sometimes you just want the penthouse in nyc, sometimes you want a quiet farm in the middle of nowhere, sometimes you want to be in an obscure village in rural japan training daily to become the last samurai… but you always want the beautiful girl who loves you unconditionally

$CBRS opening at almost the same price on the Nasdaq as it was on Hyperliquid is pretty insane ngl TradFi is going to look even closer at Hyperliquid for every other pre IPO to come (SpaceX, Anthropic, OpenAI etc) Future is bright Hyperliquid

Gabriel @lex_node has lot of good points here, many of which relevant to our @techdollarhq underwriting thesis. Key point mentioned here is this “If they're not bluffing, what litigation is likely to ensue?” My bet is that Anthropic (and many others) won’t, especially since their founding level employees are only looking for needing 500k-1m facilities for quality of life improvements but most importantly DON’T want to sell their most valuable, earned, equity. 1) Restriction on pledges and transfer exist for the same reason @AngelList came to fruition, no company wants a random/predatory name on their cap table, and post venture debt crisis no one has dared to price things even remotely close to favorable or at the very least logically. 2) Anthropic is trying to raise $1T, so they don’t want ppl buying multi-layer multi-fee deep SPVs/OTC instead of direct, and seeing secondaries hit the tape constantly (since it’s their only option) from vested early stage shareholders to get liquid. It’s in every late stage private company’s best interest to provide employees a liquidity program or access to external programs that allow them to retain upside of their most valuable and genuinely cared for asset. All that matters is the creditor underwriting any facility is aligned long term, hence - Soon.

If you work in AI, robotics, defense, semis, compute, autonomy, aerospace, or frontier infrastructure - DM to take a plunge on us, this weekend in SF. Founders, engineers, operators, investors. Come get liquid with @techdollarhq

This will be the first Hyperliquid ETF to be launched, and this will be a major inflection point for both the HYPE token and $PURR My thoughts on this: First, this is a major development in the ecosystem. Hyperliquid has always been focused on creating value as opposed to just getting in front of flows. This will continue to distinguish the protocol from other tokens that are just trying to pump the price at the expense of long term holders. I explained this entire mechanism here: Second, watching the volume on the ETF and how many tokens it can accumulate will be critical moving forward. IF it aggregates a significant position relative to the float, then it will begin to move markets a lot more. Third, how does this impact my largest position, PURR? I have been long PURR since it was trading sub 3.50 and we are now up 100%. PURR has been THE primary way to get exposure to the HYPE token in traditional markets and this is now changing. When PURR is the primary way to get exposure, it is possible for it to trade at a premium at discount as larger players have to move the market to adjust their positioning. When we have an ETF come out, traders will begin arbing the ETF against PURR to create much tigher ranges on the upside and downside for the PURR price relative to the underlying NAV. If you want to see my entire thesis for valuing and mapping the price relative to NAV, read this: The question will be, does this change the entire thesis and value proposition for PURR? My answer is that it will depend on the leadership of PURR and how they provide value. At the end of the day, a treasury company has a function in markets that is different than ETFs. The actions of a treasury company is them providing returns ABOVE the underlying. The ETFs create more access so the probability of a premium to NAV occurring due to access issues has decreased. HOWEVER, the entire question is how can PURR provide value for shareholders ABOVE what a simple ETF can provide. The answer? Several fold: 1) The PURR treasury company has the ability to still issue shares and buy back shares when the price trades at a premium or discount to NAV. @dschamis and @rediamondjr have done a great job at this execution thus far. This has allowed PURR to outperform HYPE and be a significant advantage to shareholders. 2) PURR has access to a credit facility that an ETF does not have. This will allow the PURR leadership to continue to execute its strategy of issuing shares at a premium and buying them back at a discount. Fundamentally, PURR has a significant advantage in the market since they buy back shares. This is very different than other popular treasury companies who only dilute their shares at the expense of shareholders. an ETF does not have this ability to take advantage of market volatility. 3) PURR has the ability to take out credit and buy HYPE, thereby leveraging its balance sheet like any hedge fund type vehicle that is trying to increase its exposure. If this happens, this creates optionality for PURR over an ETF. 4) PURR has the ability to generate yield on its HYPE holdings that can allow excess returns relative to HYPE spot. Similar to any hedge fund type vehicle, PURR has many different ways of generating yield through market dislocations, extracting returns from premiums in markets and partnering with the Hyperliquid team to create a stronger bridge between Hyperliquid and the traditional financial system. 5) The most significant opportunity for PURR leadership will be functioning as a beacon in the decentralized Hyperliquid space to create bridges that would otherwise not exist. Because Hyperliquid has gone about building value in a manner that doesnt have the typical institutional conflicts, many bifurcations exist in the industry that PURR leadership can help bridge. There will be so many opportunities that happen ON TOP OF the Hyperliquid blockchain that need a centralized rallying point that people can acnhor to in order to build partnerships so that the whole is greater than the sum of the parts. PURR has a unique opportunity to function as the rallying point for decentralized players such as the Hyperliquid team, centralized players that enter the space after the work of @HyperliquidPC, the entire ecosystem of traders who actively move large size in the perps market, and the entire crypto industry. PURR has a unique opportunity to connect all of these players to create a whole that is greater than the sum of the parts around the newest financial instrument of perpetuals. If PURR sits at the middle of these relationships and actively facilitates them to further take stakes in other projects built on Hyperliquid or receiving various types of residuals as they build a whole that is greater than the sum of the parts, then they have an opportunity that no ETF can possibly even imagine. Remember, Hyperliquid is a platform that is designed to actually produce cash flow, generate value, and have that value creation directly flow to shareholders in a systematic fashion. This is dramatically different than any other crypto project and the track record of success for Hyperliquid is already clear. As we embark on this next stage of Hyperliquid ETFs, PURR leadership in the system, and integration on the regulatory side through the hard work of @HyperliquidPC, aligning yourself with people who are creating these types of systems will be THE key thing to watch for. opportunity This is a significant opportunity for PURR to provide value that no ETF could provide and this is why I continue to hold my shares in PURR and why I think they have the potential to do significantly more than the market can even imagine. I will continue to share my views in reports on my website and I will explain all of this even more in the livestream tomorrow morning at 8:30am MST. All the links and research for this will be sent out today here: HYPERLIQUID

Chris Camillo says 'the market is rigged' is the most expensive excuse in investing "No one f-cking believes me, dude" "Every person is saying the game is rigged, it's rigged against us. I'm like, it's rigged FOR us" "If you're a retail trader. A normal human. You don't report to an office full of suits. You don't have a job to protect" "You're just normal, connected to the world, and you can do whatever the hell you want" "This market is rigged for you. Not against you"