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RockawayX
2026-09-09 01:37:10

RockawayX-backed investor lays out why Pump, Hyperliquid, Venice and EtherFi still look undervalued

RockawayX, after acquiring crypto hedge fund Relayer Capital, is raising a $150 million liquidity opportunities fund led by Relayer founder and former CoinFund partner Austin Barack. In a recent Bankless podcast, Barack described his "growth and value" framework and said roughly 95% of his time now goes to liquid tokens rather than venture bets. His argument is that the best setup in crypto appears when a project is already showing product-market fit, user growth, rising revenue and visible buyback or burn mechanics, while the market still prices it cheaply. Barack walked through four names in detail. For Venice, he built a model around subscription revenue, credit purchases and token burns, arguing VVV was undervalued at a $1 billion fully diluted valuation and outlining a path to a roughly $43.89 token price under his 2027 assumptions. He also said Pump remains cheap relative to its buyback multiple, even though the market questions how durable meme-driven revenue can be. On Hyperliquid, he pointed to fast-growing fee generation and its role in 24/7 onchain price discovery across crypto, commodities, stocks and indexes. For EtherFi, he argued the market still anchors on its old staking identity even as more than 65% of revenue now comes from newer banking and brokerage-style products. His broader call is that crypto has moved past the era when infrastructure captured nearly all industry revenue. In his view, applications now account for about two-thirds of revenue, and that share could exceed 90% over time.

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RockawayX-backed investor lays out why Pump, Hyperliquid, Venice and EtherFi still look undervalued
a16z crypto
2026-08-08 03:20:48

Crypto Payment Card Spending Climbs to $759M Monthly, a16z Data Shows

Monthly spending on crypto payment cards has reached $759 million, according to fresh data from a16z crypto. The figure marks a jump from the niche-scale volume recorded in earlier periods. These cards let users spend cryptocurrency wherever traditional card networks are accepted; at the point of sale, the stablecoin is converted into local currency, so the transaction looks like an ordinary card payment to the merchant. As of July 31, RedotPay accounted for the vast majority of spending across card programs, while EtherFi, KAST and Karta have been gradually expanding their share since late 2025. a16z crypto also said cardholders don't need a traditional bank account: they can deposit stablecoins with the issuer or hold tokens in self-custody. That, the firm says, broadens access to dollar-denominated accounts for global users and gives stablecoin holders a convenient way to spend.

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Crypto Payment Card Spending Climbs to $759M Monthly, a16z Data Shows