Digital Assets Proposition · 2026

The Investment Management
Industry's Digital Assets Partner

Alpha FMC sits at the intersection of 20 years of investment management expertise and hands-on Digital Assets experience — uniquely positioned to help you define, build, and execute your Digital Assets strategy.

Explore Our Proposition Why Alpha?

Investment Managers face an unequivocal strategic imperative: to establish a robust Digital Assets capability underpinned by a milestone-driven, catalyst-focused go-to-market strategy. Client demand for exposure and advanced digital asset capabilities is not just growing, it is accelerating rapidly. The future of finance is irrevocably on-chain. Failure to proactively define and execute a forward-looking digital asset strategy, with clear differentiation, will expose firms to significant competitive risk and the very real prospect of obsolescence. Now is the decisive moment to lead the transformation or be left behind.

Alpha FMC House View on Digital Assets · 2026
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Who We Are

The Leading Consultancy to Investment Management

With 20 years and 900 client relationships across the global Investment Management industry, Alpha FMC brings unmatched depth of expertise and a dedicated team with real, hands-on Digital Assets experience to match it.

0%
of the top 20 global asset managers by AUM work with Alpha (90% of the top 100)
0+
clients worked with globally across every strategy and asset class
0+
full-time consultants globally, including 400+ in North America
0
recent Digital Assets projects delivered across traditional and crypto-native investment clients
⛓️

Hands-On Digital Assets Expertise

Our team includes consultants with direct operating experience at leading Digital Assets firms including Circle, CoinFund and 3iQ — bringing practitioner-level knowledge to every client engagement.

🏛️

Unrivalled Investment Management Depth

Twenty years serving the investment management community end-to-end — from front office investment strategy through to back office operations, fund administration and enterprise data. We understand the full value chain.

North America
Europe
Asia Pacific
MENA
What We Do

Alpha's Digital Assets Proposition

We assist Asset and Wealth Managers across the entire value chain on Digital Assets and Blockchain Technology — from strategic vision through to live implementation. Our focus spans five key challenge areas we consistently see across our global client base.

"How do I invest in Digital Assets and operationally support the trade lifecycle?"

Create a Digital Asset Investment Capability

We help managers define their strategy for crypto investment products, from Spot ETPs and market cap-weighted products to liquid token funds, and design the operating model needed to support them end-to-end.

What Alpha Provides

Enterprise Digital Assets strategy, crypto-as-an-asset roadmap, product and distribution strategy, competitor market scan, catalyst-based go-to-market strategy, and front office operating model review tailored to Digital Assets.

"How do I distribute Digital Asset investment products?"

Distribute Digital Asset Products

We help managers expand into new distribution channels including DeFi, assess tokenized wrapper strategies to broaden reach, and develop the product and distribution strategy to access both existing and new investor segments.

What Alpha Provides

Product and distribution strategy design, tokenization strategy, DeFi channel assessment, CRM selection and implementation, client reporting automation, and go-to-market strategy across institutional and retail channels.

"How do I integrate Digital Assets for seamless workflows and a total portfolio view?"

Integrate With Your Existing Operating Model

We address the complexity of adding Digital Assets to total portfolio views through enterprise data strategies, ensuring consistent investment data across asset classes, systems and taxonomies.

What Alpha Provides

Current state operating model review, gap analysis against industry best practices, target operating model design, operational readiness assessment, technology evaluation and selection across OMS, PMS, EMS, market data and custody.

"How do I meet end-investor demand for Digital Asset exposure through Wealth Management?"

Retail and Wealth Access to Digital Assets

We help managers navigate the growing retail demand for crypto exposure, from SMA and model portfolio integration to advisor education programs and compliant distribution frameworks across Wealth Management channels.

What Alpha Provides

Wealth Management value chain strategy, SMA and model portfolio design for crypto, product and distribution strategy for retail channels, enhanced advisor education programs, and operational readiness assessments for Wealth platforms.

"What internal use cases could benefit from blockchain beyond crypto investment?"

