Thierry Adant

Great discussion at @PennBlockchain Conference on Bitcoin’s next phase of evolution—spanning development, capital markets, and real-world adoption. A few clear takeaways: innovation at both the protocol and application layers continues to accelerate; capital markets are increasingly embracing Bitcoin, unlocking new structures and sources of liquidity; and the convergence with AI and emerging use cases is expanding the design space well beyond the traditional store-of-value narrative. With these foundations in place, 2026 feels like a pivotal moment—where the conditions are aligning for a new wave of financial innovation built on Bitcoin. It was especially encouraging to see such thoughtful dialogue and strong conviction from the next generation helping shape the future of the space. I appreciated the opportunity to share perspectives alongside an outstanding group of panelists: Maxime Bucaille, Andre Serrano, and Kevin Li. Sincere thanks to Catrina Wang and Winnie Wang for hosting an exceptional conference! #Bitcoin #DigitalAssets #CapitalMarkets #FinancialInnovation Disclaimer: This content is for educational purposes only and does not constitute investment advice or a solicitation. All views are those of the author, subject to change, and investing involves risk, including possible loss of capital.

AI Has Moved Into Production. Most Valuation Frameworks Have Not. AI is no longer in experimentation. It's in production — and it's showing up in cash flows. Meta is cutting ~16,000 roles while doubling AI capex to $135B ¹. Amazon has eliminated 30,000+ corporate positions — CEO Andy Jassy wrote that AI will "reduce our total corporate workforce" ². Klarna went from 7,000 employees to 3,000 — their AI assistant handled the workload of 700 agents in its first month ³. Shopify's CEO published a company-wide memo requiring teams to prove AI can't do the job before any hire is approved ⁴. But displacement is only half the story. Duolingo's CEO says AI has made employees 4-5x more productive — without a single full-time layoff ⁵. Stripe is growing headcount, using AI to offer dedicated account teams to every customer, not just enterprise ⁶. JPMorgan reports AI-driven productivity gains of 6% firm-wide, with expectations of 40-50% in operations roles ⁷. For allocators, this creates a two-lane highway. Companies leveraging AI to amplify their workforce will see revenue per employee inflect upward. Companies that don't will face margin compression against those that did. Valuation frameworks built on historical labor assumptions are mispricing businesses today. When a company can grow revenue while shrinking headcount — or multiply output without adding cost — the relationship between growth, margins, and enterprise value changes. The repricing has already started. Sources: ¹ Meta Q4 2025 Earnings Report ² Amazon CEO Andy Jassy, Letter to Employees ³ Klarna, Official Press Release / OpenAI Case Study ⁴ Shopify CEO Tobi Lütke, Internal Memo (published on X) ⁵ Duolingo CEO Luis von Ahn, LinkedIn ⁶ Stripe CEO Patrick Collison, Stripe Sessions 2025 ⁷ JPMorgan Chase, Marianne Lake — Goldman Sachs Financial Services Conference #AI #Innovation #BusinessStrategy #CapitalMarkets Disclaimer: This content is for educational purposes only and does not constitute investment advice or a solicitation. All views are those of the author, subject to change, and investing involves risk, including possible loss of capital.

We are excited to announce the first 30 speakers of Digital Asset Yield Summit (DAYS) Miami. This is the most institutional and influential line-up ever recorded at DAYS (formerly Staking Summit). Matthew Sheffield (@sheffieldreport) — Chief Investment Officer at @Sharplink Maredith Hannon (@MaredithH1) — Head of Business Development, Digital Assets at @WisdomTreePrime Sidney Powell (@syrupsid) — Co-Founder & CEO at @maplefinance Juan David Mendieta Villegas (@JuanDMendieta) — Co-Founder & CSO at @keyrock Duncan Moir (@Duncanmoir) — President at @21shares Vadim Khramov (@vadimthedream0) — Founder & Chief Investment Officer at @EdgeCapitalMgmt Purvi Maniar — Chief Legal Officer at @LaserDigital_ David Knox — Chief Financial Officer at @HyperionDeFi Anna Dinescu — Managing Partner at @HilbertCapital Peter Suarez Ferrara — Director, Technology Investment Banking, Financial Software at @UBS Investment Bank Bentzi Rabi (@bentzzi) — Co-Founder & CEO at @utila_io Zach Pandl (@LowBeta) — Head of Research at @Grayscale Bhavin Vaid (@RealBhavinVaid) — CEO at @BirchHill_io Jon Campagna (@thecampsishere) — Co-Founder & COO at @NexystDigital Alison Mangiero (@AMangiero) — Head of Staking Policy & Industry Affairs at @crypto_council Michael Ashby (@lonvangen) — CEO at ALGOQUANT Lorien Gabel (@lorientree) — Co-Founder & CEO at @Figment_io Jose Martinez Sanguinetti (@MartinezSang) — Founder & CEO at Sothys Capital Thierry Adant (@tadantm) — Chief Investment Officer at Battery Finance Myles Harrison (@MylesHarrison89) — Chief Product Officer at @AMINABankGlobal David Kinitsky (@Kinitsky) — Chief Corporate Development Officer at @everstake_pool Digital Asset Yield Summit is a curated forum for capital allocators to discover the latest advancements in digital asset yield. The event is invite-only and capped at 300 attendees to ensure we can speak and qualify everyone personally. Join us in Miami, 4 May ↓

