I didn’t manage to get an allocation this round, but the strong first-week performance of both FIGR and GEMI highlights how much liquidity is chasing crypto-related names right now. That said, I think sustainability will depend less on the “crypto” label and more on fundamentals—clear revenue streams, regulatory positioning, and long-term adoption. Short-term pops are attractive, but I’m cautious about chasing momentum without a solid business model behind it.
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