Citrini Research Backs AAVE, UNI, ETHFI, PENDLE, ONDO for Tokenization Gains

Citrini Research Shifts Focus from Bitcoin to Crypto Infrastructure

Citrini Research has unveiled a new investment thesis that moves beyond simply recommending Bitcoin. The firm’s latest report posits that the next wave of significant capital in the cryptocurrency space may flow into the underlying infrastructure, rather than the prominent digital assets themselves.

The report highlights several key cryptocurrency picks, including Aave (AAVE), Uniswap (UNI), ether.fi (ETHFI), Pendle (PENDLE), and Ondo (ONDO). Citrini argues these platforms are better positioned to capitalize on the burgeoning market for tokenized stocks, bonds, and loans compared to a strategy solely focused on Bitcoin (BTC) or Ethereum (ETH).

Published on October 8, 2026, the 79-page report, titled “Breaking The Wall,” centers on the convergence of two powerful trends: tokenization and agentic artificial intelligence. Tokenization refers to the process of converting traditional financial assets into digital tokens that operate on a blockchain. Agentic AI, meanwhile, involves software agents capable of independent action and transaction execution.

Citrini views tokenization as a catalyst for a 24/7 programmable financial system, where assets trade continuously and adhere to predefined rules, eliminating the need to wait for traditional market opening hours. In such a future, the firm identifies fee-generating platforms and infrastructure providers as holding the greatest potential. The report specifically emphasizes the importance of the underlying “rails” for trading, lending, and derivatives related to tokenized assets.

A notable section of the report details a sample cryptocurrency portfolio comprising 15 tokens, with allocations totaling 100%. While the specific weights of the remaining 10 tokens are not detailed, the five highlighted positions—Aave, Uniswap, ether.fi, Pendle, and Ondo—collectively represent 29% of this crypto allocation. The remaining 71% is distributed among the other ten digital assets.

Beyond cryptocurrencies, Citrini also outlined a separate portfolio of public-market securities. This equity-focused portfolio saw its largest investments in Securitize (20%), Circle (18%), and Coinbase (18%). These three holdings alone constitute 56% of the public-market securities portfolio.

As of early October 2026, Citrini Research boasted over 260,000 subscribers on its Substack platform. The firm also recently came under new ownership, with SemiAnalysis acquiring it in September 2026, just weeks prior to the release of its tokenization-focused report.

The viability of Citrini’s thesis hinges on the successful scaling of tokenization and the emergence of agentic AI as a significant driver of financial activity. The firm characterizes both trends as being in their early stages of development. The report also includes a cautionary note, stating that increased blockchain activity does not automatically translate into a corresponding rise in the value of associated tokens.