GM. This is Milk Road, the crypto newsletter that sends you killer insights, so you’re always the most interesting one in the group chat.
Here’s what we got for you today:
- ✍️ We’re not in an AI bubble (yet)
- ✍️ Coinbase is bringing back ICOs?
- 🎙️ The Milk Road Show: Bitcoin OG Explains Why Crypto Was Built for AI, Not Humans & How to Profit from It | Erik Voorhees
- 🥛 We’ve got something new cooking
Fuse is a $300M ARR energy company launching The Energy Network on Solana. Discover the future of energy now.
Prices as of 2:00 PM ET. Trade today with Milk Road Swap.
WE’RE NOT IN AN AI BUBBLE (YET) 🎈
You know how, in some situations, kids will look to their parents to gauge whether they should be scared or not?
(If mom’s looking worried – the water works start.)
I do the same thing with our macro writer, Tomas. If he’s chill, I’m chill. If he’s looking a little pale, I hit the panic button.
Is it healthy? No. Has it served me well so far? Yes.
Right now, there’s a whole lot of worry centered around a potential ‘AI bubble’, similar to Dot-Com bubble of the late 90’s/early 2000’s.
But guess who’s currently cool, calm, and collected in the face of this? Starts with T, rhymes with No Más.
Here’s Tomas’ thinking around a potential AI bubble, which he recently laid out in a banger of a Macro PRO report (read it here).
1/ The Nasdaq is still within its normal trend
Back in the late 90’s, early 00’s, the Nasdaq (which tracks public tech company valuations) broke out of its normal trend like pimples on my 15-year-old-self’s face.
(I.e. It became massively over-valued). That ain’t the case right now.
“It’s absolutely not in the same stratosphere as the dot-com bubble in terms of price trend” – Tomas.
2/ The circular vendor financing concern
Back in the Dot-Com era, there was an issue with ‘circular vendor financing’.
Which is just a fancy way of saying ‘dot-com companies were earning most of their revenue from other, debt-laden dot-com companies, not real customers’.
And right now, circular vendor financing is cropping up in the AI space. 👇
The difference here is that the large majority of these vendors have rock solid revenue streams/cash piles – most are not raising debt to pay one another.
(This lowers the risk of one of them defaulting/going under and collapsing the house of cards).
“This isn’t the 1990s when nobody was generating any real revenue” – Tomas.
3/ The biggest risk is still relatively subdued… for now
The one company raising insane amounts of money with very little revenue to show for it is OpenAI, with $20B of revenue expected this year and $40B expected next year.
This is a real risk, but it’s likely still too early in the sector’s growth cycle to be an immediate worry.
“That’s the one big cog that could break the machine. But even if it does - I don’t think this would happen for a long time yet” – Tomas.
What I’m taking from the ‘look’ Tomas is giving me right now:
Bubble? It’s not off the cards. But we’re likely a ways away from bursting point just yet.
Now, here’s why you should care about all of this as a crypto investor:
As we mentioned last week – AI is the new arms race, and it’s not just companies fighting for dominance, but nation states.
Nation states that will print new money to fund AI growth.
And when new money is printed, it debases the existing monetary supply (aka: makes it less valuable by increasing its supply/availability).
When the money supply increases → so does the value of scarce assets, like crypto.
P.S. If you want to learn how to capitalize on the coming AI boom – subscribe to the Milk Road AI Podcast (launching tomorrow), and join the waitlist for the Milk Road AI newsletter.
A NEW FOUNDATION FOR THE GRID
Is this the most legit energy company to ever enter crypto?
Fuse is a $300M ARR UK utility powering 200,000+ homes - and now it’s launching The Energy Network, a new digital layer engineered to scale our grids and save billions in costs.
It’s real infrastructure, not speculation - connecting homes and devices to make power smarter, cheaper, and more efficient.
One of the highest-revenue DePIN projects in crypto - and it’s still pre-launch.
ICO SEASON 2.0 💸
Back before crypto companies were afraid of getting sued by Gary Gensler’s SEC, there was this quaint little thing called an ‘ICO’.
(Or, an Initial Coin Offering – think: IPOs for crypto tokens.)
