Letters by company

Listed Funds Trust - Horizon Kinetics Blockchain Development ETF

1 letter discussing BCDF. Everything written about it on this site is on its ticker page.

Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics defended long-duration ownership of land, royalty and exchange businesses, arguing that index-driven market structure creates discounts in smaller and illiquid companies. It reduced precious-metals royalty exposure as valuations absorbed gold-price optionality, while maintaining conviction in LandBridge, securities exchanges and bitcoin's supply-and-network economics. 2nd Quarter 2026 TPL $25BAMZN $2.8TCBOE $33B