GM. This is Milk Road – that one nerdy friend that does your crypto homework for you.

Here’s what we got for you today:

• ✍️ How to price ETH treasuries

• ✍️ A big shift that most missed

• 🥛 PRO “Where are we in the cycle?” indicators

• 🎙️ The Milk Road Show: Why Discipline Beats Alpha in 2025’s Market w/ Douglas Boneparth

• 🍪 When will the Fed cut rates?

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COTD: HOW TO PRICE $ETH TREASURY COMPANIES 📊

Why buy Ethereum treasury companies when you can just buy $ETH?

The idea (hope) is that the money you invest in treasury companies will increase at a faster rate than Ethereum itself – aka: that they have a premium on $ETH.

So today, we’re going to look at the current top 5 public Ethereum treasury companies, and dig into their current premiums to get a better lay of the land. 👇

Note: This chart ranks companies that are actively growing their $ETH treasury, using the value of $ETH currently held, and doesn’t account for any other treasury assets.

Alright, let’s nerd out:

1. Bitmine Immersion ($BMNR) – Market Cap: $4.07B / $ETH treasury value: $2.375B = a 1.71x premium

2. SharpLink Gaming ($SBET) – Market Cap: $2.21B / $ETH treasury value: $1.707B
   = a 1.29x premium

3. Bit Digital Inc ($BTBT) – Market Cap: $917.18M / $ETH treasury value: $457M
   = a 2x premium

4. BTCS Inc ($BTCS) – Market Cap: $234.48M / $ETH treasury value: $266M = a 0.88x premium

5. GameSquare ($GAME) – Market Cap: $95.4M / $ETH treasury value: $49M = a 1.94x premium

Neat! Let’s rank ‘em by premiums…

You feel that? Like there’s a catch 22 lurking in the shadows?

‘Cause sure, high premiums seem to indicate that investors are bullish on the company – BUT! 

$ETH is sitting pretty at ~$3,800 as of this writing, so if you had that same amount of cash burning a hole in your pocket you could:

• Buy 1 $ETH

• Buy the equivalent of 0.5 $ETH by purchasing a treasury stock with a 2x premium

…why choose the latter? What’s the edge?

The idea is: you want to buy these treasury companies while their premium is low, and hope that their $ETH accumulation/yield strategies will convince more investors to pile in and increase the premium.

But it’s not just the premium alone you need to consider. 

There’s a whole range of other factors that go into it – like the company’s ability to raise debt, the interest rates it's paying, $ETH’s price forecast, etc.

(Yuh. It can get a little dense.)

But don’t worry, we’ve got you covered.

Our PRO team just released a simplified breakdown on how to assess public crypto treasury companies. 

Read it here!

WHAT ARE IN-KIND ETF REDEMPTIONS AND WHY ARE THEY A BIG DEAL? 💰

Sadly, most people faded this announcement yesterday…

But you’re not going to. 

Our mandate is to make you the smartest person in the room when it comes to crypto – and we’re not about to tank our next performance review.

So here’s what happened and why it’s important…

…cool – what the hell does that mean?

In-kind redemptions mean that, instead of cash, you can redeem your crypto ETF shares for, well, crypto. 

(Hold a Bitcoin ETF? Get paid out in $BTC. Hold an Ethereum ETF? Get paid out in $ETH.)

So now, all ETFs offering in-kind redemption will convert dollars into crypto by default when someone buys a share…

But will not necessarily have to convert from crypto into cash when an investor decides to exit.

This skews in the crypto sector’s favor: all ETF buying events will mean cash is being converted into crypto, but not all selling events will mean crypto is being swapped for cash.

(Same amount of buy-pressure as standard. Less potential sell-pressure.)

Plus, for investors, this means there’s an option to take your proxy crypto holdings out of an ETF – without paying capital gains tax – and do other things with it.

E.g. put your $ETH into DeFi, lend against your Bitcoin onchain, etc.

Take this, stack it on top of $IBIT’s 10x raise in options limits (allowing more money to flow into Bitcoin each day), and BOOM!

Crypto just got a whooole lot more attractive to the deep-pocketed big dogs roaming the institutional yard.

Higher!

PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 🤔 

Uh oh…

The US dollar is starting to strengthen again – and when that happens, crypto tends to weaken.

You know what that means? It’s time to zoom out and check the crypto cycle indicators!

‘Cause knowing where we are in the crypto cycle is crucial for capturing the best opportunities.

Since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before it's too late.

Below are the 6 indicators we track, with a color-coded system to show how close they are to signalling the market peak:

🟢 Plenty of room to run 🏄

🟡 Getting closer to the top signal, but haven’t yet reached the mark ⚠️

🔴 We’ve hit the market top indicator 🚨

Every Thursday, we update these 6 indicators exclusively for PRO members.

Our advice? Don't wait for all of them to hit 🔴. It's better to take profits as they get closer to that point.

Let's dive in and see if we're anywhere near the top of this bull market. 👇

BITE-SIZED COOKIES FOR THE ROAD 🍪

We just dropped a review on Figure Markets: a platform where you can trade crypto, earn yield, and borrow against your assets (all while keeping full control of your funds).

$100B!? (With a B?) According to Galaxy Digital, public crypto treasury companies now hold $100B worth of digital assets!

LOL! This High School kid's ChatGPT trading Bot is outperforming the Russell 2000.

Ahhh, the age old question…when will the Fed cut rates? (Is September still on the table?). Get all the insights you need in today’s edition of Milk Road Macro!

Crypto cashback, baaaby! The Gemini Credit Card gives you 4% back on gas, 3% on dining, 2% on groceries and 1% on everything else.**

**this is partner content.

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