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FOMO HOUR: Crypto Rally Continues, More $1B Crypto Treasuries
Recorded: June 25, 2025 Duration: 0:52:48Space Recording
Short Summary
In a dynamic crypto market, Bitcoin hits $108K while stocks approach all-time highs, driven by significant ETF inflows and corporate treasury investments. New projects like the Newton token and Gandhi's NFT marketplace launch signal ongoing innovation, despite economic concerns reflected in declining home sales.
Full Transcription
Thank you. GM, GM, everyone.
Thank you for joining us here this morning.
We're going to start the show in just a minute.
Quick housekeeping, no stream today.
We'll get into it here in a bit.
So we're just going to be on Spaces today, likely a tighter show.
Still want to give some shout-outs.
Who we got?
Carlo, Goon, Castro, GM, GM, CJ, Harry, Krishna, the rec guy homies, always here with us.
Who else we got?
S. Pharma.
Little Pingu.
Spacebar, Googly.
Lobo Doggo Action, GM.
Thank you for joining us.
Who else?
Bash Barty.
Tim Hozek.
Bond RV.
RGBT.
Lala.
Thank you for joining us. See Cal out there. Hey, Cal. Good morning.
Erking on with us as always, as well. Well, folks, two minutes after the hour, let's go ahead and get into it. No intro today, but good morning. Welcome to another episode of FOMO Hour. Today is Wednesday, June 25th, 2025.
And folks, it is a foggy morning here in Chicago.
Hot, humid, and cloudy.
But the markets are not looking cloudy, my friends.
In fact, they are looking for blue skies.
We've got Bitcoin at 108K.
We've got stocks knocking on all-time highs.
And the question, are we going to see those all-time highs today, or do we have to wait a bit longer? We're going to break it all down on today's show.
No Faroak, he's out this week. Producer Sim's also out dealing with a family emergency. That's
why we are not streaming here today. We are going to be exclusively on Spaces. We'll be back on
stream on kick tomorrow back in business. Just a quick exception here. We've be back on stream on kick tomorrow back in business. So just a quick
exception here. We've got Logan on with us still to help break down everything happening in this
market. Logan, Jim, how are you doing? Hey, good morning, Tyler. Doing well. Still pretty hot here,
but it's okay as long as the market's hot as well. Indeed. Well, folks, what are we talking about
on today's show? We're going to go through the
market report. Mando may pop in and join us. I'll take it. I'll take through it for us here today.
We've got crypto grinding up. Bitcoin above the line. These ETF inflows are huge. Robinhood CEOs
saying crypto is going to replace TradFi. A lot of positive signs. Circle. The pair trade apparently
is short circle long Coinbase.
At least that's what the market's telling us here in the past day.
We've got two major new corporate treasury announcements,
two $1 billion companies spinning up to buy new crypto.
These headlines just do not stop.
We'll talk through some of the latest Kaido campaigns,
this Newton token giving out millions,
the top yappers, Gandhi launching a new NFT marketplace.
And then I want to spend a little time talking through what's happening in memes,
talking through some of the majors, some of the new class, and perhaps what to expect here this summer.
So let's just go ahead and get right into it.
I'll take us through a bit of a market report.
So Bitcoin hanging out right at $108,000 here today. Let's just go ahead and get right into it. I'll take us through a bit of a market report.
Bitcoin hanging out right at 108,000 here today, so up 3%. It is leading majors, so ETH up just half a tick at 2435.
It's clearly lagging the move here.
Solana up 2.2%, 147, So a little bit more in line with Bitcoin. Taking a look at
some of the top alt movers. Maple Finance, the Syrup token up 27% leading all alts.
Pi up 23%. Aptos up nine. Say continues to grind up, up another 8% on the day.
on the day.
SPX continuing to lead memes up 7% at $1.38.
The meme board is green, but not explosively green,
kind of up mostly in line with the rest of the majors,
up about 1% to 2% across the board,
with SPX again leading the way now up 7% at $1.40.
Taking a look at stocks.
I believe stocks indeed opened green here today.
Approaching all-time highs.
The S&P is up about 0.2%.
NASDAQ up half a percent.
Gold is slightly red.
Oil up a tick.
Oil up a percent.
But, of course, it has sold off quite a bit in the past day.
Some news out of Walter Bloomberg checking the feed here.
It looks like Trump saying he thinks that Iran-Israel war is over.
I think certainly some positive news that that does indeed hold up to be true.
On the less positive side, new home sales came in at 623,000.
That's about 10% below expectations of 693,000. And the last number was 743. So a pretty large
fall in new home sales in the US, which is perhaps a sign of concern, a sign of where the economy is.
