The institutions represented more than €800 billion in assets under management across both events. In Milan alone, participating capital allocators represented over €600 billion.
Ma argued that financial markets are moving onto public blockchains and that token-based networks need business models supported by revenue and cash flow. He described attendees as focused on the relationship between financial-asset tokenization and the networks positioned to earn revenue from it.
“I was very surprised by how advanced the thinking on the asset class is for some of these very large institutions,” Ma said. “They understand the space, and they’ve been following it very closely.”
WisdomTree examines license fees and margins
WisdomTree’s research, “Arbitrum, a licence to build”, identifies technology licensing as the fastest-growing component of Arbitrum’s earnings. Shared with clients during the week of the roundtables, the report examines the network through its revenue-generating business model.
According to the research, ArbitrumDAO earned $6.19 million in the first half of 2026, with a blended gross margin exceeding 97%. That compares with a margin above 90% in 2025.
The licensing arrangement applies to chains that use Arbitrum technology and settle to Ethereum. According to WisdomTree, those chains pay 10% of their net revenue, which the report describes as royalty income. In the Robinhood Chain example, about $3.5 million of the $4.37 million in license fees went to ArbitrumDAO.
The report’s central argument is that Arbitrum’s blockchain business now has revenue that can be examined using traditional financial analysis.
Robinhood Chain provides an early revenue example
Robinhood Chain, the first chain to pay these license fees, paid $4.37 million in its first ten weeks. Approximately $3.5 million of that amount went to ArbitrumDAO, according to WisdomTree’s research.
The report compares that contribution with the DAO’s earnings over the preceding six months: the amount from Robinhood Chain alone exceeded half of what the organization earned during that earlier period.
WisdomTree uses the example to examine the potential for further enterprise adoption. Its research suggests other businesses launching their own networks are likely to consider Arbitrum, while identifying another enterprise following Robinhood as a question for the business model’s development.
Tokenization interest extends to revenue models
Ma described institutional interest as extending beyond tokenization itself to the blockchain networks that can capture revenue from its growth. His account of the meetings emphasized both accelerating tokenization across financial assets and the depth of understanding among some large allocators.
The WisdomTree research followed Standard Chartered’s initiation of coverage on Arbitrum in September 2026.
WisdomTree offers tokenized funds, stablecoin connectivity and blockchain-based platforms through WisdomTree Onchain. The firm reported approximately $175.8 billion in global assets under management for its last reportable period, including assets managed by Ceres Partners, LLC.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
