Recently, discussions about cryptocurrency stocks have been rampant, which reminds me of some decisions made on July 23: 1⃣️ Switched from $SBET to $BMNR 2⃣️ Not buying other cryptocurrency stock concepts, concentrating funds, and controlling risks. My core logic is that the focus of cryptocurrency stock concepts still needs to be on the "stock" aspect; the cryptocurrency is just a subdivision of this stock concept. So we need to see what kind of stocks Wall Street/retail investors will recognize. I believe there are several points: 1⃣️ Liquidity and scale Market capitalization must be large, and trading volume must be high. Typically, there is a preference for large-cap stocks / leading stocks, and there is always only one leader. 2⃣️ Industry trends and moats The market must be large enough and have high certainty. The company is a winner in the market: either first or second in market share, with economies of scale. 3⃣️ Particularly applicable to cryptocurrency stocks, the issuance must be controllable. The previous issuance of SBET was too frequent and numerous, and the ATM method allowed market makers to indirectly harvest retail investors, making the situation too ugly. 4⃣️ Backup: Who stands behind it? From the management team to PIPE investors, who are they, what have they done, what successes have they had, and what kind of connections might they have? Tom Lee is a senior macro and stock strategy expert on Wall Street in the United States, as well as the co-founder and chief research officer of the financial think tank Fundstrat Global Advisors. He can leverage Peter Thiel and Cathie Wood; that is his influence. Making a decision only takes a moment, but the thought process behind making that decision is more important.

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