And I'm certainly seeing that in some of our local markets.
It feels like, at least in the Chicagoland area,
home sales have kind of screeched to a halt
from what was looking like maybe a better open to spring.
Of course, interest rates higher for longer,
not helping that situation out at all.
All right.
It looks like we've got Mando on with us now here this morning.
Mando, GM, no stream today.
We're just doing the spaces.
I just kind of launched into a brief market report, but happy to hear from you first.
GM, how are you doing?
You can't hear me.
Good.
Market feels strong.
Definitely Bitcoin again.
Bitcoin dominance just continuing to rise.
You cannot put a lid on that thing.
66% feels like a little bit of a point of resistance in the past.
Let's see.
But, yeah, very, very bullish movement.
Bitcoin, everything else kind of feels mixed, I would say, right?
It's not like some incredible day for altcoins.
Eats up a little bit, solves up a little bit.
But I think it's all these Bitcoin treasury companies coming in and buying more and more Bitcoin.
It feels like that's the gift that keeps on coming in and buying more and more Bitcoin.
It feels like that's the gift that keeps on giving and you can't get in the way of that.
I think that's what's driving the market here.
Very little in macro, right?
Macro, now that the Israel Aram thing seems to settle down,
I think we go back to data points on when the Fed's going to cut and it's still indicating that it's in kind of a wait and see mode
but there'll probably be a cut in September
but I don't think there's anything that really like shocks people
when it comes out there
so hopefully we have a period here of like very little going on
and maybe that leads to a nice rally in Bitcoin
That's the hope clear skies ahead potentially And maybe that leads to a nice rally in Bitcoin.
That's the hope.
Clear skies ahead, potentially.
I want to get into some of those drivers.
Perhaps some of the Bitcoin price action, maybe ETH.
So for one, the ETFs have been on fire again. But lately, more so on the Bitcoin side.
So over, I think, $940 million in inflows across the last two days just so far this week.
So it's very likely to be a multibillion-dollar week of inflows into the Bitcoin ETFs.
ETH having a nice week as well, $172 million.
So on a market cap ratio perspective, keeping pace basically kind of one-to-one
or maybe even outpacing a bit those Bitcoin ETF inflows,
though a little bit surprising not to see that the ETH inflows reflected in the price action.
It does feel like ETH is a little heavy, a little lagging.
And we did get some buys from Sharplink yesterday,
which I believe bought another $30 30 to 40 million in ETH.
Their second buy.
So I think that's going to be an interesting one
to continue to watch.
At what pace are they going to continue to buy?
I don't know.
We knew that they were going to buy more.
I don't know that we knew a schedule of when
or exactly how they were going to do it.
So I think it was somewhat of a surprise buy. And then the other ones,
these new companies. So two new treasury companies spun up in the last day. So this
Green Minerals Norwegian firm announced they're going to invest $1.2 billion into a Bitcoin treasury,
and they're looking to become the top European Bitcoin holder. And then
this Chinese company build and build. Their stock 3X tripled yesterday after they revealed a plan
to buy $1 billion of BNB. I think one of the first BNB treasuries that we've seen. Maybe we've seen one before, but that was somewhat notable.
And then the other piece of the corporate treasury news,
Anthony Pomp, ProCap, they already spent half their money.
They dropped $387 million to buy 3,724 Bitcoin on Monday
at a 103.785 average price.
So they're up.
Pomp is sitting pretty.
But I'm always curious how these treasuries,
these companies who raise so much,
how they deploy that capital.
And do you DCA it over time?
Do you just try to rush it into the market
as fast as you can?
I guess it's depending if you like the price or not.
But I felt like that was a little quick.
I mean, I'm curious if you have a read,
how these companies typically deploy that kind of capital
or thoughts maybe how they should do it.
I'm kind of curious your perspective on that because I was maybe a little surprised
that here you deployed half this capital.
I mean, this is just going to be – I've been trying to think so much about this just like that crypto
and and stocks and all this sort of stuff is about to merge and uh i think it's part of the reason
why altcoins are being left behind as well like it's suddenly just become like there's a new world for us to get involved in I think
I there was a post yesterday by by good Alexander which was this feels like the
second innings rather than the ninth and I actually really agree with that like I
I think we're just starting to see this and I think this is going to go on for a long time now.
You're starting to see the major stocks which are going to bridge the gap between
Tradifying crypto rallying and then you're starting to see the more fringe treasury plays
also rallying. But I honestly think this could now go on for the next year. Like, I don't think this is something to fade.
And it's something that I think almost we should be covering more than even some of the old coins.
Do you know what I'm saying?
Yeah.
I think people are going to be able to make a lot more money with this sort of stuff over the next 12 months.
