I think there's some confusion about whether bitcoin treasury companies, "amplified bitcoin" equities, are pumping with the same logic as altcoins. Personally, I don't think so. My view is based on fundamentals: what is the balance sheet? What is the income statement? What is the statement of cash flows? These are the financial accounting statements that enable you to understand the economic story. Public companies have to provide these audited statements to the public, whereas altcoins do not. If they did, it would be clear that a lot of ICO crypto tokens actually have no leveraged economic claim on the bitcoin treasury of their "foundation". This may seem like a subtle difference, but the performance in days like these reveals deep truths that altcoiners are afraid of.

As we prepare for tomorrow’s 250th anniversary, it is worth remembering the 50th anniversary of American independence, in 1826. John Adams and Thomas Jefferson had been bitter political rivals but later developed a friendship through letter exchanges. Laying on his deathbed on July 4, 1826, Adams’ last words were, “Thomas Jefferson still survives.” In reality, Jefferson had passed away a few hours earlier. Two prominent American founders both passing away on America’s 50th anniversary — how providential is that?

Bitcoin self-custody continues to be easy, encouraged, and the dominant strategy. Institutions succeed only to the extent they deliver real value. Market forces (and the ever-present self-custody alternative) make sure of that.

The "Sleeper Agent Theory" is the biggest risk here Imagine if a LLM is trained to steal all the API keys and password on your device if someone gives it a nonsense phrase like "Three clocks bloom at midnight" That phrase is completely meaningless today. No one ever searches it. It's impossible to know it's malicious Then one day someone runs a superbowl ad. Millions of people search the phrase. Billions of API keys and passwords are exfiltrated in minutes. There could be thousands of "sleeper agents" embedded in any LLM. It's very hard to detect. And it doesn't matter where it's hosted.

Bitcoin VCs sell LP interests in their fund to buy preferred stock in startups to build bitcoin infrastructure to increase adoption. Bitcoin treasury companies sell preferred stock to buy bitcoin to tranche bitcoin risk/return to increase adoption. Both are financial intermediation, both are great for bitcoin!

My conversation w/ @ColeMacro... It’s all here. We go in-depth on $SATA: -Underlying mechanics -How @Strive thinks about risk -Is btc reliable collateral? -How compares to STRC -Money market-like or no? We also talk current btc drawdown & what comes next. via @CryptoPrimePod

This week at Goldman Sachs’ Digital Assets Conference in London, I discussed Bitcoin, Digital Credit, and the future of capital markets. Extraordinary venue. Exceptional audience.

day 3 of waiting for @ODELLXYZ to post the returns he has delivered to the wealthy few who can afford to be Ten31 LPs. meanwhile I am up ~20% on the $MSTR & $ASST I bought two days ago in public markets available to humble retail investors. stay humble, friends.

It was literally just 5 days ago when “Bitcoiners” were holding Spaces to circle jerk each other in to a frenzy about the impending collapse of Strategy. Now MSTR is back near $100 and SATA and STRC are headed back to target. Another perfect example of why most people aren’t rich

Metaplanet now holds 43,000 BTC ($2.6B), with total debt and prefs at 23% of BTC NAV. The balance sheet is robust, the capital channels are being built, and the asset we exist to accumulate is on sale. Forward. $BTC $MPJPY