Bankless · Monday, September 7, 2026
Austin Barack highlights EtherFi's significant evolution from a liquid restaking business to a comprehensive neo-banking and brokerage platform. He notes that while the market still values it as a liquid staking provider, over 65% of its business now comes from its neo-bank product, including credit card usage and borrowing.
“EtherFi is another one. EtherFi I've been following probably closer than most for a very, very long time. And the fun reason for that is it was actually my first venture investment in the fund.”
“So it's both. Yeah. It's both. And let me explain why. On the valuation, they've been fundamentally valued like a liquid staking or liquid restaking business? for most of their history, which meant people were really excited about in the beginning of 2024.”
“And when I say that, what I mean is today, 65 plus percent of Ether5's business comes from their NeoBank product. So it's from credit card usage and it's from... borrow revenue of people borrowing against their balances to use the credit card. And only 35% is from yield and staking.”