You cannot print Oil and Gas. The Iran conflict and heightened risk across the Strait of Hormuz are delivering a real-time supply shock to global energy markets. Oil and gas reprice everything — food, freight, chemicals, manufacturing inputs. The pass-through is total and it is already underway. This shock arrives into an economy that was already structurally fragile: sovereign debt at historic highs, persistent fiscal deficits, and central banks with limited room to tighten without triggering refinancing crises. Inflation was never fully resolved. It is now being re-accelerated by the one input no economy can substitute away from. The cost of everything is going up. The tools to address it are running out. You cannot print Bitcoin either. 21 million. No emergency issuance. No dilution. No dependency on shipping lanes or geopolitical stability. Mathematically scarce in an environment where monetary expansion remains the only politically viable response to rising debt and rising prices. Two assets you cannot print. One is reminding the world why scarcity commands a premium. The other was built for exactly this moment. Link: bloomberg.com/news/articles/… Disclaimer: This content is for educational purposes only and does not constitute investment advice or a solicitation. All views are those of the author, subject to change, and investing involves risk, including possible loss of capital. #Oil #Inflation #Geopolitics #Bitcoin #InstitutionalInvesting #CapitalMarkets

Physical AI Has Left the Lab. The Real Economy Is Next. Software AI automated knowledge work. Physical AI — AI that can see, move, and operate in the real world — automates everything else. At GTC 2026, Jensen Huang declared the "ChatGPT moment for physical AI has arrived." @nvidia recently launched new foundation models that allow robots to learn tasks in simulation and deploy them at production scale — alongside partnerships spanning manufacturing, logistics, healthcare, and robotics. Deployment is accelerating. Amazon now runs over one million warehouse robots. BMW is deploying humanoids for precision manufacturing. Aurora has logged 100,000+ driverless freight miles. John Deere's AI tractors are optimizing harvests with minimal human input. Walmart is automating checkout at scale. Humanoid robot costs are projected to drop from ~$35K to under $15K within a decade. This is a capex cycle reshaping every industry with a physical process — and the companies investing now won't just lower costs. They'll compound the advantage through better data, faster iteration, and lower unit economics with every deployment cycle. The longer competitors wait, the harder the gap becomes to close. For capital allocators, the signal is clear: the time to evaluate exposure, reassess risk frameworks, and position ahead of this shift is now — not after the repricing has already begun. Link: nvidianews.nvidia.com/news/nvidia-an… #AI #Innovation #Technology Disclaimer: This content is for educational purposes only and does not constitute investment advice or a solicitation. All views are those of the author, subject to change, and investing involves risk, including possible loss of capital.

During the recent Strategy World forum, Citigroup’s Nisha Surendran, Head of Digital Asset Custody, outlined plans to develop an institutional Bitcoin custody platform, integrated into Citi’s infrastructure and processes. The vision is a unified service model where bitcoin, securities, and money can operate seamlessly together. In that model, Bitcoin is no longer treated as separate — it becomes part of the core financial system. That shift matters. When the infrastructure fades into the background, adoption accelerates. Market forces aren’t the only driver here. @Reuters reports that Citi trimmed its 12-month Bitcoin forecast amid slow U.S. legislative progress — reinforcing that stronger, well-designed regulation can be a powerful tailwind for institutional adoption. The direction is clear, but the pace will be shaped as much by policy as by market forces. The infrastructure is being built; adoption is expected to follow within that framework. Bitcoin is transitioning from an alternative asset toward a more integrated role within the financial system, marking its path toward becoming bankable and mainstream. Link: reuters.com/business/finan… #DigitalAssets #Bitcoin #InstitutionalInvesting #CapitalMarkets #FinancialInfrastructure Disclaimer: This content is for educational purposes only and does not constitute investment advice or a solicitation. All views are those of the author, subject to change, and investing involves risk, including possible loss of capital.

