Don’t Midcurve Circle and PumpFun | Weekly Roundup

Transcript

Who of these three names, Circle, Robin Hood, and Coinbase, which one is has uh grows faster next year? Which one has more defensible margins? Which one would you buy? If you gun to your head, you can only buy one or the second question is you can buy a portfolio. How do you allocate like $100? This episode is brought to you by Geodet, the world's largest decentralized RTK network delivering real time centimeter accurate positioning around the globe. You'll hear more about them later in the episode. Nothing said on Empire is a recommendation to buy or sell any investments or products. This podcast is forformational purposes only and the views expressed by anyone on the show are solely their opinions, not financial

advice or necessarily the views of Block Works. Our hosts, guests, and the Block Works team may hold positions in the companies, funds, or projects discussed. What's up, everybody? Welcome back to the roundup. Uh, Santi, how we doing? Doing great. We've got three updates for you guys. One, Suz's follower count is ripping. Two, France just blocked Pornhub. And three, uh, permissionless tickets. Go get your tickets. So, I think we checked all the boxes that we checked all the boxes. Oh, and the the the scams, right? We got to point that out. Yeah. Actually, this is I called this out last week, but if you didn't listen last week, there are there are more Empire scammers than ever. So, we have we have one producer. We just

added the producers handle to the Empire Telegram uh excuse me, Empire Twitter handle. So, if you go to the Empire Twitter bio, you'll see Jarrett. He's the producer. Uh that is the only producer. So, if you get hit up by someone else, there are people Yeah. with these like seven other profiles right now saying they're an Empire producer. Fake news. Fake news. So Santi and I run the guests with Jared. We're the only people who will ever reach out. No one else will reach out. Um might I add, yeah, super super important. I like it happens all the time. And just be careful when people reach out. It also happens with journalists and VC funds.

If anyone asks you to like jump on their own Zoom or whatever and just making you download stuff, stop everything you're doing. Just don't. Yeah. Yeah. Um I do need to call out permissionless because we are so recording this June 5th. Permission list is June 24th. We are 19 days out. Uh because there are so many conferences in the industry, people like to wait until the last minute to get their tickets and they always buy at the top and they buy super expensive tickets and then people complain to me that they're buying thousand tickets. Don't let that be you. I'm not giving you a discount at the end. Go buy your tickets. There is a code empire 10. I will say um I was just talking to our head of event programming. At the very last minute for DAS, we got several huge speakers, including obviously Trump was

one of them, but many, many, many others. I think we'll see the same thing for permissionless. I can't share any names right now, but big names are coming. So, go check out the permissionless site. Go look at the speakers. Uh, I think the founders and CEOs of every single big protocol, L1, L2, CFI company are speaking there. So, yeah, go go get your ticket. Yeah, I'm going to I'm going to say it again. So, we last week you had the audacity to say that Suz is not going to get to 10K, right? Okay. She had She was I didn't say that. I said Suz will get to No, I You're backtracking now. She had like She had like 800 followers. She's up 2x now, ladies and gentlemen. 887. She has 1620. 16. Suz is leaking all the follow account. I'm worried Suz is going to

come from my account, too. Why is that? Why is she ripping? She's tweeting good stuff. She So she tweeted that we were hiring um two investment associates like private equity. Oh that that's why she's ripping she's targeting the easy the the investment bankers who take their job and are just scrolling Twitter all day. To be fair game on LinkedIn is like much stronger than than on X. Like she posted this on LinkedIn. We've gotten like over 50 inbounds and it hasn't been it's only been like 12 hours. Oh LinkedIn is crazy right now. You're a LinkedIn you do this all the time, right? L LinkedIn is LinkedIn is better than Twitter for at least for I mean for like virality and uh likes and uh dopamine hits but actually but

actually for jobs is um we've got a couple open jobs right now we have yeah like research analyst let's see how many we've had we posted this job the other day we have 304 candidates in like a week crazy data research data analyst 703 I'm looking at Ashby right now we have 11 applicants in the process. 14 active. 703 that we've denied. Is Ashp your ATS? Yeah. Nice. Yeah. Yeah. It's crazy. We're looking at it. That's good. What did you guys What did you guys use?

I think Gem initially. Oh, I don't know. Gem. Yeah. Ash's good. Yeah. Nice. When you level up to be fair, like yeah, I've been spending way more time. Like I have always have the LinkedIn tab open. That ladies and gentlemen was not the case. LinkedIn's great. This is when this is when people should truly stop listening to empires when we say LinkedIn is great. All right, enough for the plugs about our companies and we're hiring. Guess what? Let's uh let's plug another one. Circle. S C No, no. C R C L C RC L. You're making me record this thing at 7:30. I'm I'm tired. It's early. So, if I make a few mistakes in this episode, I need another coffee, ladies and gentlemen. Yeah, I know. Um yeah, big big shout out to Circle. So, Circle there. I didn't

realize this. Their technical name, it is uh Circle Internet Group. Circle Internet Group. Uh the issuer, I'm just going to read a CNBC clip here. The issuer of one of the world's biggest stable coins priced its IPO at $31 a share. That is above the expected range of 27 and gives the company a total market cap of 6.8 billion. Um they so they ended up raising basic I'll give the TLDDR. They ended up raising a billion. Uh they offered 34 million shares, raised about a billion, I think a little over a billion. Uh CNBC said quote enormous demand for the company.

Uh they ended up increasing 20 20 times over subscribed the book was. Yeah. I saw late late last I was with some people last night who were decently close to the deal and I was like look is this is this real? Like 20 times like do people just like to leak these headlines and the bankers are leaking things to Bloomberg to get they're like no it's actually about 25 times over over subscribed. They're like everybody close to this deal is partying right now. Um, everybody is very very happy. So, and if you remember, they originally sought to raise I think it was 500 or 600 mill. I think it was like 625 million. They were going to sell 24 million shares at like 25 bucks a share, bring in 625 million.

So, they increased it from 24 million shares originally to 34 million shares uh and yeah, raised over a billion. So, big big big shout out to Jeremy and Circle and the whole team. Uh, hopefully they're celebrating a a muchdeserved win. I mean, look, I'll give them credit. I remember circle in the early days uh through the briars because they were one of the larger investors like this company went from being like OTC trading to like full metamorphosis kind of pivot into stable coins and you know honestly I mean it was pretty remarkable because very few companies actually are able to to do that and I in large part I mean Jeremy's a very seasoned entrepreneur and you know he it's one of those that like I remember in the early days looking at Jeremy it's like okay a guy that has clearly been very

successful in web 2 coming into web 3 and he is probably in my mind one of those that has always been an anchor in the industry as as like really evangelizing and um and just a testament of like smart people appreciate like executives that really understand how the world works and their industries work appreciate crypto and I think Jeremy's one of the first ones to kind of get behind that train and now of course you started seeing more and more of that but like you know Larry thinks of the world but um can we comment a little bit on the valuation I know we kind of towards se the end of the last segment we were just talking about like circle valuation how it would price in best case it trades a like long stable coin thesis and look 25 times over subscribed is quite interesting I don't

want to read that much into it but um what is it I'm trying to look at like IBIDA so 24 here I'll read 2024 financials 1.7 billion in revenue 285 million in IBIDA 155 in uh 155 in net income so this thing's trading uh call it what 28 28 times 2024 eBay though um I mean I think it reach 24 24 times uh 8 billion or you're going to 7 billion I was doing 6.8 8 billion.