I agree.
There's enough here where I've started to even put
a more dedicated section of the newsletter daily update out there
because it does feel like such an important sector.
I think I intend to agree with your opinion.
I can see this going for two to three years,
really.
And the only reason I have the three year time block on it is just because
of perhaps the overhang of the Trump administration and what may happen in
that next election cycle is a little hard to predict,
especially coming out of the results at NYC yesterday.
But it almost feels like that the, rhetoric that was the this is the last
cycle maybe feels like the last true like on-chain crypto cycle from crypto natives leading the show
with massive altcoin gains but now it feels like the early stages of the next stage of the the big
trad fi players entering the space.
That is my region.
I do feel like that is the foundation for a much longer cycle.
Again,
and my core thesis is still multi-year grind up 15 to 30% pullbacks without the 70%.
I mean,
that does bar some black swans,
but that's going to continue to be my base case going forward.
Logie,
I'll tag you in here.
I'll see your hands up.
I'm curious for your thoughts. Yeah.
Well, I was just going to ask.
You guys have probably talked about this on other shows,
perhaps ones that I haven't been on.
But I was curious about if you really are kind of believing in this treasury
vehicle thing for a while longer.
Are you looking to gain exposure to any of these companies in any way?
I know, Tyler, we've talked offline a little bit about DFDV and stuff like that,
but any of these others, like, peaking your interest,
or are you, you know, mainly just trying to, you know,
stick to the underlying assets
that they're accumulating as well?
It's difficult because I feel like the only ones
with actual real equity values
are the ones who are actually going to do something
with the underlying tokens.
So that points you to more of these like Sol
and ETH vehicles. But they haven't been great underlying assets to own at the same time.
I'm actually more interested in more like the way that Circle just moved, right? It
kind of tells you that the market is valuing having a crypto business suddenly very very
strongly. You just had Coinbase soar this morning, Robinhood soaring. It feels as though
the market is waking up to that. So I don't know if the best players even from bitcoin treasury companies it may be from like coinbase stock or
um some of these other ipos now some of the exchanges look a lot a lot better in my eyes
the crypto stocks are going to be very interesting plays for sure i think the next
handful of ipos are going to be heavily allocated to.
I think they're almost, I don't know.
I don't want to overspeak here,
but I think they're going to be very strong buys,
at least on the gun for the first few days.
Just because of the catch-up trade,
the number of people who were sidelined,
who watched the circle pump,
who might not have positions in Coinbase, in Robinhood.
And Robinhood knocking on all-time highs.
I think it actually might've briefly hit all-time high this morning.
I think I heard it hit 85 on its IPO day.
It grinded really in the $8 to $10 range for the better part of two and a half years, three years.
Now it's up to $84, 84 74 billion dollar company which is basically neck
and neck with coinbase right so what what is coinbase in this coinbase is at 354 right now
bernstein notably put on a 510 outperformed target on that stock today okay so they're up at 91
so so coinbase is 30 bigger than rob Hood. That's interesting.
Kind of like Robin Hood's side there for Catch Up.
I think I probably agree with you.
I think it's just interesting to see that these versus
it's been surprising to me that
L1s haven't been able to capture any of this value almost.
It's been just the stocks that have benefited from Circle mooning.
Even things like ETH and Sol, which have somewhat of a TrapFi audience that are buying them.
They're kind of doing okay, but they're slightly languishing.
I think let's see what happens.
I'd be super interested to see if some of the major L1s with ETFs
start to really move.
And then it feels as though this will not go unnoticed
by some of the bigger tech firms, basically.
I think this will start to pique the interest of maybe some of the Mag7 again
to see this sort of a reaction.
So let's see if we start to see something really crazy,
we start to see something really crazy, you know, like stable coin from Apple or, you
you know, like stablecoin from Apple.
know, we've had a lot of rumors about different major companies coming in and saying, hey,
they want to get involved in crypto.
I think we're going to maybe see some big, big headlines around that soon.
Amazon, I mean, because all of these companies are essentially in the bank game as well.
They often hold massive treasuries themselves,
or they're holding customer assets in various different forms.
So the idea that they could get involved in some form of a stable coin
or crypto-adjacent business, I think, is not that difficult to imagine here.
I didn't agree I do
wonder if that will impact the genius I think the genius act does have a clause
that prevents tech companies from launching stable coins that is only
FDIC approved yeah it'll probably be some form of a collaboration yeah or
maybe it's maybe they create their own vehicle,
you know?
Remember Apple did that thing with Goldman Sachs in the past.
Like,
I just,
I can see this,
this being the next headline.
So I'm really big coming in and saying,
Hey,
this is,
this is our time now.
