One River Asset Management

Eric Peters, CIO of Coinbase Asset Management joins Ryan to chart how crypto matured to today’s institutional market with deep liquidity, ETF rails, and stablecoin clarity. They unpack why Wall Street is leaning in, why the next wave is digitally native issuance of treasuries, bonds, and equities on Ethereum, and how macro tailwinds (fiscal dominance, Fed–Treasury convergence, AI-driven productivity) intersect with crypto’s reflexivity. Risks and realities aren’t ignored—over-financialized “treasury companies,” security lapses, and policy whiplash—plus a 12–18 month roadmap of real on-chain use cases as pensions and sovereigns start arriving. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle ------ TIMESTAMPS 0:00 Intro 5:55 Throwback to 2020 9:29 Institutional Infra: Before & After 11:47 Institutional Adoption: Before & After 15:57 TradFi ETF Incentives 19:07 Did Crypto Become Consensus? 22:45 Balancing Conviction & Change of Opinion 28:20 The Story of Money 33:19 Institutional Understanding 37:57 Is Crypto Too Big to be Shut Down? 43:44 Operation Chokepoint Takeaways 49:18 Crypto Regulation 180 56:13 Working with Different Jurisdictions 1:04:05 The Future of Tokenization 1:10:10 Crypto ETFs Aftermath 1:18:32 How High Can Crypto Go? 1:32:23 Treasury Companies 1:38:27 Eric’s Macro Trades 1:44:18 What Could Go Wrong? 1:48:04 Coinbase Asset Management 1:53:34 What’s Next? 1:54:52 Closing ------ RESOURCES Eric Peters https://www.linkedin.com/in/charlesericpeters/ Coinbase Asset Management https://www.cbassetmgmt.com/ One River Asset Management https://www.oneriveram.com/ Last Eric Peters interviews https://www.youtube.com/watch?v=z8oocKy3IwU https://www.youtube.com/watch?v=NMPiGjxdH0E Vitalik’s Interview https://www.youtube.com/watch?v=rNSnYIjoqOM ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Eric Peters

CIO

Coinbase Asset ManagementOne River Asset Management

Gm! This week Eric Peters joins the show live from DAS NY 2025 to discuss why institutions are bullish. We deep dive into the rise of fiscal dominance over the past few years, what institutions are interested in within crypto, does the four year cycle still exist, crypto's biggest opportunities in 2025 & more. Enjoy! -- Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts Follow Jason: https://twitter.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Grab your tickets to Permissionless IV. Use code EMPIRE10 for 10% off: https://blockworks.co/event/permissionless-iv -- Timestamps: (00:00) Introduction (00:27) The Rise Of Fiscal Dominance (04:00) The Trump Playbook In 2025 (08:20) Why Institutions Are Bullish (17:30) Are Meme Coins Bad For Crypto? (18:51) Where Are We In The Cycle? (19:57) Fundamentals vs Narratives (21:39) Crypto's Biggest Opportunity -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Eric Peters

CIO

Coinbase Asset ManagementOne River Asset Management

In today's episode we are joined by One River and Coinbase Asset Management CEO Eric Peters to unpack how institutions are thinking about crypto this cycle. Eric breaks down why infrastructure providers like Coinbase are positioned to be the biggest winners, how tokenized equities could transform global market access, and what the institutional capital cycle means for Bitcoin, ETH, and Solana. Eric also breaks down why we're at the beginning of a complete reboot of financial architecture and how to navigate this from a portfolio perspective. Thanks for tuning in! - - Start your day with crypto news, analysis and data from Katherine Ross and David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts Follow Eric: https://www.linkedin.com/in/charlesericpeters/ Follow Jason: https://twitter.com/JasonYanowitz Follow Santiago: https://twitter.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7ww Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Explore the SKALE Ecosystem at skale.space/ecosystem and stay up to date with the gas-free blockchain on X at @skalenetwork - - It's time for an on chain Binance to emerge. Magic Eden is getting into token trading and their vision is to become on chain Binance and then much more as the entire world ends up moving on chain - - The self-custody wallet that's built for swapping. Created for a multi-chain world by the most trusted team in DeFi. Available on Chrome, iOS, and Android. https://blckwrks.co/UniswapWallet - - $cmETH, a Mantle native liquid restaking token, will launch together with Season 2: Methamorphosis, allowing users to easily participate in restaking, and earn $COOK rewards in addition to other yields. $COOK, the governance token of mETH Protocol, will allow holders to play a pivotal role in directing the strategic future of mETH Protocol. Learn more: https://x.com/mETHProtocol - - Ledger, the world leader in digital asset security, proudly sponsors Empire podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today. Buy now at Ledger.com - - Timestamps: (00:00) Introduction (02:50) Impact of Election (16:27) Global Macro Outlook (29:42) Crypto's Secular Trend  (42:31) Skale Ad (43:11) Magic Eden Ad (43:55) Uniswap Ad (44:27) Mantle Ad (45:21) Ledger Ad (46:04) Impact of Institutional Adoption (49:11) Bull and Bear Cases for BTC (54:11) Eth & Sol Outlook (01:01:50) The Cycle Trade (01:08:11) Corporates Buying BTC - - Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Eric Peters

