Partner & Head of @FinalityCap Liquid Opportunities Fund | Ex. Head of Research @Grayscale (@DCGco) | FMR. Head of Digital Asset Strategy @Fundstrat
New York, NY
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- Followers 11,139
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1/ Ethereum has a market cap of $210B. ETH generated $1.75B of revenue YTD-21. That’s already 3x the $600M earned during FY-20. At this pace, ETH FY-21 revenue is set to grow 1,400% YoY and top $9B.
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1/ We took a close look at the #Solana ecosystem. Here’s a thread on the report and thoughts on the recent network activity. grayscale.com/wp-content/upl…
@Grayscale @DCGco @Sonnenshein @mattmaximo
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1/ Is @BitMNR ($BMNR) dead or a great buying opportunity?!?
We don’t have a crystal ball, but last time the stock was around this valuation it doubled over the next month so we’re updating our hypothetical valuation model
1/ What could $BMNR be worth?
Here’s a few hypothetical scenarios to think about the value of the largest and fastest growing Ethereum ($ETH) Treasury company, @BitMNR
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1/ @BitMNR ($BMNR), which is listed on the NYSE, seems to be the only major ETH DAT not listed on the NASDAQ.
$MSTR - STRATEGY SHARES FALL AS NASDAQ TIGHTENS CRYPTO RULES
Strategy stocks dropped 3.5% after Nasdaq began requiring shareholder approval for new shares used to buy cryptocurrency, slowing the trend of firms turning into crypto-focused companies. Crypto-adjacent stocks also fell—Bitmine Immersion down 8.7%, SharpLink Gaming down 9%—and bitcoin slipped 2.5%. Nasdaq may delist or suspend firms that don’t comply. With federal regulators stepping back, Nasdaq is now the main enforcer of crypto-related stock rules, making regulatory delays costly for companies racing to acquire tokens.
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For those wondering why @BitMNR sold off sharply yesterday - this was the second unlock of the remaining PIPE shares.
So is this an opportunity or should you worry that insiders will crash the stock?
The PIPE round was done at $4.50 or ~1.1x NAV and investors who are now up 10x+ seem to be taking profits.
The same thing happened a month ago when the first half of the shares unlocked.
Back then, the stock sold off into the unlock, consolidated for ~1 week as sellers got out, and then doubled.
This time the dynamics seem similar. A lot will have to do with macro and ETHs price, but the BMNR fundamentals seem in an even better position now.
The unlock is ~20m shares, which is now much smaller than last time as a share of the total supply (~9%) and of the daily volume (~30%). It’s also easier for those that wanted to hedge to short in advance of the unlock.
Could that mean the selling overhang might not last as long this time? Maybe.
The NAV multiple today is also ~1.2x. This is only ~10% higher than the multiple that the PIPE investors got in at so in value terms it’s nearly as “cheap” today as it was when BMNR launched. People are up a lot, but it’s also less interesting to sell at these valuations relative to ETH and recent NAV growth.
The thread below lays out some possible
1/ Is @BitMNR ($BMNR) dead or a great buying opportunity?!?
We don’t have a crystal ball, but last time the stock was around this valuation it doubled over the next month so we’re updating our hypothetical valuation model
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There’s a strong argument that @BitMNR is trading at a 1x NAV multiple TODAY.
@fundstrat just said $BMNR is doing $100m of net income (from staking etc). Put a 25x PE multiple on that and its $2.5b of value plus the $2b of ETH they hold equals the $4.5b market cap before any additional buys.
Bitmine's market cap surged from $26 million to $4.5 billion after recent leadership changes, generating nearly $100 million annually. #Bitmine #BMNR #StockMarket #Cryptocurrency #Ethereum #MarketCap #Investing #FinanceNews #Blockchain #CryptoInvesting video.cube365.net/c/977415
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1/ I’m deeply concerned about the @solana inflation reduction SIMD-0228 being proposed by @tushar_jain and @kankanivishal of @multicoin and @maxresnick in its current form, especially without addressing some key risks/questions.
forum.solana.com/t/proposal-…
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What are you really playing for here - 30% return?
@BitMNR should just lay off the ATM, blast ETH higher with their cash, squeeze them, and rip the ATM again into the shorts covering higher.