Yeah.
Yeah.
Certainly.
I would not bet against that happening here. I'm just looking at the circle. So I'm in circle is now 206. So it's down another 7% today. Our friend Clemente may have pico topped this stock with his this dance video at 300. This is at $300 a share about 36 hours ago.
at $300. This is at $300
a share about 36
hours ago.
This is just like a joke. I just don't
understand how he has this track
record.
It is shocking
to me.
Whatever
he touches, it seems to be
the top.
And then I read
that he sold his Bitcoin and his hype
at the lows the other day. I'm just like,
what is going on here?
He has too much power
for one man.
He came in,
he bought hype,
did a celebratory video, I think,
when it went to 40, and then
it crashed 30%
afterwards.
Posted his circle dance video at to 40 and then that it crashed 30 percent afterwards did the posted his circle dance video at 300 and then uh was quite literally the top and it's now down 33 percent
um circle is an interesting one a lot of folks were publicly short this one
on our on our underexposed show yesterday, Peter Jennings said that he likes the long coin short circle pair trade, which is like a nice little setup here as well.
I am curious, if Circle walks all this back, is that going to kind of dampen this crypto stock,
crypto IPO boom that we're all expecting here for the next three,
six and 12 months?
Like if this goes back to one 50 or back to one hundred,
that's still a massive,
in my opinion,
that's still,
it's still done very well, right?
That's not walking it all back.
I think yeah, I think
it's not just Circle though, right?
There's lots of other companies where this has suddenly
just become a
it's become in vogue
I think
I think this is here to stay for a bit longer.
I'm chatting with Jeebs, and he's saying that –
so Bernstein, again, they gave Coinbase the $510 price target,
50% bump from here.
He's saying that's bullish for Gemini Kraken IPO,
which does make sense,
and I think we are expecting those as two of the next up ones along with Tron.
I think those are really the main three on my radar right now.
Have Tron already IPO'd a little bit?
Where is Tron?
Is it?
I don't believe so.
I think we got the story just in the last week, one to two weeks,
that they were going to do the reverse merger.
Yeah, I didn't know if that was already live and the stock was live.
I don't think so.
Correct me if I'm wrong here, Logan.
I don't think it is.
I don't think so.
So that's a little bit different than just your Coinbase play, certainly.
And we talked about the potential thesis behind that one yesterday.
Kind of in its own group, in its own niche.
That's one that I would not want to be on the short side of, most likely, either.
But I am curious what this means for alts and or memes i mean hype has been
breaking through it right hype still hype's it was it 39 now it's back at 37 80 or so it looks
like we're having a little bit of a sell-off after the first 30 minutes uh of the market open but it's
still performing pretty well here.
Memes a little less.
I want to talk about the meme market a bit.
With respect to where some opportunities are,
kind of how things have been playing out over the last four months or so since the Trump coin.
So I think we've had a couple of new leaders come out.
Well, I mean, Fartcoin at $1.04 had the big run up from $200 million all the way to $1.6 billion,
now hanging out right around $1. I'd say the clear new leader on Solana from this newer class. And then you've got SBX over on ETH hanging out at, well, he touched $1.40 this morning,
outpacing Pepe, Mog, and that crew.
I think there's been a lot of talk
about how the trenches have been dead.
I think rightfully so.
But I'd say there's been about one good runner per month.
So maybe when you hear that, you say, okay, I'm fine sitting out.
But I guess I'm just making a point that there has been some decent opportunity.
So we had this RFC coin go to about $150 million.
Housecoin went to about $150.
Launchcoin went to $300, but that's a little bit different,
not really a pure meme coin play.
And now the latest one, bonkai useless hitting 140
million uh what seems to be the the biggest new runner uh out there where is it now 140 million
um basically this thing was at it's a 10x in the last 17 days.
Yeah.
So, could have put a decent trade on this one.
What is the meme?
Yeah.
Basically, that meme on cryptocurrency being useless.
Overlap.
I think there's a lot of overlap with the core concepts of the coin play. That is just an absurd
token. The ticker is the whole meme.
There's not really much else to it, which I actually thought, which I kind of took as
a bear case for this one. But I think
there is a cohort of folks who see Bonk Guy rallying so strongly behind it,
kind of putting on his Mara cape and pushing this one forward.
I don't have the data behind this.
It trades like a coin that might be fairly cornered, fairly supply controlled.
At least that's my read on it.
Yeah.
I think I've seen a lot of these sort of trades
right like oh this coin is like a joke because it's so silly uh sort of sort of but maybe maybe
that's enough but the um the one i always see is this chill house chill house seems like
i'm laughing this is one of my latest new pickups I'm in on the chill house
coin
this makes me laugh
it's just so
ridiculous that that's now
the meme
that seems to have caught on
in crypto
it is and it does feel like it's been
fairly organic
the memes are good.
