Josiah Putrich

Managing Partner @Eon_Cap | Opinions are my own, not investment advice

[Josiah Putrich @JosiahEon]

@JamesKibbie Facts

[Josiah Putrich @JosiahEon]

@JamesKibbie Spitting facts

[Eon Capital @Eon_Cap]

As the usefulness of LLMs continues to accelerate, the conversation is beginning to shift from model capability to control.

Who owns the model? Who can read the conversation? Who decides what the model is permitted to say? As frontier AI systems become embedded in daily personal and work life (software development, legal advice, financial planning, relationship advice, etc.) these questions are emerging front and center.

For most commercial AI products today, the answer is to harvest as much user data as possible. The conversation around privacy in AI needs to be had, and Venice is the main player driving it.

In our latest blog post, we do a deep dive into @ErikVoorhees project @AskVenice and how they address these questions.

https://t.co/ntP7Y9oQVx

[Eon Capital @Eon_Cap]

We are pleased to announce that 2025 was a strong year for Eon Capital, with our flagship fund returning +62% (gross) despite a down year for the industry.

The Digital Innovation Fund’s outperformance in its first full year validated the core thesis behind Eon’s launch. As blockchains become the de facto global financial coordination layer, the digital asset industry is positioned for accelerated growth over the coming decade. Actively managed, targeted exposure to high conviction ideas across the ecosystem remains, in our view, the most effective way to capture that opportunity.

We are also thrilled to welcome Ian Bondura to Eon in a dual capacity as Manager and General Counsel, where he will lead legal, regulatory, and governance initiatives across the firm. This addition strengthens Eon’s institutional foundation as the firm continues to scale its investment and operational capabilities.

In our latest article, "Trust, Not Tokens", we dive into four of our highest-conviction ideas for the year ahead along with a review of our 2025 forecast. We touch on, among other things, curated theses around AI’s intersection with crypto rails, onchain capital formation, phigitals/exotic RWAs, and emerging onchain credit and identity.

Special thanks to @0xethlaw , @NAVFundServices , and @ledger_business for their continued partnership and support. We are just getting started and are very excited for what comes next going into 2026.

https://t.co/QLrREfUoEu

[Eon Capital @Eon_Cap]

July 2025 marked a transformative period for crypto, propelled by regulatory clarity and accelerating institutional adoption.

Legislative: July began with the U.S. House of Representatives’ “Crypto Week,” which lead to President Trump's signing of the GENIUS Act into law on July 18. This is the first major national crypto legislation established by the United States. GENIUS is a bipartisan framework for dollar-backed stablecoins, giving stablecoin issuers a playbook to hold liquid reserves like U.S. Treasuries and disclose monthly compositions, a giant leap forward for crypto adoption and digital U.S. dollar dominance.

Concurrently, the White House released a detailed 160-page cryptocurrency roadmap on July 30, urging Congress to enact broader digital asset legislation to cement the U.S. as the “crypto capital of the world.” This roadmap emphasizes modernizing KYC/AML rules and promoting DeFi integration, aligning with our portfolio’s bet on broadening onchain adoption.

Institutional Adoption: This clarity, along with a returning sense of freedom from regulatory overhangs after the SEC dropping their long-standing lawsuit against Binance, has fueled unprecedented TradFi-crypto integration. JPMorgan Chase announced a partnership with Coinbase last month to enable direct bank-to-wallet connections for Chase customers.

JPMorgan’s blockchain unit, Kinexys, alongside Chainlink and Ondo Finance, also completed a test transaction to settle a tokenized U.S. Treasuries fund across multiple blockchains, reflecting growing institutional confidence with tokenized assets. Within equity markets, stablecoin issuer Circle went public last month becoming the best performing major IPO of 2025.

Stablecoins and Payments: Stablecoin adoption has surged as corporations scramble to integrate them into their systems. Shopify partnered with Coinbase and Stripe to enable USDC payments on the Base network, while PayPal launched “Pay with Crypto,” allowing U.S. merchants to accept over 100 cryptocurrencies. Chainlink’s new partnership with Mastercard facilitates secure fiat-to-crypto conversions, and Western Union is exploring stablecoin integration for digital wallet on-ramps and cross-border payments.

Retail giants Walmart and Amazon are also exploring their own stablecoins to reduce card processing fees, potentially challenging Visa and Mastercard. French bank Societe Generale announced USD CoinVertible, a U.S. dollar-pegged stablecoin on Ethereum and Solana, while BlackRock’s $3 billion tokenized Treasury fund integrated with Euler on Avalanche, marking a milestone in institutional DeFi adoption.

We are encouraged to see Eon's thesis come to life as institutional adoption balloons alongside regulatory clarity.

[Eon Capital @Eon_Cap]

Eon Capital will be at the @blockworksDAS in NYC this week

Looking forward to meeting with industry leaders and service providers to discuss the future of liquid digital asset hedge funds like the Digital Innovation Fund