Investment thesis
AI agents are becoming autonomous economic actors and they need crypto to transact, contract, and operate without a human countersigning every step.
The next wave of AI is not a chatbot that helps you write emails. It is software that reasons, plans, and acts, booking services, executing trades, hiring other agents, managing budgets, without waiting for human approval at each step. The problem is that the legacy financial system was built for humans. It requires identity verification, institutional accounts, and manual authorisation. Crypto networks require none of that. They are permissionless, programmable, and always on. When an AI agent needs to pay for compute, settle a contract, or move value across borders in milliseconds, blockchain infrastructure is not a nice-to-have. It is the only system architecturally capable of supporting it.
Evidence locker
4 pieces
Research & commentary
Etherbridge
Q2 2026 Outlook covers the big picture, bitcoin onchain data, ethereum onchain data and the five forces transforming the industry from cyclical growth to secular growth.
Crypto enters 2026 hated, dismissed, and contrarian, but the macro setup, network fundamentals, and DeFi multiples all argue the four-year cycle is dead and the bull thesis has never been stronger.
Six months into a brutal drawdown, with crypto obituaries everywhere and the fear and greed index at all-time lows, the indicators say the bottom is in or close to it and the next bull market’s narratives are already taking shape.
Crypto’s Underpants Gnomes era is over, and the painful transition into adulthood, anchored by institutional adoption, regulatory clarity, and trillions in real-world assets coming onchain, is just beginning.
Further reading
Book
The full Etherbridge framework for valuing crypto assets, contextualized around all four themes.
Read the ebookWhere the thesis leads, the fund follows.
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