Yeah. Okay. Yeah. It's 24 times uh LT like 2024 IBIDA. What's the guidance on this year like expected I mean analyst the way this works is the IPO will happen and research cover an research analyst probably from the guys that did the uh IPO that was JP Morgan a few others will likely come out with their first equity research reports but that's going to take some time. But what's like the guidance on 2025 like EBIT does, how much does that 284 number grow? Any sense? I don't know. That's a good question. Yeah. But like hypothetically, I mean, say it grows uh in line with like stable coin growth. Like maybe that's like I don't know 300 330. So I'm just saying like look, it's

this thing's trading at like forward times EBIDA. Call it 20 times maybe sub 20. Let's compare that to maybe a couple other names like uh Robin Hood and Coinbase, right? I always like to use those two as examples. So, from a pure market cap perspective, uh Coinbase uh I'm pulling up financials in real time. Coinbase has a $51 billion market cap. Um it is, Bear with me one second here. Oh, no, no, I'm looking at a different company. I'm looking at a Medamoi. You can understand why.

Uh, coin, help me out here. What are you looking for? I'm looking at like coin and hood financials. I I used to pull this up uh in an episode with um Oh, dude, just use Perplexity now. Yeah, it's so I've stopped using Google for all of the search. Yeah. No, I was losing Trading View. Show me. I was actually using Perplexity for Circle. Perplexity Pro. If people haven't used the like the since the recent update, it is so good for financials. Show me circle hood and coin evita and key financials. Yeah, I use perplexity and um chatbt like deep research but perplexity pro is really good. They have like a an app too. All right, it's

gathering this stuff. But anyways, uh any other commentary um on this? I have a lot I have a lot of thoughts on this actually. So people I think this one of the takeaways is that this shows the disconnect from crypto Twitter and reality and re you know reality being like public capital markets people who aren't spending eight hours a day on crypto Twitter. If you ask anyone who spends a lot of time on crypto Twitter, hey what do you what do you think of circle? Uh very very bearish um you know they're they're uh interest rate cut here's here's what they say. Interest uh interest rate cut risk is real. It's eminent. Uh if the Fed cuts rates uh circle is going to turn unprofitable. um uh they would say they're completely constrained by Coinbase, right? 50% revenue split uh bloat uh they would say

bloated operational expenses and you remember that period in time when they when they published the S1 um the whole it felt like the whole timeline was very bearish circle like oh my god the headcount's crazy they're paying execs so much really bloated operational expenses wow they're so tied to Coinbase Coinbase owns them um so that would be the like that was like 95% of the indust the quote unquote industry's take on Twitter in reality that ended up being the mid-curve take. In reality, being bearish on circle ended up being the mid-curve take. What actually happened is uh there's all these capital markets institutional investors, capital markets investors who said, "Oh my god, stable

coins are this incredible use case. How do I invest in the success of stable coins? Crap. I don't know. I have no idea how to do it. Oh wait, here's a public offering. You know, stable coins on a platter." And that's what it ended up being. So yeah, long long stable coins ended up being the left curve and the right curve take. Being bearish circle ended up being the mid-curve take. And I think yeah, crypto Twitter maybe mid-curve this one. Yeah, we called this last week. Uh, okay. So we we got the results back. So I'm going to spit out a couple of metrics here. Um, we got the results back. It's like a doctor results. We got the results back.

Buckle up, ladies and gentlemen. I'm looking at Circle, Robin Hood, and Coin Market Cap. Circle. Uh, okay. Okay, this is terribly wrong. Um, is this correct? We did not get the results back. We did not like Circle is like not correct. But Robin Hood, Robin Hood is a Robin Hood is a 58 billion. It's had a huge run up this year. Um, enterprise value LTM revenue is 2.9 billion, LTMA 1.3 billion. Robin Hood is trading at 43 times EB to EB LTM. Coinbase on the other hand is more fairly priced. Uh similar market cap 65 billion revenue is two times larger than hood. Ebbit dot similarly. So the margin prof is kind of

the same. And then um Coinbase is trading at 18 times. Um and circle we just established is trading at like 20 times 25 25 times LTM. So it's trading a little bit higher than coin on an LTM basis. Um the question is what is the forward guidance and what is the forward like who who of the maybe this is a better question. Who of these three names uh circle, Robin Hood and Coinbase, which one is has uh grows faster next year? Which one has more defensible margins? Which one would you buy? If you gone to your head, you can only buy one or the second question is you can buy a portfolio. How do you allocate like $100? I mean, I'm I'm I'm biased. I'm biased. He's bull and star. I'm I'm giga

long hood at this point. I'm like I mean I just thought so today too. No, not financial investment. It is uh when they bought Bitstamp it was like I think it was basically a year ago to the day it was like they closed like a week or so. Well, they closed like yes two days ago or something. But like um when they announced the acquisition of Bitstamp I I mean I think I said it on the podcast. I was like I'm going to be extremely biased uh pro- Robin Hood moving forward. I yeah it when the day they bought Bitstamp I made it my I went into the account made it my largest public public equity holding and uh it is now what is what is Hood doing right now?

Yeah, that was at like 20 bucks. It's at 72. My trader told me this is in overbought territory. Alert alert. Do not buy. Yeah, alert. Um I'm like gigalong hood at this point. Let's do the the the what I like to do is scratch from like you always I think periodically need to um do this exercise of like how would you construct your portfolio from scratch this episode is brought to you by Geodet the world's largest decentralized RTK network delivering real time centimeter accurate positioning around the globe powering technologies that enable precise navigation for drones autonomous vehicles first responders farmers and

robotics Geodet shows that blockchain can be a truly transformative force By delivering realtime centimeter level accuracy, Geodet enhances emergency response, boosts construction precision, and enables advanced navigation for drones and surveyors far beyond the limits of standard GPS. To find out more, click the link in the show notes or follow them on X. I wanted to take a moment to tell you about Marinade, the platform connecting Salana holders with the best staking rates on Salana. Marinade unlocks a high-performance staking delegation platform that brings billions in liquidity and security to the Salana market with solutions for both individual traders and global institutions from both DeFi and

traditional finance. Use Marinade to earn rewards on your Salana treasuries and holdings. Optimize your Salana staking with Marinade's bestin-market features, including user downside protection through protected staking rewards and optimize delegation via Marinad's automated auction marketplace. To learn more about Marinade, visit marinade.inance or click the link in the show notes. As always, investments in blockchain technology involve risk, terms, and conditions apply. If I was starting fresh right now, I'd buy 80% hood, 20% coin, and I wouldn't be buying Circle. Why?

