Blockchain, in the language of P/E ratios, not tokenomics

Two Wall Street veterans recap the week in blockchain, agentics, and tokenization: the stories that mattered, the trading activity behind them, and expert commentary on what it all means.

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The Bridge Weekly ($399/yr) is a lighter weekly read of the same research as our institutional edition, condensed for individual investors.

WHAT'S INSIDE EVERY ISSUE

Intelligence, not information

Plus Term of the Week and One More Thing. Read a full sample issue →

The Number & Market Snapshot

The one figure that defined the week, then BTC, ETH, SOL, ETF flows and Strategy's mNAV at a glance.

The Playbook

What we'd do on the names that matter: entry levels, risks, and what would change our mind.

Crypto Stocks & The Chains

Ten crypto-exposed equities with our style classifications, and where Bitcoin, Ethereum and Solana stand.

Bridge RWA Index

Our equal-weighted index tracking the infrastructure layer of real-world asset tokenization.

WE KEEP SCORE

On May 31 we named the $70,000 line.
On June 2 it broke.

Every issue makes dated, checkable calls, and we track all of them, scored in public, misses included. The Record holds the receipts, straight from the published pages.

The Bridge, May 31, 2026: If outflows persist through June 6, the $70,000 BTC support level faces a direct test.

See the receipts →

WHO WRITES IT

Your Authors

60+ combined years where Wall Street meets blockchain

Douglas Borthwick

Co-Founder & Chief Content Officer

30+ years in markets, first on Wall Street trading desks at Lehman Brothers, Morgan Stanley, Merrill Lynch, and Standard Chartered. As a macro trader he was a regular on Bloomberg TV and Radio, CNBC, and Fox Business. As CMO and CBO, he helped bring the first IPO on the blockchain to market, raising circa $85 million from over 7,300 investors in 74 countries. Today he builds InsumerAPI (The Insumer Model™), the wallet-auth primitive for agentic commerce and security gating. He also runs Skye Meta, which builds membership and access products on InsumerAPI. He is the author of six books across two series, The Digital Money Revolution and The Insumer Revolution, most recently Secrets and Agents. He covers Blockchain, Agentics, and Tokenization from inside the infrastructure that powers them.

Lehman BrothersMorgan StanleyMerrill LynchStandard CharteredFirst IPO on the BlockchainSecrets and AgentsAgentic CommerceWallet Auth · 37 chains The Insumer Model™Skye Meta

Old Men, New Money® podcast

Steve Kraus

Co-Founder & Head of Institutional Distribution

Former Credit Suisse executive who scaled the HOLT valuation business from $30M to $500M in revenue. Decades distributing institutional research to the world's largest buy-side firms: hedge funds, pension funds, and sovereign wealth funds. He brings Wall Street's research-delivery model to the digital-asset space.

Credit SuisseHOLT Valuation$30M → $500MInstitutional SalesBuy-Side Distribution

Built one of Credit Suisse's most recognized analytics products

The week in blockchain, agentics & tokenization

The Bridge Weekly: a lighter weekly read of our institutional research. $399 a year.

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