DLT and Blockchain Enterprise Strategy

Beyond crypto, we identify where blockchain and DLT create genuine operational advantage — from KYC and onboarding through settlement, collateral management, fund administration and consortium governance.

What Alpha Provides

DLT enterprise strategy, consortium and governance policy management, blockchain vendor evaluation and selection, operational readiness assessment, and implementation management for DLT-driven transformation.

How We Help

Three Pillars of Alpha's Service Offering

Alpha's 20 years of end-to-end project lifecycle experience has produced refined methodologies and an exhaustive catalogue of proprietary accelerators — minimising the time it takes for clients to receive value.

01
Pillar One🗺️

Strategy and Operating Model Design

Define your Digital Assets vision, roadmap and target operating model — built around your firm's specific objectives, risk tolerance and competitive positioning.

02
Pillar Two🔍

Evaluation and Selection of Service Providers

Leverage Alpha's impartial, data-driven approach to identify and select the right technology and service providers across the Digital Assets value chain.

03
Pillar Three🚀

Implementation Management

Augment your existing team to deliver your most strategic initiatives — accelerating time-to-market while maintaining the rigour needed to reduce delivery risk.

Strategy and Operating Model Design

From enterprise Digital Assets strategy through to target operating model design.

⇩ Reduced Risk⚡ Faster Delivery🎯 IM Expertise

Strategy Definition

  • Enterprise Digital Assets strategy (Crypto and Tokenization)
  • Product and distribution strategy design
  • Competitor market scan across top 100 managers globally
  • Catalyst-based, milestone-driven go-to-market strategy
  • Investment barriers identification and external differentiation design
  • Operating model maturity assessment across key dimensions

Operating Model Design

  • Current state operating model documentation across People, Process, Technology, Data and Governance
  • Operational readiness assessment against industry best practices
  • Gap analysis and target operating model design
  • Recommendations and implementation roadmap with prioritised initiatives
  • Coverage across Front, Middle, Back Office and Enterprise Services
  • Proprietary accelerators: "Digital Asset Manager of the Future," "State of Tokenization"

Evaluation and Selection of Service Providers

An impartial third-party perspective to identify, evaluate and select the right technology and service partners.

🔍 Impartial View⇩ Reduced Risk💰 Reduced Cost

Selection Pipeline

  • Universe to long-list to mid-list to short-list to selection
  • Proprietary vendor database and industry contact network
  • Guiding principles-based initial filtering and screening
  • RFP facilitation and comparative analysis across short-listed vendors
  • Scoring across: Quantitative, Qualitative, Capability Coverage, Commercials and Client References

The Alpha Advantage

  • Hands-on vendor experience enables early identification of product gaps and implementation risks
  • Key inputs into budgeting and implementation planning before contracts are signed
  • SME panel comprising industry leaders across Digital Assets practice areas
  • Commercial business case modelling and pricing lever analysis
  • Coverage: OMS, PMS, EMS, custody, fund admin, tokenization platforms and DLT infrastructure

Implementation Management

Alpha augments your team to deliver your most strategic transformation initiatives.

⚡ Faster to Market⇩ Reduced Risk💰 Cost Effective🎯 Outsourced PM

Support Models

  • Alpha as Strategic Partner — end-to-end initiative delivery with full program ownership
  • Outsourced project management and business analysis support
  • SME augmentation and part-time expert panel integration
  • Flexible resourcing that adapts through peak implementation phases
  • Outsourced model enables your team to remain focused on alpha-generating activities

Resource Expertise

  • Strategy and Management Consulting
  • Technology Specialists across Digital Assets infrastructure
  • Private Markets Specialists for tokenized alternatives
  • Full program governance and delivery risk management
  • Operational readiness assessment prior to go-live
  • Proprietary implementation accelerators shortening time-to-value
Our Digital Assets Experience

Example Case Studies Supporting Our Clients

Alpha's long tenure supporting the largest Asset and Wealth Managers, coupled with our understanding of Digital Assets and Blockchain technology, can augment your existing team to successfully deliver your most important initiatives.

