@Citi’s Pete Christiansen makes the bull case for crypto equities ahead of Q3 earnings: upgrades for Galaxy and Gemini, a Securitize downgrade, and @circle as his top pick at $243. @gbartsmith of Avalanche Treasury Co. shares why he sees Wall Street’s tokenization wave landing on @avax. Watch CoinDesk’s Public Keys at the @NYSE with @JennSanasie. Chapters/Timecodes: 00:00 Welcome to Public Keys 00:21 Citi Turns Bullish on Crypto Equities 00:45 Citi's Pete Christiansen on the Infrastructure Trade 02:23 Why Citi Downgraded Securitize 03:47 What to Watch: NYSE, Nasdaq and DTCC Tokenized Trading 05:00 Collateral Mobility, Tokenization's Real Use Case 05:57 Strategy and the MSCI Index-Exclusion Threat 07:50 Citi's Bull, Bear and Base Case for MSTR 08:59 Bitcoin and Ether ETF Outflows Meet the Macro Backdrop 10:27 Why Circle Is Citi's Top Pick, $243 Target 13:36 Avalanche Treasury's Bart Smith Joins 13:43 The Bull, Bear and Base Case for Avalanche 15:18 How Avalanche Differentiates: Custom L1s 16:16 Why AVAT Over Spot AVAX or an ETF 19:32 The Tokenization-ETF Parallel 20:54 Tokenization Is Crypto Minus the Baggage 22:16 Why Bitcoin Is Now Digital Gold(Historical earnings: For 2026Q1 (period ended 2026-03-31), Strategy reported basic and diluted EPS of -38.25 and net loss of USD 12.543 billion. In the prior-year 2025Q1 (period ended 2025-03-31), basic and diluted EPS were -16.49 and net loss was USD 4.217 billion. For full-year 2025 (period ended 2025-12-31), basic and diluted EPS were -15.23 and net loss was USD 3.848 billion, versus full-year 2024 basic and diluted EPS of -6.06 and net loss of USD 1.167 billion. Consensus expectations: For 2026Q3 (event date 2026-10-29), consensus EPS estimate is 14.0768 and revenue estimate is USD 0.129 billion. For 2026Q4 (event date 2027-02-03), consensus EPS estimate is 12.8121 and revenue estimate is USD 0.127 billion.)