David Duong

“Cantor starts crypto firm with backing from Tether and SoftBank. As we dig into it, they’re gonna start with about 42,000 Bitcoins, so about $4 billion worth of Bitcoin. Already talking about raising convertible debt, going full micro-strategy. Jack Mollers, who is also the CEO of Strike, is going to be the CEO of this company.”

“What is interesting is how US centric Bitcoin is starting to become, right? So much of the Bitcoin mining is done in the US. So much of the institution, like the vast majority of the institution of Bitcoin, which is an increasingly growing part of the overall Bitcoin pie is held by US entities.”

“And then on the other side of the credibility is, can we bring in substantial amounts of capital? This is a masterful play and obviously, they're much smaller than MicroStrategy. But this is the most single credible play and I think what is really interesting is that this might cause premium compression for the entire space, right?”

“I think this definitely legitimizes Bitcoin further as a treasury asset for a lot of these major public companies. So I think that we've been seeing it move this direction for a while now. I think there was kind of questions around what corporate accumulation would actually look like, but now I think that this is actually something that's going to set a pretty high floor on Bitcoin.”

“So there's two things I want to point out and then move on to a bit more macro and where this does fit in context. First is that this company's sole strategy is raises 500 million in convertible notes issuance to buy Solana tokens. Just putting it on your radar, there's another company actually in Canada that's doing this with Ethereum.”