I have a different take on the Saylor being capped out perspective During the earnings call Saylor called STRC the iPhone moment of Microstrategy, in the sense that he has found a vein that he can issue potentially unlimited pref equity into, whereas his other instruments (STRK, STRD) mostly failed to find PMF, or his common being a finite use instrument He talks about being able to issue $90bn of STRC in the final 5 minutes of the call My view is he is preparing to absolutely go for it and lever up MSTR in 2-3 months, as it will take 40-50 days for STRC to start trading

I think that the Stretch $STRC preferred is going to have pretty insatiable demand this cycle. That 9% yield with mechanisms to minimize vol, in a regulated and liquid security wrapper, hits the market sweet spot.

USDe supply is up $3.1 billion in <20 days, with more inflows than: -all BTC ETFs combined -every BTC ETF including IBIT -every ETH ETF including ETHA And rates aren't even near froth yet

Extremely excited to announce that I will be joining @SyncracyCapital to team up with @RyanWatkins_, @HighCoinviction, @WilsonWithiam and @tonydong__. It is my belief that the crypto industry has overindexed to venture vs. liquid. There are structural reasons for this. Long-biased liquid investing is a tough game. Volatility is high and the investable universe for scaled funds has been far too limiting. Historically, there have only been a handful of tokens that have justified a hold period beyond a few months. On the other hand, people NEED exposure to this asset class. Every cycle, there have been a few secular winners that have rapidly ascended to billions of dollars in market cap, achieving post IPO-like valuations while giving public market participants venture-like entries. While the underlying tech gets better and more marketable every year, for allocators who are not in the “trenches”, it is virtually impossible to sift through the glitter to find the gold. You need time and experience to navigate the minefield of alternative tokens outside of $BTC. Thus, the demand for competent crypto-native active managers will only continue to grow. Syncracy is the direct antithesis of all that is broken with liquid fund structures today. They have consistently been nimble enough to move early on the right names (SOL in 2023, HYPE in 2024) - and have also had the courage to size and concentrate with conviction. I’ve long admired their uncanny ability to parse out the generational onchain winners, selectively and repeatedly. My job going forward is to help the team ensure we find the next one. And the next one. You just cannot afford to be late to another $SOL or $HYPE if you want to outperform in this asset class. And there will be plenty of similar opportunities in the future waiting to be uncovered today. Big thanks to Ryan and Dan for believing in me. Can’t wait to learn from them and become the best investor I can be for our LPs. Higher for Syncracy from here.

Microstrategy became so absurdly successful from something so widely perceived to be ridiculous, that it legit spawned a global arms race to buy our coins. Striking how many ambitious financiers now want to be the next Saylor and are cooking up ways to build the next $100B+ crypto treasury.

Crypto tops not in until we get meta-DATs that own portfolios of single-asset DATs. TBD on how long it takes for someone to launch this 1929-esque monstrosity.

Seeing TradFi decks pitch ETH as a non-sovereign store of value is a sight to behold. Not a single one of them is talking about lost fees to L2s. It’s all different iterations of “Digital Oil” or “Reserve Asset”. The thesis is essentially “Bitcoin” you can use non-custodially in the onchain financial system.

$ENA offers one of the only pure play exposures to stablecoins and tokenization, and now has the largest bazooka (relatively) of all tokens with a treasury company. Ideal timing with German regulator (BaFin) headwinds now behind us following a June resolution. Ethena is back in growth mode with USDe supply reaching new highs ($7B) and can now execute on a number of big product initiatives (e.g @convergeonchain) that were likely delayed. Bonus is VC supply overhang now practically neutralized.

Seems as though the DAT phenomenon is quite divisive, wanted to share some thoughts on why we thought this was a worthwhile pursuit:

Microstrategy clones buying up locked token supplies from paper-handed funds is one of the best case scenarios for altcoin market structure. Cleans up supply overhangs, pumps liquidity in the market, and accumulates tokens to a permanent capital vehicle.