Um because I probably fall into the crypto Twitter camp where I do think that they're like I I think why people are buying Coinbase right now is like you've got just mass it's stable coin season and like so actually circle aside like I I went to this event called stablecon and it w it felt like a local top in stable like a a sent we have stable coins you and I both believe are going 10x from here, right? The Fed is calling for like or the Treasury is calling for two trillion in stable coin market cap over the next three years. Like we're like 300 billion today. So obviously stable coins are going to grow, but sentiment wise, it couldn't be better for stable coins. Like I I I think we're nearing like a local top in sentiment for stable coins. So uh I think Circle

just hit this IPO perfectly and I'm just Yeah. Yeah. I think they're a great business. I think I like I like Hood and and Coin more. I was having this discussion with Omar from uh Dragonfly yesterday and he's been u of the similar camp like he's been tweeting a lot of really good alpha on public companies reading a lot of the disclosures um and like you know he's picking up on meal lie and uh Robin Hood and a couple other companies that are talking about um you know crypto in in their um earnings like paneers up for sale you know stuff like that right I'll tell you what I look at like LTM revenue growth is very different for these three guys. Coinbase has grown

75%. Why? Because you know crypto prices have gone up and it's tightly is very volatile, right? That that earnings growth is kind of very tied to crypto asset prices. Robin Hood has grown not too dissimilar 60%. So Coinbase 75%, Robin Hood 60%, Circle 15%. And I think uh so so point number one, Robin Hood is growing very fast. Um it is coming up from a lower base both of revenue and profitability. Um, and and as I think about it, yeah, it's super, you know, it's priced really aggressively, 42 times. Like it's it's vastly more expensive than uh Coinbase at 20 and Circle at 25 on an LTM basis, but it's growing, you know, pretty fast.

And more importantly, I think the the issue I have with Coinbase is it's pure crypto. And from a customer acquisition standpoint, let me ask you a question. Who who attracts customers from a and can acquire them cheaper and retain them? Robin Hood or C or Coinbase? Robin Hood. Yeah. Because like the audience is massive, right? Like the people that want to buy stock the the flow is such that like and this is it's like the audience that wants to buy stocks massive. Everyone in the US, right? And then they're going international and then from there the upsell to crypto is a very natural extension. The upsell their debit card all these different products. Circle as a just like a Coinbase as a pure crypto play struggles

with that because as soon as like Bitcoin's down to 20 50k no one it's like crickets their their profitability the trading revenue goes down and honestly I mean their product suite hasn't really been really well integrated and and I think like you talk about the coin has not been integ it's it's like all stitched together very next to Omar you mentioned Omar from Dragonfly I sat next to Omar at a dinner last night talk about a guy the Dawn one the Dawn one. Yeah, the don were you? And Suz was on the other side. Suz was there. Yes. Yes. S was I see you. I see you. I see you. I was not there. The Atlantic. I got eyes everywhere. Summon eyes. Just like I got eyes. Yeah. But I never I'd never actually spent much time

with Omar. Talk about a dude whose gig along Robin Hood. He loves Robin Hood. But um Oh man, I was saying I was along Robin Hood. His eyes lit up. He's like, "Oh my god." But he was showing me, so he got the Robin Hood card, the gold the gold card or whatever. Yeah. And he's saying like the the uh when you get points, so they have 3x points on everything. When you get points, you can just slide this but this like slider and it's really nice UX and it just autocon converts it into the stock a stock of your choice. Oh wow, that's great. And it's like this it's so you know compared to Coinbase which you know like Coinbase I think most people in the industry have used Coinbase at

some point or another you go to all these different products and like the design ends up changing the URL kind of gets funky like you lo you get logged in and logged out and yeah they definitely haven't you know they've they've done a great job acquiring all these companies the Tagomies of the world right Zapo but the integration's been a little little rocky I feel like from a UI UX perspective. Yeah, definitely. Um, so yeah, that's my point. Like I feel that I would rather go along companies that are are starting to leverage crypto rails and look Vlad is in my mind the second to Larry, but more importantly like Vlad is going to be one of those CEOs like the Collison brothers that like really shows the world how their business can be materially like

leveraged and and really tapping into crypto on a variety of things like tokenized stocks and and really you acquiring that user base and like just doing many many things with crypto and crypto rails and he's been very public about it. So, um I sort of seem to agree with you like I would um I think Hood, you know, as a business is far more defensible, um and has much more sticking brand and weathers kind of the volatility of crypto and you're getting a pretty high growth uh name that is going to continue to do more in crypto. So, it's uh I think you get the best of both worlds, right? Um so, that that's my I think Circle. Yeah, I I could see Circle run up just from a like it's starting from a low too. It's got 25x demand. All those people can't get in.

Yeah. And it's like it's the Kobe once said this to me. I think way back in the day. He was like you you sort of like the market like likes to go like the catch-up trade. So if you miss Coinbase, you miss Robin Hood, you're you're going to be in the if you missed Alana. People are buying Hyper. That's the Hyper. So you're going to So So you're going to want to long Circle and you know it's doesn't take much for that. Like I could see Circle go to like 40 times. Uh so like double in price year and I got I could see that. I could say um okay last takeaway in circle and then we can move on to pump.f fun is um have spoken with three different CEOs this week who had were very very very closely watching the circle IPO process

the last couple months and what this has done which I think nobody has I haven't really seen many people talking about is uh actually I posted this thing here let me pull up this tweet from January of 2024 I'll repull this up I said uh this is January 2020 24. Circle had just filed for an IPO. I said, I can't overstate the importance of Circle's IPO. There are six to 10 companies waiting to see how Circle does. If they're successful, everyone else will push to IPO. Having several public crypto companies other than just Coinbase and the miners would be a huge unlock. And sure enough, uh I will pull this up. I said, uh more true than ever.

