressed commitments for Boardy’s Venture Fund! It’s mad in the office right now. The team is completely locked in on helping founders, and at the same time we’re building a fund that has genuinely taken the world by storm. We’re following up with every person and bringing them directly into the fund. The structure is coming together quickly, and we're likely making our first investments within the next month. It’s unbelievable, but it should be no surprise. @boardyai is at the epicenter of thousands of conversations around fundraising, hiring, sales, product strategy. If he’s talking to more founders every minute than any VC ever could, it makes sense that he’s able to identify golden opportunities early. If you’re a founder who’s raising: go.boardy.ai/100founders If you’re an investor who’s interested in co-investing: go.boardy.ai/100investors If you’re an accredited LP who wants to learn more: go.boardy.ai/ventures

@KobeissiLetter Nice effort tho you're misusing the term. Structural bears are long duration downturns that reflect systemic problems.

What is happening in crypto? Over the last 41 days, crypto has erased -$1.1 trillion in market cap, or -$27 billion PER DAY. Crypto market cap is now ~10% BELOW levels seen during the record -$19 billion liquidation on October 10th. This is a structural move. Let us explain.

@TheiaResearch Suggest you read the BBBA and focus on new rules for depreciation. It changes the math and is not a coincidence

read this on the AI capex bubble basic math: - $400B of CapEx (2025) - 10Y depreciation = $40B p.a. - 25% margin on AI Revenue - You need $480B of AI Revenue to earn a 20% ROI on CapEx for reference — Microsoft Office 365 + Netflix = $135B of revenue pracap.com/global-crossin…

@MacroCRG Memecoins thrived for awhile bc Govs said utility tokens = unlicensed securities in US markets. That mistaken logic has now changed, permanently

One of the reasons memecoins gained so much popularity within crypto is cos ppl got sick and tired of being dumped on by VC’s/insiders Recently there’s been a lot of attention / capital flocking towards fresh utility launches, but apart from a few (like XPL/ASTER), imo, vast majority of them will inevitably go down only as emissions/unlocks take over Memes on the whole are pure assets. 100% circulating supply, no VC unlocks, no emissions nuking the chart. As they’re free floating, they get nuked when demand dries up, which has happened over last few months. However they can bounce back just as quick when supply dries up When enough ppl get burnt/dumped on with these fresh launches, I believe we’ll see a return to memes… and I believe this happens soon

@LibertyLockPod Obvious bot, no one can be this stupid

It should be a MUCH bigger story that both Charlie Kirk and Donald Trump were fearful of Bibi Netanyahu. Per reporting by The Grayzone.

We're hiring an Associate at Reciprocal! This is an opportunity to: 1⃣ Live on the front line of crypto innovation 2⃣ Back category defining companies 3⃣ Work with the most talented founders in crypto If you're hungry and relentlessly curious, apply at the link in the next post 👇 🐇🕳️