The inflation-hedge narrative is often oversimplified. Gold has not reliably delivered positive returns in sync with inflation prints. Bitcoin has not either. Empirical evidence supports this critique. Read the full article below. #Bitcoin #Gold #Inflation #PortfolioConstruction #AssetAllocation Disclaimer: This content is for educational purposes only and does not constitute investment advice or a solicitation. All views are those of the author, subject to change, and investing involves risk, including possible loss of capital.

We are living through a convergence moment. Not a cycle. Not a hype wave. A convergence. Bitcoin monetized energy. AI monetizes intelligence. Together, they are beginning to reprice everything. As AI reduces the marginal cost of intelligence toward zero, and Bitcoin enforces absolute scarcity, we are watching abundance and scarcity collide in real time. Read the full article below for more insights. #Bitcoin #AssetAllocation #InvestmentStrategy #PrivateEquity #PrivateCredit

I’m looking forward to speaking at the upcoming @PennBlockchain Conference, where academia and industry intersect at a defining moment for digital assets. Blockchain infrastructure is entering its execution era. The focus is moving beyond experimentation toward resilience, governance, capital efficiency, and integration with global financial markets. Grateful to the organizers for convening industry leaders, investors, and students who are shaping the next chapter of the ecosystem. Looking forward to the discussion. #PennBlockchainConference #Innovation #Blockchain #DigitalAssets #CapitalMarkets 𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘪𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘦𝘥𝘶𝘤𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦 𝘰𝘳 𝘢 𝘴𝘰𝘭𝘪𝘤𝘪𝘵𝘢𝘵𝘪𝘰𝘯. 𝘈𝘭𝘭 𝘷𝘪𝘦𝘸𝘴 𝘢𝘳𝘦 𝘵𝘩𝘰𝘴𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘢𝘶𝘵𝘩𝘰𝘳, 𝘴𝘶𝘣𝘫𝘦𝘤𝘵 𝘵𝘰 𝘤𝘩𝘢𝘯𝘨𝘦, 𝘢𝘯𝘥 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨 𝘪𝘯𝘷𝘰𝘭𝘷𝘦𝘴 𝘳𝘪𝘴𝘬, 𝘪𝘯𝘤𝘭𝘶𝘥𝘪𝘯𝘨 𝘱𝘰𝘴𝘴𝘪𝘣𝘭𝘦 𝘭𝘰𝘴𝘴 𝘰𝘧 𝘤𝘢𝘱𝘪𝘵𝘢𝘭.

Thanks to @Harrison Connery and @9fin for a compelling discussion on Bitcoin-backed loan securitizations, including Ledn Issuer Trust 2026-1. Congratulations to the team at Ledn on securing an investment-grade rating from a major global ratings agency — a meaningful milestone for both the issuer and the broader ABS market. From my perspective, observed losses in institutional Bitcoin-backed lending have remained limited, underscoring the structural resilience of these transactions and the importance of disciplined risk management in this rapidly evolving space. While crypto-backed ABS may initially serve as an effective short-term liquidity tool, the greater opportunity lies in developing innovative medium- and long-duration financing solutions. Business and personal ambitions are measured in years and decades — and meeting them will require continued innovation to deliver resilient, scalable capital structures. The continued convergence of traditional finance and Bitcoin has the potential to unlock precisely that next phase of financing evolution. 9fin.com #PrivateCredit #Bitcoin #StructuredFinance #RiskManagement Disclaimer: This content is for educational purposes only and does not constitute investment advice or a solicitation. All views are those of the author, subject to change, and investing involves risk, including possible loss of capital.