CIO

Coinbase Asset ManagementOne River Asset Management

Eric Peters operates one of the largest institutional crypto hedge funds in the world. What do the institutions think of our little crypto asset class? Are they running for the hills? ------ ✨ DEBRIEF | Unpacking the episode:  https://shows.banklesshq.com/p/debrief-eric-peters    ------ ✨ COLLECTIBLES | Collect this episode:  https://collectibles.bankless.com/mint  ------ Eric Peters is the Founder, CIO of One River Asset Management–his fund has made some of the largest institutional investments in crypto ever..including one purchase of over $600 million in Bitcoin and Ethereum. When we think institutional crypto, we think Eric Peters.  His first appearance on Bankless was in October 2021…we brought him back to catch us up on the current institutional thesis for crypto. ------ 📣 RhinoFi | Makes DeFi Frictionless  https://bankless.cc/rhino   ------ 🚀 JOIN BANKLESS PREMIUM:  https://newsletter.banklesshq.com/subscribe  ------ BANKLESS SPONSOR TOOLS:  🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://bankless.cc/kraken  🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE https://bankless.cc/MetaMask  ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum  👻 PHANTOM | #1 SOLANA WALLET https://bankless.cc/phantom-waitlist  ------ Topics Covered 0:00 Intro 9:51 Still Bullish? 16:42 Was FTX Surprising? Institutions Reaction 25:14 FTX Red Flags 33:00 3 Arrows Capital 41:40 Philosophy of Investment Decisions  47:36 What Should Regulators Do? 58:20 Was Crypto 2022 Worth It?  1:04:30 Ego 1:09:54 Institutional Exposure to Crypto 1:18:40 Reports  1:24:04 Institutional Exposure to Crypto 1:30:05 2023 Macro Outlook 1:37:22 A Decade Later 1:40:37 Closing & Disclaimers ------ Resources: Eric Peters https://www.linkedin.com/in/ericpetersoneriver/  Eric’s 1st Appearance on Bankless https://youtu.be/NMPiGjxdH0E   One River Digital Assets Research https://www.oneriveram.com/research/digital-daily  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures

Eric Peters

CIO

Coinbase Asset ManagementOne River Asset Management

In this episode of Empire, Jason and Santi are joined by Eric Peters, the founder and CEO of One River Asset Management. Eric, a renowned macro investor, made a splash in the cryptoverse in November 2020 by making a $600M BTC purchase before sagely exiting the market with a $1B+ profit. Eric shares his views on the current macro cycle, investment strategies, the future of DeFi and crypto's inevitability. Highlights include: - The state of macro and why inflation was a choice - End of the 60-40 portfolio - Why this market cycle is over - The catalyst behind Eric's $600M BTC purchase - How to "time" markets - Why current DeFi implementations won't cut it - Crypto's breakout moment - Why Bitcoin is the most interesting trade - When will the Fed reverse course - What Eric would tell his younger self - - Follow Jason: https://twitter.com/JasonYanowitz Follow Santi: https://twitter.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw - - Referenced in the show: One River Asset Management https://www.oneriveram.com/ - - ParaSwap: If you want to make a swap at the best price across the DeFi market, check out http://paraswap.io/empire ParaSwap’s state-of-the-art algorithm beats the market price across all major DEXs and brings you the most optimized swaps with the best prices and lowest slippage. Disclaimer: 0 fees are limited to 3 weeks or first 500k. - - Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- (00:00) Intro (01:49) The Current Macro Environment (07:06) How Eric Navigates Market Cycles (11:19) Deflationary Cycles & Expensive Ubers (17:04) Inflation is a choice (21:42) The $600M BTC purchase (27:26) How Do You Time the Trade? (33:20) Paraswap Ad (34:26) How to think about asset allocation (39:20) Why Eric's firm doesn't touch DeFi (43:27) Why Crypto is Here to Stay (49:55) DeFi's Zero to One Moment (55:00) How Eric views BTC (1:02:33) When will Bitcoin's price recover? (1:09:08) The 80 Year Debt Cycle (1:16:15) Eric's advice to his younger self -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Eric Peters

