Wood endorsed research from ARK analyst Lorenzo Valente, which estimated that centralized crypto companies generated roughly $70 billion in annual revenue in 2025, significantly more than the approximately $8 billion from on-chain protocols and blockchains. Valente's analysis suggests that businesses controlling distribution, trading, and customer relationships are better positioned to monetize crypto adoption, a point supported by recent earnings from platforms like Gemini and Bullish, which saw revenue growth despite weaker trading activity.