401 Financial Broad Market Index (INDX) is a fundamentals-driven crypto index fund that blends the efficiency of passive investing with active, fundamentals-based selection. Backed by 401 Financial’s proprietary scoring system, INDX delivers low-cost, diversified exposure to the broader crypto market. Get invested today:
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1. U.S. economic data is going onchain

The U.S. Secretary of Commerce says the agency is publishing official stats, like GDP, across multiple public blockchains with help from oracle and crypto exchange partners. It’s obviously not perfect yet and the details are still being worked through, but the direction is undeniable, the government is treating blockchains as an open-access source of truth.
Why it matters: This legitimizes public ledgers as critical infrastructure. Once core data is onchain, you unlock automated disclosures, composable analytics, and trust minimized feeds for any fintech or DeFi app that wants them.

2. Pantera looking to raise $1.25B for a Solana public treasury vehicle

Wall Street has clear proof of demand for crypto, so we’ll keep seeing capital raised to fund “crypto strategies.” We’ve seen it with the Bitcoin and Ethereum ETFs, with treasury companies like MicroStrategy (Bitcoin treasury), Bitmine (Ethereum treasury), and now potentially a large Solana treasury company. Our view remains that owning the underlying crypto assets themselves, and participating in staking, is the better long term proposition for most. But these wrapper strategies will keep coming, especially as Wall Street leans further into DeFi.
Why it matters: Wall Street demand for crypto products is at all-time highs.

3. Google is building a blockchain

Google’s Web3 team is talking more openly about Universal Ledger: finance first, Python smart contracts, and pitched as “neutral” infra competing with Stripe’s and Circle’s chains. CME has reportedly tested integration. We don’t necessarily see it as neutral - it’s controlled by a single company and not built on trustless rails like Ethereum. Still, it’s another clear data point: companies are realizing blockchains move value and data better than legacy tech.
Why it matters: Even if it’s permissioned, large corporate chain efforts pull more enterprises into onchain workflows, and that gravity will likely only bring awareness to the benefits open ecosystems too.

4. Tokenized RWAs on Ethereum up ~20× since January 2024

Asset managers are realizing they can do more, faster, and cheaper onchain. Treasuries, private credit, and more are moving onchain because the UX (instant settlement, 24/7 liquidity & trading, composability) simply beats legacy rails.
Why it matters: As yields, collateral, and cash go natively onchain - payments and eventually all other asset classes will follow.

5. Polymarket is going mainstream

The app people are just now realizing runs on crypto rails is getting referenced everywhere and adding markets fast. Polymarket is a prediction market to bet on outcomes from sports to rate cuts to “Will Taylor Swift get engaged this year?” It’s booming in finance, politics, and now sports and pop culture, helped by a much lower take rate than sportsbooks, and offering markets that don't exist elsewhere. This one is worth a read.
Why it matters: Polymarket is a prime example of solving a real world need through crypto rails, one of the first truly product first crypto approaches that has hit mainstream.

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Disclosures: This newsletter is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. 401 Financial is a Registered Investment Advisor. Investments involve risk, including the potential loss of principal. Please consult with a qualified financial professional before making any investment decisions.

401 Financial Broad Market Index (INDX) is a fundamentals-driven crypto index fund that blends the efficiency of passive investing with active, fundamentals-based selection. Backed by 401 Financial’s proprietary scoring system, INDX delivers low-cost, diversified exposure to the broader crypto market. Get invested today:
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🔗 This Week’s Top Links

1. DOJ: “Writing code without ill intent is not a crime.”

After the Tornado Cash verdict, DOJ’s acting criminal-division chief clarified the line: developers aren’t criminals for shipping code absent intent or control. That’s a bright-line shift away from “regulation by prosecution.” The goal being this brings DeFi developers back to America to continue building one of the fastest growing technologies across the entire economy.
Why it matters: This lowers existential risk for open source devs and protocols. More builders will ship in the open, more capital will fund them, and the U.S. reg narrative just moved from fear to "come be a part of building technology in America".

2. Wyoming launches the first U.S. state-backed stablecoin on seven chains

FRNT, a fully-reserved, over-collateralized state stablecoin issued by Wyoming, is live on Ethereum, Solana, Base, Arbitrum, Optimism, Polygon, and Avalanche. With professional reserve management and infra partners. States themselves are getting involved in the onchain economy.
Why it matters: Expect businesses, consumers, and fintechs to treat FRNT like digital cash rails with public sector credibility. On top of that, it offers a blueprint for other states to help money flow more freely onchain, with far less cost. I'd imagine they will let people from the state pay their taxes, and any other county bills using FRNT too.

