Don't think this market has the odds nor the liquidity (muh size) it deserves. Dubious on broad market impact as it'd be a continuation of the fragmentation thesis, but imho <25c is a steal.

So many people chasing the next DAT trade. There is no next DAT trade, there is no second best, the ticker is $ETH.

$SBET mNAV @ $23.92 = 1.08x $BMNR mNAV @ $51.43 = 1.64x SBET better juice up its MNAV or it'll be left in the dust. Convertibles ?

Protocol Debt: Turning DAOs into Defensible Growth Engines The 2022 crypto crash was the sector’s first credit crisis and led to a period analogous to the Great Depression. It exposed a system built on opaque, uncollateralized leverage—primarily servicing prop trading firms with

$SBET mNAV @ $20.93 = 1.23x $BMNR mNAV @ $35.11 = 1.80x Notice Ethstrategyreserve dot xyz has been stale for days. Notice BMNR downside relative to SBET, informed betting FTW. At this juncture, SBET should become attractive or else there won't be reflexivity as discussed.

$SBET mNAV @ $23.32 = 1.37x $BMNR mNAV @ $41.09 = 2.09x Disclaimer: This isn't an apples-to-apples comparison. SBET is a more 'asset-light' pure-play treasury, whereas BMNR has an active mining business which alters the shape of its balance sheet/income statement.

THE CASE FOR TREASURY COMPANIES (July 2025) THE CONCEPT Superficially, treasury companies seem to resemble exchange traded funds designed to provide exposure to cryptocurrencies. But the analogy is misleading. The true attraction of treasury companies lies in their ability to

@Rewkang Picks & Shovels FTW

Why actuators? This small motor represents 45% of Unitree GO2 Pro BoM. You might think, that's a quadruped, who cares, the future lies in humanoids. Well think again! Humanoids have 2 to 4 times more motors. Actuators share of the BoM rises up to 75% of the robot's total cost.

https://t.co/NVqSoHz2GV

humanoids explosion starting this decade Invested in an opinionated portfolio focused on actuator hardware. I anticipate continued shortage of these components which already dominate humanoid BOMs. Follow the link in next tweet to track performance. See you in a few years 🤝

The case for protocol debt is clear. In the full post, I detail the arguments and evidences. You can read the full thesis here: https://t.co/E0Nc4i1myD Keen to hear people's thoughts and counterarguments.

These funding costs create abysmal hurdle rates, hindering real growth and innovation. This unbalanced structure also neutralizes corporate defenses, effectively extending an open invitation for hostile leveraged takeovers. All while on-chain uncollat lending is becoming viable.

Yet, the sector has moved forward. Multiple DeFi protocols have revenues > 100m. Still, they exclusively fund themselves via "Equity" (read token) at exorbitant costs.

A few years ago, as credit finally went beyond an embryonic state, Operation Chokepoint 2.0 and the intertwined collapse of the sector’s credit infrastructure in 2022 strangled further advancement. The recovery has been arduous, and lending hasn’t yet breached its 2022 highs.

The token buyback meta is the most fundamentally flawed strategy in DeFi today. It is symptomatic of DAOs’ unbalanced capital structures which stems from the sector’s tumultuous relationship with credit. Let me explain.

With TPU mostly in the rear mirror, it's a yield story where market will punish fiscal exuberance absent any slowdown and monetary accommodation. Bring back the bond vigilantes

https://t.co/LsBUvccKVP

When bitcoin finally trades like the commodity it is

https://t.co/IUTAGqeYuC Michael Pettis, a prominent thought leader on global economic imbalances, casually arguing for Keyne's ICU. That's for a multi-lateral approach, else ditch tariffs on goods and go for controls on US capital accounts to break the loop!