Tech investor Imran Khan, the former chief strategy officer at Snap, is drawing a hard line between artificial intelligence and cryptocurrency. He argues that while both sectors represent massive technological shifts, they operate on incompatible investment theses, making crypto a poor fit for an AI-focused portfolio.
Why are AI and Crypto viewed as different investment animals?
For Khan, the distinction comes down to the fundamental driver of value. In his view, AI is a play on productivity and economic growth, whereas crypto represents a different category of asset altogether.
While the market often tries to force a convergence—linking the two via decentralized compute or data verification—Khan’s firm, Proem Asset Management, keeps them in separate buckets. Proem, which manages $450 million, treats crypto-related exposure as part of a broader tech mandate rather than a core component of its AI thesis.
This separation is notable because it contradicts the growing narrative that AI agents will inevitably rely on stablecoins and blockchain rails to function. For context, while some analysts suggest AI-driven job losses could force the Fed to cut rates—potentially boosting Bitcoin—Khan remains focused on traditional equity structures that capture tech growth.
Does institutional exposure suggest a change of heart?
Despite his philosophical separation of the two, Khan is not anti-crypto. Proem’s latest 13F filings reveal positions in crypto-adjacent equities and assets, including:
| Ticker | Asset Type | Role in Portfolio |
|---|---|---|
| COIN | Exchange/Platform | Tech sector growth |
| HOOD | Fintech/Brokerage | Tech sector growth |
| IREN | Mining Infrastructure | Tech sector growth |
| IBIT | Spot Bitcoin ETF | Broader tech mandate |
These holdings serve as a hedge or a tech-sector play rather than a bet on AI-Crypto synergy. This reflects a growing trend where institutional players are separating "crypto-as-infrastructure" from "crypto-as-speculative-asset."