BTC Shell Game

Strive (ASST), the BTC treasury company founded by Vivek Ramaswamy, just bought another bitcoin company's dividend shares while selling its own at a loss – a circular trade that masks a deeper problem. The firm raised $118 million by selling SATA shares (it’s dividend paying perpetual preferred security) below par value, then deployed $50 million into Strategy's lower-yield STRC at full price, locking in negative returns. Both CEOs celebrated the deal as institutional progress, but the math reveals something else: one company's double-digit dividends are now funding another's, and it only works if prices hold. What happens when they don't? Read more →

Pumpfun has generated $1.08 billion in cumulative revenue since launching in early 2024, making it the first platform on Solana to reach the milestone. The memecoin launchpad is outpacing larger ecosystem players like Jupiter ($401.3 million cumulative) and Raydium ($126.9 million cumulative) by revenue growth velocity. The platform is now showing signs of cross-chain expansion, with domain records revealing subdomains for Ethereum, Base, BSC, and Monad. Read more →

Bitcoin miners are pivoting infrastructure toward AI and grid-balancing services, yet still trade at a steep discount to data-center peers according to VanEck's Matthew Sigel. He argues the sector has under appreciated upside as power-hungry AI demand reshapes electricity markets – and miners can now monetize existing capacity by curtailing power during peak demand.

With Bitcoin rangebound between ~$59k-$72k the real story may be what happens when the market reprices these dual revenue streams. Read more →

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