Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...
AI Agents + Gamified Earning: Bondex Raises $10.5M, with a June TGE Potentially Becoming the Next 10…
I. Disruptive Innovation in the Web3 Talent Market: Bondex's Dual-Engine Approach In 2025, with the deep integration of Web3 technology and AI, Bondex is redefining the global talent market landscape with its dual-engine model of "AI agents + gamified earning." As the first Web3 career platform deeply integrating economic incentives with social networking, Bondex has completed a $10.5 million financing round, led by top-tier institutions such as Animoca Brands and Bitget. It plans to launch i...
First airdrop! Nodepay's economic model is confirmed, and the TGE is about to raise $7 million.
Nodepay NewsNodepay announced on January 9 that the final airdrop query is now online, and the token distribution for Season 0, 1, and 2 can be queried, with an initial total supply of 1 billion. However, the milestone moment for Nodepay was announced yesterday: On January 12, Nodepay announced that it would launch the first airdrop on January 14. And announced the address. In addition, the economic model is determined, with a total supply of 1 billion and an initial flow of 208,000,000. From...
<100 subscribers
Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...
AI Agents + Gamified Earning: Bondex Raises $10.5M, with a June TGE Potentially Becoming the Next 10…
I. Disruptive Innovation in the Web3 Talent Market: Bondex's Dual-Engine Approach In 2025, with the deep integration of Web3 technology and AI, Bondex is redefining the global talent market landscape with its dual-engine model of "AI agents + gamified earning." As the first Web3 career platform deeply integrating economic incentives with social networking, Bondex has completed a $10.5 million financing round, led by top-tier institutions such as Animoca Brands and Bitget. It plans to launch i...
First airdrop! Nodepay's economic model is confirmed, and the TGE is about to raise $7 million.
Nodepay NewsNodepay announced on January 9 that the final airdrop query is now online, and the token distribution for Season 0, 1, and 2 can be queried, with an initial total supply of 1 billion. However, the milestone moment for Nodepay was announced yesterday: On January 12, Nodepay announced that it would launch the first airdrop on January 14. And announced the address. In addition, the economic model is determined, with a total supply of 1 billion and an initial flow of 208,000,000. From...
Share Dialog
Share Dialog
At midnight on June 6, Elon Musk and Donald Trump went nuclear. Just a week after Musk stepped down as head of the "Department of Government Efficiency" (DOGE), the two traded explosive accusations on X, sending Tesla shares plunging over 15% and Trump Media & Technology Group (TMTG) down 7.82%. As this political drama reached its climax, cracks emerged within Trump’s crypto empire.
In the early hours of June 6, Musk dropped a bombshell on X:
"Time to reveal the real bombshell: Trump appears in Epstein’s files. That’s why they’ve been kept hidden. Have a nice day, DJT!"
This cryptic tweet was Musk’s latest salvo in a heated exchange. Hours earlier, Trump had posted:
"I’m tired of Musk. I fired him, I canceled the EV mandate nobody wanted (he knew months ago!), and now he’s lost it!"
He followed up:
"The easiest way to save billions? Cut subsidies and contracts for Musk’s companies (Tesla, SpaceX). I’m shocked Biden didn’t!"
Trump later boasted he could win Pennsylvania without Musk’s help, provoking Musk to retort:
"Trump is ungrateful. Without me, he’d lose the election, Democrats would control the House, and the GOP Senate seats would drop from 51 to 49."
The feud escalated after Musk criticized Trump’s One Big Beautiful Bill Act, calling it "disgusting" and a "fiscal disaster," further exposing GOP divisions.
Meanwhile, Trump’s inner circle was at war. His family’s DeFi project, World Liberty Financial (WLFI), issued a cease-and-desist to Fight Fight Fight LLC (the company behind the $TRUMP meme coin) over the controversial Trump Wallet app.
On June 4, NFT platform MagicEden announced a partnership with $TRUMP to launch Trump Wallet, sending its token $ME soaring 30% to $1.1 billion in market cap—until Trump’s sons Eric, Donald Jr., and Barron all denied involvement.
Despite denials, MagicEden and TrumpMeme’s team doubled down. The wallet’s X account was repeatedly suspended, and its ties to Slingshot Finance (acquired by MagicEden) raised eyebrows.
