We're witnessing the emergence of AI systems that don't just respond to prompts—they take actions, manage workflows, and operate with increasing autonomy. This shift from AI as tool to AI as agent represents a fundamental change in how work gets done.
The economic logic is straightforward: any workflow that can be decomposed into observable steps with verifiable outcomes is a candidate for agentic automation. The constraint is no longer model capability—it is infrastructure. Agents need identity, payment rails, audit trails, and policy enforcement before enterprises will trust them with real work.
That is where we invest. Our positions in agent payment infrastructure and high-throughput settlement layers reflect a single conviction: the picks and shovels of the agentic economy will be built in the next thirty-six months, and the winners will look obvious only in hindsight.
The full thesis, including market sizing and our infrastructure stack map, is available as a PDF download.
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