3. CFTC opens the next phase of its “Crypto Sprint”

the CFTC kicked off a broader rulemaking pass and is taking public comments. Translation: they’re building the plumbing for regulated spot + market structure in parallel with the SEC’s Project Crypto. The more clarity for using onchain rails the better for the entire ecosystem, something builders have been asking for going on 5+ years now.
Why it matters: Clear, federal rails are the unlock for mainstream liquidity (perps, 24/7 trading, custody standards).

4. Treasury’s Bessent on the U.S. Strategic Bitcoin Reserve

Bessent reiterated that forfeited BTC is the foundation of the Strategic Bitcoin Reserve and that Treasury will explore budget-neutral pathways to add more.
Why it matters: Policy is converging on “hold what we already own, grow it without taxing.” It’s a narrative anchor for sovereign BTC exposure and a roadmap other governments can copy without tapping taxpayer money.

5. “Unbundling the Bank"

Sharp framework: with GENIUS Act passing and stablecoin rails booming, non banks can hold dollars on behalf of users, compress payment take rates, and run finance as software. The is one of the best articles I've read that outlines how core banking functions get rebuilt on open blockchain ledgers with ownership at the core (and why businesses and consumers will prefer onchain settlement).
Why it matters: This is the operating thesis for the next cycle: banks become interfaces; value lives on public rails.

🧠 What Our Team is Thinking About

1. Most 401(k)s already have crypto exposure—here’s where it hides

2. ETH/BTC should be tracked by advisors

3. Podcast: Tyrone talks the current state of crypto

The INDX crypto fund helps you invest in the best of crypto with a single click.

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Disclosures: This newsletter is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. 401 Financial is a Registered Investment Advisor. Investments involve risk, including the potential loss of principal. Please consult with a qualified financial professional before making any investment decisions.

401 Financial Broad Market Index (INDX) is a fundamentals-driven crypto index fund that blends the efficiency of passive investing with active, fundamentals-based selection. Backed by 401 Financial’s proprietary scoring system, INDX delivers low-cost, diversified exposure to the broader crypto market. Get invested today:
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📅 Meet with us

🔗 This Week’s Top Links

1. Coinbase turns on DEX trading inside the app

Coinbase is flipping the switch to let users trade millions of onchain assets on the Base blockchain directly in the Coinbase app. No more waiting for asset listings. They are sponsoring network fees too, making it incredibly friendly to trade. DEX aggregation to route across Uniswap/Aerodrome (the Uniswap and Aerodrome tokens are both included in our flagship INDX crypto fund), and a plan to add Solana next. U.S. rollout is live, with global expansion coming right up.
Why it matters: The blending of traditional finance and onchain finance continues. Builders get to distribute their token on day one, and users get more freedom of choice. This will be a major gateway to onchain assets for consumers, at the earliest of stages.

2. Stripe is building a payments L1 with Paradigm

Stripe is building it's own layer 1 blockchain: Tempo. Their goal is to tackle high speed payments via stablecoins. They are building using the EVM (Ethereum Virtual Machine) stack, so it will be compatible with Ethereum and it's Layer 2 chains. Stripe is early here and they are looking to disrupt TradFi's slow payment rails and excessive middleman fees.
Why it matters: Yet another company is recongnizing the reality: blockchains are simply the best infrastructure out there for finance. Stripe will be able to compress costs and have near instant settlement 24/7/365, something banks and payment processors can't offer. If Stripe owns the wallet (Privy acquisition) + On/offramp (Bridge acquisition) + chain, that’s a full B2B and B2C payments stack, all onchain.

3. Circle Reports Earnings for the First Time as Public Company

Stablecoins are all the buzz following the passing of the GENIUS Act last month. Circle is benefiting big time. Over the last year, the amount of USDC outstanding grew 90%, now sitting at $61.3B. They launched the Circle Payments Network, with the goal of making USDC more interoperable across chains and bridging the gap to "in real life" payments. Similar to Stripe, they also announced Arc, an EVM-compatible L1 where USDC will be the primary unit of account.
Why it matters: Stablecoins are becoming the operating system for money on the internet and Circle is building the stack to capture that flow with a multi-chain approach.