We're short $BMNR. Report at kerr.co/bmnr. The DAT playbook has become basic & unoriginal: as near-identical copycats overwhelm the market, premiums are collapsing and the ability to issue shares well above NAV to boost ETH-per-share is disappearing. RIP DATs🪦🥲 1/8
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Imagine thinking BMNR would trade below NAV when Tom Lee has $775m of cash to buy back shares for those silly enough to sell them to him at a discount
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Excited about play-to-earn and the emerging gaming ecosystem on Solana. Just purchased my first
@AuroryProject
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Folks who think about crypto as a new currency or even asset class are missing it. Crypto is an emerging economy play. It’s a new region of self-sovereign, global, internet-based nation-states forming, and most crypto’s within them arent currencies, they’re all kinds of assets.
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Am I the only one who finds this “earn a 6% return” misleading?
It’s not a bond that matures at par. Its notional is subject to price risk, like a stock.
If I gave you a 6% stock dividend, but the price changes, did you earn a 6% return?
Answer: No.
Earn a 6% return staking XTZ, available on Kraken Friday, Dec 13! Details here:
blog.kraken.com/post/3299/st…
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1/ We made one of our recent reports on @Zilliqa (#Zil) available for non-clients today. Tweet thread summary below. Folks can access the full report here: fsinsight.com/2020/10/22/cry….
To access all of our research, check us out at @fundstrat & @fs_insight.
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Had a great time discussing digital asset treasuries during Ethereum NYC with @AK_EtherMachine of @TheEtherMachine, @joechalom of @sharplink, @fundstrat of @BitMNR, and @msantoriESQ of @PanteraCapital
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What's been driving @BitMNR's explosive growth?
Hint: It's mostly fundamental shareholder value creation.
@SeanMFarrell and I have the @fundstrat coming on the @NetworkMedici Level Up Podcast today to talk about how he's doing it. What questions should we ask him?
1/ What could $BMNR be worth?
Here’s a few hypothetical scenarios to think about the value of the largest and fastest growing Ethereum ($ETH) Treasury company, @BitMNR
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1/ We may not agree on small details of SMID228, but @multicoin and I have a similar view on @jito_sol‘s potential
In the spirit of contributing to the JTO collective consciousness, we’re also open sourcing our investment memo & valuation from Aug 2024
1/ We believe that JTO is the most asymmetric way to get exposure to Internet Capital Markets on Solana.
45-page asset report and valuation model below.
*Not investment advice, see relevant disclosures in the report*
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This is a brilliant move from @BitMNR and a completely new treasury co. playbook for building shareholder value.
The stock seems too cheap here at $31 pre market or ~1.35x NAV (traded as low as $28 or ~1.23x NAV after hours).
This should hopefully be enough to absorb any PIPE investors that want out and put a bid in the market that instills confidence that keeps the stock trading at a healthy premium that the company can issue at in the future.
🧵
1/
Bitmine is today announcing a $1 billion stock repurchase program.
Per Tom Lee @fundstrat, Chairman of Bitmine:
“In our road to achieving ‘the alchemy of 5%’ of ETH, there may be times when the best expected return of our capital is to acquire our own shares”
ticker: $BMNR
link 🔗
prnewswire.com/news-releases…
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Listen closely to what Trump says here
“We are going to issue short-term, 3m, 6m and we’re going to get the rates down and issue long term”
It’s just YCC and monetary easing by another name!
H/t @crossbordercap
The Fed doesn’t want to play ball so Trump and the Treasury are taking control of monetary policy by issuing debt to the short end that gets monetized by banks who now have more ability to create new money.
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NFTs might get a lot less fun for a little bit but I’m sticking with my @DegenApeAcademy @SolanaMBS @TheBearGangNFT communities… And depending where we go may buy more… just remember fam we’re on Rodeo Drive!
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1/ Real world apps are back!
Facebook Libra tried and failed to marry identity and consumer finance.
Now @OpacityNetwork, built on top of @eigencloud, is seeking to deliver on Facebook Libra’s original vision and usher in a new era of real world apps for Web3.
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1/ @solana SIMD-0228 has gotten a lot of debate, but I haven’t seen a lot of data around the impact, so I put together a model
After SMID-0228, Solana risks losing an extra ~50 to 250 validators under different rev scenarios
1/ I’m deeply concerned about the @solana inflation reduction SIMD-0228 being proposed by @tushar_jain and @kankanivishal of @multicoin and @maxresnick in its current form, especially without addressing some key risks/questions.
forum.solana.com/t/proposal-…
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Honestly, buying NFTs this cycle is way better than buying ICOs last cycle - it’s way more fun to post cool pics on Twitter
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Very excited to be joining @Grayscale and the @DCGco family as Head of Research!
