Beanie

Beanie

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Crypto native since the early days. Went all in on DeFi summer. Then tripled down on NFTs. VC @gmcapital_. No paid promos. Not financial advice. I talk my book.

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I’m getting alot of questions about what I mean by “regulatory arbitrage” and why Armstrong “dug his own grave” by championing deregulation. For instance, regarding the custody business. Coinbase was the initial sole winner when the SEC issued SAB 121 guidance in early 2022. It had basically a monopoly on corporate custody services and could charge whatever it wanted. Considering this lined up with the launches of multiple wildly successful Bitcoin ETF products, it helped drive some spectacular earnings. But when that guidance got reapealed with the new administration (thanks in part to Coinbase lobbying), it opened the floodgates to competition. This from much larger and more respected financial institutions that don’t have the same history of data breaches. With custody as essenially a commoditzed service (function of insurance basically), the margins will naturally compress with competition. This will accentuate over time and negatively impact Coinbase results. So while many make emotionally charged arguments about the benefit of Coinbase to the greater crypto ecosystem, it has not done its shareholders any favors by fundamentally checkmating one of its most hyped and previously high margin business segments.

Up 40% in the last 5 days on $FLY. Thanks for pointing me to it @beaniemaxi

I don’t actually know all that much about Firefly Aerospace $FLY, but I also don’t think it matters. Company has a rock solid balance sheet, is down 75% from peak and is gonna benefit from the secular space trend in 2026. Especially the multi-trillion dollar SpaceX IPO. Easy $$$.

Remitly $RELY has been outspending its competition by a mile in marketing. And the market has punished it for doing so. Treating the spend like a black hole. However, Remitly has proven that it can generate 6x the marketing spend per customer in direct gross profit over 5 years.

Firefly Aerospace $FLY is STILL trading at 1/10 the valuation of $RKLB. Any day now it should announce (with 10 days notice) the launch of its medium-size reusable rocket. If successful, and the CEO sounded confident a few days ago at a conference, it’ll be rerated MUCH higher.

Starlab closed a credit facility today. It will replace the International Space Station as it comes out of orbit in a few years. $VOYG owns 67% of Starlab.🚀 There’s a Critical Design Review expected any day now (📈 catalyst). Other Starlab partners include Airbus and Palantir.

All the problems you’re seeing with Waymo in California are due to software glitches that WeRide doesn’t have because it’s built better. US investos are really missing the actual autonomous driving gem, which is $WRD. Has nearly the same scale as Waymo without the tech problems.

Andrew Tate’s last confirmed W was with a belt against a minor teen girl.

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