Q: Hi. I've built positions across the digital asset and payments ecosystem that I'd appreciate your perspective on. My current holdings include: direct Bitcoin ownership (DCA monthly for store of value), FETH (smart contract infrastructure exposure), GLXY (institutional crypto services plus AI compute optionality), and PYPL (established fintech playing multiple angles; PYUSD stablecoin, BNPL, crypto trading, traditional payments, and I use PYPL quite a lot myself). I do also own JPM.

I'm considering adding CRCL but struggling with the valuation at 79x forward earnings (although it is 31x 2 years forward). My thesis is that I already capture stablecoin growth multiple ways; FETH captures a lot of stablecoin volume, GLXY services institutional stablecoin users, and PYPL's PYUSD gives me direct issuer exposure with less regulatory risk since they have diversified revenue streams.

CRCL feels like paying growth multiples for what I think might become a "utility-like" business earning regulated fees. Also, if stablecoins become critical infrastructure the regulatory hammer could fall hardest on pure-play issuers like Circle versus diversified players.

I think my current portfolio seems to cover the bases; Bitcoin for macro crypto adoption, Ethereum for DeFi/Web3 infrastructure, GLXY for the picks-and-shovels institutional play, and PYPL for the mainstream fintech integration angle (+ maybe JPM).

Am I missing something by passing on CRCL? I'm interested your thoughts on whether CRCL offers unique exposure I'm not getting elsewhere? Or if there is something I am overlooking?

Q: I am considering holding a crypto currency ETF in my TFSA, approximately 5% of current TFSA total, with a 10+ year horizon. My goal is good long term return tax free.
Would you agree with this strategy>
Would you choose Bitcoin or Etheureum?
Would you choose an ETF or MSTR or BMNR? Why?
If an ETF, which Canadian ETFs would you investigate?
Thank you for your ongoing great service.

Q: Which Canadian ETF would you recommend that has crypto currency