GM. This is Milk Road, the crypto newsletter that's as satisfying as finally mastering the second verse of "One Week" by Barenaked Ladies.

Here’s what we got for you today:

• ✍️ 5 crypto apps printing cash 

• ✍️ Why did this crypto stock just rip 1,700%?

• 🎙️ The Milk Road Show: Crypto Is Macro Now: Bitcoin’s Role in the New Global Order w/ Noelle Acheson

• 🍪 The year of crypto acquisitions

Grayscale is the OG crypto asset manager. Check out Grayscale’s ‘BTC’ ETP – the cheapest way to get exposure to Bitcoin.

JUNE’S TOP 5 REVENUE-GENERATING CRYPTO APPS (W/ ASSETS YOU CAN BUY) 📊

The idea is simple:

More use of a crypto app = more revenue = more value accrual.

(Follow the revenue → find strong tokens.)

With that in mind, here are June’s top 5 revenue-generating onchain apps with assets you can invest in. 👇

1/ Circle ($CRCL) $191.68M

Circle IPO’d on June 5th, which means for the first time since we started running this segment – it has a non-stablecoin asset that we can purchase.

And boy did it hit the ground running. For it to lose the #1 spot, we’d need to see second place (PancakeSwap) triple its revenue – either that, or for Tether to IPO. 👇

2/ PancakeSwap ($CAKE) $65.17M

Wondering how PancakeSwap managed to maintain its revenue enough to flip Hyperliquid month over month?

Short answer: they were running an incentive program, attracting a whole bunch of volume, which led to sustained revenue.

Long answer: this.

3/ Hyperliquid ($HYPE) $57.95M

Don’t let its month-over-month fall from first place to third place fool you – Hyperliquid is still printing cash.

The change came largely thanks to Circle’s entry to the list and PancakeSwap’s incentive program.

4/ CoWSwap ($COW) $13.05M

Call us biased, ‘cause we hold $COW in our PRO Portfolio, and also use the CoW Protocol to power Milk Road Swap (*cough* the world’s most user-friendly DEX 💅 *cough*) – but…

This is hands down the most impressive revenue-generator on the list.

CoWSwap saw a 10x month-over-month increase in revenue, with zero (count it: ZERO) incentives. 👇

5/ Aerodrome ($AERO) $10.78M

We’ve seen assets come and go, but Aerodrome has been a permanent fixture on this list ever since we decided to make it a permanent segment back in April.

(They’re the leading DEX on Base – so are we really all that surprised?)

Alright, now it’s your turn to yap:

$ETH TREASURIES, SO HOT RIGHT NOW 💅

Remember how SharpLink Gaming ($SBET) adopted an $ETH treasury strategy back in May? 

…and the stock shot up 3,200% over a span of five trading days as a result?

Yeah, well. It looks like it’s happening again.

This time with another company on the NASDAQ called BitMine ($BMNR). 

They don’t quite have the same oomph when it comes to total $ETH treasury size (~$250M vs. SharpLink’s ~$490M)…

But the announcement is having a similar effect on $BMNR’s price.  

The stock ripped ~1,700% (bottom to top) since its close last Friday. 👇

Now, here’s where it gets poetic:

As the name suggests, BitMine is a Bitcoin Mining company – and they’re choosing $ETH over $BTC!

…our crackpot theory that $ETH will eventually become a larger treasury asset than Bitcoin is starting to feel a little less insane right now, no?

Our overarching takeaway:

BULLISH $ETH.

BITE-SIZED COOKIES FOR THE ROAD 🍪

One account to rule them all. We dropped an article on Bitget’s Unified Trading Account (UTA) that lets you trade spot, futures and margin all from one place.*

The year of crypto acquisitions. Coinbase just acquired LiquiFi, making it their 4th acquisition of 2025.

InfoFi, SignalFi and one-stop AI protocols. These are the degen trends to watch in the second half of 2025.

Public companies are outpacing ETFs (again). For the third straight quarter, they’ve added more $BTC to their balance sheets than the ETFs have.

This DEX solves an actual UX issue! Milk Road Swap supports both Ethereum and Solana tokens in a single interface.

*this is sponsored content.

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ROADIE REVIEW OF THE DAY 🥛

Today, we’re shining the spotlight on a standout review from Milk Road Macro:

VITALIK PIC OF THE DAY