Citrini Research favors AAVE, UNI, ETHFI, PENDLE, and ONDO in tokenization bet

Citrini Research has a new thesis, and it isn’t “just buy Bitcoin.” The firm’s latest report argues that the real money in crypto’s next chapter may flow to the plumbing, not the headline assets.

Its picks include Aave (AAVE), Uniswap (UNI), ether.fi (ETHFI), Pendle (PENDLE), and Ondo (ONDO). The firm frames them as better positioned to capture value from tokenized stocks, bonds, and loans than a portfolio that simply rides Bitcoin (BTC) or Ethereum (ETH).

Inside “Breaking The Wall”

The report, titled “Breaking The Wall,” was published on October 8, 2026. It runs 79 pages.

Its central argument is that two forces are converging. The first is tokenization, which means turning traditional financial assets into tokens that live on a blockchain. The second is agentic AI, meaning software agents that can act and transact on their own.

The firm frames tokenization as a path to 24/7 programmable finance. Put simply, assets that trade around the clock and follow coded rules, rather than waiting for a market to open on Monday.

If that world arrives, Citrini sees the biggest opportunity in fee-generating platforms and infrastructure providers. The report puts particular emphasis on the rails for trading, lending, and derivatives on tokenized assets.

The sample portfolio, by the numbers

The most talked-about part of the report is a sample crypto portfolio of 15 tokens. The allocations add up to 100%.

The named weights break down like this:

• ether.fi (ETHFI): 10%
• Aave (AAVE): 9%
• Uniswap (UNI): 4%
• Pendle (PENDLE): 3%
• Ondo (ONDO): 3%

Those five positions combine for 29% of the portfolio. The remaining 71% is spread across the other 10 tokens in the basket.

Citrini didn’t stop at tokens. The firm also laid out a separate portfolio of public-market securities. Its largest allocations went to Securitize at 20%, Circle at 18%, and Coinbase at 18%.

Those three positions alone make up 56% of that equity portfolio.

Who is Citrini, and why people are reading

Citrini Research had more than 260,000 subscribers on its Substack as of early October 2026.

It also has a new owner. SemiAnalysis acquired Citrini Research in September 2026, just weeks before the tokenization report landed.

What this means for investors

The thesis depends on tokenization actually scaling and on agentic AI becoming a meaningful source of financial activity. Both are trends Citrini describes as underway, not finished.

The report also cautions that the rise in blockchain activity does not guarantee a corresponding increase in the price of associated tokens.