1

Middle Office & Accounting Implementation

Worked with a Crypto Native Manager to deliver the implementation of the Middle Office and Accounting solution, SS&C Geneva. Designed and executed a detailed configuration plan to ensure the implementation realised efficiencies for core processes, including oversight of the fund administrator.

Defined and executed cross-functional integration and data migration plans to ensure that existing data and systems were properly mapped to the new solution, improving enterprise data quality and implementing standardisation across the organisation.

Systems ImplementationData Migration & Planning
2

Middle & Back Office Target Operating Model Design

Worked with a Crypto Native Manager to define their Middle and Back Office Operating Model, focused on Accounting and Expense Allocation solutions. Provided recommended vendor solutions for Accounting, Expense Allocation and Order Management / Middle Office, along with best practice workflows and roles and responsibilities across the organisation.

Target Operating ModelVendor Assessment
3

Business Model Strategy Definition

Reviewed the Digital Asset exposure provider landscape to identify attractive go-to-market business models based on current market opportunity. Analysis included mapping Traditional and Digital Asset client segments to advise on the sequencing of targeting different markets based on each proposed model.

Market SizingBusiness Model DefinitionMarket Segmentation
4

Data Governance Design & Implementation

Lionpoint (part of the Alpha Group) designed an institutional-grade Data Governance and cloud-based solution. Implemented a system to structure and organise previously siloed data streams, integrated with the client's CRM to create a systematic process for client onboarding and subscriptions.

Data GovernanceClient Onboarding Automation
5

ETP Operating Model Readiness

Advised on a go-to-market strategy for launching a Digital Asset (BTC) Exchange Traded Product, focusing on the operational readiness to support this product in a safe and de-risked manner. Benchmarked the client's operating model with existing ETP issuers to refine their vendor strategy, including cost estimates to inform the business case.

Investment Product StrategyOperating Model Definition
6

Operating Model Design & Digital Assets Lending Strategy

Partnered with a large global private bank to define a Digital Assets lending strategy, enabling expansion into crypto lending products and access to new crypto-native market segments. Designed the operating model for delivering regulated crypto lending capabilities through the bank's DDEx platform, providing institutional-grade custody, cryptocurrency trading, and asset tokenization.

Digital Exchange PlatformTokenizationCustody
7

PMS & Investor Portal Implementation

Led the evaluation and implementation for a new Portfolio Management System and Investor Portal for hedge fund and venture strategies. PMS evaluation considered historical data loading across multiple fund administrators, counterparty connectivity, dashboard configuration, tri-party reconciliation and comprehensive testing. Deployed BlackRock's Investment Café Portal to enhance investor experience across multiple entities.

Systems ImplementationInvestor Portal Development
Alpha's House View

Two Verticals. One Strategic Imperative.

We view a Digital Assets capability through two interconnected verticals: investing in Crypto as an Asset Class, and leveraging Tokenization as a mechanism for manufacturing and distributing investment exposure. Both are converging rapidly with traditional finance.

Vertical One
₿

Crypto as an Asset Class

Digital Assets have been legitimized as an investable asset class. Spot ETF approvals, regulatory clarity and sustained client demand are forcing managers to define their strategy for manufacturing and distributing crypto exposure — now, not reactively. The managers who define a calculated strategy today avoid the significantly higher cost of catching up later.

Vertical Two
⛏

Tokenization as a Manufacturing and Distribution Mechanism

Asset Managers should define their strategy for how Tokenization might benefit their Operating Model across Product, Distribution and Operations. More managers will engage with tokenization, starting with Money Market Funds and Alternatives. Those who build the infrastructure and expertise now will capture first-mover advantages as institutional-scale marketplaces emerge.

🏛️

Institutional Adoption

Pension funds, endowments and sovereign wealth funds are deploying capital into Digital Assets at scale. Institutional confidence has materially shifted.

⚙️

Technology Benefits

24/7 settlement, programmable assets, instant liquidity, reduced counterparty risk and dramatic operational efficiency gains are being validated at scale.

