Institutions managing a combined €800 billion in assets are seeking clarity on how crypto tokens derive value from network activity. Brendan Ma, head of investment strategy at the Arbitrum Foundation, revealed that private bankers and wealth managers raised concerns during recent closed-door meetings. They questioned the disconnect between ecosystem growth and fundamental investment cases in crypto.
Ma highlighted that institutions are interested in networks generating sustainable revenues and clear profit-and-loss statements. He noted a maturing crypto industry with significant work ahead to build trust. Investors are exploring two main paths: allocating funds to crypto or developing blockchain products independently of token investments. Stablecoins and Treasuries are leading the way, with private credit, equities, and commodities following closely.
Robinhood Chain, an Ethereum layer-2 network built with Arbitrum technology, provided a real-world example. Launched in July 2026, it recorded $51 million in network fees during its first quarter, with 74% of fees concentrated in a 12-day period. The network also saw stablecoin supply grow from $102.3 million to $1.07 billion. However, allocators remain skeptical about how network activity translates into token value.
Ma predicted that within a year, these institutions will become active and knowledgeable participants in the crypto space. He emphasized that sustained network activity and a clear link between revenue and token-holder value would strengthen investment cases, especially compared to partnership announcements alone.