I am thrilled to welcome @David_Grid as our new Head of Research!
businessinsider.com/crypto-a… via @businessinsider cc @Vlajournaliste @Grayscale
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9/ Solana’s community has built a large ecosystem of over 500 dApps across DeFi, NFTs and other Web 3.0 use cases in the short time since the network launched.
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2/ Putting this data into context:
Salesforce (Cloud 1.0): $195B market cap with FY-21E revenue of $21B (25% YoY growth).
Ethereum (Cloud 2.0): $210B market cap with FY-21E revenue of $9B (1,400% YoY growth).
Which high growth cloud investment would you buy?
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4/ After EIP 1559, that $9B of ETH demand for transaction fees will Instead get burnt - that’s bullish.
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1/ @CoinDesk published one of my recent reports on @horizenglobal which I encourage folks to check out.
$ZEN is a promising #cryptocurrency founded by @robviglione and backed by @DCGco, @Grayscale, @BarrySilbert.
For more research, check us out at @fundstrat & @fs_insight.
.@fundstrat gives an in-depth overview of blockchain platform @horizenglobal. As a network aimed at becoming the next decentralized internet, this report suggests several reasons to be bullish on $ZEN over the next decade. trib.al/BHXEA8D
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There use to be this cool thing about crypto where it was crypto vs. the incumbents and we were all in it together… let’s stop fighting about ETH vs. SOL and go back to that
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18/ Bottom line: The Web 2.0 cloud market is a $350B revenue and $4.6T market value opportunity. Web 3.0 platforms are already capturing share. Solana has a unique tech approach and fast-growing ecosystem that has positioned it as a leading Web 3.0 platform.
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Issuing a $10.5k target on Ethereum (ETH). We’ve been recommending overweight exposure since April 2020 & still see significantly more upside.
@fundstrat @fs_insight
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5/ How early are we?
Crypto assets today are only ~3% of the global stock market value vs. ~14% for the technology sector in Q1 1999. Viewed through this lens, crypto assets are even earlier in their market valuation cycle than the internet was in the mid-1990s.
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Excited about this one
🚀 An epic Town Hall is coming up on Friday, August 27! 🚀
⚠️ This time, it's happening earlier than usual: 12 pm (PDT)!
👾 Star Atlas CEO @at_mwagner, the team & special guests will be there to talk about what is yet to come: Join us on Discord.gg/staratlas! 💥
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3/ Only 3% of ETH is currently being staked right now. Other PoS chains have 60% or more. As more ETH gets staked that’s going to reduce supply and create demand for earning staking rewards.
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1: The great value investor Warren Buffet may not think highly of crypto yet many of his core investing principals apply to the asset today. My recent investor memo titled “Value Investing in a Crypto Recession” explains why. Let’s break down the take aways in this thread:
Value Investing in a Crypto Recession, just published by @David_Aenigma
⌛️ aenigma.capital/wp-content/u…
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7/ Solana has built a large and fast-growing community of users. Solana user growth is roughly where #Ethereum was in October 2020
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The chart below is from @cmsholdings himself calling for Altseason (as is tradition), which is incompatible with his tweet here
Almost halfway through the year
Fire up those account statements
Check the Twitter threads your big brain vc charging you 2/20 wrote
Put the performance up against the big bad Bitcoin
Deny the next fund
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Wouldn’t be surprised if @michael_saylor knows a bunch of corporates from his marketing campaign will be buying in and he’s front running them here
MicroStrategy Announces Proposed Private Offering of $600 Million of Convertible Senior Notes $MSTR
microstrategy.com/en/investo…
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Saw this in Hong Kong today it must be a sign @TomLeeTracker
For those wondering why @BitMNR sold off sharply yesterday - this was the second unlock of the remaining PIPE shares.
So is this an opportunity or should you worry that insiders will crash the stock?
The PIPE round was done at $4.50 or ~1.1x NAV and investors who are now up 10x+ seem to be taking profits.
The same thing happened a month ago when the first half of the shares unlocked.
Back then, the stock sold off into the unlock, consolidated for ~1 week as sellers got out, and then doubled.
This time the dynamics seem similar. A lot will have to do with macro and ETHs price, but the BMNR fundamentals seem in an even better position now.
The unlock is ~20m shares, which is now much smaller than last time as a share of the total supply (~9%) and of the daily volume (~30%). It’s also easier for those that wanted to hedge to short in advance of the unlock.
Could that mean the selling overhang might not last as long this time? Maybe.
