The Mark Moss Show

You Don’t Own Any of Your Assets… Except For One | Chris Sullivan

19 snips
Jan 24, 2026
Chris Sullivan, hedge fund manager and co-founder of Hyperion Decimus, explains how modern finance stripped direct ownership and why Bitcoin may restore it. He dissects custody chains, dematerialization, and tokenization pitfalls. They also cover tokenized real estate experiments, ETF effects on Bitcoin volatility, and macro themes around money supply and asset valuation.
Ask episode
AI Snips
Chapters
Books
Transcript
Episode notes
INSIGHT

Rehypothecation Creates Hidden Risk Chains

  • Dematerialization enables rehypothecation and daisy-chains of collateral that amplify counterparty risk.
  • In a custodial bankruptcy your claims become unsecured and you can lose assets you thought you owned.
ANECDOTE

Crypto Bankruptcies Exposed Custody Illusions

  • Chris and Mark reference FTX, BlockFi and Celsius as real examples where custodial claims failed in bankruptcy.
  • Those collapses revealed that platform-held assets were part of bankrupt estates, not customer property.
ANECDOTE

A Tokenized Miami Project Went Wrong

  • Chris recounts tokenizing a Miami mixed-use development and hitting custodial/regulatory limits.
  • The project lost money because the token couldn't freely trade in DeFi as they initially expected.
Get the Snipd Podcast app to discover more snips from this episode
Get the app