And like the chill guy one,
like obviously that was mega viral on TikTok.
We had professional soccer players
doing the chill guy dance after goals.
I was never that into it.
Like I didn't think it was really that cool of a meme personally.
Housecoin was its own thing.
I actually thought that had a decent story behind it,
and then some of the lead players behind it kind of fucked it up a little bit.
Jill House is funny.
It was a double derivative at first,
which I thought would just totally limit its upside.
But now the memes and the Telegram stickers and everything that these people
are pumping out,
like they are genuinely funny.
And I'm finding myself starting to build a little repertoire,
a little bank of chill house memes.
Your house is definitely cool.
That's what I would say.
So kind of wild.
Are you looking at making a play on Chill House?
No, definitely not.
It's a little too low.
Yeah.
$15 million, still low.
The chart looks pretty good.
But I'm really curious.
This one is a tricky one to really put targets on,
just because of the derivative nature of it.
And it's this broader meme market.
So I laid out the case of the four tokens who have run.
We really haven't seen too many.
And I do think it is interesting to see
what happens with the useless from here
because 150 million has been basically the ceiling
for these new tokens.
We haven't really had much get past that
in the post-Trump meme world.
So if it's able to get past that,
that will maybe show us.
Where is it now?
149.
Where's Chill House, though?
Oh, Chill House is 15.
Yeah. Feels like Showhouse is 15. So. Yeah.
Feels like Showhouse is very much a crypto crypto itself meme.
You know what I mean?
Yeah.
I don't know. That one
I can imagine
going to 50-ish.
It's old, Tyler, isn't it?
I feel like I owned some of this months ago.
Maybe I'm mixing it up.
I think it is somewhat old.
The chart I'm looking at only has it going back to May.
Let me check on that.
I guess that feels like months ago.
Yeah, that's months ago.
That's a year. that's a year ago yeah yeah i think i think that is accurate so it's about that old and it had uh so it had a very quick run up so it ran to 10 million in like five days
did the 70 sell-off came back and then it kind of just chopped for a month
and it feels like i feel like it was just kind of just chopped for a month. And it feels like,
I feel like it was just kind of your classic derivative.
It's dead.
It's losing its interest.
But then folks,
a cohort just kept running with it.
And now this second leg does feel a little more organic.
So we'll see.
It was actually kind of a spicy day on the Solana meme board.
So this salami token, I'm not really sure what the story was.
I think I saw Tully tweeting it.
It caught 30 million volume, ran to about 10.
This stupid coin, I think it is what it is.
It's what the ticker says it is.
It's up 250% to 8 million.
This acid AI token came out.
How are you this involved in the Solana trenches?
I'm just reading off the dex board.
Do you just have it open all day still?
Are you still just like, you clearly are involved in these.
There's no way you're not.
I am still monitoring the trenches.
Yeah, monitoring the situation.
Thank you for your attention to this matter.
I will say I had a nice little spring where I was trading a lot of these new memes fairly well.
I'm in a little bit of a dry patch, so I'm looking to get back into my good trading graces.
I'm not firing too often.
A couple of trades per week, I'd say.
Not even on a daily basis still.
I think objectively this is still a very weak, mean market.
I'm not really sure that that's going to change
before we get this pump fund token,
which was originally supposed to be today now we have no idea
they're clearly doing it in stealth
which is
fairly annoying
to people who are in
these trenches
so it looks like
the situation is probably not going to
evolve too much
before we get that
as a potential breakout play.
a lot of meme trenches are cool, so we can start
looking at corporate treasury stocks
in our downtime.
I still like SBED. I said SBED on the
show last week. The stock hasn't
really moved. It's hanging out
at $9.80.
That's a $625 million
market cap.
After yesterday's purchase, they've got $460 million worth of ETH.
So they're trading at 35% premium right now.
I think, yeah.
And I think yesterday, the bull news there,
not that they added $ million dollars to the treasury just that they are going to a clear signal that they're going to continue to buy
how did they raise the capital for it let's see here um scan the decrypt article i actually wrote
it i think it's still from the the initial pipe um oh it is okay
and uh some of the just a couple interesting anecdotes tyler maybe you're going to get to
uh so yeah the 30 million from yesterday gets them to around 460 but already a hundred percent
of its holding now which is i think 188 000 ethereum or something like that um they're all
staking.
So even in this small period of time
in which they've had a stake,
they've already generated like 120 ETH in rewards.
Of course, that number will just continue to pile up.