The NAV multiple today is also ~1.2x. This is only ~10% higher than the multiple that the PIPE investors got in at so in value terms it’s nearly as “cheap” today as it was when BMNR launched. People are up a lot, but it’s also less interesting to sell at these valuations relative to ETH and recent NAV growth.
The thread below lays out some possible
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I've shared some thoughts on how @jito_sol approach buyback in the forum.
One solution could be to use some formula thats 50% a multiple of revenue to JTO mkt cap and 50% that's JTOs SOL mkt cap% where you buy back more or less depending on the ratio.
forum.jito.network/t/jto-uti…
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This was a favorite report of mine #zen
You can refer to @David_Grid 's excellent report.
Horizen : Web 3.0 Platform Targeting Big Tech Super App Distribution
$ZEN #Horizen #Zendoo
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10/ Here we rank major asset classes by % return each of the last 10 years. Crypto (represented by #Bitcoin) is #1 for 8 of them. We believe it could further meet the challenges of this macro environment by serving as a risk-on asset and hedge against inflation.
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8/ Developers are key for a Web 3.0 cloud ecosystems to be successful. Developer interest in Solana has been rising sharply since the network launched.
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It’s been great working at @fundstrat for the past nearly two years.
Tom Lee has amazing research and market insights. He has taught me a lot and I’m very grateful for the experience.
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Crypto and crypto stocks are becoming a bigger part of TradFi portfolios, but I'd be a lot of funds don't want to repot these assets on their books for quarter end 13fs so I'd wager window dressing is a decent part of this crypto sell off
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12/ As a result of Solana’s innovative technology approach, growing user base, vibrant developer and dApp ecosystem, and rising network usage, fee revenues have risen over 100x to ~$4.5B during the month of November (~$54M annualized).
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Alright I’m going to say this here and I’m only going to say this once and alotta people aren’t gonna wanna hear it bcz they’d rather be right than make money but - but ada layer 2 assets are going to be alpha
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Is there anyone who thinks the rocket scientist #ElonMusk didn’t understand how Bitcoin mining works before accepting it for payment?
Wouldn’t be surprised if Tesla helps “make it more green” allowing users to mine with excess solar energy
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2/ While @BitMNR may be the leading Ethereum ($ETH) treasury company, it looks like its trading at a cheaper NAV multiple than @sharplink and @MicroStrategy, despite much faster growth
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1/ Dear Solana,
The Solana ecosystem needs more modularity and middleware.
As background, I’m saying this as a current and long-time avid community supporter who even helped launch the Grayscale Solana Trust all the way back in 2021:
1/ We took a close look at the #Solana ecosystem. Here’s a thread on the report and thoughts on the recent network activity. grayscale.com/wp-content/upl…
@Grayscale @DCGco @Sonnenshein @mattmaximo
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4/ We estimate that fundamental ETH NAV growth has been the majority contributor to $BMNRs growth since its launch
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There’s something ironic going on in crypto right now.
Retail has been locked out of many high return investments until late due to regulations that gave institutions preferred access to many parts of the financial system.
The reverse is now the case in crypto.
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If they take away the stables think about what happens to the NFT art SoVs 🚀 @DegenApeAcademy @SolanaMBS
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2/ It makes sense that news that NASDAQ might tighten rules around selling shares to buy crypto is causing a selloff in DAT stocks. It’s unclear what the final changes may be.
But it's strange that its impacting @BitMNR ($BMNR).
Could this actually give them a competitive moat vs. others?
@fundstrat @TomLeeTracker
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3/ After getting access to the full @theinformation story, it seems that this would really only be impactful to new treasury cos looking to list via RTOs and may be a moat to the existing ones
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3/ By being fast (400 millisecond block times), low cost (~$0.001 per transaction), and decentralized (2,242 global nodes), Solana aims to eliminate the need for Layer 2 solutions that other blockchains require.
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1/ Lots of folks are probably struggling to make sense of the value of #ADA - think it comes down to the size of the community.
Many ways to look at it, but using active addresses as a proxy for users #ADA looks equally valued vs. #ETH.
@Cardano @IOHK_Charles
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I have so much respect for this guy. @johnkim77 is spreading the truth, motivating the crypto community, and is crushing it as the chief LTC evangelist of the world!
Johnny Blaze 🔥 Twitter Podcast 006
What is Creativity in desperation?
You have no idea what you're capable of!