4. Harvard Endowment discloses Large Stake in BlackRock’s Bitcoin ETF

"The institutions are coming" is quickly becoming "The institutions are here." Harvard bought 1.9M shares of IBIT (~$116.7 million), reportedly giving it more exposure to BTC than it has to Alphabet (Google) or Nvidia. Brown University also increased its IBIT stake.
Why it matters: Endowments are notoriously slow to move. When they do, it validates the asset class for a whole cohort of institutions, and the flows tend to be sticky + long term thesis oriented.

5. “The Tokenization of Everything”

Simon Taylor’s piece absolutely nails what we are seeing across the crypto economy. Tokenization isn’t a hype word, it’s happening right before our eyes. He talks about Figma authorizing “blockchain common stock” and quotes Robinhood CEO Vlad Tenev calling tokenization “the greatest capital markets innovation since the central limit order book.” This one is well worth a read.

Here's the tokenization trend visualized:

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Disclosures: This newsletter is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. 401 Financial is a Registered Investment Advisor. Investments involve risk, including the potential loss of principal. Please consult with a qualified financial professional before making any investment decisions.

401 Financial Broad Market Index (INDX) is a fundamentals-driven crypto index fund that blends the efficiency of passive investing with active, fundamentals-based selection. Backed by 401 Financial’s proprietary scoring system, INDX delivers low-cost, diversified exposure to the broader crypto market. Get invested today:
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📅 Meet with us

🔗 This Week’s Top Links

1. Bitcoin, Ethereum, and other Crypto Assets are coming to your 401(k)s
President Trump signed an executive order this week that now allows alternative assets, including crypto, to be available in 401(k) plans. In our view this was long overdue, giving American's freedom of choice when it comes to investment of retirement funds simply makes sense. We're no longer talking about a small asset class, the crypto ecosystem as a whole is worth nearly $4 trillion and Bitcoin is the 6th most valuable asset in the world.

What this means: Retirement dollars are some of the stickiest capital out there due to passive automated investing. When crypto becomes allocatable in retirement accounts, even with a 1% cumulative allocation amongst savers would more than double the ETF flows into Bitcoin and Ethereum we have seen so far.

2. White House Releases National Digital Assets Strategy
This 166 page report is quite the shift for both individuals and businesses using and building with crypto assets in America. "American citizens and businesses should be able to own digital assets and use blockchain technologies for lawful purposes without fear of prosecution. Likewise, American entrepreneurs and software developers should have the liberty, and regulatory certainty, to upgrade all sectors of our economy using these technologies."

What this means: Green light for builders. The infrastructure was slowly being built in the background the last 5 years, and now it's primed. With regulatory clarity and a push to make the USA the capital of crypto, the stars are definitely aligning for a big shift in bringing finance and other sectors onchain into a more fair, accessible, lower cost, and trustworthy system.

3. CFTC Greenlights Move Toward Listed Spot Crypto Trading
Regulators across agencies realize they are behind, and now it's time to play catch up. The CFTC just kicked off a public comment period to allow spot crypto trading directly on regulated futures exchanges. We’re about to see the rails get laid for spot trading inside existing regulated venues, across the board from exchanges, to market makers, to custodians and brokers. This is how crypto becomes fully integrated into global capital markets.

4. Bitcoin Volatility Has Dropped Sharply Post-ETF Launch

This is yet another sign of Bitcoin maturing right before our eyes. While BTC's volatility continues to drop, returns have remained well above other asset classes. This will be something to keep an eye on going forward.

5. SEC Confirms Liquid Staking Isn’t a Security

A gray area for years, the SEC confirmed what crypto natives have long believed: liquid staking is NOT a security. This unlocks one of the most important primitives in crypto, free market yield generation while protecting blockchain networks via validating. Builders now know they’re clear to ship, and users know they’re safe to participate. One of the biggest regulatory overhangs in DeFi has been cleared, perhaps even clearing the way for liquid staking in Ethereum ETFs soon.

The INDX crypto fund helps you invest in the best of crypto with a single click.

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Get started investing today:
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Disclosures: This newsletter is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. 401 Financial is a Registered Investment Advisor. Investments involve risk, including the potential loss of principal. Please consult with a qualified financial professional before making any investment decisions.

