Crypto is exploding (see today's Morning Report) and we are hunting for values that still remain in the space:  

🚢 Is There Any Value Left? Alternatives to Consider

If you’re seeking value in the crypto space, the leading names are “chasey” at current levels. However, a few strategies and sectors may offer more realistic opportunities:

1. Crypto Infrastructure & Picks-and-Shovels

• Marathon Digital (MARA): A major Bitcoin miner, MARA’s profitability is tightly linked to Bitcoin’s price but trades at more traditional multiples compared to COIN or CRCL. Its focus on green energy and operational efficiency may appeal to value-oriented investors.
• Nvidia (NVDA): While not a pure crypto play, Nvidia benefits from demand for GPUs used in mining and AI. Its valuation is high, but its earnings are diversified across multiple sectors.

2. Traditional Financials with Crypto Exposure

If you’re looking for value in the crypto space but want to avoid the wild volatility of pure-play crypto stocks, it’s worth focusing on traditional financial institutions quietly integrating digital assets and blockchain into their core businesses. Here’s a rundown of the key players, how they’re involved, and why it matters now.

Who’s in the Game?

1. Major U.S. Banks

• JPMorgan Chase: Runs its own blockchain platform (Onyx) for payment settlements and interbank transactions. JPMorgan also offers crypto services for institutional clients and has begun integrating select stablecoins for cross-border payments.
• Goldman Sachs: Provides crypto investment products to wealthy clients and is developing blockchain-based trading and asset management solutions. They’re also exploring tokenization of traditional assets.
• BankProv: A U.S. bank catering to crypto and blockchain businesses, offering accounts and lending services to digital asset companies.
• Customers Bank: Launched CBIT, a blockchain-based token for real-time USD payments, serving crypto exchanges and institutional traders.

2. Payment Processors and Networks

• Visa: Has processed hundreds of millions in stablecoin settlements and is expanding support for regulated stablecoins like USDC and USDG, making stablecoin payments mainstream for both consumers and businesses.

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