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Spanning institutional adoption, AI's convergence with crypto, the rise of real-world blockchain infrastructure (DePIN), and the next evolution of consumer applications, the report distills complex trends into actionable investor takeaways, separating signal from noise in one of the most transformative years in the industry's history.

The Satellite View is compiled from Theta Capital's annual Legends4Legends event on blockchain technology and its investment opportunities with the top minds in the industry. The report presents bold predictions from leading experts including many of the crypto-native venture funds Theta invests in, with insights on the blockchain industry, investment opportunities, themes and strategies. Unlike other industry reports, The Satellite View is written by investors for investors, offering exclusive insights from top venture capitalists and founders.

The report focuses on five key takeaways from 2025's biggest shifts:

· How stablecoins, tokenized real-world assets (RWAs) & institutional DeFi are becoming core components of global financial infrastructure.

· How AI relies on blockchain to unlock global resource networks, ensuring transparency, security and economic coordination in a "less-centralized" AI future.

· Why Decentralized Physical Infrastructure (DePIN) is set for a breakout year, transforming energy, data, and connectivity markets.

· How blockchain infrastructure maturing is opening the path for consumer applications to deliver better-than-Web2 quality user experiences.

· How crypto is reshaping attention markets, where behavior as content and social engagement merge into investable assets.

"2025 is not just another market cycle-it's a year of structural transformation. Institutions are integrating digital assets at scale, AI is leveraging crypto for coordination and verifiability, and the era of real-world blockchain infrastructure has arrived," said Ruud Smets, Managing Partner & CIO at Theta Capital. "The Satellite View is built for investors who need to understand the full picture of where the industry is going."

The report highlights a critical turning point in the digital asset space: the merger of traditional financial markets and crypto is no longer theoretical-it's happening now.

Stablecoins now hold hundreds of billions in U.S. Treasuries, solidifying their role as key sources of global liquidity.

Tokenized markets for equities, bonds, and real estate are moving from pilots to mainstream adoption.

Banks and asset managers are leveraging blockchain for trading, settlement, and collateralization, integrating crypto into core financial infrastructure.

Leading figures from the space who participated included J. Christopher Giancarlo (Former CFTC Chairman), Lasse Clausen (Founding Partner, 1kx), Nic Carter (Founding Partner, Castle Island), Robert Mitchnick (Head Digital Assets, BlackRock), Vance Spencer (Co-Founder, Framework Ventures), Jon Charbonneau (Co-Founder, DBA), Alex Pack (Managing Partner, Hack VC), Olaf Carlson-Wee (Founder, Polychain Capital), Andrej Radonjic (Founder, Grass), Balder Bomans (Managing Partner, Maven 11), Christopher Perkins (President, CoinFund), Min Teo (Co-Founder, Ethereal Ventures), Franklin Bi (General Partner, Pantera Capital), Catrina Wang (General Partner, Portal Ventures), Nick Tomaino (Founder, 1confirmation), Mike Zajko (Co-Founder, Lattice Capital), Tarun Chitra (Managing Partner, Robot VC and CEO, Gauntlet), Michael Jordan (Co-Founder, DBA), Clay Robbins (CEO, Colosseum), Tyler Spalding (President, Acronym Foundation), Carlos Pereira (Partner, BITKRAFT), Hootie Rashidifard (Founder, Hash3), Mike Dudas (Managing Partner, 6MV), Shaishav Todi (General Partner, Lemniscap) and Jason Kam (Founder, Folius Ventures).