📽️ WATCH: Estate Protocol CEO Parv Prabhakar says tokenizing only 10% of the U.S. real estate unlocks $7 trillion in liquidity.
Interview by Jackson H.
@EstateProtocol
> overpay for @x, win your guy the election
> @xai buys @x at last round valuation (all stock, elon valuation)
> @SpaceX buys @xai for $250B (all stock, elon valuation)
> get index providers to add $SPCX at elon valuation
> IPO
remember thinking about how bad the X deal was and who would end up paying for it, turns out it’s grandma and grandpa
Rule changes for the SpaceX $SPCX IPO:
Index providers waived the profitability requirement and cut the seasoning window from 90 days to 5.
This forces over $30 trillion in passive 401k and retirement money to buy SpaceX at IPO valuations.
Bloomberg Intelligence estimates S&P 500 funds must absorb 19% of SpaceX's float within 6 months.
Russell 1000 and Nasdaq 100 funds will absorb 24%.
The rules built to protect passive investors:
1. S&P 500 has required 12 months of trading and 4 quarters of GAAP profitability since 2002. Both waived.
2. Nasdaq cut its inclusion window from 90 trading days to 15.
3. FTSE Russell cut its to 5.
All three benchmarks are now structured to buy SpaceX at IPO pricing.
i saw this coming years ago, but the state of crypto right now is unlike anything i’ve ever seen
If you’re in the grey, your future is bullish
people in red and blue both are feeling the squeeze
People keep calling for random trends and narratives each cycle but if you really zoom out and look
The biggest trend now is the extreme polarization of tradfi and crypto worlds ending
Regulatory uncertainty induced by the previous US regime resulted in established orgs treating crypto as a toxic industry even if there were obvious benefits to it
@jpmorgan won’t touch lending protocols
@sequoia won’t touch ICOs
@riotgames won’t touch P2E
@blackstone won’t touch tokenized real estate
This will change very quickly with a clear regulatory framework. Pay attention to the grays.
Nathan was a legend. We first started talking here half a decade ago and it’s been amazing to see how far he took Ondo. Thank you for all your help. Rest in peace brother.
It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo's founder. Our hearts are with his family and loved ones.
Nate’s brilliance, humility, and drive shaped every part of what Ondo is today. His belief in the power of technology to create a more open, accessible financial system lives on in everything we build. The impact he had on this industry, and on all of us personally, cannot be overstated.
Nate also helped us build a durable organization with experienced leaders across all facets of the business. Ian De Bode, Ondo Finance’s longtime President, will serve as CEO. Ian has been leading our strategy, product, and day-to-day operations for over two years and has the full confidence of the leadership team.
We will continue building what Nate started. That is the most meaningful way we know to honor him.
Major areas where the financial system still needs an update:
1. Tokenization of real-world assets - Real estate, stocks, bonds, funds, etc. onchain for instant settlement, fractional ownership & massive distribution.
2. 24/7 Global trading - Pooled global liquidity, every asset, every person, with great leverage and capital efficiency.
3. Next-gen payments - Near-instant, low-cost global transfers using stablecoins, including for Agentic payments.
4. AI-powered risk, credit, compliance, and advice - Better decisions, less fraud, and broader access to capital. Everyone gets access to a great financial advisor.
5. Innovation friendly regulation - Move from one-size-fits-all to risk-based rules that encourage innovation and competition instead of stifling it.
6. Expanded access - Open protocols that reduce middlemen and self-custodial wallets to expand access to everyone with a smartphone.
7. Capital formation - Low cost and turnkey for anyone to raise money for a good idea, increasing the number of startups.
8. Sound money - A refuge from inflation, when discipline is lost in fiat money.
Jobs not done until we get these working for all.
Will require lots of tech innovation and policy work to get there.