From ETFs and DATs to Bitcoin yield and regulatory clarity, the late morning sessions at The Bridge dug into how capital will flow through crypto’s next chapter. In the panel, DATs vs ETFs: Competing Gateways for Institutional Capital, Jaime Leverton (@ReserveOne_), Brian Rudick (@UpexiTreasury), @scottgralnick (@MarinadeFinance), @Matt_Hougan (@BitwiseInvest), and Cactus Raazi (@B2C2Group) explored how both structures are redefining institutional access to crypto. ETFs offer scale and familiarity, while DATs bring flexibility—complementary, not competitive. The panel weighed whether BTC ETFs’ success reflects distribution strength or limited direct access, and if tokenized DATs could represent the next evolution by 2026. Read on in this thread for what followed.

Unlocking Bitcoin DATs: How Layer 2s Empower Yield and Utility Presented by @Stacks With @muneeb (@Stacks), @zhang_matt (@HivemindCap), and @renapshah (@StacksEndowment). The focus was on Bitcoin’s emerging utility layer. The panel discussed how Layer 2s are opening yield opportunities for Bitcoin holders, how these ecosystems can expand BTC’s role beyond a store of value, and what sustainable on-chain activity looks like when built on Bitcoin security.

Fireside Chat with @SECGov Commissioner @HesterPeirce with A. Kristina Littman (@WillkieFarr). Commissioner Peirce reflected on the SEC’s approach to crypto and the balance between innovation and oversight. She spoke about rulemaking priorities for tokenized assets and 24/7 markets, the ongoing relevance of her Token Safe Harbor proposal, and how frameworks like MiCA abroad could inform U.S. competitiveness. Her message to builders was pragmatic - clarity is coming slowly, but engagement must continue.

From ETFs to DTFs: The Evolution of Crypto Index Investing Presented by @reserveprotocol With Sui Chung (@CFBenchmarks), Griffin Peer (@reserveprotocol), and @sgheb (The Tie). The panel explored how index investing is evolving onchain. They discussed how DTFs could bring real-time updates, composability, and transparency to index products, moving beyond static ETF structures and bridging traditional and digital markets in a continuous way.