Speaking with founders this week, the demand for Circle just pulled forward the IPO timeline for several other companies. So I haven't seen people talking about this and can't mention the companies but there are some bigger later stage crypto companies that I didn't think I if you if I was you know if you if you said you got to place a bet on this are they going to IPO in 25 or 26 I would have said 26 maybe even 2027 and all three of these CEOs founders are IPOing in 2025 they're looking to get out in July August se not August because that's dead dead time but September October November so um yeah I think we will several more crypto IPOs this year. Yeah. Yeah, definitely. I think that's very very important thing

that circle success data is it pulled forward though 100%. This episode is brought to you by Geonet the world's largest decentralized RTK network delivering real time centimeter accurate positioning around the globe. Powering technologies that enable precise navigation for drones, autonomous vehicles, first responders, farmers, and robotics. Geodet shows that blockchain can be a truly transformative force. By delivering real time centimeter level accuracy, Geodet enhances emergency response, boosts construction precision, and enables advanced navigation for drones and surveyors far beyond the limits of standard GPS. To find out more, click the link in the show notes or follow

them on X. I wanted to take a moment to tell you about Marinade, the platform connecting Salana holders with the best staking rates on Salana. Marinade unlocks a high-performance staking delegation platform that brings billions in liquidity and security to the Salana market with solutions for both individual traders and global institutions from both DeFi and traditional finance. Use Marinade to earn rewards on your Salana treasuries and holdings. Optimize your Salana staking with Marinade's bestin-market features, including user downside protection through protected staking rewards and optimize delegation via Marinad's automated auction marketplace.

To learn more about Marinade, visit marinade.inance or click the link in the show notes. As always, investments in blockchain technology involve risk, terms, and conditions apply. Okay, let's move on to Pumped Up Fund. Yes. Um, all right. So, Blockworks broke this news that Pumped Up Fund is planning to raise a billion dollars through a token sale with a valuation of 4 billion. Um, the let me try to summarize the sentiment and the feeling on crypto Twitter and uh I want to hear what your what your take is on on on the sentiment. So, um, let me pull up some of the tweets. I'll

pull up some of the tweets and I'll read these. So, one, one person's got Jack Halderson says, "Maxim extraction. Pumped off, you know, quote, maximum extraction. Pumped up Fund has been getting a lot of hate lately for their $1 billion raise on a $4 billion valuation." Honestly, I He said, uh, so they they're doing 1 billion in revenue, 600 million in profits, and uh, hold on, that was not the hate. I'm supposed to pull up the anti. All right. So, this was this was actually the hate. The hate said, "Every influencer that supports pump.f fun has sold out. No respect. They truly don't give, you know, I told him not I'm told I'm not supposed to swear anymore on this because it hurts our hurts our uh distribution in the algorithm, but they don't give a, you know, an F about this

space." Uh, and then altcoin Gordon said, "Wondering why Pump Fund are trying to raise 1 billion in what seems like a last attempt to cash out? Check their revenue." So all a lot of these people basically came on the timeline and they were like who who would ever do this? Like why why would why would you ever buy Pump's token? Like pumped up fun. This is clearly a cash grab. They're selling out. Um what is your take on Pump You want to give your I'd love to hear your thoughts on the pump fund situation. Listen, I've been an investor since the early days. Um and I've gotten know uh Noah and the team. I can tell you they are as sharp as it gets.

like he I've been just amazed by his he's just one of those founders that is like super strong, super steadfast on a on a mission and executes like crazy. Like the speed of execution, the momentum um and is like un unparalleled. And I remember interacting with him like when they launched video and they had to peel that back and they just quickly hired a bunch of people. Like it's the vision that Noah's had and I've seen him publicly talk about this in in a couple of conferences is has always been the same which is like the grand vision is like there's this pump what pump has done very well and mind you I'm saying all this as an investor so my bias is there but like I'm trying to be objective as possible they have captured a ton of attention better than probably

any other company in crypto for a long time and um whether you like it or not Like I'm not going to get into that. Like if you like memecoins or not, like we've had this discussion, but like objectively they've gotten captured a ton of attention and they've gotten a lot of revenue as a result of that and and so what is the opportunity for them? They I think that and I'm Noah if you want to come to the pod feel free here but my view is they see a huge opportunity to continue to extend in that it's like how do you continue to capture more attention from people and it starts with meme codes but you I think the the intersection of social something some like Tik Tok and pump and connecting those two uh and the financialization of that like attaching value to that and

layering that into more social elements and I think you start to see elements of that with a video component I think they're going to really double down on that and they have an opportunity they have a very engaged audience. Um, and and someone might say, "Wait a minute, like look at the volumes. Look at the, you know, it's it's come down a bit." But it's like, make no mistake. I mean, they they have a very engaged audience. They've been able to capture that. And if you don't think that they're going to press on that opportunity, I think you're like delusional. They they very much see that opportunity. And I think that's part of the race. Like they they want to raise that amount of capital to go for the jugular. Like they I think Noah would probably say like, "I'm not going for like Binance's business." like

it it goes like larger than that. I know. I know. And there's just certain founders that you meet that are not are not afraid to like say it as a grand vision. Like a lot of times founders like are like oh you know I just want to grow into that. Like no one's like no I want to become like the largest social media financial like combination behemoth and you know they're at for their age. I mean, I can't. It's one of the fastest growing, most profitable companies ever. And these people like in their early 20s. Like, I don't care what you think, but like if you're not going to give them credit for that, then like like objectively, like it's pretty been able to accomplish. So, um, so we've got a lot of pumped off fund data on the on our research and data platform. So,

pumped up fun earns revenue in three three ways, right? AMM fees, 0.05, you know, five bips of all trading volume on Pump Swap, which is Pumped Fund's own AMM. They've got bonding curve fees, right? 1% fee on all trading volume on pumped up funds bonding curve. And then graduation fee, which they make six soul from every graduated token uh that migrates to to radium. And that that that part's no longer active. That used to be that I think that stopped in February or March. So if you look at their monthly revenue January, you see how much they made in January? One they made $144 million in January in revenue.

That's in one month. New new company. Yeah. December 97 million, November 114 million. And people say they don't need the money. I guess the question is who are they raising it from? And they just want to do hyper. So this is what gets into my thing is okay March of this year 39 million in revenue. Uh April 48 million in revenue. May 50 million in revenue. So I'm on the timeline. I'm seeing all these takes like there. This is why crypto Twitter is so dumb. Crypto Twitter's take right now is look at how much money they're making. Why why why do they ever need to raise money? Are you kidding me? What a how is that even a take that exists on crypto Twitter?

Like how is that even a take that anyone could could genuinely have? It's like you're making money so therefore you should never raise capital. It's like it imagine this wasn't a crypto business. Like imagine I don't know imagine it was like Bezos and Amazon or something. That's a bad example, but like imagine any any tech company in the world is like making money. So then they go to the investors and they're like, "Hey, we're make we're so successful. Can we go raise a round?" Investors are like, "Yeah, obviously." You think the users are going to be pissed that they're raising another round? Like it just it just makes it makes absolutely no sense. Um this is this is a disconnect that you talk about crypto Twitter, right?