Artificial intelligence is a foundational, general-purpose technology – a true disruptor poised to reshape industries and society at scale, much like electricity or the internet before it. The investment required to realize that transformation, however, is unprecedented in size and duration. The structural direction for AI is positive, and the economic value creation potential is immense. But as investment shifts from cash flow to debt financing, aligning asset lives, liability duration, and returns will be critical for long-duration credit investors. Read the full article below for more insights. #SupercycleInvesting #DurableAlpha #AssetAllocation #InvestmentStrategy #PrivateEquity #PrivateCredit

Private Markets 2026: A Harder Path for PE. A Structural Tailwind for Private Credit. @McKinsey's Global Private Markets Report 2026 marks a clear inflection point: private equity has matured — and liquidity is now the defining constraint. Distributions to paid-in capital (DPI) as a share of total PE AUM have fallen to 6%, versus 16% pre-2020 averages. The five-year rolling DPI sits at historic lows, while secondaries volume surged 48% in 2025. The traditional PE model — powered by multiple expansion and abundant leverage — is no longer sufficient. In a more complex and risk-aware environment, returns must be earned through underwriting discipline, operational execution, and deliberate value creation. Against this backdrop, private credit benefits from structural advantages: • Senior positioning in the capital stack, enhancing downside protection • Contractual cash flow streams with greater income visibility • More predictable paths to liquidity This is not about replacement — it is about recalibration. Private equity remains a powerful long-term value creation engine. But the balance of risk and opportunity across private markets is shifting — with increasing relative appeal toward private credit. In a more mature alternatives ecosystem, success will require: • Thematic, forward-looking capital allocation • A sharper focus on capital preservation • Clear alignment of incentives • Disciplined manager selection The era of broad beta tailwinds has passed. Selectivity, structure, and resilience will define the next phase. Link to Full Report: mckinsey.com/industries/pri… 𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘪𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘦𝘥𝘶𝘤𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦 𝘰𝘳 𝘢 𝘴𝘰𝘭𝘪𝘤𝘪𝘵𝘢𝘵𝘪𝘰𝘯. 𝘈𝘭𝘭 𝘷𝘪𝘦𝘸𝘴 𝘢𝘳𝘦 𝘵𝘩𝘰𝘴𝘦 𝘰𝘧𝘵𝘩𝘦 𝘢𝘶𝘵𝘩𝘰𝘳, 𝘴𝘶𝘣𝘫𝘦𝘤𝘵 𝘵𝘰 𝘤𝘩𝘢𝘯𝘨𝘦, 𝘢𝘯𝘥 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨 𝘪𝘯𝘷𝘰𝘭𝘷𝘦𝘴 𝘳𝘪𝘴𝘬, 𝘪𝘯𝘤𝘭𝘶𝘥𝘪𝘯𝘨 𝘱𝘰𝘴𝘴𝘪𝘣𝘭𝘦 𝘭𝘰𝘴𝘴 𝘰𝘧 𝘤𝘢𝘱𝘪𝘵𝘢𝘭.

The Congressional Budget Office’s latest Budget and Economic Outlook (2026–2036) presents a clear message: even under constructive assumptions, U.S. debt continues to rise. CBO’s extended outlook shows: By 2041, annual deficits approaching $7 trillion By 2051, debt rising toward ~159% of GDP Even without a crisis catalyst, this path suggests a structural shift in the macro regime. Persistent primary deficits combined with elevated interest costs limit fiscal flexibility and raise the probability of adjustment through indirect channels. For asset allocation, this matters. We are entering a regime that must withstand moderate to structurally higher inflation, greater policy uncertainty, and rising fiscal dominance. The real risk is owning portfolios with no convexity to inflation and built for resilience. Link for Full Report: #search" target="_blank" rel="nofollow noopener">cbo.gov/publication/61… 𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘪𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘦𝘥𝘶𝘤𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦 𝘰𝘳 𝘢 𝘴𝘰𝘭𝘪𝘤𝘪𝘵𝘢𝘵𝘪𝘰𝘯. 𝘈𝘭𝘭 𝘷𝘪𝘦𝘸𝘴 𝘢𝘳𝘦 𝘵𝘩𝘰𝘴𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘢𝘶𝘵𝘩𝘰𝘳, 𝘴𝘶𝘣𝘫𝘦𝘤𝘵 𝘵𝘰 𝘤𝘩𝘢𝘯𝘨𝘦, 𝘢𝘯𝘥 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨 𝘪𝘯𝘷𝘰𝘭𝘷𝘦𝘴 𝘳𝘪𝘴𝘬, 𝘪𝘯𝘤𝘭𝘶𝘥𝘪𝘯𝘨 𝘱𝘰𝘴𝘴𝘪𝘣𝘭𝘦 𝘭𝘰𝘴𝘴 𝘰𝘧 𝘤𝘢𝘱𝘪𝘵𝘢𝘭.

@LynAldenContact Politicization and resultant impacts of those that embrace vs reject

What do you think is the biggest structural risk to Bitcoin over the next 5-10 years?

"@D_Copperfield please make the public debt dissappear?