Michael Steinberg //

I’ve seen some things. Reciprocal Ventures @recvcx

[Michael Steinberg // @Mike9MS]

@Ryan__Barney @hiFramework @pythianism Congrats Ryan, I'm sure you'll continue to crush it !

[Craig Burel @CraigBurel]

Excited to share that Reciprocal co-led the Series A extension for @Blockworks_ alongside @paraficapital.

Here's why we believe Yano and Mike are building the Morningstar for crypto.

This industry is at an inflection point. The technology works. Regulation is finally catching up. Institutions are showing up. The thing standing in the way of real scale isn't any of the old excuses anymore.

It's the trust gap.

Most crypto businesses haven't done the work to earn investors' trust. And investors don't have the information they need to underwrite the asset class with conviction. That's the bottleneck. Solve it, and a lot of capital starts moving.

Here's the bigger picture: every capital market in the world is moving onchain. Stocks, bonds, currencies, commodities, real estate, and tokens. All of it, on public blockchains, trading 24/7, globally and transparently. We've believed this for years and it's no longer a fringe view.

In every mature capital market, the information layer is one of the most valuable parts of the system. Bloomberg, S&P, Moody's, Morningstar, FactSet, CapIQ, Refinitiv, Broadridge. These businesses help investors underwrite and help issuers tell their story. They're often worth more than the assets they cover.

Crypto deserves its own version of that layer. Built natively for onchain markets with AI from day one. Blockworks is building it.

Three products are doing the work today:

Data. One of the largest data platforms in the industry. Trillions of rows across 100+ pipelines, ingesting from nearly 100 sources, with fully indexed blockchains and direct feeds from a dozen-plus major exchanges. Hundreds of companies and funds run their workflows on top of it.

Investor Relations. Blockworks IR is the first full-stack IR platform built for onchain businesses. Branded portals, curated analytics, quarterly reports, the whole stack. Solana, BNB Chain, and Jito are live. Many more are on the way.

Disclosures. The Token Transparency Framework is becoming the standard. 30+ issuers rated today, 200+ by year end. Presented to both the SEC and the CFTC. Active integration conversations with every major exchange. This is what mandated token disclosures will look like.

But a great product isn't enough. Winning this market requires trust, and Blockworks has spent years earning it from crypto teams, financial institutions, and large enterprises. This has become a differentiator and a distribution advantage. Customers are telling Blockworks what to build next, and they are delivering. As a result, ARR has grown more than 10x since their last raise.

Couldn't be more pumped to back @JasonYanowitz and @MikeIppolito_ for what's next!

[Michael Steinberg // @Mike9MS]

@MrHasty3 Lastly, no upstream supplier in this space has ever generated margins even close to 80%. So you can believe what they say or trust the historical empirical data. I know what works for me.

[Michael Steinberg // @Mike9MS]

@MrHasty3 While margins can improve with tighter power markets or better contract terms, they are unlikely to approach extreme levels like 80% on a sustained basis, given the more competitive and capital-intensive nature of an infrastructure layer.

[Michael Steinberg // @Mike9MS]

@MrHasty3 Galaxy’s margins will be structurally constrained bc they sits upstream as a supplier; its pricing is embedded as a cost for customers like CoreWeave and reflects infrastructure economics and lack end-market pricing power.

[Michael Steinberg // @Mike9MS]

$HYPE has a way of energizing creative ideas…even in down markets

[James Evans @jimbo_evans]

https://t.co/dAPtkNLg02

[Michael Steinberg // @Mike9MS]

@drydenwtbrown Get a grip

[Michael Steinberg // @Mike9MS]

@EdGrapeNutZimm Politics aside, 60 Minutes is far from an “investigative powerhouse.” They have a long history of misreporting and being easily duped.

https://t.co/NKMR3rBdFs

[Michael Steinberg // @Mike9MS]

@chainyoda Robinhood has eligibility reqs

[Michael Steinberg // @Mike9MS]

@santiagoroel Another dumb tweet

[Michael Steinberg // @Mike9MS]

@tushar_jain JupLend is using the Bear Stearns CDO playbook, but with less transparency.

This increases systemic risk to the ecosystem.

Kamino trying to ring fence. Smart.

[Michael Steinberg // @Mike9MS]

@laurashin @LucaNetz Im guessing this guy never has a risk manager

[Michael Steinberg // @Mike9MS]

@DeFi_Dad @circle @HypeStrat @dschamis @edge_pod They should advise the team to stop undermining their community…or share losses will continue

[Michael Steinberg // @Mike9MS]

@goswish I call BS
Lead a Series A and prove me wrong

[Michael Steinberg // @Mike9MS]

@KobeissiLetter Nice effort tho you're misusing the term. Structural bears are long duration downturns that reflect systemic problems.

[Michael Steinberg // @Mike9MS]

@TheiaResearch Suggest you read the BBBA and focus on new rules for depreciation. It changes the math and is not a coincidence

[Michael Steinberg // @Mike9MS]

@MacroCRG Memecoins thrived for awhile bc Govs said utility tokens = unlicensed securities in US markets. That mistaken logic has now changed, permanently

[Michael Steinberg // @Mike9MS]

@LibertyLockPod Obvious bot, no one can be this stupid

[Craig Burel @CraigBurel]

We're hiring an Associate at Reciprocal!

This is an opportunity to:
1⃣ Live on the front line of crypto innovation
2⃣ Back category defining companies
3⃣ Work with the most talented founders in crypto

If you're hungry and relentlessly curious, apply at the link in the next post 👇 🐇🕳️