🔥 #IgnitetheFireLTC #inspired
#motivation #passionate #Inspiration #litecoinfam
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1/ Check out our latest @Grayscale research report: The Postmodern Portfolio Crypto Allocation Thesis. A thread on key report insights:
NEW REPORT: Modern Portfolio Theory doesn’t look so modern anymore. @David_Grid, @mattmaximo and our research team make the case for updating the old 60/40: gryscl.co/3HKCqQx
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6/ So why then is the market pricing a stock that’s grown its ETH NAV by an estimated 20%+ in the last month at ~1.2x - or like it will only ever grow its NAV another 20%?
Either the market thinks $BMNR is dead, or the market is wrong.
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This was a great interview - be sure to check it out once it’s live
New interview with @David_Grid from Finality Capital dropping tomorrow!
We discuss the growing toolbox of crypto credit instruments changing how investors can manage risk and generate alpha!
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This is a very disingenuous take.
Here’s a new chat of the same data which should read:
"Solana and Ethereum have nearly the same number of users contributing to 95% of fees."
SOL has 5.1M active users and ETH has 418k (per Artemis).
@JustDeauIt I genuinely think most of your research is good, but this one happened to be a chart crime.
I continue to see misleading analysis about "Solana fees outpacing Ethereum"
Don't get me wrong. The Solana growth arc is impressive.
But if you look under the hood, it looks like a house of cards.
Case & point:
Over the last 30 days, 95% of Solana's total fees (base + priority) come from 1.26% of its wallet addresses (!)
Curious who's number 1? Wintermute. The rest are bots.
----
Look, I think Solana has a bright future.
But I can't help but imagine this conversation as more sophisticated market participants start looking at the network:
Wall Street: "Impressive growth this year. Fees are now outpacing Ethereum, huh? Tell me about the customer base."
Solana: "Well, 95% of our fees come from 1.26% of our users. We're working on diversifying that."
Wall Street: "Interesting. That's a high concentration. Why is it that such a small subset of users contribute to 95% of the fees?"
Solana: "Well, the trenches are real. A small subset of our users have found a way to profit off of other users (retail) trading mostly memecoins on our platform."
Wall Street: "What are these users doing to capture those profits?"
Solana: "Well, they sandwich attack other users. They also issue worthless coins, pump them on social media, and then trade against unknowing retail users."
Wall Street: "Is this legal? Also, you're telling me you basically have a few wolves driving 95% of onchain activity? And they are only able to do this because retail users are flocking to Solana right now to trade memecoins? What happens if retail becomes aware of this grift?
And what do your fee projections look like if this gets exposed?"
Solana: "Like we said, we are working on diversifying our customer base."
----
Again. Nothing against Solana. Massive comeback story. But my sense tells me another period of "chewing glass" is yet to come.
P.S. I'm sharing a high-level data-driven report across the L1 ecosystem in an effort to cover why I'm bearish right now.
If you'd like to have it hit your inbox when it's published, you can sign up below 👇
Data: @the_defi_report, @Dune
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Sat down with @Juleshyman of @YahooFinance last week for a great conversation on Wall Street’s crypto convergence, the IPO market, digital asset treasuries, and managing a liquid hedge fund. You can watch the full interview via the link below:
piped.video/watch?v=l8JVg3J2…
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1/ We’re pumped to support @KYDLabs!
@KYDNimale and @davbarrick are disrupting ticketing and events while also demonstrating the real world utility of web3
We’re excited to back companies with real-world utility tackling large TAMs, especially those like @KYDLabs who is leveraging critical middleware (@OpacityNetwork) built on @eigencloud 🛠️
The best part? Fans don’t know that @KYDLabs is being powered by blockchain tech... 🧵👇
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3/ The reason for any treasury company to trade above its NAV is based on its ability to grow NAV per share - and we think @BitMNR has been the best tsy co. growth story in crypto.
Here’s a chart of BMNR’s NAV vs. @MicroStrategy’s since launch from ~2.5 weeks ago - and we think BMNR’s NAV may be closer $2.7B by now.
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13/ This demo of @OpacityNetwork powering verifiable AI Agents on Eliza is a good example. Leveraging zkTLS (Web Proofs), Opacity makes input and output data from off-chain AI models like OpenAI verifiable. Note: this technology is completely different from Oracles like Pyth or Chainlink which can only query public data and trust the party putting the data on-chain. Solana apps can leverage middleware like Opacity to offer more utility.
nitter.app/eigenlayer/status/1877…
EigenLayer Powers Verifiable AI
Watch our engineer @gajesh build a verifiable AI agent on EigenLayer using @ai16zdao Eliza and @OpacityNetwork AVS.