⚖️

Regulatory Tailwinds

Ripple and Grayscale rulings, congressional legislation and Spot ETF approvals have removed key headwinds. Regulatory clarity is accelerating boardroom confidence globally.

Trends We Are Seeing

What We're Seeing in 2026

Surging tokenization, regulatory clarity and accelerating institutional adoption are driving mainstream blockchain integration into global finance. Here is Alpha's analysis across the key dimensions shaping the market.

1

Creating a Digital Assets Investment Capability

"How do I invest in Digital Assets and operationally support the trade lifecycle?"

  • Institutional adoption of tokenization is digitizing real-world assets on blockchain for better liquidity, 24/7 trading and instant settlement
  • Evolving exposure options range from single Spot ETPs and market cap-weighted products to liquid token funds and structured strategies
  • Regulatory clarity across the Ripple, Grayscale and Spot ETF decisions is removing the headwinds that previously kept capital on the sidelines
2

Integrating Digital Assets Into Existing Operating Models

"How do I integrate for seamless workflows and a total portfolio view?"

  • Increased collaboration between TradFi and crypto-native platforms to deliver integrated OMS, data and risk capabilities across both asset classes
  • Enterprise data strategies are emerging as the critical foundation for managing Digital Assets within a Total Portfolio View framework
3

Distributing Digital Asset Products

"How do I distribute Digital Asset products in traditional and new channels?"

  • DeFi distribution channels are expanding rapidly, with stablecoin issuers and borrow/lend protocols seeking traditional yield-bearing investments for their on-chain treasuries
  • Democratization is broadening investment access, enabling new investor segments to participate in Digital Asset strategies for the first time
4

Providing Retail and Wealth Access

"How do I provide retail and HNW clients with Digital Asset exposure?"

  • Growth in SMAs and model portfolios is accelerating, with increased crypto support in managed accounts and inclusion in multi-asset strategies
  • Enhanced advisor education on Digital Assets as an asset class is vital for accelerating penetration into Wealth Management distribution channels
5

Leveraging DLT Beyond Crypto Investment

"What other enterprise use cases can benefit from blockchain and DLT?"

  • Decoupling blockchain from cryptocurrency — emphasis on blockchain's broader utility across KYC, settlement, collateral management and fund administration
  • Pilot-based implementation approaches allow managers to validate use cases before committing at institutional scale, reducing adoption risk significantly

Tokenized Real-World Assets — AUM by Asset Class & Issuer

Live data · rwa.xyz · May 2026
Asset Manager Platform / Protocol
🏛 Tokenized Treasuries
$15.24B
Total on-chain AUM — all issuers

Source: app.rwa.xyz

📋 Private Credit
$5.62B
Total on-chain AUM — all issuers

Source: app.rwa.xyz

📈 Tokenized Equities
$1.14B
Total on-chain AUM — all issuers

Source: app.rwa.xyz

💵 Stablecoins
$224B+
Total market cap — all issuers
No traditional asset managers have issued stablecoins yet — an emerging opportunity as stablecoin legislation advances.

Source: CoinGecko · May 2026

📈 More Managers Will Engage

More Asset Managers will engage with tokenization, starting with Money Market Funds and Alternatives — initially through PoCs, consortiums and single issuances. The $15B+ in tokenized Treasuries already on-chain validates that institutional appetite is real.

🏗 Marketplace is the Catalyst for Scale

Adoption will remain moderate until a tokenized marketplace emerges that facilitates institutional-scale distribution with sustainable secondary liquidity. When adoption accelerates, it will do so quickly given the rate of innovation already underway.

🔗 Native Tokenization is the Long-Term Direction

Native Asset Tokenization will increase in popularity over time, though asset-backed issuance will persist given the off-chain scale advantages. Managers who build expertise now will be positioned to execute rapidly at the inflection point.

🗺 Five Dimensions to Define Your Strategy

Managers need a defined roadmap across: (1) Target Asset Class, (2) Tokenization Type, (3) Technology Stack, (4) Marketplace, (5) Target Market. Alpha's proprietary "State of Tokenization" provides the framework and market scan to inform each dimension.