This isn’t the first sign of instability. Trump’s crypto ventures, like his presidency, are riddled with infighting:
$TRUMP Meme Coin: Controlled by Fight Fight Fight LLC and CIC Digital LLC, backed by Trump’s longtime ally Bill Zanker.
WLFI: Led by real estate mogul Steve Witkoff and Trump’s sons, pushing a rival stablecoin, USD1.
$MELANIA Token: A hastily launched meme coin criticized for amateur execution, possibly unconnected to $TRUMP’s team.
MagicEden’s CEO Jack was recently spotted at a $TRUMP-themed dinner with Slingshot’s founder, hinting at backroom deals. Meanwhile, WLFI’s Zach Witkoff secured a $2 billion stablecoin deal with UAE’s Tahnoon Group, promising millions in annual profits for the Trump family.
With Musk’s defection, internal power struggles, and competing crypto projects, Trump’s camp is in chaos. As $TRUMP’s influence wanes, WLFI and Truth Social’s Bitcoin ETF bid are gaining traction—but the infighting threatens to undermine it all.
One thing’s clear: In Trump’s world, loyalty is fleeting, and the next betrayal is always a tweet away.
At midnight on June 6, Elon Musk and Donald Trump went nuclear. Just a week after Musk stepped down as head of the "Department of Government Efficiency" (DOGE), the two traded explosive accusations on X, sending Tesla shares plunging over 15% and Trump Media & Technology Group (TMTG) down 7.82%. As this political drama reached its climax, cracks emerged within Trump’s crypto empire.
In the early hours of June 6, Musk dropped a bombshell on X:
"Time to reveal the real bombshell: Trump appears in Epstein’s files. That’s why they’ve been kept hidden. Have a nice day, DJT!"
This cryptic tweet was Musk’s latest salvo in a heated exchange. Hours earlier, Trump had posted:
"I’m tired of Musk. I fired him, I canceled the EV mandate nobody wanted (he knew months ago!), and now he’s lost it!"
He followed up:
"The easiest way to save billions? Cut subsidies and contracts for Musk’s companies (Tesla, SpaceX). I’m shocked Biden didn’t!"
Trump later boasted he could win Pennsylvania without Musk’s help, provoking Musk to retort:
"Trump is ungrateful. Without me, he’d lose the election, Democrats would control the House, and the GOP Senate seats would drop from 51 to 49."
The feud escalated after Musk criticized Trump’s One Big Beautiful Bill Act, calling it "disgusting" and a "fiscal disaster," further exposing GOP divisions.
Meanwhile, Trump’s inner circle was at war. His family’s DeFi project, World Liberty Financial (WLFI), issued a cease-and-desist to Fight Fight Fight LLC (the company behind the $TRUMP meme coin) over the controversial Trump Wallet app.
On June 4, NFT platform MagicEden announced a partnership with $TRUMP to launch Trump Wallet, sending its token $ME soaring 30% to $1.1 billion in market cap—until Trump’s sons Eric, Donald Jr., and Barron all denied involvement.
Despite denials, MagicEden and TrumpMeme’s team doubled down. The wallet’s X account was repeatedly suspended, and its ties to Slingshot Finance (acquired by MagicEden) raised eyebrows.
This isn’t the first sign of instability. Trump’s crypto ventures, like his presidency, are riddled with infighting:
$TRUMP Meme Coin: Controlled by Fight Fight Fight LLC and CIC Digital LLC, backed by Trump’s longtime ally Bill Zanker.
WLFI: Led by real estate mogul Steve Witkoff and Trump’s sons, pushing a rival stablecoin, USD1.
$MELANIA Token: A hastily launched meme coin criticized for amateur execution, possibly unconnected to $TRUMP’s team.
MagicEden’s CEO Jack was recently spotted at a $TRUMP-themed dinner with Slingshot’s founder, hinting at backroom deals. Meanwhile, WLFI’s Zach Witkoff secured a $2 billion stablecoin deal with UAE’s Tahnoon Group, promising millions in annual profits for the Trump family.
With Musk’s defection, internal power struggles, and competing crypto projects, Trump’s camp is in chaos. As $TRUMP’s influence wanes, WLFI and Truth Social’s Bitcoin ETF bid are gaining traction—but the infighting threatens to undermine it all.
One thing’s clear: In Trump’s world, loyalty is fleeting, and the next betrayal is always a tweet away.
No comments yet