There's always like, you know, there's this idea of like vocal minorities that always express their views, but that's not representative of it. It's like, yeah, the end of the day, like I would say these guys are just very laser focused on the grand vision. Yeah. And so I think they have like 600 million in in the treasury right now or roughly that. That's what I saw. I don't actually I saw that on Twitter somewhere. Um, do you know who they're raising from? And is it closed? I do know who they're raising from. It's not public yet. Is it like a big crypto investor or like non-crypto? I think some of their early crypto funds that have supported them along the way are doubling down on this round. And then

and then a new I think a new big a new big fund I think is coming in. Crypto native um decently. Nice. Yeah. Um, uh, I think they're I think they're going for the streaming. I'm I'm an idiot. I passed on Noah. I met Noah and was like, "This guy talks too fast." It was like $50 million valuation. Like, oh god, screw me. But, uh, I I I passed on Pumped Up Fun, but have gotten to know a lot of have gotten to know them and and their investors quite well, and you obviously know the team and stuff like that, but I I think they're going for something outside of just memecoin trading. Yeah. Oh, 100%. And I will say Blockworks gets so many pitches to bring

our content places. Like, you know, Zora is like, "Bring our, hey, Blockworks, bring your content to Zora." Like, uh, we didn't we didn't do that. Like, uh, you know, Lens is like, "Hey, bring your content to Lens." We didn't we didn't do that. Farcasters like bring your content to Farcaster. We didn't do that. Um, abstract. Abstract, bring your content, your video streaming over to Abstract. We didn't do that. Pumped off fun on is the first one that we're seriously consider considering bringing it over because what does block works you have to look at the incentives of the company the incentives of our company is we want more distribution and attention because it d it's a lot of our companies down downstream of that so pumpf fun has the attention it's it's the exact same reason it's like we would go create a

Tik Tok account is because they have the distribution and they have the users there and pump actually has the user there, right? The name of the game is like always distribution and user user base. Right. Right. Right. The user base that let's compare Farcaster with pumped up fun. Okay. One try to like you know compete against Twitter. They are capturing only a a subset of the crypto user base and it's really hard. Yeah. It's really hard to like compete against X, right? Because it's so embedded. Um, I would say if you're a company like far like pump gives you access to a user base like they've just expanded the pie for the crypto universe where they've attracted normies into the fold and if you're a company out there like of course you're going to get interested in

that. Of course it's a super valuable company because they they've sort of permeated it's a company this cycle that has permeated into mainstream perhaps more than anyone else. Um this is the chart right there that matters is total traders in my opinion. Yeah. So, so maybe volume's gone down, revenue's gone down, whatever. But the total number of traders is up is actually an all-time high at 13 million total traders have traded in May traded on pumped up on 12.9 million traders. So, as block works, I'm saying that's 12.9 million people. You know, our we'll we'll probably get like 15 million podcast downloads this year. That's another you know, if we could add 10% of pump funds, 13 million, boom, that's another 1.3 million. Great. all day. Yeah. I mean,

let's look at I always like to when I evaluate teams is like the capital efficiency. How much have you raised and what have you produced? Um, Farcaster has raised 180 million to date. That's not Trump change. They I think they raised at a billion dollar valuation last series A round. Um, uh, which was 150 million. Pump has not raised that much. Of course, they're raising a billion now, but um, what have they raised so far? Let me see how much has You know what? We should really make it on the pump. Fund dashboard. You can see how much they've raised. That would be better.

Yeah, that'd be great. Yeah, like look at the efficiency like revenues and profitability versus the amount that has been raised. Um, give me a sec. It's including the billion, but I want to strip that out. But I I I'm going to go as far as saying like I think it's vastly less forecaster. Yeah. I don't know. Um yeah. Cool. Anyways, I'm pumped. Um yeah, I guess if you're thinking about like I thought this chart was interesting. Uh Xerx Sharples uh show here. How do I There share this tab.

There were some takes that I guess I could share. One is um from Zer Sharples uh who is a block works on the blockworks data team. Uh if you look at the so launchpad businesses are obviously booming right now and I think many many many more people not I think I know many more people are launching launchpads. Some of the big brands in the industry launching launchpads um uh pumped up fun is actually back to 80. So they got down to 50% market share about a month ago. They're back to 85% market share. So if you look at the top four launchpads based on token origination volume it's pumped up fun has 85% for meme which I've literally never heard of has 8% believe which was like hot for a second has 3% and bonk has 2%. So

um the origination I would also say that um I thought this was uh Joe Biden had had some bull had like this would be like maybe the bullcase for for the pump token. So, because I think there's a lot of people saying, look, uh, four, you know, four billion's a high FTV. Uh, this was Joe Biden's take is A, if the team cares at all about public sentiment and the token price, they'll likely initiate a buyback, which are very, you know, the buyback narrative is very popular right now. Uh, B, the token will almost certainly launch on Pump Fun or Pump Swap. TGE day is typically the peak in trading volume, which would mean record revenues for Pump. So if people start posting all those annualized revenue

based on that sell uh there's a high chance that both teams and investor allocations will be vested for a year. So for those who bought during the sale, it'll be hard to sell off unless the price spikes immediately after launch. And he said the key point will be how much airdrop sellers released on day one and will there be new buying demand comes from after a $1 billion token sale. So it's uh 20% I mean they're selling what 25% of all tokens. Yeah. Yeah. which will be mostly locked for at least a year. Uh if it's anything like you know pretty much the standard uh the airdrop might come but yeah I think um that's a healthy amount of the supply that's been sold. So it'll be

interesting to see the tokconomics which I haven't seen but um any this guy had a good take what's that any sense of timeline by the way of of when they launched? Um no I don't think so. Yeah. Let's see. Shout out Jack Jack Cubanick for this story. Um, no, no timeline, I don't think. And then yeah, this last one was Austin Marazza at Dragonfly. Mhm. Said, uh, I thought this was a good take, too, which maybe explains why there's like like anger on the timeline.

He said, "Hyperlid really screwed up everyone's expectations. Pump is just acting like dot dot dot a normal company. Why would they raise a billion dollars instead of giving it away for free?" because they can. Why do they charge fees and make a lot of money? Because they can. And it lets them scale. They built an amazing product, an amazing brand. People are angry at them for monetizing their success because crypto has trained everyone to expect free money from projects that don't even make any money at all. Spot on. Quote, quote, tweet that, you know, people crypto has trained people to expect money from projects that don't even make any money at all. Said Hyperlid was a generational miracle. They gave away a big chunk of the protocol. They created an up only chart at launch. They built a

valuable business and pointed it all at the token. But it's not realistic for everyone to recreate this kind of pristine radical benevolence. Hyperlid also own the chain, the exchange, and the market making. Every variable, at least at launch, was in their control. The vast majority of other airdrops are tokens that are not real businesses. They're giving away governance rights and future utility, not actual cash flows. If Pump allocates future revenue to the token, that cannot be compared to almost anything else in this industry. So spot on. That summarizes how I feel. Do me a favor. Go up top right.

