GM DDians! The bulls seem to have vowed not to give up on the market, which is good news for us! Our energies are high, and we are in the best of moods to enjoy the bright summer sunshine in crypto land. And we want to share that vibe with you, our dearest readers🤗
Here’s what we have for you in this issue –
- The new ABCs of crypto
- Plasma’s jaw-dropping $500M vault raise
- Will Uber get crypto-friendly?
- The BlackRock Bitcoin ETF explosion
- No slowing down for Strategy
Rise of The ABC (All-Bitcoin Corporation)
Gone are the days when Bitcoin was just a decentralized cryptocurrency and the thing of tech hobbyists.
Today, the OG Orange Coin has become gunpowder for corporate firepower. And it’s good. At least for our bags.
A bunch of multinational organizations are grabbing BTC at a rate that would put Swifties chasing concert tickets to shame. And this is just the first wave!
- 6 public companies (MSTR, CEP, ASST, SMLR, NAKA, DJT)
- $76 billion in collective capital market firepower
- 653,878 BTC potentially within their treasuries
- That’s 56% of all Bitcoin ETF assets under management
- And 169% of net ETF inflows since launch
Forget about institutional demand through Bitcoin ETFs. With “BTC accumulation mode on steroids”, these corporations don’t seem to possess any intentions of leaving anything behind for Bitcoin investment vehicles.
Source: @GIPHY
How are they doing it, you ask?
Well, we have already talked about it quite a few times in our previous issues, but here’s a quick refresher:
- The company issues equity at a premium
- Uses proceeds to buy Bitcoin
- Stock goes up because of Bitcoin exposure
- Repeats the cycle
Leverage and issue warrants are the weapons of these “All-Bitcoin Corporations.” And one of the most important things in this ongoing phase of “The Rise Of The Bitcoin Hydra” that you should know about is that THEY BUY TO HOLD, NOT TO SELL.
Source: @GIPHY
The ETF narrative was just Act 1.
Act 2?
A new generation of Bitcoin-native public companies — armed with $76 billion in capital, quietly preparing to swallow the available BTC supply.
As we mentioned earlier, this is just the first wave. The next leg up may not come from TradFi.
It may come from a swarm of laser-eyed corporates printing stock and buying every dip.
You’ve been warned🫵
Come Baby Money Come: $500M In 48 Minutes🤑
Plasma’s token launch wasn’t an “average token launch”. Why? What we are going to share with you next is going to blow your minds!
Plasma just pulled off a $500 million vault raise in 48 minutes. Read that again. $500 million in 48 MINUTES.
And it didn’t come from whales. It came from 1,100 wallets.
That’s not a fundraiser — that’s a stampede.
What Happened?
- June 9, 9:00 a.m. ET: Plasma opens stablecoin vaults via Sonar (Echo’s ICO arm)
- Deposits capped at $50M per wallet
- Raise completed by 9:48 a.m. ET
- Funds locked:
- $345M in USDC
- $146M in USDT
- $7.5M in USDS
- $1.2M in DAI
“$500M. 48 minutes. 1,100 wallets. No VCs were needed.”
And all of this happened on Sonar, the new ICO platform from Cobie’s angel fund, Echo.
Yeah, that Cobie.
Return gift? Users secured the right to buy XPL, the native token of Plasma’s zero-fee stablecoin sidechain.
What Narrative Did Investors Buy Into?
- Plasma is building an EVM sidechain optimized for Tether (USDT), aiming to eliminate fees on the most-used stablecoin in the world
- Backed by Bitfinex (who led their $3.5M seed)
- Raised another $20M in Series A this year
- Now sitting on $500M in stablecoin firepower for ecosystem growth
If that vault turns into real usage, Plasma could become the go-to stablecoin chain faster than you think.
Wow, we are good at presenting narratives! Projects should hire us and slide a million or two of them $500 million, LOL.
But on a serious note: Can Plasma build fast enough to justify the flood of trust it just received?
We’ll be watching👀
Some More Stories Before We Say Bye🥹
Uber Thinks Bitcoin, Stablecoins Are Uber😍
Source: @matthew_sigel
When a massive, global consumer-facing company like Uber tinkers with the idea of leveraging Bitcoin and stablecoins as payment methods for rides, that’s not a test drive, that’s the look of crypto pulling into the fast lane..
Uber is actively considering it, and may even be working on it seriously. And, it makes our hearts sing to think that multinational corporations are warming up to the idea of Bitcoin being used as a payment method, and that too at such a large scale.
Record AUM In Record Time: The BlackRock Bitcoin ETF Boom🚀
Talk about the fastest ETF in history to surpass $70 billion in assets under management. Yes, you read that right. BlackRock’s Bitcoin ETF (IBIT) did it in less than a year (341 days). Holy smokes!
Source: @EricBalchunas
Gold ETFs (combined) took nearly 1700 days to hit $70 billion AUM. This shows how eager investors are to bestow Bitcoin with the title “digital safe-haven asset”.
Strategy Buys Even More BTC
Michael Saylor and his company (Bitcoin treasury firm) are in no mood to slow down their BTC buying spree. No. Not anytime soon.
Strategy bought another 1,045 BTC for $110.2 million between June 2 and June 8, according to an 8-K filing with the SEC on Monday.
Way to go, Saylor and Strategy! Hope this “strategy” works in the long term..
Another Big Week Is Here
It’s one of those weeks when everything feels like it matters.
•GME earnings (Tues): Was a dud. Shares sank.
•CPI (Wed): Increased only 2.4% in May vs 2.5% forecast. When Fed rate cut?
•PPI (Thurs): more inflation signals
•UMich data (Fri): sentiment + expectations are both worth watching. We will keep you posted.
That’s all for this time. See you in the next one👋
