GM. This is Milk Road – the newsletter that spices up your crypto diet like it's trying to become the next Frank’s Red Hot.

Here’s what we got for you today:

• ✍️ How to research crypto treasury companies

• ✍️ What to look out for this week

• 🎙️ The Milk Road Show: Bitcoin Hits ATH But What’s Really Moving the Market Now? w/ Michael Ashby

• 🍪 Bitcoin flips Amazon

Yield Seeker gives you a personalized AI Agent that goes out and earns yield on your stablecoins. Grow your crypto with Yield Seeker today. 

HOW TO RESEARCH CRYPTO TREASURY COMPANIES ✍️

Another day → another publicly traded crypto treasury company is announced.

Today’s company: Hyperliquid Strategies Inc. 

The treasury asset: (you guessed it) Hyperliquid / $HYPE. 👇

Ok, now take that, then zoom out and look at…

1/ The 11 public $ETH treasury companies

Five of which have surfaced since the start of last month.

2/ The 7 public $SOL treasury companies

Many of which have increased their total holdings since we ranked them last month. 👇

(Plus – there’s a planned $500M allocation from Mercurity Fintech Holding Inc, $300M from BIT Mining Limited, and $100M from Amber International Holding Ltd in the pipeline)

3/ The – wait for it – 148 public $BTC treasury companies

Which cumulatively hold $103B worth of Bitcoin!

Add these all together, and what’s the big, dumb, “so easy to see it even Archie (our intern) would clock it” takeaway?

Crypto treasury companies are the new meta/narrative.

And the rate of adoption doesn’t look like it’s about to slow down.

So we figured it’d be worth listing some specific traits to look for the next time you prompt your chosen AI platform in an attempt to sort through the fire hose of crypto treasury companies.

You might not find a company that ticks ALL of these boxes, but ideally you want to look for companies that:

• Start with a bag of un-levered crypto (so not ALL of the treasury is subject to a loan)

• Avoid issuing new shares in order to raise capital where possible (so your ‘Crypto Per Share’ – or CPS – rises over time)

• Hold native yield bearing tokens (so the company can stake it/earn further yield to compound your CPS even more)

• Hold DeFi native tokens (widening the range of yield strategies it can use. More strategies = more options for compounding CPS)

• Have low-to-no interest obligations over the term of any loans (so the company has a better shot of weathering bear markets without selling its crypto)

• Hold proven coins/tokens that have survived at least one bear market (proving at least some staying power)

• Have a vehicle to raise money via bonds (attracting broader range of capital from funds that can only buy bonds)

• Use loans with no immediate liquidation points (so instead of the company being forced to sell its crypto if prices go down, it can back the loan using its un-levered crypto)

• Use ‘convertible debt’, where – as long as the stock grows a certain amount, by a certain time – the company can pay lenders back in stock, not cash (i.e. they won’t have to sell crypto to repay loans)

• Transparent treasury policies with clear allocation limits & risk management (so you can gauge whether or not the whole thing will go kaput the moment the market dips)

Did we miss anything?

Reply to this email and tell us what you’d add to this list. 🤝

WHAT TO LOOK OUT FOR THIS WEEK 📆

*Opens calendar. Licks pen. Adjusts glasses. Eyes widen at the number of events this week*

Yep. It’s a doozy! Here’s what we’re looking at:

1/ Macro 🌎

It’s a stacked week in macro!

• The US threatened 30% tariffs on the EU/Mexico – Monday – so far the market’s reaction to this is ‘meh, we’ll believe it when we see it’

• June’s CPI Inflation data – Tuesday – did inflation slow or increase last month?

• June’s PPI Inflation data – Wednesday – an update on the inflation of wholesale goods

• June’s Retail Sales data – Thursday – “do people be shoppin’?” We get the answer this Thursday (increased retail spending is a sign of a healthy economy)

• July Consumer Sentiment data – Friday – a vibe check with consumers

The two scenarios on our wishlist are: softening retail and wholesale inflation, giving the Federal Reserve room to cut rates sooner, and in greater amounts this year.

(Lower rates typically lead to increased asset prices)

And if you need more big picture insights like this, the Milk Road Macro newsletter has you covered – it’s free and goes out twice a week.

2/ Government 🏛️

The CLARITY Act aims to cement regulatory guidelines for the entire US crypto industry (supporting its growth).

The GENIUS Act aims to do the same, but specifically for stablecoins.

The Anti-CBDC Surveillance Act aims to stop the launch of government-run stablecoins, in fear that (*dons tin foil hat*) the US government could track every dollar we spend in real-time and even go as far as ‘turning off’ our money.

Here’s what’s happening with these bills this week:

3/ Earnings 💰

We’re looking at:

• BlackRock (the world’s largest crypto ETF issuer) 

• TSMC (which supplies the world’s largest tech companies with computer chips)

• The handful of banks set to report (gauging the health of the US banking sector)

4/ Wildcard: a potential Bitcoin short squeeze 🩳

If $BTC hits $125k → a whole bunch of traders that are betting against Bitcoin will be forced to buy back into the market → creating $1.12B worth of buy-pressure.

(And potentially pushing prices higher)

Alright, that’s everything!

If you like these zoomed out looks at the market, keep your eyes peeled for this Saturday’s PRO report where we’ll be diving deep into the crypto market sectors we think are set to boom.

BITE-SIZED COOKIES FOR THE ROAD 🍪

An AI agent you can actually talk to. We dropped an article on how Yield Seeker gives you a personal AI agent that hunts down the best stablecoin returns, 24/7.*

$XRP is up ~26% over the last week. The guys over at DL News break down the reasons behind $XRP’s rally. – DL News

Last week was insane for the ETFs. Bitcoin ETFs saw combined inflows of $2.2B over two days. This is their largest two-day stretch ever.

Bitcoin flips Amazon. It’s now the 5th largest global asset, behind gold, Nvidia, Microsoft and Apple.

Is spot trading a little too boring for you? dYdX lets you trade perpetuals onchain with zero gas fees.**

*this is sponsored content.
**this is partner content.

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