CIO

Coinbase Asset ManagementOne River Asset Management

"It's really a matter of moving at the pace of the decisions of institutional players." That's Shaun Martinak, research and portfolio manager at One River Digital, the newly-launched arm of One River Asset Management that's working with clients to add crypto exposure to their portfolios.  In an interview during the latest episode of The Scoop podcast, Martinak observed that while institutional players have made headlines entering crypto, some of the largest investors--including pensions and endowments--account for only a small fraction of the crypto market. He believes that, in the future, there will be a place for such investments in the portfolios of these types of investors.  "I think between 2 and 10 percent is a perfectly good number," he said, speaking to the penetration of pension funds and endowments into crypto. "And it's a matter of the timeline for education and the timeline for decision making." He said such firms are actively seeking exposure though One River as they actively pitch for their business. "I think the pitch is multifaceted, but it really boils down to: This is an area of fundamental growth at a time where fundamental growth is difficult to find." The metaverse  While hesitant to make predictions on cryptocurrency portfolio allocation over the next 12 months, Martinak was enthusiastic about the growth and technological advancement he’s seen in the gaming segment. Ultimately, he sees the possibility of gaming and NFT assets sitting alongside traditional assets in an investor's portfolio.  “When I think about the metaverse and I think about what digital assets and crypto primitives bring to existing in a space with other people in a digital environment, it just seems like it compounds how much time and attention we spend on our screens and in our information universe because your bank account is going to live in there with you, your value is going to live in there with you," he said. As Martinak posits: “What is this going to look like in its version of the Super Bowl?” Episode 75 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Shaun Martinak, Research and Portfolio Manager for Digital Assets at One River Digital. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com. This episode is brought to you by our sponsors Bakkt, Kraken and Masterworks Bakkt® unlocks the $1.2+ trillion of digital assets that is currently held in cryptocurrencies, rewards and loyalty points, gaming assets and merchant stored value. We began in 2018 with the vision to bring trust and transparency to digital assets. Through the Bakkt Warehouse and Bakkt Bitcoin Futures and Options contracts, we serve institutional clients in an end-to-end regulated market with true price transparency. For consumers, Bakkt aggregates digital assets to enable instant liquidity and to empower users to trade, transfer and pay however they want. Visit Bakkt.com for more information About Kraken Whether you’re an experienced crypto trader or just starting out, Kraken has the tools to help you achieve financial freedom. With 50+ cryptocurrencies to choose from, industry-leading security and a wide variety of features to suit any investing strategy, Kraken puts the power in your hands to buy, sell and trade digital assets. Visit Kraken.com to get started today. About Masterworks Masterworks is democratizing the exclusive multi-trillion-dollar art world. Instead of needing to write a $10 million dollar check to buy one Picasso painting, you can buy shares of masterpiece paintings. Masterworks has securitized over $250 million worth of art for their 235,000 members and was recently valued at over $1 billion, making them the first and only unicorn in the alternative investing space. Invest like a billionaire today with a few easy clicks at masterworks.io/scoop

Shaun Martinak

Research and Portfolio Manager

One River Asset Management

Eric Peters is the Founder and CEO of One River Digital Asset Management. In this episode, he joins the Bankless Podcast to bring the perspective of a traditional hedge fund manager into a crypto context. Spending his career in the markets, his insights to the macro environment are vast and inform his investing decisions, and he sees crypto as a pathway to a renaissance – but also to a dystopia. Seeing a 'quantum' level change underway, Eric explores the bumpy road ahead with thoughtful views on generation gaps, income inequality, and the power of digital assets. Eric's approach is a pragmatic one, addressing the crypto revolution in realistic terms that makes these paradigm shifts feel simultaneously instant and drawn out. ✨ EPISODE DEBRIEF ✨ https://shows.banklesshq.com/p/exclusive-debrief-institutions-are  ***** 📣 POOLTOGETHER | DEFI LOTTERY https://bankless.cc/PoolTogether  ***** 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum  🍵 MATCHA | DECENTRALIZED EXCHANGE AGGREGATOR https://bankless.cc/Matcha  🔐 LEDGER | SECURE YOUR ASSETS https://bankless.cc/Ledger  🧙‍♀️ ALCHEMIX | SELF-PAYING LOANS http://bankless.cc/Alchemix  ------ Topics Covered: 0:00 Intro 6:00 Eric Peters of Greenwich, CT 12:45 Buying $600M of Crypto 16:25 Building a Team 23:55 A Macro History Lesson 32:19 A Quantum Change 40:20 Dystopia or Renaissance 49:16 Bumpy Road Ahead 55:12 Generational Stresses 1:03:25 Faith In Currency 1:10:52 Regulatory Wrestling Match 1:15:42 Young, Dumb, and Broke 1:24:48 DeFi Boomers 1:29:00 Money is an Illusion 1:37:49 One Grave at a Time 1:42:20 Predictions 1:46:39 Closing & Disclaimers ------ Resources: Weekend Notes: https://www.oneriveram.com/wknd-notes  The Case for Digital Assets: https://www.oneriveram.com/s/The-Case-for-Digital-Assets-One-River.pdf  The Crypto Renaissance: https://youtu.be/karddOiv4ZA  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

Eric Peters

CIO

Coinbase Asset ManagementOne River Asset Management