Architect Eyes Crypto Credit as Equity Bets Lose Steam
As crypto equity markets face overvaluation and thinning liquidity, Architect is turning its attention to a more overlooked, but potentially transformative opportunity: credit. The firm is building crypto’s first institutional-grade credit rating system, aimed at unlocking untapped capital by bringing traditional financial infrastructure to Web3.
Despite advancements in trading, DeFi, and tokenization, the crypto industry still lacks a trusted credit agency—a gap Architect believes it can fill by launching a blockchain-native version of Moody’s for decentralized finance.
“Crypto equity is grossly overvalued. We see far greater upside in credit markets, but no one has built the proper risk framework to support it,” said Ruben Amenyogbo, Managing Partner at Architect.
A Missing Pillar in Crypto Finance
While some traditional firms like Moody’s have explored the digital asset space, the crypto industry still operates without a formal mechanism to assess creditworthiness. Architect argues this absence leaves lenders hesitant to engage with the market—especially in a space marked by pseudonymity, unconventional data, and opaque balance sheets.
“Credit markets need objectivity, history, and trust. Crypto hasn’t had that until now,” said Amenyogbo.
The firm’s solution is a dedicated crypto credit service, powered by on-chain data and proprietary analytics, that would provide institutional investors with risk assessments needed to confidently allocate capital into lending strategies.
From Equity Saturation to Credit Potential
The shift comes as equity plays in crypto—such as publicly traded mining firms or crypto-focused corporates—appear increasingly crowded and mispriced.
“Too much capital has flooded into crypto equities,” said Amenyogbo. “Now the real opportunity lies in debt—an area where infrastructure is still lacking.”
Architect aims to address that by offering credit evaluation models that focus on historical performance and cash flow analysis—metrics now feasible thanks to crypto’s growing operational history.
“Equity investing is speculative. Credit is about track records,” he added. “Only now has crypto matured enough to support true credit analysis.”
Focus Areas: Miners and DePIN
Architect is initially targeting Bitcoin miners and Decentralized Physical Infrastructure Networks (DePIN)—both of which generate real-world value and measurable outputs.
For miners, access to fiat-denominated debt could reduce the need for forced selling and allow them to redirect capital toward staking and infrastructure, generating a “flywheel effect” of economic productivity.
“If I want to bet on bitcoin, I’ll just buy BTC. But as a lender, I can assess a mining operation’s cash flows and underwrite against that,” Amenyogbo said.
DePIN, meanwhile, represents a capital-starved segment that blends crypto infrastructure with physical-world outcomes—making it ripe for structured credit solutions.
Laying the Foundation for a New Capital Stack
Architect’s ultimate vision goes beyond lending. The firm is working to reconstruct crypto’s capital stack—bringing in tools from traditional finance like bundling, risk ratings, insurance, and syndication to create investable debt products suitable for large institutions.
“A $100 million fund is great, but it’s a drop in the ocean,” Amenyogbo said. “We’re laying the foundation for crypto debt markets to scale like traditional fixed income.”
Market Snapshot
- Bitcoin (BTC): Trades above $114K. Enflux notes that unless BTC and ETH reclaim upside momentum with volume, price action is likely to remain range-bound or bearish.
- Ethereum (ETH): Down 2.8% at $3,500 amid accelerating ETF outflows.
- Gold: Eased as the dollar strengthened; oil weakness also weighed. Silver held modest gains as mixed global data, including strong Chinese services numbers and rising Fed rate cut expectations, added complexity.
- Nikkei 225: Down 0.12% as Asian markets react to soft U.S. economic prints and fresh tech tariff comments from former President Trump.
- S&P 500: Slipped 0.49%, with traders cautious following disappointing macro data and renewed trade policy concerns. Analysts expect the bull cycle to hold, despite interim volatility.