401 Financial Broad Market Index (INDX) is a fundamentals-driven crypto index fund that blends the efficiency of passive investing with active, fundamentals-based selection. Backed by 401 Financial’s proprietary scoring system, INDX delivers low-cost, diversified exposure to the broader crypto market. Get invested today:
👉 Invest
📅 Meet with us

🔗 This Week’s Top Links

1. SEC Commissioner Paul Atkins Unveils "Project Crypto" - North Star for All Assets Moving Onchain
This is the biggest regulatory news we've seen in crypto in years. In short, the U.S. wants to lead in bringing the entire financial system onchain - using crypto rails for everything from tokenized stocks to onchain dollar payments and more. Atkins is aiming to:

• Bring crypto asset apps back to the U.S.

• Ensure choice in custody and trading venues for crypto assets.

• Enable innovation around super-apps that are being built onchain.

• Overhaul outdated SEC rules to embrace crypto technology.

• Shift the SEC’s culture to encourage builders, not strangle them with legacy frameworks.

It's a groundbreaking shift, and one that says crypto isn't going anywhere. It will become the backbone for all of finance.

2. Most Crypto Assets Are Not Securities
Classifying most crypto assets as not securities opens doors for financial advisors, asset managers, and other major TradFi players to offer investment advice and services with far fewer hurdles. It’s also a breath of fresh air for builders, who will face fewer regulatory headaches in offering crypto services in the U.S. In our view, crypto assets are fundamentally different from traditional equities. They enable new value accrual and flow mechanisms that simply didn’t exist before. The SEC now seems to be leaning toward this stance as well, a major positive shift from the previous SEC's approach.

3. JPMorgan and Coinbase Partner for Direct Bank-to-Wallet Access
JPMorgan and Coinbase just announced a massive partnership that will allow Chase customers to directly link their bank accounts to Coinbase wallets, effectively eliminating the barrier between offchain accounts and onchain assets. Starting this fall, customers will also be able to convert Chase rewards points into crypto at a 1:1 rate. This is another clear example of TradFi and crypto rails merging into one interoperable financial system.

4. PayPal Wants in on Crypto Payments
Following the passage of the GENIUS Act, payment companies are racing to enable crypto payments at scale. PayPal’s new “Pay with Crypto” feature allows U.S. merchants to accept over 100 crypto assets, with instant conversion at the point of sale. It’s now easier than ever for crypto holders to spend their assets in the real world, a trend we expect to accelerate rapidly.

📈 Backed by Conviction, Built for Scale

The INDX crypto fund was created to help you invest in the best of crypto with a single click.

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Get started investing today:
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Disclosures: This newsletter is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. 401 Financial is a Registered Investment Advisor. Investments involve risk, including the potential loss of principal. Please consult with a qualified financial professional before making any investment decisions.

401 Financial Broad Market Index (INDX) is a fundamentals-driven crypto index fund that blends the efficiency of passive investing with active, fundamentals-based selection. Backed by 401 Financial’s proprietary scoring system, INDX delivers low-cost, diversified exposure to the broader crypto market. Get invested today:
👉 Invest
📅 Meet with us

🔗 This Week’s Top Links

1. Crypto Sector Surges Past $4 Trillion in Overall Value
The crypto market crossed $4T in total value, a new record high. The best performing asset class of the last decade continues to gain regulatory clarity, while ETF inflows and adoption from traditional financial companies grow by the day. The reality is we’re no longer questioning "use cases" of crypto, we're simply seeing crypto technology and the overall economy blend together.

2. Big Banks Moving onto Crypto Rails
Bank of New York Mellon, the world's largest custody bank, just partnered with Goldman Sachs to launch tokenized money market funds onchain. This not only allows for 24/7/365 access, but also lowers the costs of accessing these funds. The biggest institutions in the world are starting to realize crypto rails are simply better infrastructure than what they're currently using. Yet another step in moving TradFi fully onchain.

3. Ethereum ETF (ETHA) Hits $10 Billion One Year Post Launch
BlackRock's Ethereum ETF became the third fastest ETF to hit $10 billion, behind only two Bitcoin ETFs. ETHA has nearly doubled in assets under management in just a span of two weeks. It's clear that demand for ETH is back, as more investors realize much of the stablecoin activity and decentralized finance is being built on Ethereum rails.