And I think, I'm not actually looking at my article,
but I believe they indicated that it's like
18% ETH per share growth.
Yeah, okay. In this little period of time since they've started staking stuff. It's like 18% ETH per share growth. Yeah.
Okay.
In this little period of time since they've started staking stuff.
And this is where they differ a little bit.
And Joe Lubin said it on FOMO hour, right?
This is where they differ from treasury vehicles like MicroStrategy and stuff.
You're being proactive to try to generate yield, much like DFDV, as opposed to just kind of accumulating the underlying asset.
Yeah, they just need to start
adding a few zeros to the purchases, in my
opinion. Like, if this is really going to be
considered the micro strategy of ETH,
it needs to be doing billions,
not 30 million.
Agree there.
It can't be being outpaced by Anthony Pompiano
on the back of his mattress
business.
Yeah, or like DeFi Development Corp coming in and doing $5 billion a sold.
It says a lot.
They need to announce something like that, in my opinion.
I think then it would be a really interesting play
because it seems like the main ETH vehicle.
But until it does that,
it kind of feels mid to low tier in terms of size versus a
lot of other things. It is a much riskier bet here because you're basically betting that they
are going to make those big moves and we don't have direct line of sight that they will. But
the second they do, like if Lubin comes out and says they're going to raise another billion or that's their plan,
I think it pops pretty quickly on that.
So it's a chance to perhaps front run it.
I mean, it's also a bet on ETH, right?
So like, need ETH not to go down much more from here in general,
or that's going to hurt the play as well.
Yeah.
I feel as though you hit the nail on the head, though.
I think 30% premium is low,
but the reason why it probably trades there
is just because people are scared about being dumped on.
That one thing that they decided to do caused a lot of damage I think. And I think they need to
get in contact with longer term capital formation providers basically. And once that's done, I think the upside in that could be pretty sizable. We talk about memes a lot, but that one I like.
I think that one, I think that one, I think that one,
I think that one, I think that one, I think that one,
I think that one, I think that one, I think that one,
I think that one, I think that one, I think that one,
I think that one, I think could be pretty sizable. Like, we talk about memes a lot, but, like, that one I like.
I think that one, you're right here, Tyler, that that one feels like it just needs one headline.
And I would be surprised if they can't get that over the line, given we're continuing to see it with other altcoins now.
If they can't, it kind of raises the question of what was the point of all this?
Just to come in and do a one-time splash-by?
Yeah.
I feel like it would lose this group's trust in being able to do anything like it again, I think.
Yeah, 100%. This vehicle is important for the future of ETH now,
just for how it's done.
And I think, I mean, we had on Joe Lubin.
He's clearly a very smart person, and his background is in TradFi.
So he will know what needs to be done.
He doesn't need to be told.
So I think that's probably their single focus right now, speaking to different VCs about
this sort of credit line to buy ETH.
What I'm taking away from this conversation is the future of Ethereum hinges on Sharp
One gaming.
I don't think it's that.
I would say that, and maybe that's the wrong way of putting it
they have a window here
create a very
positive impact on Ease
in my opinion
if it doesn't work out then
you could say that like
no harm no foul but if it does work out
I think it could be a very positive
momentum for other
companies coming in doing the same thing yeah it feels like there's a lot of potential upside for
what they can do just not beyond just like share price in the broader ecosystem right now and
it needs a you could use a little catalyst you listen to to us, Joe? You listen to us?
Joe, if not, we'll send you the replay.
Don't worry.
We are recording the space.
So we'll make sure it gets in Joe's inbox.
Let's see.
We kind of went around the horn on most of the headlines.
Logie, did anything jump out to you?
Anything on your list from the last 24 hours or even this week that we haven't really dug into yet?
Not particularly.
Over the course of the last day,
the SBET thing was on my radar,
so I'm glad we got into that.
One final note on that,
if we can extend that conversation,
is you remember the big, big drop-off
was related to that S3 filing that...
The PIB. Yeah, that there a, as Joe Lubin put it, a misinterpretation, uh, from the market. The market was misinterpreting exactly what that means.
The same exact thing just happened to that, uh, other Solana treasury company, uh, UPEXI or something like that.
Um, where I, I don't know the exact drawdown, but something very similar.
I was just pulling up the S bet stock.
It's down 73% in the last month.
I think it,
it hit 92 or something at the end.
And now 99,
nine,
literally $9.
yeah,
I mean,
it's a,
it's a,
I don't know.
It's weird to say a shame because of course I don't, I don't actually own any of this and I'm not tied to it in any way, it's a, I don't know. It's weird to say a shame because, of course, I don't actually own any of this,
and I'm not tied to it in any way.
