I no longer trade MicroStrategy, but have some short-PUTs in place on BMNR, and also have been aggressively buying into its smaller competitors, SBET, BTBT, BTCS, etc. I was wondering the last few years why the hell ETH was becoming so undervalued when it owns the monopoly on DeFi. I was mostly blaming Solana, since I didn't want to blame the market for being 'wrong', but it sure looks exactly like that. The market is only now playing catch-up after realizing its mistake. Enough boomers had trouble trying to understand Bitcoin, and DeFi was a totally harder case for many to 'understand'. This no doubt was part of the issue. This week in particular, I've been doing a deep dive into Ethereum treasuries, and happy to hear any counter-arguments. The big problem I have, is something that worries me about MSTR... when too many of these treasuries form and everyone grabs 5%, what happens then when there is nothing left to grab? And what happens when everyone is forced to unwind down while everyone is forced to make a run to the exit at the same time? I've seen this over and over again, not just in crypto but even oil, etc. In any case, I will be following Tom Lee's BitMine a lot closer than I did Michael Saylor over the last few years. It's an asymmetrical bet again, so I have to take it.... for now.
I keep sitting up tonight going over this week's trades I did and what to do next. Earnings calls this week were an utter disaster for various players. Shit went bad starting with CoreWeave (CRWV). The acquisition/merger synergy of Ivan Boesky trading won't be happening here. Earnings went so bad, the stock crashed down over 30% and I had to do an emergency roll, pushing the losses to the November contract. I swear, next day SBet comes out with an utterly disastrous earnings call as well.... this one I was actually ok with, and loaded up even more on shares. Despite being 400% worse on earnings this quarter than last (no joke), that was primarily due to an impairment (MTM) and not a realized loss. Looks like the log isn't showing the 20 short-PUTs on BitDigital (BTBT), which expired last night. But it does show the next batch of 20 I wrote for the Nov contract. I am debating on writing another 10 or 20 for a higher strike on the same month. The problem is I don't want to get greedy.... but it seems it has to be the right play here, ETH value can only go up with all these treasuries buying. Who is selling? Well, I can't blame those who recently bought SBET for only $2, because they generally didn't even know what Ethereum was. Oh, the irony. Good job at lucking out on the next MSTR copycat. Still working on staples like SVV. When the AI bubble pops, I still want something that doesn't cause the entire portfolio to collapse on me. If I can just get some better entry points on BTCS and BMNR... I may pull a serious trigger on a bigger gun. If not, I'll wait and see what happens. Starting Monday I have a bunch of dividends arriving in a registered account. I will likely keep loading up on BTBT there, and maybe BitFarms too. Fun fact: BTBT will be still holding ~70% of the WhiteFiber IPO. That alone makes it a steal in my books.
I think ETH has been so behind because people are too stupid and bitcoin is like "hey ayy digital gold - number go up" while they print fake Tether dollars and keep pumping bitcoin higher and Saylors cashing in and luring in the suckers, adding fuel to the fire.