Citrini Research released a 79-page report titled Breaking The Wall on October 8, 2026. The firm argues that the convergence of tokenization and agentic AI creates significant opportunities for fee-generating crypto infrastructure rather than traditional assets like Bitcoin or Ethereum.
The firm identified five key tokens for its portfolio: Aave, Uniswap, ether.fi, Pendle, and Ondo. These assets account for 29% of a sample 15-token portfolio, while the remaining 71% is distributed among 10 other tokens. The report emphasizes platforms facilitating trading, lending, and derivatives for tokenized stocks, bonds, and loans.
Beyond crypto tokens, the firm proposed a portfolio of public-market securities. It allocated 20% to Securitize, 18% to Circle, and 18% to Coinbase. The report notes that the success of this investment thesis depends on the scaling of tokenization and the adoption of autonomous AI agents in financial activities.
The publication follows the acquisition of Citrini Research by SemiAnalysis in September 2026. The firm cautions that increased blockchain activity does not automatically lead to higher prices for associated tokens.