₿ Bitcoin Spot ETPs
$200B+
Global AUM — May 2026
Ξ Ethereum Spot ETPs
$11.1B
Global AUM — May 2026
○ Solana Spot ETPs
$8B
Global AUM — May 2026

🏛️ Regulatory Clarity Driving Confidence

Positive momentum is building around the digital asset regulatory landscape with significant developments such as the passage of the GENIUS Act and ongoing legislative efforts like the CLARITY Act, which, while not yet passed, signal growing Congressional attention to establishing clearer frameworks. The SEC's increased willingness to engage with industry participants further enhances confidence in regulatory direction. Alongside pivotal court rulings in the Ripple and Grayscale cases and recent approvals of Spot ETFs for Bitcoin and Ethereum, these trends indicate that regulatory headwinds are beginning to subside. Asset Managers can now engage with improved legal certainty, supporting more confident allocation of capital into digital assets.

📊 Increased Client Demand for Exposure

Given sustained price recovery and net new inflows into Digital Assets, clients are actively enquiring about exposure and the best ways to access it through existing investment relationships. Wealth Managers who cannot offer solutions risk losing assets to direct-to-consumer platforms like Coinbase and Robinhood.

🔮 What Alpha Thinks Comes Next

More Asset Managers will issue crypto investment products, increasing in complexity to differentiate. Consolidation is inevitable, leading to strategic partnerships and acquisitions. Bitcoin and other tokens will increasingly appear within multi-asset strategies and benchmarks as standard allocations.

⚡ The Cost of Inaction is Rising

Asset Managers who define their strategy now make a calculated investment ahead of time. Those who wait risk overspending in the future to catch up with competitors who moved earlier — with less optionality, higher implementation costs and diminished first-mover positioning.

How Alpha Thinks About Defining a Crypto Investment Capability

1

What predefined market events or internal milestones will dictate market entry? Define the catalyst-based framework first.

2

What types of product differentiate you in the market and who are you trying to sell to?

3

Will you manufacture the exposure yourself or will you partner?

4

Is your operating model ready to support your strategy?

✅ Benefits of Tokenization

🔓

Accessibility and Distribution

New distribution channels with lower barriers to entry, enabling access to investor segments that were previously unreachable through traditional mechanisms.

💧

Liquidity

Secondary market trading of illiquid assets becomes possible by reducing lock-up periods and improving price discovery for alternative strategies.

🌎

24/7 Trading

Real-time global risk management through round-the-clock trading and execution venues, removing the friction of time zone-constrained settlement windows.

📈

Yield Generation

Improved yields through DeFi vaults and looping strategies, attracting on-chain treasury demand from stablecoin issuers and protocol treasuries.

⚡

Operational Efficiency

Increased transaction throughput, real-time settlement and automated workflows through smart contracts, significantly reducing manual reconciliation burden.

⚠️ Adoption Hurdles

🏛️

Custody Readiness

Major custodians are at different stages of readiness to support Digital Assets, and sub-custodial models require end-to-end support to accelerate institutional adoption.

🔌

Distribution Integration

Integrating tokenized products into traditional distribution channels is complex. New technology investments currently serve a limited buyer universe, constraining near-term ROI.

🌐

Network Effect Dependency

Tokenization's core value proposition is a function of the number of participants on a single network. Critical mass is not yet reached.

⚖️

Regulatory Ambiguity

While improving, fragmented and overlapping jurisdictional perceptions of Digital Assets slow the ability to coordinate globally and operate cross-border with confidence.

🔧

Operational Readiness

Few managers have technology that can be easily upgraded to support tokenized products. Acquiring the required human and technological capital demands dedicated focus and material investment.

Why Alpha

Three Reasons to Partner With Alpha

We do not just advise on Digital Assets — we have lived it. Our combination of investment management depth, hands-on Digital Assets experience and a proven delivery methodology makes us uniquely right for this work.

01
Investment Management Expertise🏛️

Unmatched Investment Management Expertise

100% of the top 20 global asset managers by AUM work with Alpha. With 1,500 consultants and 20 years serving the investment management industry end-to-end, we understand your business, your clients and your regulatory context better than any generalist firm.