But as far as Ethereum catalysts go, you talk about these treasury vehicles,
it does feel like it kind of needs this one to succeed to see anything in the future,
any other ETH vehicles succeed as well.
It's the kind of flood that I think was a lot
early, and it's a FUD that could be
totally forgotten in three to six months after
other big announcements.
We'll certainly see. I'm looking at
DeFi Development Corp. The major Solana at corporate
treasury play, who's talked about raising up to
$5 billion. They're trading at
$285 million right now.
Clearly up a ton
since they made their initial announcements, but potentially some
upside in that one as well.
So that's going to be one to watch.
Excuse me.
Rounding this out, I do want to talk about Gandhi quickly.
Some fairly big news in the NFT space.
I think anyone who's been following this in digital art,
there's been increasing number of sales taking place on Gandhi,
which has historically been an NFT lending platform.
I think one of their differentiators of their product
is that you can list your NFT for sale while it is in a loan.
Functionality that's not as widely available.
You could do it on Blur, but it wasn't available on other sites like an NFT5 or Arcade.
So that was one of their big differentiators.
It was clear they were getting into the space of being a listing marketplace for NFTs,
a place where they wanted folks to go for more than just borrowing.
And now it looks like they've unveiled their new full suite.
So they are becoming a full-on NFT marketplace now,
connecting the listing side, the trading side,
as well as the borrowing and lending side.
So pretty substantial news.
It is interesting.
So I think this will be the second NFT marketplace that does this
because in theory, Blur does.
And Blur has had this for a while.
OpenSea doesn't.
Magic Eden does not.
So they would be the second now to unlock this lending piece.
And it was just kind of eye-opening to me of just the lead that Blur fumbled again.
How Blur was my go-to NFT marketplace
until it wasn't.
Does Blur still exist?
Like,
I was a little bit confused
because I was looking at some NFT marketplace tokens
two days ago.
And Magic Eden's
token
seems to trade
at the same market cap as
Blur.
And I was like,
that seems strange.
The FDBs are different, but
is Blur still got
volume? Are they still working on it?
I checked out the the twitter and
seemed like the last post was in like march basically telling them that they were in a
bit they were building something else uh i don't know have you been following it at all like
there hasn't been much to follow i mean it feels like they've abandoned the roadmap or they've completed the roadmap until we hear otherwise.
I'm on their site right now.
It's showing volume.
I don't know for sure if that is volume on the Blur platform
or if that's just global.
TX is showing 450 Ethereum in the last 24 hours.
450, that's trading volume so blur 31 market share that's
for ethereum nfps open c 57 then the punk's market has basically the the remaining so it's
30 market share wow yeah that's just 24 hours let me zoom out here seven days 35 percent one month 32
three months 36 so i mean yeah that shocks me that honestly shocks me the the six month number
is 67 000 ethereum in volume so i mean and they're earning money on that or no is it zero fees
So I mean,
and that earning money on that or no,
is it zero fees?
I'm always,
I don't even remember at this point in time.
There's gotta be something there.
I don't know if there is right.
That's the point.
I kind of,
I kind of forget as well.
There was,
there were fees,
but you could like toggle them off and I'm not really an active trader on
their platform.
So I'm not the one to answer it.
Actually, if you toggle to the six month marketplace,
so this would have been probably what, right before OpenSea.
Yeah.
Where are you looking at this?
I'm looking at TXO, which I think has been widely used.
I can't verify how accurate this is, um if you go to the six month it actually
still leads 47 close to 48 market share but it's been trending down basically since os2 opened
uh and of course any you know farming activity is taking place there wow i think it goes to show
how hard it is to get users to switch their behavior once they're locked in and blur became
the everyday nft traders home and even with open c running this wide this highly marketed
obvious token farming campaign 30 of traders are still on blur with no incentives.
I guess maybe the fees are lower because I think OpenSea does have fees,
so perhaps that's why.
But yeah, 30% is still surprising.
So we will see if Gandhi is able to chomp into that market share a bit with their new marketplace.
As for OpenSea, what do we think?
Is the token coming in Q3 or are we looking for Q4 for this one?
Logan, do you have a read?
I don't have a good read.
Based on those numbers they just described with them gradually gaining market share, doesn't really feel like there's any reason to rush it out.
But at the same time, and they have not been, you know, the like looking to be market savvy in terms of timing or anything, or else perhaps this would have come long ago.
You know, it feels like it would be a reasonable time to drop it, right,
in terms of market conditions at this very moment in time.
But that changes so quickly.
I think they just kind of probably keep, you know, keep ironing this out,
getting the feedback that's required to make this a really sticky marketplace,
you know, and drop it when they're ready at this point.
