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SpaceX is trading below its $135 IPO price. Marathon Digital is down 34% year to date. Coinbase has outperformed both. The math on which tech bet delivers risk adjusted returns has not been done until now.

Dmytro, an engineer from Kyiv, still regrets not buying Bitcoin in 2009. Back then, the cryptocurrency seemed like an experiment to him rather than an asset that would one day be worth thousands of dollars. He has set aside $1,000 and is monitoring the market, determined not to miss a potential opportunity a second time.

This year, the crypto market has remained sluggish. There have been hotspots on-chain, with new meme coins occasionally surging dramatically—but these rallies typically occur on newly launched tokens that give the market little time to conduct proper research. Once the narrative fades, prices quickly revert, and most traders who join mid-way end up losing more…