Wall Street’s accelerating shift toward blockchain-based finance could create investment opportunities that extend well beyond Bitcoin and Ether, according to Citrini Research. The firm expects businesses and crypto protocols that collect fees from tokenized financial activity to be among the potential beneficiaries.

In its 79-page report, Breaking the Wall, published Thursday, Citrini argued that tokenizing traditional assets such as stocks, bonds and loans could establish new markets for trading, lending and payments.

The report suggests that investors looking to profit from this transformation may find more attractive opportunities in companies and digital assets tied to tokenization than in Bitcoin BTC $82,596.93 and Ether ETH $2,481.60 .

Tokenization involves creating digital representations of traditional assets on blockchain networks. These tokens can move between platforms and may be traded around the clock. For example, an investor could use a tokenized stock as collateral for a loan directly from a digital wallet rather than relying on a conventional brokerage.

Citrini has built a following through its research on technology and financial markets, especially artificial intelligence. Its Substack newsletter has more than 263,000 followers. The firm’s AI analysis went viral earlier this year, triggering widespread concern and contributing to a brief market downturn.

According to Citrini, the growing use of tokenized assets could create fresh revenue opportunities for trading platforms, lenders, stablecoin issuers and companies that maintain securities ownership records. Businesses and crypto protocols earning fees from these transactions could capture much of the value generated by the transition.

“We can’t assume that majors, primarily BTC and ETH, will make new ATHs on this,” the report said, referring to all-time highs. “Even if they do, there are better expressions.”

Listed companies with tokenization exposure

Citrini outlined two groups of potential investments: publicly traded companies and crypto tokens. Its stock selections focused on businesses that could generate fees as traditional financial services increasingly move onto blockchain networks.

Securitize (SECZ) was highlighted for its role in linking blockchain tokens to the securities they represent.

The report also identified Coinbase COIN $172.48 and Robinhood HOOD $107.17 as potential beneficiaries through their trading platforms and blockchain infrastructure. Circle CRCL $80.83 could gain from greater use of its USDC stablecoin to settle transactions involving tokenized assets.

Other companies on Citrini’s list included Figure Technology Solutions (FIGR), which focuses on tokenized lending; SoFi SOFI $15.56 , which offers stablecoin payment services; and Bullish BLSH $31.82 , an exchange operator serving institutional digital asset markets. Bullish, CoinDesk’s parent company, is acquiring share registrar Equiniti.

Crypto tokens that could benefit

Citrini expressed stronger interest in its crypto-token portfolio, arguing that it provides broader exposure to the tokenization trend than the limited number of publicly listed businesses.

“If we’re right that stocks, commodities and other financial assets are moving onchain, then eventually all of the financial products built around those assets should follow them,” the report said.

The firm included Aerodrome (AERO), a trading platform that could earn fees from tokenized stock transactions, and Maple SYRUP $0.2307 , which offers blockchain-based lending products for institutional investors.

Pendle (PENDLE), which allows users to trade future income from yield-bearing assets, was another selection. Citrini also named Ondo Finance ONDO $0.4811 , a platform offering tokenized U.S. Treasuries and stocks that has recently moved into perpetual futures.

Aave AAVE $167.98 was selected for its decentralized lending infrastructure, while Uniswap (UNI) provides a decentralized venue for token trading. Ethena (ENA), a stablecoin issuer, also featured after expanding into digital financial services that include savings, cards and payments.

The portfolio further included ether.fi (ETHFI), which provides crypto-based financial services; Chainlink LINK $12.78 , which supplies market data infrastructure; and LayerZero ZRO $2.0572 , which connects different blockchain networks. Citrini sees potential benefits for these projects as tokenized assets spread across financial platforms and blockchain ecosystems.

Derive DRV $0.4935 , a decentralized options trading protocol, was also identified as a potential winner if tokenized stocks and other financial instruments drive more derivatives trading onto blockchains.

The report additionally highlighted Lighter (LIT) and Variational (VAR), two developing perpetual futures platforms. These contracts allow traders to speculate on asset prices without owning the underlying assets and, unlike conventional futures, have no expiration date.

Citrini noted that Hyperliquid (HYPE) has established itself as a major player in blockchain-based perpetual futures trading. It suggested Lighter and Variational could gain ground as the market expands. The firm also included Hyperliquid exposure in its stock portfolio through the Bitwise Hyperliquid ETF (BHYP).

Tokenization growth does not guarantee higher prices

Citrini cautioned that rising transaction volumes and increased network activity do not necessarily translate into stronger token prices. Investors should assess how each protocol generates revenue, who receives the fees and whether token holders benefit from those earnings.

The report also pointed to fragmented liquidity across blockchain networks, security risks and regulatory uncertainty as potential barriers to adoption.

Synthetic tokenized stocks present another challenge because they can track the prices of conventional shares without granting investors direct ownership or voting rights. These limitations could affect how quickly tokenized financial products gain wider acceptance.