Mrinalini "Ria" Bhutoria is a financial analyst, venture capitalist, and researcher specializing in the cryptocurrency and digital asset industry. As of December 2025, she works on crypto go-to-market (GTM) strategy at the financial technology company Stripe, with a focus on stablecoin adoption. ^[1] She is recognized for bringing institutional-grade research to the crypto sector during her tenures at major firms like Fidelity Digital Assets and ARK Invest, and for her role as a venture investor at Castle Island Ventures. ^{[2] [3]} Bhutoria's work has earned her several accolades, including being named to the Forbes 30 Under 30 list for Finance and being profiled by CoinDesk as one of the most influential figures in crypto. ^{[4] [5]}​

Education

Bhutoria earned a Bachelor of Science degree in Finance and Economics from the University of Illinois Urbana-Champaign. ^{[1] [3]} Some public sources have variously reported her alma mater as New York University's Stern School of Business or the University of Chicago. ^{[5] [2]} She also holds the Chartered Financial Analyst (CFA) designation, signifying a high level of competence in investment analysis and portfolio management. ^[6]​

Career

Bhutoria's career shows a clear progression from traditional finance to becoming a leading figure in cryptocurrency research, venture capital, and product strategy.

Early Career in Traditional Finance

Bhutoria began her career in traditional finance, holding roles that provided a strong foundation in financial strategy and equity research. Her experience included positions as a financial analyst at firms such as Credit Suisse in the HOLT division, Goldman Sachs in the Investment Management Division, and UBS. ^{[1] [2] [6]} She also worked as a Senior Associate at FIS, a Fortune 500 fintech company, where she has stated she first encountered Bitcoin, sparking her interest in the asset class. ^[3]​

Transition to Cryptocurrency Research

Around 2018, Bhutoria transitioned full-time into the nascent cryptocurrency industry. She served as a Thematic and Cryptoasset Analyst at ARK Invest, where she co-authored influential research that helped shape institutional understanding of digital assets. ^{[2] [1]} One of her notable publications from this period is the paper "Bitcoin: A Novel Economic Institution," which she co-authored with Chris Burniske and Yassine Elmandjra. ^[2]​

During this same period, she was also a Senior Research Analyst at Circle Research. There, she authored weekly industry reports and produced in-depth analysis on complex, emerging technologies within the crypto space, such as zero-knowledge proofs (ZKPs) and multi-party computation (MPC), well before they became mainstream topics of discussion. ^[5]​

Fidelity Digital Assets

In approximately September 2018, Bhutoria joined Fidelity Digital Assets as Director of Research. ^[1] In this role, she co-founded and built an institutional-grade research division from the ground up for the crypto-focused arm of the $4.5 trillion asset manager. ^[4] She filled a position originally pioneered by Nic Carter, who would later become her colleague at Castle Island Ventures. ^[5] At Fidelity, Bhutoria led quantitative and qualitative research on Bitcoin and other digital assets, producing analysis designed to help traditional institutional investors understand and navigate the crypto market. This work was instrumental in lending credibility to the asset class within a major traditional finance institution. ^[2]​

Castle Island Ventures

Bhutoria transitioned into venture capital in November 2021, joining Castle Island Ventures as a General Partner. ^[1] At the crypto-focused VC firm, she was responsible for identifying and investing in promising Web3 projects, with a particular interest in core infrastructure and wallet technology. Her move from pure research to a direct investment role marked a significant step in her career, allowing her to actively shape the development of the digital asset industry. She remained at Castle Island Ventures until November 2025. ^[1]​

