Last week, we hosted our 2025 Annual General Meeting in NYC. A thesis-driven AGM from a thesis-driven firm, we brought our investment theses to life through conversations with the top founders, policymakers, and industry leaders shaping crypto’s next decade. Agenda & highlights below 👇

1⃣Ripple x Rail Fireside Chat @bgarlinghouse | CEO @Ripple @bkohli | CEO @RailFinancial @alpackaP (moderator) A fireside on regulation, Ripple’s acquisition of Rail, and how stablecoins and middleware are reshaping global payments.

2⃣Enterprise Blockchain Adoption (Ant x Pharos) Joe Bian | President of Blockchain Business @AntGroup @HZ7102 | CEO @pharos_network @herbiefu (moderator) On RWA adoption at internet scale, the Pharos-Ant partnership, and why modular design and stablecoins are the backbone of enterprise DeFi.

3⃣The Stablechain (Fireside with Stable) Michael Cao | Partner @stable @0xRodney (moderator) How Stable is architecting a chain purpose-built for stablecoin payments with USDT as native gas and deep integrations with Tether and Bitfinex.

4⃣The AI Tech Stack (Fireside with 0G) @michaelh_0g | CEO @0G_labs @0xRodney (moderator) Decentralized AI meets high-throughput blockchains. From data + compute + chain + DA, 0G’s mainnet and recent token launch mark a new chapter for verifiable AI on-chain.

5⃣Are Stablecoins the Future of Global Payments? (Nonco x Rail) @fdomtzf | CEO @nonco_otc @bkohli | CEO @RailFinancial @roshunpatel (moderator) A discussion on middleware moats, valuation models, regulation, and why stablecoins may become the default rails of global finance.

6⃣State of the Union: What’s Hot & What’s Not @alpackaP 's thesis presentation on how 2025 became one of crypto’s most transformative years, and how Hack VC is positioned to seize the tailwinds.

7⃣Evolving Opportunities in Tokenized Equities (Fidelity x Dinari x S&P Global) Tom Jessop | President, Brokerage & Head of Digital Assets @Fidelity @annabelleacta | CBO @DinariGlobal Cameron Drinkwater | CPO @SPGlobal @peterhansVC (moderator) On bridging TradFi and DeFi, Dinari x S&P’s new on-chain index, and what tokenized securities mean for investors.

8⃣The Missing Pieces for Institutional Adoption (Miden) @azeemk_ | Co-Founder @0xMiden A framework for scaling crypto to institutions by tackling technical, regulatory, operational, and cultural barriers.

9⃣America Leading the Way (Fireside with Bo Hines) @BoHines | CEO @Tether_to USAT & White House AI Advisor @alpackaP (moderator) A wide-ranging fireside on the GENIUS & CLARITY Acts, stablecoin policy, and the intersection of AI & crypto in U.S. competitiveness.

Grateful to all our LPs, founders, and partners who joined us. The feedback said it best: “Panels were high quality.” “Top allocators in the room.” “Only complaint? That it didn’t last longer.” Until next year 👋