Seth Ginns, managing partner and head of liquid investments at CoinFund, joins J.D. Durkin to discuss the launch of CoinFund’s Liquid Fund and how institutional capital is converging with crypto markets in 2026.
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J.D.: Join us now here on taking stock remotely as Seth Ginns is managing partner and head of Liquid Investments at CoinFund. Seth, it is terrific to have you join us on this Friday afternoon edition of the show. Let's start with CoinFund's Liquid Fund. Talk to us all about it. The top priorities. And really, why was it important to launch this fund? Seth:Yeah.
Seth: So we're actually in the midst of spinning out our liquid fund. We think '26 is a year where we're going to see a massive convergence between traditional finance and crypto. You know, I think that circle headline, the SEC and CFTC headline very much pointing in that direction. And we want to be heads down, ready to grow resource rich and ready to compete against the traditional hedge funds that are coming into the space. that that was a big announcement for us earlier this month and very excited about it.
J.D.: Growth and resource rich. Let me ask you about diversification inside a liquid crypto fund. What does that actually look like in practice, Seth?
Seth: So within a liquid crypto fund, we're investing in names that have real fundamental growth. So top line growth that is driven by trading activity. So hyper liquid, for instance, seeing a lot of commodities trading activity right now, growing revenue significantly from this new business line that only started to kick up in activity over the last week and a half, two weeks and becoming a significant share of their overall revenue. So you can take that revenue, which mostly goes into a buyback of token. You can put a multiple on that. We think about a 30x multiple upon that revenue is reasonable. That gets us to over $50 for the token, trading around $0.50 for the token trading around $0.30 today.
J.D.: Seth, can I get your take? What do you make on performance we've had as of late for things like gold as well as Bitcoin? What's your general thought for people that track it day to day, or people who don't track it day to day?
Seth: So Bitcoin as of 10/10, which was a big flash crash moment for the crypto space, had a big decline in a number of crypto assets in a short amount of time. Right after the market closed on on Friday, October 10th, Bitcoin started to diverge from gold, diverge from the Nasdaq. And you've seen that kind of expand out into growing underperformance. What was really interesting today. So if you think about yesterday you had gold hitting over 90 on its RSI on its relative strength index. So really overextended from a technical perspective, you get Kevin Warsh announced as the new fed chair. Gold has a big correction. And what was really interesting was Bitcoin versus gold steadily gaining all day. it looked like you had this technical overextension yesterday in gold today you get a big headline that causes precious metals to correct.
And you actually start to see Bitcoin outperformance, material outperformance, almost 10% on the day versus gold starting to potentially augur a rotation.
J.D.: Sure. Anytime we see that RSI for any asset north of 70 usually tells us it is in fact an overbought territory. Those technical indicators always welcome here on Taking Stock. Seth Ginns, managing partner and head of Liquid Investments at CoinFund Seth, it has been terrific to have you here on this Friday edition of the broadcast. Come back anytime.