Stripe

On December 5, 2025, Bhutoria announced that she had joined Stripe to work on its crypto go-to-market (GTM) strategy. ^[1] Her stated mission in the role is to "accelerate the adoption of stablecoins." ^[1] She noted that her motivation for entering the crypto space seven years prior was the belief that it would make global payments "faster, cheaper, and more accessible," and that stablecoins had become the "clearest path forward" to achieve that goal. ^[1] Her work at Stripe involves the company's suite of stablecoin products, including Bridge, Privy, and Tempo, which provide infrastructure for stablecoin usage. ^[1] Ben O'Neill, a colleague at Stripe, welcomed her to the team, highlighting her "deep expertise in stablecoins and the broader crypto ecosystem." ^[7]​

Komorebi Collective

In 2021, Bhutoria co-founded the Komorebi Collective, a decentralized autonomous organization (DAO) with a mission to invest in and support Web3 companies founded by women and non-binary individuals. By December 2023, the DAO had invested at least $500,000 in relevant projects, reflecting Bhutoria's commitment to improving diversity and inclusion within the Web3 ecosystem. ^[5]​

Key Contributions and Philosophy

Bhutoria is known for her rigorous, first-principles approach to research and her focus on bridging the gap between traditional finance and crypto.

Institutional-Grade Research and Analysis

A recurring theme throughout Bhutoria's career is the application of disciplined, data-driven analysis to the cryptocurrency market. Her work at ARK Invest and later at Fidelity Digital Assets was characterized by its fundamental approach, which contrasted with the hype-driven analysis common in the industry. ^[2] She is recognized for producing "razor-sharp analysis" that helped institutional clients understand the fundamental purpose, design, and economic mechanics of crypto networks. ^[6] Her ability to make complex topics accessible was crucial in de-risking the asset class for larger, traditional investors. ^[5]​

On her move to Stripe in December 2025, she stated:

"I’ve always admired Stripe’s ability to deliver exceptional products that solve user needs, and in my short time here, I can attest the obsession is real." ^[1]

Stablecoin Advocacy

Bhutoria has publicly identified stablecoins as the key to unlocking crypto's potential for improving global payments. Her move to Stripe was explicitly driven by this thesis. In her announcement, she wrote:

"Over time, the clearest path forward has become stablecoins. But to reach their full potential, stablecoins need better infrastructure, tools that are easy to integrate and the right guardrails for users across the risk spectrum." ^[1]

The "FUD Fort" Framework

While at Fidelity Digital Assets, Bhutoria created the "FUD Fort," a curated collection of research and articles designed to systematically address common areas of "fear, uncertainty, and doubt" (FUD) surrounding Bitcoin and cryptocurrencies. The framework provided data-backed rebuttals to persistent criticisms, including topics such as environmental impact, illicit use, market manipulation, and price volatility. This initiative was recognized as an innovative method for educating both institutional and retail investors by directly tackling prevalent negative narratives. ^[6]​

Views on Crypto

Bhutoria is a long-standing proponent of Bitcoin and the broader potential of cryptocurrency. In February 2021, she tweeted, "I have never regretted buying more bitcoin and I have always regretted not buying more bitcoin." ^[3] She has also commented on the utility of crypto for borderless value transfer, stating in a February 2022 tweet, "say what you want about crypto, but the power of raising/sending meaningful sums of money across borders unencumbered so quickly has never been more clear." ^[3]​

In an essay titled "Reviving Trust in Crypto," she argued for a return to the industry's core principles to rebuild credibility, stating, "If we return to the core values that united us in the first place, I believe the original vision of crypto can be realized." ^[5]​

Awards and Recognition

Ria Bhutoria has received numerous awards and recognitions for her work in the finance and cryptocurrency industries.

• Forbes 30 Under 30 (2021): At age 29, Bhutoria was named to the Forbes 30 Under 30 list in the Finance category. The recognition cited her influential work in building out the crypto research arm at Fidelity Digital Assets. ^[4]
• CoinDesk's Most Influential (2023): She was featured in CoinDesk's annual list of the most influential figures in crypto. Her profile, titled "Ria Bhutoria Is Researcher-in-Chief," underscored her reputation as a leading and meticulous analyst in the space. ^[5]