In an ICO, the public would get access to a token at the same time as big dog investors (evening the playing field) – and many early investors made life-changing money through ICOs.
E.g. During Ethereum’s ICO, ETH was sold at – wait for it – $0.31. That’s a 1,120,667% return to date.
If you’re wishing ICOs were still a thing nowadays, we have good news.
It looks like they’re making a comeback, with Coinbase’s Token Sale Platform. 👇
Here’s everything you need to know (outside of the above):
- Those who hold are rewarded: Users who sell their tokens shortly after they get listed (<30 days) will receive smaller allocations in future sales
- Sales fill from the bottom up: Small-time investors requesting lower amounts will get their orders filled first, with progressively larger requests filling later in the sales process, until the supply is exhausted
- It’s going to be an event: The Token Sale Platform will host one launch /month
Giving the little guy access to major token launches? Disincentivizing supply dumps? A new major launch every month?
Sign me up.
And here’s the kicker…
Roughly 2 months ago, Base announced this:
Any guesses as to where/how they might launch it?
If these mf’ers run a fair launch – putting the entire token supply on sale from day one (no pre-mines, no early investor allocations, or other preferential treatment for founders)...
I may just have a fit.
WE’VE GOT SOMETHING NEW COOKING 🥛
We’re launching a new podcast about the one thing that’s moving faster than crypto right now: AI.
It’s hosted by Duncan (you may know him as Flood Capital on X where he posts investing content focused on $GLXY & AI Robotics) and Patrick, who is Head of AI at a stealth Web3 x AI startup backed by Tier 1 VCs.
Together they’ll dig into the biggest builders, boldest bets, and real-world infrastructure driving the next trillion dollar boom.
The first episode drops tomorrow and features none other than Mike Novogratz, CEO of Galaxy. 👀
Make sure you’re subscribed to our new YouTube channel so you don’t miss it!
You can also follow us on X to keep up with all things Milk Road x AI (including when our newsletter is dropping 👀).
PRO ALL ACCESS PORTFOLIO UPDATES 📊
The Total Crypto Market Cap is up 7.84% so far in 2025. Meanwhile, the Milk Road PRO All Access Portfolio is up 20.79%. 👇
Wanna know how we’re doing it, and get notified on which projects we’re allocating to, in real-time?
Join Milk Road All Access and read our “How To Build a Crypto Portfolio” report to learn more about our portfolio strategy.
GO ALL ACCESS AND UNLOCK:
- The Milk Road PRO All Access Portfolio — See what we’re investing in, how we’re allocating capital, and what actions we’re taking each week (buy, sell, hold, watchlist) ✅
- Weekly “Where Are We In The Cycle?” Indicators — Signals that help you spot the market top 📈
- Weekly Reports Across Crypto, Macro & Degen — Deep dives, token breakdowns, market analysis, and investing frameworks that give you the edge 🧠
- Access to the Milk Road Community — Full Discord access including signals, AMA invites, portfolio update calls, and exclusive All Access channels 💬
- FREE Crypto Investing Masterclass — Included with all annual All Access subscriptions (30% off for monthly) 🎓
PRO REVIEW OF THE WEEK
BITE-SIZED COOKIES FOR THE ROAD 🍪
Humanity x Mastercard: Mastercard's Open Finance Tech will soon allow Humanity Protocol users to access credit, loans, and real-world financial services onchain.*
This would be one for the record books. A Chinese cybersecurity watchdog is alleging the US stole $13.2B in BTC five years ago.
Polymarket expands its tentacles. Polymarket just announced a partnership with PrizePicks (the fantasy sports app) ahead of its US relaunch.
What is 'Nobody Sausage'? And how is it porting its 33M followers to web3?
We’re hiring an AI Investment Analyst & Writer ← click to apply!
Beta mainnet launch = airdrop opportunity. Helios, an ETF-native Layer 1, lets users deposit from 6 chains and earn 20% yield in HLS distributed at TGE.*
*this is sponsored content.
MILKY MEMES 🤣
ROADIE REVIEW OF THE DAY 🥛
VITALIK PIC OF THE DAY
