We rarely get these type of oppy where we get to look into the print for free before deciding. Exceptionally good print + price down AH + well-covered so it’s liquid enough to size large into. Hence when it comes we have to maximize it.

And to add on to the AI beneficiaries thought, some of these real AI beneficiaries will probably become the new AI7..

https://x.com/hebbiaai/status/1953501578968605039?s=46

Pretty insane what AI can do just 2 years since first introduction. Now imagine 5 years, then imagine 10. My base case is that a Universal Basic Income scheme is inevitable in the long-run.

$BMNR finally surpassing our initial buy @ $45 after a decade.. Converting all crypto-related stocks into $BMNR at the bottom near $31-$33 seems to be the right choice, so far.

I think a stock offering is coming and how the stock reacts will be impt to whether we keep holding. $BMNR mNAV has finally expanded to ~1.83x from ~1.3x. One thing most people get wrong about these DATs are that you want to buy it when mNAV is trending up, not down.

In other words, you don’t want to be the last one holding it when mNAV goes below 1, when the cycle ends. That will be a very messy situation — just look back at the Grayscale Trust premium -> discount situation in 2022.

Something that is potentially overlooked when it comes to ETH DATs vs BTC DATs (Digital asset treasuries) is the reflexivity enabled by staking and DeFi. One plus point of DATs vs ETFs is that they are subjected to less regulations (for good or bad), and that means they can actually use their ETH rather than just holding it like a rock.

Being able to print 4% on your holdings at 95% margin is actually incremental. Taking MSTR’s NAV of $70+bn, that’s like $3bn of annual revenue that flows fully to net income given minimal overheads.

$BMNR

And adding to that reflexivity is Wall St’s inclination to model future cashflows to create a range of outcomes if ETH price ends up at $3k, $5k, or $10k etc… you get the idea..

Added more to $INTC @ $20.8. Trump's attention to the company increases the r/r imo; I think this is one of the most asymmetric setups I've seen this year. Only drawback is the opportunity cost in holding. Time will tell if I'm right.

There we go.. $20b stock offering.

Interesting reaction so far in PM. Let’s see if it holds. $BMNR

$RDDT ATH @ $228, +55% from our initial buy @ $147. Gotta love that post earnings drift

Very interesting price action on $BMNR and ETH DAT peers.. BMNR dilutes $20b and is up +7% while $SBET is flat/down on no announcements. Power law at play

Trimming some here @ $63 because I like to err on the side of caution when things are too good to be true.

Added $INTC Jan’27 $30C @ $2.45, using the BMNR trim.

$TGEN +30% in AH to $11.51 driven by the press release. While still in the quoting phase, this has the potential to add $60mn - $200mn of annual revenue just from these 2 projects (vs current revenue of $30mn).

Just a few deals signed can multiply its current revenue, hence a moonshot acting like a moonshot.

Re-entered $TEM @ $63.88 after their recent print; solid print with progress made in their platform expansion into medical centres. Thesis is similar to what I wrote last year; I think this will be a really strong AI beneficiary.

Ads businesses have done really well this earnings season. $META, $RDDT, $APP, and even $GOOG have all posted solid numbers. This makes me wonder where the money is coming from.

There aren’t many losers left for these companies to steal share from, given they already make up over 80% of the Western ads market. That probably means traditional businesses are spending more on marketing to retain consumer wallet share.

If META is growing ad revenue at 20%, that’s effectively direct cost inflation for companies advertising with them. Those advertisers need to grow their top line by 20% — or cut expenses elsewhere (R&D? G&A?) — just to maintain flat margins.

The question then is: can AI help offset this through cost cutting? And even if it can, how sustainable is this dynamic (is the ROAS worth it)? I don’t have answers here, just an open-ended thought. There really are two parallel economies in coexistence huh?

Trimmed some $U @ $37.6 - $37.72 for 15% gain. Don’t like having a large position in a turnaround position in a winner takes all industry (referencing $APP)

Sold 10% of $BMNR at $63, selling another 40% of the original position here at $69.

Will also not be sharing the exit on the remaining 50%, pls manage your own position on a high volatility stock.

Added $RDDT @ $230.73
$INTC @ $21.91
$APP @ $443.23
$TEM @ $69.52

With the $BMNR and $U trims @ $69 & $37.65 respectively

Trimming 30% of $002837.SEHKZE @ $57.25 RMB, +80% from initial buy @ $31.9 RMB mentioned above.

In recent days it’s likely buoyed by news of China discouraging use of H20. The East <> West separation of AI supply chain is inevitable imo; as AI becomes a national security issue, independence in the entire vertical chain would be paramount (fab, fabless, data centres, upstream softwares etc). Think of $002837.SEHKZE as the Chinese $VRT, a pure-play liquid cooling company that would be in demand as China’s data center buildout progresses.

The timing on these shorts man, pure luck. Let’s also add tariff inflation to the woes of traditional consumer disc businesses

Added more $INTC @ $22.24. Finished filling my desired position size. INTC’s mgmt is working w trump admin to draft a proposal by the next 2 weeks, could be a catalyst (unless trump tacos again).