matthew_sigel
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Guotai Junan Intl (1788 HK) has tripled, and turned over its entire $4B market cap, after its HK arm landed a rare license to offer crypto trading.
It’s one of just a few SFC-approved platforms with mainland roots, sparking hopes of deeper China-linked flows.
It’s one of just a few SFC-approved platforms with mainland roots, sparking hopes of deeper China-linked flows.
$KULR still at 15x mNAV. Avoid!
Surprising Alignment in Antitrust Policy: Trump 47 and Biden
One of the more unexpected policy continuities between Trump and Biden is in antitrust enforcement.
That continuity helps explain why the stablecoin narrative is gaining momentum: There's bipartisan appetite to challenge entrenched digital infrastructure, from payments to platforms.
Case in point: A federal judge just denied Visa’s attempt to dismiss a DOJ antitrust case. The DOJ alleges Visa used its market power, handling over 60% of U.S. debit transactions, to penalize merchants who explored alternatives.
The trend isn’t isolated to finance: In 2025, the DOJ under Trump 47 continued its push against Google, advancing efforts to break up the company’s advertising technology business and proposed banning default search deals tied to Chrome and Android.
Thus, across both parties now we see a consensus to rein in gatekeepers, underscoring a core use case for stablecoins: permissionless, programmable payments that bypass legacy toll collectors.
One of the more unexpected policy continuities between Trump and Biden is in antitrust enforcement.
That continuity helps explain why the stablecoin narrative is gaining momentum: There's bipartisan appetite to challenge entrenched digital infrastructure, from payments to platforms.
Case in point: A federal judge just denied Visa’s attempt to dismiss a DOJ antitrust case. The DOJ alleges Visa used its market power, handling over 60% of U.S. debit transactions, to penalize merchants who explored alternatives.
The trend isn’t isolated to finance: In 2025, the DOJ under Trump 47 continued its push against Google, advancing efforts to break up the company’s advertising technology business and proposed banning default search deals tied to Chrome and Android.
Thus, across both parties now we see a consensus to rein in gatekeepers, underscoring a core use case for stablecoins: permissionless, programmable payments that bypass legacy toll collectors.
Tax Alpha Isn’t Just for Index Funds
🧵
1/ Imagine you manage an ETF that bought $CRCL at IPO at $31. It rips to $300. You want to reduce exposure or exit, but doing so would saddle shareholders with huge capital gains.
🧵
1/ Imagine you manage an ETF that bought $CRCL at IPO at $31. It rips to $300. You want to reduce exposure or exit, but doing so would saddle shareholders with huge capital gains.
🚨 Texas to allocate $10M for Bitcoin under HB448, becoming the first U.S. state to fund a BTC reserve via market purchases.
Arizona and New Hampshire passed similar bills but never appropriated funds.
Arizona and New Hampshire passed similar bills but never appropriated funds.
"For many, alts aren’t just about returns, they’re a form of rebellion. Even among those who have benefited from the market’s gains, there’s a lingering distrust in the institutions that helped deliver them. They view public markets and 60/40 strategies as fragile or even rigged, having come of age during the crashes of 2008 and 2020."
$CRCL is now the #1 weight in VanEck $MVDAPP index @ 13%, with smaller positions in active strategies.
Our total holdings now exceed CEO Jeremy Allaire's.
Our total holdings now exceed CEO Jeremy Allaire's.
🚨 VanEck Rings the Opening Bell at Nasdaq as Wall Street Deepens Embrace of Digital Assets
Crypto equity market cap, as tracked by VanEck’s @MarketVector $MVDAPP index, has surged to an all-time high of $286B following the $CRCL IPO and ensuing rally.
Striking divergence from altcoin market cap trends, despite both facing theoretically limitless supply.
Striking divergence from altcoin market cap trends, despite both facing theoretically limitless supply.
France Eyes Bitcoin Mining to Cut Energy Waste and Boost Grid Stability.
"The proposal, submitted to the French National Assembly on June 12th, urges the government to examine whether Bitcoin’s energy-intensive mining process could be harnessed to absorb excess power, especially from the nuclear plants that generate the bulk of France’s electricity."
"The proposal, submitted to the French National Assembly on June 12th, urges the government to examine whether Bitcoin’s energy-intensive mining process could be harnessed to absorb excess power, especially from the nuclear plants that generate the bulk of France’s electricity."
No public BTC treasury company has traded below its Bitcoin NAV for a sustained period.
But at least one is now approaching parity.
As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near NAV, continued equity issuance can dilute rather than create value.
⚠️ That is not capital formation. It is erosion.
🧭 Companies pursuing a Bitcoin treasury strategy should adopt safeguards now, while premiums still exist. Some ideas:
1️⃣ Announce pause to ATM issuance if the stock trades below 0.95 times NAV for 10 or more trading days.
2️⃣ Prioritize buybacks when BTC appreciates, but the equity fails to reflect that value.
3️⃣ Launch a strategic review if NAV discount persists. That might include a merger, spinoff, or sunset of the BTC strategy.
💼 Executive compensation should be aligned with NAV per share growth, not with the size of the Bitcoin position or total share count. We’ve seen this movie before with the miners: persistent issuance and outsized executive pay. No need for a sequel.
🚫 Once you are trading at NAV, shareholder dilution is no longer strategic. It is extractive.
📣 Boards and shareholders should act with discipline now, while they still have the benefit of optionality.
But at least one is now approaching parity.
As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near NAV, continued equity issuance can dilute rather than create value.
⚠️ That is not capital formation. It is erosion.
🧭 Companies pursuing a Bitcoin treasury strategy should adopt safeguards now, while premiums still exist. Some ideas:
1️⃣ Announce pause to ATM issuance if the stock trades below 0.95 times NAV for 10 or more trading days.
2️⃣ Prioritize buybacks when BTC appreciates, but the equity fails to reflect that value.
3️⃣ Launch a strategic review if NAV discount persists. That might include a merger, spinoff, or sunset of the BTC strategy.
💼 Executive compensation should be aligned with NAV per share growth, not with the size of the Bitcoin position or total share count. We’ve seen this movie before with the miners: persistent issuance and outsized executive pay. No need for a sequel.
🚫 Once you are trading at NAV, shareholder dilution is no longer strategic. It is extractive.
📣 Boards and shareholders should act with discipline now, while they still have the benefit of optionality.
Spoke to a Southern mayor yesterday who wants to be the first in 🇺🇸 to issue BitBonds.
He’s got his summer intern on it.
One potential snag: could a Bitcoin-linked muni threaten federal tax-exempt status under arbitrage rules?
Tax pros, please opine below ⬇️
He’s got his summer intern on it.
One potential snag: could a Bitcoin-linked muni threaten federal tax-exempt status under arbitrage rules?
Tax pros, please opine below ⬇️
$CRWV
🛒 Quietly buys ~5.5% of $APLD
✅ Awards it a massive AI lease
📈 Watches $APLD double
💰 Dumps entire stake
Nice work if you can get it.
🛒 Quietly buys ~5.5% of $APLD
✅ Awards it a massive AI lease
📈 Watches $APLD double
💰 Dumps entire stake
Nice work if you can get it.
first time I've seen $V Visa get hit hard on stablecoin-related margin pressure fears, down 6%
It's honestly impressive that Bloomberg has a full-time position dedicated to daily Bitcoin bear posting.
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