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Today’s edition is brought to you by Nexo - 💸 buy crypto, earn interest, borrow funds, and get a cashback card 💳 Get started on Nexo. |
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GM. This is Milk Road, the crypto newsletter that's as satisfying as finally mastering the lyrics to a rapid-fire rap verse. |
Here’s what we got for you today: |
The most profitable company in crypto? 🤑 MicroStrategy Q2 earnings are in… 📊 We’re bringing back an old friend…👀 R.I.P to GameStop’s crypto wallet 🍪
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 | Prices as of 10:30 AM ET |
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THE MOST PROFITABLE COMPANY IN CRYPTO 🤑 |
Tether is one of the Big Kahunas of Crypto. It’s the issuer of USDT - the most popular stablecoin. |
And Tether released its Q2 Attestation Report earlier this week. |
Here’s everything you need to know: |
Operating profits increased 30% and totaled $1B+ for the quarter. For reference, BlackRock (the largest asset manager in the world) had $1.6B in profits. 85% of its reserves are “liquid”. These investments are held in cash and cash equivalents. Total excess reserves now add up to $3.3B. This is from retained profits and is in addition to the main reserves. (It’s kinda like a rainy day fund) It has $72.5B in exposure to U.S. Treasuries. It now owns more U.S. treasuries than Australia, the UAE, and Spain.
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Crazy. Tether is putting up Wilt Chamberlain-esque numbers. |
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It’s been a long and cold crypto winter. It’s like when the Milk Man has to spend hours clearing snow before his delivery route. |
Well, one friend has remained by our side to brace the endless blizzard. And they’ve brought a shovel, blankets, and hot cocoa. |
That’s right. You need a friend like Nexo. |
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Join 6+ million customers worldwide, and experience the benefits of their easy-to-use app, available for iOS and Android. |
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*Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as the United States, and Canada. |
**Currently, only citizens of the European Economic Area (EEA) can order a Nexo Card. |
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MICROSTRATEGY’S Q2 EARNINGS ARE IN…📊 |
Microstrategy is an enterprise analytics software company, but most people know it for something else… |
It owns a sh*tton of Bitcoin. |
And Microstrategy just had its Q2 earnings call. Here are the main highlights: |
Total revenues decreased by 1%. 12,333 BTC (worth $347M) was purchased throughout the quarter. The company also bought an additional 467 BTC after Q2 ended in July. Reported a $24.1M impairment loss in Q2 from Bitcoin holdings. This is down from a $917.8M loss in Q2 of 2022.
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Microstrategy now owns …*checks notes*.... a whopping 152,800 BTC (worth $4.52B). |
Side note: I’ve always wanted to be a fly on the wall in one of MicroStrategy’s board meetings. I imagine it’s something like this… |
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The wild part? Microstrategy wants to buy more Bitcoin. #CantStopWontStop |
The company filed paperwork with U.S. regulators to let them sell up to $750M worth of Class A common stock in order to raise money to buy more Bitcoin. |
Crazy, I know… Saylor buys a ton of BTC and everyone calls him a visionary. |
But when I do it, my wife calls for an intervention. |
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MILKROAD WALLET RE-INTRODUCTION |
Ladies & gents, we’re bringing an old friend back…. *drumroll*... |
The Milk Road Public Wallet. If you’re an OG reader you might remember our last journey, where we did stuff like: |
Try to turn $1M → $10M. |
Stake crypto for yield. |
Buy a CryptoPunk. |
Then, we got rekt by the UST/Luna collapse. (RIP to our wallet) |
But now we’re back baby! Here’s how it’s gonna work: |
We’re gonna try out a bunch of sh*t in crypto (lending, borrowing, bridging, staking, etc) that you all want to see Consider us a test dummy - we try it out first, so you can see if you want to try it later This is not financial advice I repeat, this is not financial advice. If your excitement for these sections lasts for more than 3 hours, please call your doctor
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Got it? Good. |
Now we’re gonna let you decide what we do with the public wallet next. Vote below by clicking on the option you want to see most. |
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BITE-SIZED COOKIES 🍪 |
Downloaded the LooksRare app yet? Home screen widgets, glorious portfolio analytics, and beautiful rarity visualizations. LooksRare puts the NFT ecosystem in the palm of your hands with its all-new mobile offering (iOS/Android).* |
GameStop is shutting down its NFT wallet due to “regulatory uncertainty of the crypto space”. Support for the wallet on Chrome’s web browser extension and iOS mobile app will cease on November 1. RIP. |
OpenSea hires Kelly DiGregorio as its new VP, Head of Global Partnerships. She’s the mastermind who formerly helped Polygon sign partnerships with Starbucks, DraftKings, Mastercard, and more. #powerhouse |
LG Electronics is teaming up with Mallconomy to allow users to access Malconomy’s metaverse on LG SmartOS TVs. Web3 🤝 Web2. |
The team behind Ordinals is launching a non-profit organization to fund its open-source development. The non-profit is being created as a way to compensate developers without compromising the values and goals of the protocol. |
*This is sponsored ad content |
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MILKY MEMES 🤣 |
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HIT THE INBOX OF 250K+ CRYPTO INVESTORS |
Advertise with Milk Road to get your brand in front of the Who's Who of crypto. The Roaders are high-income crypto investors who are always looking for their next interesting product or tool. Get in touch today. |
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ROADER REVIEW OF THE DAY |
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VITALIK PIC OF THE DAY |
 | Milk Road Images @MilkRoadImages |  |
| Breakfast of Champions |  | | | Aug 2, 2023 | | |  | | | 0 Likes 0 Retweets 0 Replies |
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. |
