INTEL: Fundamental Global Inc files $5 billion shelf offering, plans to use proceeds to acquire $ETH

Why do crypto projects have higher operating leverage than traditional businesses? Because: 1. The blockchain you build on outsources your backend tech infrastructure costs to validators. 2. You don’t need to hire as much personnel for compliance, legal, and accounting. 3. You can fork all the nonessential smart contracts you need to get started. 4. You don’t need to pay as much to access “vendors” because the app ecosystem is composable. 5. User acquisition costs are low, if you’re on Solana for example they practically do it for you. Or just tease an airdrop. And that’s how you get apps like Hyperliquid and Pump building billion dollar businesses with the amount of employees it takes to run a McDonalds location.

ETH is becoming one of the hottest assets on the street, with multiple Saylor-like treasuries hoarding it indiscriminate of price. Think it’s a matter of when, not if, SOL can replicate the flywheel in coming months, but for now ETH is primed for a run similar to BTC in 2024.

Crypto twitter quality topped in Q4 2021. Crypto twitter relevance topped in Q1 2025. This place will only get noisier as the“tent” expands beyond our niche and institutions lead the rest of the cycle. Stay narrow, stay confused. Growing up is bittersweet.

The rate of innovation on Hyperliquid is accelerating among apps launching new perps markets. Perps offer a faster path to bringing new asset classes onchain than tokenized spot, with the potential to unlock entirely new markets. @ventuals_' push to support trading for startups before they IPO is the latest example. Beyond equities, expect experiments with everything from social trends to market dominance (like BTC.D) to other esoteric markets. It wouldn’t be surprising if most of these experiments land on Hyperliquid. It’s the only onchain perps DEX that rivals centralized incumbents in performance and liquidity, and with HIP‑3 opening market creation to third‑party exchanges, the cost of bootstrapping and iterating new markets is collapsing. The timing couldn’t be better. With Wall Street enamored with tokenization and the cryptoeconomy starved for higher quality assets, there’s an emerging race to bring equities and other markets onchain. These races tend to favor the path of least resistance. The best bets in crypto are often the platforms that unlock the next wave of financial experimentation. And right now, Hyperliquid is a playground for one of the largest near-term opportunities in the industry. Hyperliquid.

End state of Ethereum DATs is competition forcing them to deploy capital onchain. As this plays out, DATs may become one of the largest new sources of DeFi inflows, channeling institutional money across the capital structure into the onchain economy. Same goes for other L1s like Solana and Hyperliquid — the latter of which probably has the most creative uses for capital with HIP-3 among other initiatives.

End state of Ethereum DATs is competition forcing them to deploy capital onchain. As this plays out, DATs may become one of the largest new sources of DeFi inflows, channeling institutional money across the capital structure into the onchain economy. Same goes for other L1s like Solana and Hyperliquid.

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