4. Coinbase Introduces U.S. Regulated Perpetual Futures + Forms Major Bank Partnership
Coinbase announced it will begin offering perpetual futures, regulated by the CFTC, to U.S. account holders. In short, this allows users to trade Bitcoin and Ethereum with up to 10x leverage. On top of this, Coinbase announced a partnership with PNC Bank, the banking giant will use Coinbase's trading and custody services to offer crypto trading to its banking customers. Coinbase has positioned itself as the premier "crypto-as-a-service" company across many crypto categories, and the demand for their services from both companies and individuals has never been higher.

5. "Real World Assets" Continue to Make Their Way Onchain
Token Terminal published a chart showing the explosive growth we've seen in tokenized real world assets - such as Treasuries, stocks, real estate, and more. This trend is perhaps the biggest in all of crypto and one we don't see slowing down any time soon. "Only possible onchain" will be something we hear frequently in the months and years ahead.

📈 Backed by Conviction, Built for Scale

The INDX crypto fund was created to help you invest in the best of crypto with a single click.

Onchain. Low cost. Accessible to all. Built by a fiduciary.

Get started investing today:
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Disclosures: This newsletter is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. 401 Financial is a Registered Investment Advisor. Investments involve risk, including the potential loss of principal. Please consult with a qualified financial professional before making any investment decisions.

401 Financial Broad Market Index (INDX) is a fundamentals-driven crypto index fund that blends the efficiency of passive investing with active, fundamentals-based selection. Backed by 401 Financial’s proprietary scoring system, INDX delivers low-cost, diversified exposure to the broader crypto market. Get invested today:
👉 Invest
📅 Meet with us

🔗 This Week’s Top Links

1. Crypto ETF Dominance Continues
It's been no secret that the bitcoin and ethereum ETFs have had tremendous success this year. Nate Geraci highlights the trend since the S&P 500 bottom on April 8: spot crypto ETFs have led all ETF categories with $20 billion in inflows - outpacing stocks, bonds, and commodities. The reality is crypto is a thriving asset class making its way into real world applications and companies are adopting it at scale. It can no longer be slept on.

2. Coinbase Launches New "Base App"
The Base team, led by Jesse Pollak, just shipped what might be the best onboarding experience crypto’s seen to date. It brings payments, identity, messaging, app discovery, creator tools, and a Farcaster-powered social layer all into one seamless onchain app—built for both beginners and power users. After two years of strong growth, this could be a huge unlock for the masses to join Base's onchain economy.

3. Stablecoins Remain a Hot Topic on the Street
Bank of America Prepares for Stablecoin Launch
On BofA’s Q2 earnings call, CEO Brian Moynihan shared that they’ve “done a lot of work” on a dollar-backed stablecoin and are ready to launch—likely through partnerships—once there’s sufficient legal clarity and demand. The good news? Multiple bills are moving through Capitol Hill this week, and all signs point toward them becoming law.

JPMorgan Will “Get Involved” Despite Skepticism
Jamie Dimon said he doesn’t quite see the point of stablecoins over existing payment systems—but confirmed JPMorgan is rolling ahead with its JPMD deposit coin and broader stablecoin strategy. Classic case of watch what they do, not what they say. Even the skeptics are on board with stablecoins right now, realizing they are critical for competing with fintechs like Stripe that are already heavily investing in the crypto space.

4. Tokenization forecast: $18.9T opportunity by 2033
Tokenization means putting assets—stocks, bonds, real estate—onchain so they can trade with global liquidity 24/7/365. Right now we’re under $1T, but BCG projects $18.9T by 2033. Their bullish case? $23.4T. Bearish? $12.5T. We’ll let you do the math. One thing’s clear: demand to rebuild global markets on crypto rails is only getting louder.

5. Jack Dorsey "Bitchat" Launch
The former Twitter founder - who also happens one of the biggest Bitcoin advocates - launched a new messaging app that works without internet, phone numbers, or emails—built on Bluetooth mesh. While not strictly crypto, it shares the same ethos: removing intermediaries and reclaiming control. Just as crypto decentralizes value flow, Bitchat aims to decentralize communication.

📈 Backed by Conviction, Built for Scale

The INDX crypto fund was created to help you invest in the best of crypto with a single click.

Onchain. Low cost. Accessible to all. Built by a fiduciary.

Get started investing today:
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Disclosures: This newsletter is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. 401 Financial is a Registered Investment Advisor. Investments involve risk, including the potential loss of principal. Please consult with a qualified financial professional before making any investment decisions.