02
Digital Assets Depth⛓️

Real, Hands-On Digital Assets Experience

Our team includes consultants with direct operating experience at Circle, CoinFund, 3iQ and other leading Digital Assets firms. We understand the practical realities of implementing these technologies inside regulated investment managers — not just the theory.

03
Delivery Excellence🚀

We Help You Go to Market Faster and Execute Better

We reduce risk by anticipating challenges before they materialise. We accelerate timelines with proprietary frameworks, accelerators and vendor intelligence built over years. We deliver high-quality work in a cost-effective manner that preserves your team's focus on generating alpha.

⬇️

Reduced Risk

We anticipate implementation challenges, identify gaps early and build contingencies before they become problems.

⚡

Faster Delivery

Proprietary accelerators, vendor intelligence and refined project methodologies materially shorten time-to-market.

🏆

Higher Quality

20 years of refined methodologies and the deepest bench of investment management specialists in the industry.

💰

Cost Effective

Outsourced expertise lets your team stay focused on alpha-generating activities rather than one-off transformation programs.

Our Insights

Research and Market Commentary

Christian Pellegrino and the Alpha Digital Assets team are active contributors to the industry dialogue on Digital Assets — through speaking engagements at leading venues, proprietary research and published market analysis.

▶
NASDAQ BOARD CENTER
Speaking Engagement
Video
🎙️ Speaking · Nasdaq Board Center of Excellence

The New Era of Financial Utility

Christian Pellegrino speaks at the Nasdaq Board Center of Excellence on how Digital Assets are reshaping financial utility and what investment managers must do to lead the transformation.

Christian Pellegrino · Nasdaq Board Center of Excellence
Nasdaq TradeTalksYouTube
🎤 Speaking · Nasdaq TradeTalks

The Future of On-Chain Investment Products and Tokenization

Christian joins Nasdaq TradeTalks with Aaron Kaplan of Prometheum to discuss the future of on-chain investment products and tokenization with Jill Malandrino.

August 2025 · Nasdaq TradeTalks
Institutional Crypto PlaybookYouTube
🎙️ Interview · Digital Opportunities Group

Institutional Crypto Playbook: Operational and Regulatory Roadmap

How and when will traditional asset managers deploy capital into digital assets? Christian maps the exact operational, regulatory and economic triggers that move institutions from research to execution.

May 2025 · Digital Opportunities Group
Digital Assets Trends
📄 White Paper · Alpha FMC

Digital Assets: Revolutionizing Trends and Operating Models in Investment Management

The investment management industry is undergoing a significant shift driven by the rapid integration of Digital Assets and Blockchain / DLT — creating both risks of obsolescence and opportunities for competitive edge.

October 2025 · Christian Pellegrino & Kian Martyn
Wealth Management
📄 Article · Alpha FMC

Embracing Change: Digital Assets and the Wealth Management Industry

Wealth Managers find themselves at an inflection point where rising client demand for Digital Assets exposure is reshaping the traditional advisory relationship and the competitive landscape.

September 2024 · Christian Pellegrino
Why Digital Assets Now
📄 Article · Alpha FMC

Why Should You Be Thinking About Digital Assets — and Why Now?

Asset volatility and bad actors have clouded the true value proposition of Digital Assets and Blockchain. Christian Pellegrino and Kenji Walker make the case for why now is the moment to define your strategy.

July 2024 · Christian Pellegrino & Kenji Walker
Get in Touch

Ready to Define Your Digital Assets Strategy?

Whether you are beginning to explore Digital Assets or ready to execute, Alpha FMC has the expertise, proprietary accelerators and hands-on experience to move you forward — faster, with higher quality and with less risk.

Start a Conversation Visit alphafmc.com
Contact
Christian Pellegrino
Title
Partner, Head of Digital Assets
Email
christian.pellegrino@alphafmc.com
Coverage
Global

"The leading consultancy to the Investment Management industry — your hands-on partner for Digital Assets."