GM. This is the Never Die Newsletter, where I share whatever crypto news and content I feel like, every week, short and sweet, right to your beautiful little inbox.
This week we have:
🎙️Hot Off the Mic: I’ve Been Waiting 5 Years For This Crypto Signal
📰News: Tether Hits Record $187B Market Cap
🌟Narrative of the week: The Treasury Companies Stress Test
Giphy
NEWS📰
🚀 Tether Hits Record $187B Market Cap
Tether's USDT stablecoin defied the recent crypto market downturn, growing by $12.4 billion to reach a massive $187.3 billion total value. While competitors like USDC stayed flat and USDe crashed by 57%, Tether saw record activity with nearly 25 million active users.
📉 Bitcoin ETFs Lose $545M
Bitcoin ETFs saw a massive $545 million exit in just one day as the price of Bitcoin toppled towards $70k. However, data points out that despite these scary numbers, very few people are actually quitting; only 6% of the total money has left these funds, meaning most investors are choosing to hold on through the storm rather than sell at a loss.
🦊 MetaMask Adds US Stocks & Commodities
MetaMask is rolling out a new feature that lets users trade tokenized US stocks, ETFs, and commodities directly within the app. By partnering with Ondo, they are transforming the crypto wallet into a financial super app, though strict regulations has US, UK, Canada, and Europe users banned.
⚖️ Nevada Sues Coinbase
The Nevada Gaming Control Board has hit Coinbase with a lawsuit, accusing the crypto exchange of offering illegal sports wagers just days after it launched prediction markets across the US. State regulators are seeking an immediate court order to block these operations, arguing they violate local gambling laws.
🇺🇸 Trump Picks Kevin Warsh for Fed Chair
President Trump has officially nominated Kevin Warsh to replace Jerome Powell as the new boss of the Federal Reserve. Warsh is a former banker who has criticised the Fed for printing too much money in the past, but he offers a bright spot for crypto cause unlike Powell, he views Bitcoin positively, arguing it acts as a healthy check on the financial system rather than a threat.
I’ve Been Waiting 5 Years For This Crypto Signal
In this week’s video, I break down the bull signal crypto’s been waiting for. I explain why price noise and scary headlines miss the point, how this signal has marked every real bull run in the past, and why recent weakness doesn’t tell the full story once liquidity and growth start to turn.
Narrative of the Week: The Treasury Companies Stress Test
The corporate Diamond Hands ie the treasury companies are facing their toughest battle yet. With Bitcoin hovering around $63k and Ethereum at $1.8k, the massive war chest built during the bull run are now deep in the red, sparking fears of a reflexive unwind. Here’s what you need to know:
Saylor’s Strategy Underwater: Strategy holds ~713,502 BTC with an average cost basis of roughly $76,000. With BTC at $63k, the company is sitting on billions in unrealized losses. More alarmingly, the stock (MSTR) is trading at a discount to its Net Asset Value (NAV), meaning the market currently values the company less than the Bitcoin it holds.
Tom Lee’s Bitmine Battling ETH Losses: Bitmine is in a similar boat, holding over 4.28 million ETH. With Ether crashing to $1.8k, Bitmine is facing over $6 billion in paper losses. Lee has taken to public defense, calling the volatility a feature not a bug and insisting on a long term thesis but the market is punishing the stock (-57% from highs).
The Death Spiral Risk: Michael Burry and others are flagging reflexivity risk. These companies rely on high stock prices to raise cheap capital (via share issuance) to buy more crypto. When their stock crashes, that infinite money glitch shuts off. If they can't buy, support weakens. If lenders panic or shareholders sue, forced selling could begin.
Smaller Treasuries at the Brink: While Saylor and Lee have the war chests to weather the storm, smaller copycat treasury funds don't have that luxury. Many are trading at deep discounts to NAV
I see this as the Great Filter for treasury companies. The risk of a mass unwind is real, but primarily for the smaller, late entrant funds that lack the capital structure to survive a prolonged drawdown. Saylor and Lee have structured their debt to avoid immediate liquidation, making them unlikely to sell unless forced by a shareholder revolt.
SOME TWEETS
MEME OF THE WEEK
TEMPERATURE CHECK📒
How Would You Rate This Week’s Email