Hit the smash. Follow. I love I love when you I love when you like reference folks and it's like follow back, you know, follow. All right, I'll follow. Austin Morazz, ladies and gentlemen, you got the public. You got the public. Austin got you another follower. Thank you very much. Uh no, that's a good take. Honestly, that's a good way to end this segment on Pump. Yeah. Earlier in today's episode, I mentioned Ledger's latest products, the Stacks and Flex, and I wanted to take a few seconds to tell you more about them. These wallets feature the world's first secure touchcreens, which don't just simplify your digital transactions, but also keep them extremely safe. These wallets are virtually impenetrable to online attacks because they store your private key in a

secure offline chip. You can manage more than 5,500 tokens and install up to 100 apps. Choose the most trusted name in hardware wallets and take control of your digital security today at ledger.com or hit the link in the description of today's episode to check out their latest wallets. Hey everyone. Earlier in today's episode, I mentioned Petra, a top non-custodial wallet developed by Aptos Labs. They just launched Earn, a new feature to access DeFi with just one click. Earn lets non- US users deposit USDT directly into Aries Markets lending pools to gain interest and rewards and manage it all directly from the Petra wallet.

Petraearn was designed to make DeFi more accessible for everyone. You can manage your balance, claim rewards, and deposit directly from the app. This is, of course, not financial advice. Participating in DeFi carries risks. To learn more, visit petra.app/earn or by hitting the link in the description of today's episode. I wanted to take a moment to tell you about Citria, the ZK rollup, expanding Bitcoin's utility without sacrificing its security. Using ZK technology, Citria enables Bitcoin to function as a fully programmable financial platform.

Citria is optimistically verified by Bitcoin, offering the most secure and native way to extend Bitcoin's utility to DeFi. With Citria, developers can build scalable payment systems, tap into Bitcoin's liquidity with financial applications, and build privacy systems. Citria is currently on testnet and approaching mainet. To follow their progress, click the link in the show notes or follow them on X at Citria_XYZ. As always, investments in blockchain technology involve risk terms and conditions apply. All right, maybe in smaller smaller news, um I mean there's a bunch of news actually this week. So Trump

Trumpwallet.com launched. This was kind of funny. So, Trumpwallet.com launched and it was this like new crypto wallet website tied to the Trump memecoin appeared and uh actually Magic Eden started kind of like tweeting saying that they were involved and then within a day the what's uh Trump Trump uh Trump Jr. DJ Jr. comes out and or maybe it was Eric Trump I forget who it was was like we're not involved in this at all. This is not true and I guess they were threatening to sue Magic Eden. So yeah, it was like Magic Eden was saying we're involved. They were saying they had partnered with them, but then they were saying they hadn't. And then, you know, Trump's kids were saying that they're going to they're actually going

to launch a token, but it's or they're actually going to launch a wallet, but it's going to be with World Liberty. So, who knows? That was that was that news. People are getting pretty sick of like Yeah, I was the question here is um look, the administration is a 180 from um you know what we've had in the last four years? Um has there has it been pushed too far where the Trump coin millennia like the the Trump family involvement in crypto? What is your general perception?

Is it positive? Is it hurting us? I think I think it's bad. I think it's been I think it's gone way too far, actually. Um and I Yeah, I'm pretty I think Trump folks need to step back from crypto. Um I think it's gone I think it's I think it's net bad for the US presidency and how it's viewed. I think it's net bad for crypto as an industry. Um Yeah. I think it's bad I think it's bad for both. Yeah. What do you think? Yeah. Look, I I think there is I agree with you. I think there should be more distance uh in the same way that David Sachs did it. David Sachs assumed office as a cryptosar and sold all of his stake

in crypto. And I think there's something very that has always been kind of the precedent in in any person holding public office for the most part. that's like if you're going to be involved in like you should remove yourself from business dealings and activities. Um or create a create a more robust layer of that, right? And I think in this case there's just too much meddling, too much going on. And uh I I I think it is um it would be wise for them to just look offload it to someone else, be long crypto in other ways, but like it's just too it feels too much uh Nancy Pelosi style if you know what I mean. Um, it should be a bit more distance, I

believe. Yeah, that I guess that's right. You can't you can't hate on Nancy Pelosi for clearly doing it. I mean, Nancy Pelosi is clearly out here insider trading like you know the world, but you can't hate on that and then turn around and do this. So, you like you can't have Yeah. Yeah. Look, there should just be it creates confusion in the market and it's like look m maybe there's nothing maybe this whole chart maybe there is like a clear initiative policy u best practices that they have internally which is if the family's going to buy bitcoin if it's going to do stuff then there's degrees of separation and fiduciaries and how the decision-m happens but if there is I think it'd be wise to be public about it um because

right now there's just so much confusion going on it's like is Melania the real coin or not? Is it backed or not? What is world liberty? And uh there's all these projects claiming to be like you know in in in with the president. It's like you've never had that you know in prior administrations. I think there's something really powerful about just being like you know um you know what I mean? like you've never had this idea of like we're a company that like the president endorses like well no like you're just you know operating in the United States and you know it's a great system and capital markets and all that stuff. Yeah.

Yeah. So that's what I think. Um, all right. We should have shared this during the stablecoin part about uh about Circle, but I loved the quote of the week was definitely from the president of Western Union. Uh, who said there it is Omar. Oh, dang. This is becoming the little dragonfly pod over here. Yeah, Omar. Um, so this uh Kenneth Sukowski research analyst said uh said, "I mean, because I think there's talk of stable coins potentially disrupting crossber providers. I mean, I guess are you guys thinking about this as quote, "Hey, we're actually gonna end up using stable coins to lower our cost and uh this guy Devon, the Western Union president says who gets paid by like I looked at his

compensation because lo and behold, you know that I looked at this company to do exactly that." He gets paid a pretty penny, not today. We use a highly inefficient legacy system called Swift. Anything that could make that faster, easier, cheaper is better for my business. If somebody figured out how to move money with turbo pigeons, I'm happy with turbo pigeons. My alternative is the swift banking system. And if stable coins can do it, awesome. But right now, we haven't found that. It's more complex and more expensive, but it does solve some market inefficiencies for us in a few places in the world where there's no good alternative. But wherever there is a good alternative, it's not met yet the threshold for efficiency and cost effectiveness. But when it does, we're happy to do to every day long do it that way. I promise you this man has never

sent a stable coin in his life. I promise you all this complacency in organization. These guys get paid like you know tens of millions of dollars just to like do nothing and keep their jobs and they hire cronies in the board so that they never lose their job. Um there is some point around like the remittance business. I've looked at it as like what Western Union has is like this vast network of like agents in local countries that like you can if you are sending money you deposit in one and then whoever like the their agent their network of agents like source liquidity for them in real time and and you know they pay a big commission to their agents to do that. There are some I think what he's saying here is that there are some written corridors that

are like really competitive really efficient like Mexico US and you know Mexico Europe and like US to India like the larger written corridors there are corridors where liquidity is not really there the fees are really high and so maybe I think that's what he's pointing to. Mhm. Um, I think we should bring on someone like Simon Taylor from uh Fintech Brain Food or or Kai to talk about this because I would say that like to give uh Mr. Devvin some credit, I think a lot of people in crypto say stable coins are going to solve everything. And it comes from a place where I don't think they fully appreciate how the like payments and like the money movement flow happens.

