Anthony Bassili 🇺🇸

Heading to Miami for @SuperReturn North America? Don’t miss @CoinbaseAM President Anthony Bassili as he breaks down how digital assets are transforming private markets. Panel: Unlocking opportunities, liquidity, and the impact of tokenization on PE. Date: Monday, March 16 Time: 12:35 PM - 1:10 PM @SmartestBeta

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JUNE 2028. The S&P is down 38% from its highs. Unemployment just printed 10.2%. Private credit is unraveling. Prime mortgages are cracking. AI didn’t disappoint. It exceeded every expectation. What happened?​​​​​​​​​​​​​​​​ citriniresearch.com/p/2028gic

I wanted to address some of the confusion around the blockchain secondary we did. We have been focused on getting public equity on blockchain for some time. We see this as an enormous opportunity for @Figure and, more broadly, the blockchain ecosystem. As we often do, we used Figure to move first here, issuing its shares on blockchain. This gave us an opportunity to not only execute a first of its kind transaction, but also to clear out potential selling interest that would come when the stock unlocks in early March. We offered every shareholder the ability to participate in the offering. We received roughly 5M shares in selling interest. In my mind, anyone that was going to sell in March would opt to sell in this secondary, as we matched supply and demand. Given the novelty of the transaction, we conservatively filed to sell about 4.2M shares. We offered a 10% discount to the prior week closing price (when we launched the transaction) to buyers to incent them to do the work to onboard to blockchain (e.g., set up wallets, set up trading infrastructure, etc.). We ended up being oversubscribed, and upsized the transaction to about 4.6M shares (the highest we could go without refiling the S1). Some questions I’ve heard… Did insiders sell? Sellers were a combination of investors and employees. Figure was among the buyers, and our CEO, CFO and myself were not sellers. Are there more secondaries coming? No, in part because we addressed the majority of the stated selling interest, but primarily because this secondary was done specifically to launch OPEN. Why didn’t we do this when the stock was at $70? Unfortunately, we can’t control the timing. Government was shut down twice in the last three months, we had to wait for SEC clearance, and when we got it, we launched. If FGRD weighing on FIGR? The volume in FGRD is a small fraction of the volume in FIGR. We don’t believe it’s weighing on the stock. I’m proud of the team getting the first stock on OPEN - it was a massive lift that needed to happen. Now we’ll start focusing on building the OPEN ecosystem to drive enterprise value.

The Federal Reserve just put out an incredible paper about Kalshi's data. "Our results suggest that Kalshi markets provide a high-frequency, continuously updated, distributionally rich benchmark that is valuable to both researchers and policymakers." federalreserve.gov/econres/feds/k…

Today we are incredibly excited to announce our oversubscribed $650mm fourth fund. It has been almost four years since @hosseeb and I initially started the discussions about me joining the @dragonfly_xyz partnership with him, Bo and @tomhschmidt yet it feels like different lifetimes altogether. In that period of time, we've had the complete deflation of the risk asset bubble that topped in 2021 and the blow ups of companies and protocols like Terra Luna, Genesis, and FTX. We've seen Solana at both $8 and $290. Larry Fink has become one of the industry's most prominent spokespersons. And the governments of many of the world's super powers have started to embrace the benefits of BTC, blockchains, stablecoins, tokenization and prediction markets. Much has been written about the death of venture capital, or even more specifically, the death of crypto linked VC. As many would tell the story, VC is either extractive and short term oriented or it's long term oriented but unable to return capital to investors. That token designs are so broken that private equity is the only way to make realistically attractive returns. Platforms will eat the rest of the market except for small, niche asset managers with extremely narrow views of the world. And while there are truths embedded in all these points, there are also counterfactuals. We feel strongly that our success over that time, and since inception, is due to the fact that we approach every day from first principles. What actually works in our space? Finance, payments, asset issuance, and markets. What is the appropriate instrument for investment? It depends and there is no one size fits all solution. How should we approach geographic focus? This is borderless, global technology that isn't defined to a single country or region. Are blockchain communities winner take all? Of course not, there are too many use cases that can be served by a variety of technologies. Day in and day out, we challenge our priors and each other to ensure we are not driven by the market, but that we are focused on what we expect to be true on the horizon. Ultimately, we have the easy job as capital allocators who exist primarily to partner with the best founders building in this arena (and i'm lucky to call many of them friends). But at a time when both our space and many of our competitors are going through existential crisis', we wake up lucky to know that we've built a team and partnership that can handle any and all market cycles and form factors - and is ready for the next phase of financial evolution. More below from @leomschwartz fortune.com/2026/02/17/dra…

Stablecoins have the potential to reshape cross-border payments and capital flows. They offer opportunities, but also bring new risks—financial integrity, regulatory oversight, consumer protection, capital flow management, monetary sovereignty, and more. Learn more: imf.org/en/publication…