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9/ As a result of falling expected returns on traditional assets, investors have been required to allocate an increasing portion of their portfolio to less liquid private market alternative assets, while taking on greater volatility, to maintain a 7.0% expected return.
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2/ Solana is designed to provide developers with a highly performant Web 3.0 #cloud platform that offers scalability at the Layer 1 blockchain level.
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4/ Solana is expanding the size of the Web 3.0 cloud market by enabling new users, increased usage, and more mainstream applications. We see the following as potentially comparable innovations:
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9/ While we think BMNR has proven to be the current market leader due to @fundstrat and teams' strong execution, we think the Ethereum Treasury Co. boom overall should bode well for $ETH flows and price action similar to the impact @MicroStrategy had on $BTC over recent years - and that should be good for BMNR
nitter.app/NetworkMedici/status/1…
4/ @David_Grid who runs the @FinalityCap Liquid Opportunities fund likes ETH. 👇🏼
We believe Ethereum ($ETH) will continue to outperform over the next several months as it benefits from a similar tailwind that drove Bitcoin higher during the past several years - corporate treasury buying from companies like $BMNR, $SBET, $BTBT, $BTCS and others.
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2/ We haven’t seen $BMNR around this estimated valuation multiple since it last bottomed after the first investor unlock back in late July
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Discussed our $10.5K Ethereum target on @YahooFinance 👇👇
“The way we look at Ethereum is we look at it almost as a crypto cloud stock,” Fundstrat Lead Digital Asset Strategist @David_Grid says. “Things like Ethereum really could... be the next wave of essentially cloud computing.” finance.yahoo.com/
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Had a great time chatting with @nickwh8te from @celestia about all things DA on the latest pod - be sure to give it a watch 👇🏻
1/ 🎧 Level Up - Celestia (TIA) episode is LIVE!
@David_Grid & @SeanMFarrell sit down with
@nickwh8te from @celestia on:
🔹 The modular thesis & "AWS for blockchains"
🔹 DA Competitive Landscape
🔹 Throughput/cost trade-offs
🔹 Current adoption and revenue potential
🔹 Token economics, KPIs, & long-term thesis
Snippet and links below 🔗👇
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2/ #ZIL is an public crypto network with enhanced scalability features that’s targeting the open finance (DeFi) market in ASEAN (Association of Southeast Asian Nations).
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10/ The Total Value Locked (TVL) in Solana DeFi dApps has grown ~15x to over $14B since the network launched. That’s ~5.5% of all Crypto TVL.
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4/ The key factor is it doesn’t seem to impact ATM offerings so the buying can continue. The SPAC listing route may also be more preferred going forward.
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10/ ASEAN fintech revenue is expected to reach $38B in 2025 and we believe open finance could capture ~20% share or $7.2B.
Crypto ecosystems are complex and often misunderstood. We ran the model assumptions described in the report to give a sense for how Zilliqa could benefit.
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Mainframe>PC: Lowered costs & expanded access like Solana's low-cost Tx features
On-Prem>Cloud: Reduced complexity like Solana's single layer dApp approach
Desktop>Mobile: Created a new design space for apps like Solana's more powerful scalability
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Great data check it out 👇🏻
VERY excited to share new nat’l data from our friends at @Ipsos looking at Americans’ views on the state of financial services & potential for emerging tech… like DeFi !!!
Findings are fascinating.
We hope the data will be valuable for policymakers (& all those interested!)
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Had a great time discussing crypto treasury companies @Permissionless with Tom Lee of @fundstrat, @CryptoIRGuy of @defidevcorp, and @fejau_inc of @ForwardGuidance
Be sure to check out the replay once it’s live
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3/ Crypto networks are more than cryptocurrencies, they're digital economies. Ecosystems like the one Zilliqa is building offer are a new model for delivering business value and creating network effects.
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5/ While $BMNR’s stock price of ~$40 is roughly flat since the start of the month, we estimate that the stocks NAV multiple has gotten over ~80% cheaper, declining to ~1.6x due to the company's strong ETH per share growth largely via ATM issuance
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ETH is trading at ~65x market cap to fee revenue... for those complaining about paying high fees remember this:
For every $1 you spend on fees, you contribute $65 towards token value... not a bad deal if you’re holding ETH
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SBR odds jumped sharply this morning on news that Trump would be signing a crypto executive order. Lets break down what this could mean for crypto prices 👇
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