There's a great blog post actually that we will probably link um in this episode and it's uh Matt Brown's notes and I will just send this to you just now because maybe we can just reference it very quickly here. And what my point I'm trying to make is people that don't maybe have a fine appreciation for the how the money actually moves just would say stable is going to solve everything. and he has some pretty good visuals there that just kind of explain Western Union and that like remittance um money operators like it's worth like reading his blogs about stable coins in Western Union to give you a better appreciation because Simon also has um a great pod

that I'll um link here. We'll link to this Matt Brown substack. This is a good This is a good piece. Stable coins that and he has another one. But uh Simon Taylor, I'm trying to look his blog here. Um what is it? Fintech brain food. Here we go. He has one post. This is probably my favorite that's called stable coins are a new platform. Oh, the one he published uh this week, right? Yeah. I saw. Yeah.

Yeah. So, go read that because I do think that there's he is one of the sharpest guys that will tell you stable coins. It's not so much that stable coins are going to replace. It's like what they enhance. Um, and very simplistically, you might say, oh, you know, Western Union and all these remittance operators are charging an arm and a leg, so their business is going to go away. And you're like, no, like someone still needs to source liquidity in real time, and that's a big challenge. And you know certainly what bridge and stripe are doing like facilitates a lot of that but it's like kind of like an unfair comparison. You know what I mean? And it's you hear a lot of blanket statements from like less sophisticated people that don't know much about fintech that like stable isn't going to like totally totally

disrupt these businesses. And part of it is true but there's a lot of nuance and Matt and Simon are really sharp thinkers on this. Yeah. Check this out. Jeremy just posted this. Wait, it's pretty cool image. Nice. Epic. Um little little video of a circle banner going up at the uh New York Stock Exchange. Um all right, this was uh this was didn't get much coverage, but um Moon got a Bit License, got a Bit license approval in New York, and this is less about So big shout out to Moon. Very impressive. I'm sure they've been working on this for many years. This is um interesting news because there are the bit so the bit

license is this super archaic license that says if you're a crypto company can basically can you operate in New York not operate but like I think it's can you make it so that your customers in New York can buy and sell crypto on your platform something like that. Uh they've only given out I think it's like 21 in the history in history. So here's a if you look at this they tend to give out so look at this 20 boom I'll change this. So 2019 they gave out 1 2 3 4 5 6 7 8. So this was to Fidelity Zero Bitstamp Robin Hood Naidig. 2020 they only gave out one of these things. 2021 they only gave out three. 22 they only gave out three. 23

23 they only gave out two. These are like massive companies. You're talking about PayPal, E Toro. Last year they only gave out five. It was to Anchorage, Fireblocks Cumberland PayPal and Wisdom Tree. Last year they only give out two. E Toro and Coin Cafe. I don't know what kind of under underbelly dealings were going on to get Coin Cafe a license, but you know, anyways, that's an outlier. LA uh so far this year, Dibs Trust Company is the only one. Again, never heard of them, but that's okay. So, this I think is interesting because there's a bigger thing going on which is Eric Adams is now in real is trying to get reelected. So, he's going to try to get money from crypto people. I'll put that

aside. So, what's interesting what's coming next is Quuomo is probably going to be the next mayor of New York. Cuomo basically created the bit license. It was created by this guy Ben Loski, but Cuomo kind of oversaw it. So, it'll be very interesting to see if the I think the second order impact of this so of this Moonay announcement. Big A, first big shout out to Moon Pay and Ivan and Keith and the whole team over there for getting this super super hard to secure. Um, so big shout out to them. But second, I wonder if this means that the bit license bit licenses are going to be given out a little bit more. Maybe, maybe not. But maybe combination of like seeing this combined with Cuomo most likely being the next mayor of New York makes me think hopefully this super

archaic bit license is either going to get removed or given out more. So yeah, shout out to Moon Pay. Yeah, let's get rid of the bit license. It must cost mill I mean millions of dollars to get, right? Yeah, I would guess. I mean it's like Yeah. Okay. I mean Moonay just set up a New York office. So I think one of the things that they want to see is are you are you long New York as a company? Are you hiring New York and all this stuff? Yeah, I had a there was this tweet from this guy Mikey Tulip King.

Um I wanted you to this is an an episode all these an I'm just pulling up other I don't have enough interesting takes myself this week. This is what happens when you make me record early. So I just use other people's takes. Always blame it on me. You know that's Yeah. always always he said he said growing returns in crypto without trading size as needed this will beat most of crypto Twitter I want to get your take on this I know I'm asking you a f you know kind of math in real time and you know real time math public math is never never easy but so he said deposit one BTC on a borrow half a BTC in USDC swap for BTC and deposit 1.5 BTC liquidation ends up being around 43 3k BTC at these prices. Pay 5% on the

borrow, which ends up being about $25,000. Do nothing for 5 years while Bitcoin runs to 300K to a million. At 300K, you make an extra 137K or half a Bitcoin. At 1 million, you make an extra 487K or half a Bitcoin. Re-uple leverage at key price levels for higher gains. The trick is that you can size heavily, read entire net worth into this trade, and literally ignore the rest of the market. Go focus on your career, focus on your family, etc., etc., etc. Leverage can make you rich.

The problem is most people would rather blow themselves up on 20x leverage instead of 1.5x leverage. Agree or disagree with this take? Yeah. Uh there is a protocol that allows you to automatically rebalance. I'm blanking on it. It's um there's a couple of things immediately. Uh the BTC on a is not pure BTC. So I could see some criticism around that. It's some sort of flavor synthetic right? Rap rap BTC. So so like you have to you know make sure that you know you feel comfortable doing that but um take a native asset could be ETH or could be you know something else and you could do this right you could do this in Salana too and whatever Camino or whatnot.

