Citrini Research Ranks 15 Tokens Over Bitcoin (BTC) Bets in 79-Page AI Finance Report

79 Pages on AI Agent Finance

A 79-page research report published on October 8 argues that AI agent finance, rather than the Bitcoin (BTC) price itself, will determine which digital asset investments actually pay, and it names the winners: companies and projects that collect fees from real-world asset (RWA) tokenization and on-chain financial transactions. The report from Citrini Research assembles two baskets around that thesis. The equity basket holds 8 listed companies and 1 ETF; the token basket holds 15 coins, a group the research house rates as the broader and more promising opportunity once traditional assets migrate on-chain. In its framing, a pure Bitcoin bet captures none of that fee flow, however far the asset itself runs. The equity side covers each layer of tokenization and on-chain infrastructure. Securitize (SECZ) maintains the legal link between blockchain tokens and the underlying securities they represent. Coinbase (COIN), the exchange and blockchain infrastructure provider, is pursuing approval from the US Commodity Futures Trading Commission (CFTC) for perpetual futures on US equities. Robinhood (HOOD) moved first on stock tokens, opening tokenized shares to distribution across multiple chains and apps. Circle (CRCL), issuer of the USDC stablecoin, stands to gain as USDC demand grows in on-chain settlement and payment flows. Figure Technology Solutions (FIGR) specializes in blockchain-based tokenized lending, SoFi is extending into stablecoin payments, and Bullish (BLSH), the institution-focused exchange operator, is acquiring the share registration agent Equiniti. BlackRock (BLK) completes the list as the asset manager leading the onboarding of financial assets. For Hyperliquid exposure, Citrini selected the Bitwise Hyperliquid ETF (BHYP) rather than buying the token directly, keeping the equity basket clean of direct token holdings.

15 Tokens Rated Above Equities

The token basket receives the stronger endorsement. Citrini reasons that when traditional assets move on-chain, derivatives follow them, so tokens positioned on the transaction path capture more of the growth than listed equities can. Eleven core protocols anchor the list. Aerodrome (AERO), the leading decentralized exchange on the Base network, collects fees directly whenever tokenized assets change hands on-chain. Maple (SYRUP) manages on-chain credit for institutional borrowers, Pendle splits the future income of yield-bearing assets into separately tradable tokens, and Ondo Finance (ONDO) tokenizes US short-term Treasuries and equities while expanding into on-chain perpetual futures. Aave supplies core lending and borrowing infrastructure, Uniswap (UNI) operates the flagship decentralized marketplace for exchanging tokenized assets, and Ethena (ENA) issues the synthetic dollar USDe while pushing into savings, cards and payments. Solana (SOL) enters as the flagship mainnet for onboarding assets as AI-driven finance grows, with ether.fi (ETHFI) providing crypto liquidity and financial services alongside it. Chainlink (LINK) moves off-chain asset prices and market data into smart contracts through its oracle network, and LayerZero (ZRO) handles cross-chain messaging and the movement of tokenized assets between blockchains. The altcoin basket is rounded out by a derivatives group. Derive (DRV) trades decentralized options and stands as a direct beneficiary of rising on-chain derivatives volume from tokenized equities. Hyperliquid (HYPE) runs 24/7 perpetual futures on oil, commodities, indices and stocks, and the report credits it as the only venue where oil price discovery continued through a weekend during the Iran dispute, a proof of concept for an always-on market that traditional exchanges cannot staff. Lighter (LIT) and Variational (VAR) are named as emerging challengers expected to take share alongside Hyperliquid as the perps market widens.

Fee Capture Over Price Bets

Bitcoin (BTC) appears in this report only as a measuring stick. Every named winner earns fees at issuance, settlement, lending or verification, and none of the 15 tokens is BTC, a notable omission given how much fee-bearing Bitcoin DeFi infrastructure now exists. Our reading is that this is a rotation thesis, from holding the asset to owning the tollbooths around it, and it will be settled by flows rather than by argument. Capital direction currently favors it: JPMorgan's 2026 crypto inflows forecast points to $50 billion entering the asset class. The narrative has skeptics too, among them security engineer Jameson Lopp, who dismissed AI threats to Bitcoin after months battling AI-driven attackers. The monitorable set is now concrete: SECZ, COIN, HOOD, CRCL, FIGR, SOFI, BLSH and BLK alongside BHYP on the equity side, with AERO, ONDO, LINK and HYPE leading the token side, and desk traders can weigh those picks against current Bitcoin technical analysis signals.