What if they IPO instead?
Imagine.
I don't know how that would go.
They used OpenCC's circle success
and pivots back to the IPO route.
They used up the token announcement.
If they could have held out just a while longer,
I don't know.
I don't know how any of these things are going to work.
I saw something this morning.
I don't even know who it was from.
You know,
I don't believe it's real or anything,
but like a Uniswap considering like IPO,
like people rumoring things like that.
I have no clue how some of these crypto companies,
you know,
where it seemed like token was the play for so long and really the only
avenue.
Like now there are decisions to be made, for sure,
about whether or not you go that route or you go public.
And I don't envy the people needing to make those decisions.
I mean, they're going to make billions of dollars either way,
so I don't think they really mind too much.
Uniswap has made a token, which is useless,
and now they're about to IPO. I think I would bet my house, my chill house, that they will IPO.
Yeah, I don't know where that news came from.
So that's not a real thing circling, I don't believe.
But just as an example of a company that has been thrown out that I've
seen on my timeline, people rumoring things
about, it won't be the first and
of course, definitely not the last
that people are considering.
Now we have the...
Polymarket doesn't have a token, right? But the questions
about whether or not Polymarket would IPO versus
dropping one,
if ever, were they with
regards to potentially doing a token,
of course it had to have been in their minds.
It's got to,
any crypto protocol or company,
like the token for so long was the way to,
seems a little unfair to say,
but it's a cash out,
right?
This,
this is a different time now.
Yeah.
It'll be very interesting to see some of these
companies that have tokens
and who go the IPO route, how they
balance them and what happens
to the existing token in the marketplace.
Could I ask a question,
which,
I know we're like, oh, it's kind of sad,
but like, do you not think that like
a Polymarket token
might trade worse than Polymarket stock?
I think it would very likely trade worse.
So isn't the trade here somehow to make sure that your users get in on the stock?
That's interesting.
Like, we're still using blockchain technology.
We still have like our user base,
the web three kind of equal ownership bit rather than a token.
Can't we just,
can't we just make it so that they somehow get access to the stock?
Maybe they have to pay a little bit for it as well.
I don't know,
but like at least they get,
they get some form of look at the IPO, you know?
Circle was a little bit more difficult because it had, like,
there's so many people that have used USDC.
But with Polymarket, it would be very clear who their users have been.
And it would be nice to see that if they did go down the stock route,
that somehow users, you know, got in.
I guess where it potentially gets messy is like the whole KYC aspect.
And then if it comes out that 80% of Polymarket's core users are from the
US, where it's banned, might not be the best optics of an IPO,
or else maybe we're just forgetting about the regulations of the past,
and we're just looking forward.
IPO, baby, IPO.
Crime season, baby.
It's crime season, brother.
Come on.
Yeah.
It's interesting to see how they're going to move forward.
There's going to be a lot of eyes on what Polymarket chooses to do.
I agree with you that I think IPO is more likely route for that company.
But there are a lot of folks who think they're getting an airdrop.
So there's going to be some disappointment there for sure.
We'll round things out here.
The last thing on my mind, I'm checking in on this Punk's Bitcoin spread,
my beloved ratio trade.
You're getting hosed.
Punk's getting wrecked here.
95K floor, 39 ETH.
Down 12%, 13% against Bitcoin.
What happened?
What happened out there, punk's crowd?
I like that trade.
I do like it.
Trust me.
I think it's going to come back and it'll probably come back aggressively
at one day. But I would
expect some volatility in that spread.
Always.
It is
just pulling up the
Punk's price target.
It's obvious to anyone who
casually follows it.
All of the moves for the year
typically happen in a handful of days. And the run, the last run was from a 60 K floor to 120 K
that, that happened in, let's see about a month, but 76 to one 10 happened in a week.
70 K to 110 K happened in a week.
So that's how,
how fast these,
these things can,
can change.
And certainly ETH has been lagging here a bit.
So not,
not actually sweating it,
but,
folks, punk crowd, do your part. I did see someone swept three this morning. Thank you. here a bit. Not actually sweating it, but punks,
punk crowd, do your part. I did see someone swept three this morning. Thank you.
Thank you for your service.
For real, 30.
Three, three, three.
Yeah.
30 would have been something.
But yeah, folks, I think that's going to
go ahead and be it. We went around
the horn on all of our topics here today.
I want to thank our listeners for tuning in.
I want to thank my co-host, thank our partners, as always.
We'll be back tomorrow at 10 a.m. Eastern, folks.
We will be back on kick.
We'll have the stream going again.
Thank you for understanding here today.
Thank you for joining us.
Have a beautiful day.
We'll talk to you soon.
Goodbye.