Um I think that so the important thing here is the health score right you have 50% LTV which is you know fairly decent margin you get liquidated um you know when BTC basically falls by 50% give or take right because BTC as a collateral in a gets depends on the rapper but it gets pretty high like you know basically like at what point will you get liquidated and the riskier the collateral the like the the more buffer that a as a protocol imposes to make sure that they can liquidate that collateral and sell it. So there is no bad debt on the protocol. BTC being the most pristine collateral in ETH, you get what uh you know 80% or so, 90% before you get

liquidated right? Um trying to do this on real time, but um but anyways, it works. I mean, I think it's a good strategy. Yeah. The question the the key here is I don't buy this walk away entirely. like you have to there's smart contract risk but you know obvious has Lindy there is you got to still monitor that you got to monitor the position there there is a there's a pro project where I did this that automatically rebalances it and like goes long like it maintains the same leverage so as as the price continues to run up like it will it will do this recursive over and over and over and over um and also like do the unwind for you in real time of course the key

there is historically when there's been a lot network congestion like in very high liquidation days prices gas prices go up a lot and so you do risk paying a lot in gas or not not getting block inclusion getting liquidated like that has been the risk like like black what is it Thursday or whatever Thursday yeah yeah good luck like or like everything was not working you would have gone liquidated but BTC the volume of BTC is less um it's a good strategy like I if you're you just need to monitor the position Yeah. Uh oh, I really want to plug this pro project because I I found it to be quite quite We can drop it. Send it to me. Send drop it in the

either in the show. People should like look at the contracts, talk to the team. I used it to do this with ETH and it was I mean I was very you know Speaking of the Empire Telegram, we have 971 people in it right now. We're almost at a thousand. Let's go. Almost at 1,000. You know what's you know what's just a sign of the times is that the Blockworks poker telegram group hit a thousand people before Empire chat did. So that tells you anything about this industry. All right. I think that's it. I think that's a good pod. Go buy your permissionless ticket. Empire 10. Um the side events page did just go live. The agenda went live. Santi and I are doing a uh a lot actually a few live Empire

recordings. So that'll be good. I got it, ladies and gentlemen. You got it. Defy Saver. Defy saver. Yeah. Look, go look at I I haven't used it in a while, but uh if you want to do the strat, like start with it's got a pretty janky UI. No. Uh I mean it has all the different pro protocols. Uh it like you know you could do a simulation, you could do a um the one I'm talking about here is lone shifter. You can do not loan shifter. You can do like go on a and yeah, you can you can set this up. Um, go play around with it. Again, not an endorsement. I've used it. The team has has historically been responsive. Play around with it. Deposit

uh fraction of a dollar and play around with it. Maybe not because of gas, but you know, deposit like $100 and play around with it. Huh. Defi Saver. All right. DeFi saver has had used to have a functionality that it would automatically do this for you and you could toggle and it would like the smart contract would like do this for you rebalance unwind up uh and then flex up as prices interesting. Yeah, this is a real this is a real company. Okay. No, dude. They've been around for like a ton and as a result of like the high like gas days during liquidation, they've introduced like some pretty interesting um nuances there to like mitigate that.

Interesting. Yeah. Yesterday, a user opened a massive I'm just reading some random guy's tweet. Oh, this guy works at Defi Saver. Yesterday, a user opened a massive ETH long and off V3 using Defi Saver right now. Their position is 29 million in collateral, 20 million in USDC debt, $9 million balance. Why' they choose DeFi saver to create this? One, leveraging in one transaction available for 10 protocols. Two, meta aggregation for the best swap rates. Three, using safe as the smart wallet means you can access this position in any front end. Yeah. Look, look at that the screenshot there. Go up, go up the click on that.

Yeah, there it is. So, so what this is Yeah, exactly. There's automations here. Yeah, there's automations. It's the the functionality that I'm talking about is this boosted component. So, increases leverage by borrowing, swapping um um in a single transaction. Um it will also um like automatically run the strat for you. Uh and yeah again in this particular case uh the user has gone up to like you know borrowing like twothirds of the collateral. like you know. Yeah. Little risky business. A little risky business.

A little risky over there, Chief. Risky. Risky. We do not endorse leverage in this podcast, but uh if you're going to do it, make sure you have a healthy margin because these assets are very volatile and can go down 50% on on any given day. I got content of the week. Do you non-crypto? I'm trying to give I non-crypto content of the week. Steve Balmer episode on acquired. Did I say that last week? No, you did not. Steve Balmer episode on acquired. Wow. The guy gets a billion dollars in Microsoft stock dividends a year. A billion in Microsoft. He's giving away a billion dollars a year. And I always thought he's giving away a billion. He's giving away all the dividends that he

gets in charity. And he's like, I can't I can't give away enough money right now. I can't keep up. And they were like, oh, you're you're making so you're selling off Microsoft stock. He's like, selling Microsoft? He's like, "No way." He's like, "I get He's like, "I get a billion dollars a year in dividends." Dividends. Legend. Crazy because he's not a founder. He joined early on and then just got a great deal. And like he has more ownership of Microsoft than Bill Gates. Yeah, Bill Gates sold. That's awesome, man. Um, no content for me. Just keep reading 10Ks and management presentations and grinding out here. Grinding in the buried deep in Excel. Uh, I will say it again. I'm looking for two top tier investment

banking or private equity analysts. If you feel that's you, come join the cause, brothers. Looking for two really mediocre cracked no cracked Excel junkies. If you live in Excel, you if you've touched a mouse in your day job, I want you to have the you got to have a couple I want to see your keyboard without the like I would remove Yeah. 100%. Yeah. No mouse the the interview is like well he used to do some crazy interviews at JP Morian which but I'll just say funny so we would be training for private equity um interviews it's like typically you get like a case in 45 minutes you have to or like an hour you have to do an LBO

model with like a you know financials that they give you. We would uh as young investment banking bucks would go out on Thursday or Friday night for a drink, come back to the office and like see like who would do like a three-statement model. Um a little bit tipsy and if you could do it like it's one of those things if you could do it like drunk, it's like mimics the interview process like you're going to be nervous. You're so cool. You're so cool. You're gonna be nervous. I know. This is this is me flexing. It's like the man. And it's like, so if you're if you're like if you're tipsy and you could do this, it's like you definitely know how to I found the picture. If your keyboard doesn't look like this, I do not want you F1. If you have F1 on your keyboard, ladies and

gentlemen, do not bother replying. Do not apply. Do not reply. You should actually make that a screener question, which is you should give someone like 5 seconds to respond. Which key on the keyboard would you remove? Oh my god. And then if they don't get it and within five seconds they don't get to apply for the job. Uh, can you send me that pic? I'm gonna tweet about it. It's like if your keyboard looks like this, apply now. That's awesome. Hey, ladies and gentlemen, thank you for listening. Another great week in crypto. A lot of stuff cooking. Uh, interesting. Circle goes trading live today. We're recording Thursday, so it will be Yeah. Well, yeah. Unfortunately, we're recording this before it's live. This is 8:40 in the morning on a Thursday. So, um, but

yeah, good, uh, shout out Jeremy. Shout out to Circle Team. Big congrats to everyone there. Of course. Thanks everyone for listening. Have a great weekend. We'll be back next week. See you folks. [Music]