GM. This is Milk Road – your daily crypto news, seasoned with spicy takes and all-natural memes.

Here’s what we got for you today:

• ✍️ ETH vs. BTC as a treasury asset

• ✍️ SharpLink = $MSTR on crack 

• 🥛 Milk Road PRO Portfolio updates

• 🎙️ The Milk Road Show: Investors Using AI Will Outperform Everyone Else w/ Alex Svanevik

• 🍪 Virtuals are expanding to Ethereum

Today’s edition is brought to you by Bitcoinmath – where you’ll find easy-to-use calculators that highlight the benefits of investing in Bitcoin.

Check out Bitcoinmath’s various calculators. 

HOT TAKE: $ETH WILL BE A BIGGER TREASURY ASSET THAN $BTC 🌶️

Molten-steel-bath-from-the-end-of-Terminator-2-level hot take from our chief NOP (Nerd on Payroll) / Head of Research, Kyle Reidhead:

$ETH will become a larger corporate treasury asset than $BTC.

…and it’s for that reason he personally aped into Joe Lubin’s SharpLink Gaming ($SBET). 👇

(Yeah, he still says YOLO. It’s rough. Our Gen Z employees are working hard at revamping his vocabulary. It's an uphill battle.)

But shoot, I’m getting off track. There are still two big un-answered questions here…

1. What’s the thesis around $ETH outgrowing $BTC as a treasury asset?

2. Why invest in $SBET when it’s WAY overvalued right now?

Let’s start with why $ETH will become a larger corporate treasury asset than $BTC…

In short: $ETH is productive, while $BTC is not (i.e. $ETH offers native yield, like staking.)

And sure, Strategy ($MSTR) creates “$BTC yield” by taking out loans to buy more Bitcoin without issuing new shares, which means $MSTR holders’ $BTC-per-share goes up over time…

But it’s not the same thing. 

Not everyone is willing to take on massive debt to buy $BTC and increase their $BTC-per-share, like Saylor is.

With $ETH, funds/companies can earn yield and increase $ETH-per-share simply by staking it. 

…companies like SharpLink Gaming ($SBET).

But why is Kyle shovelling his spare cash into $SBET and not, say, one of the many Ethereum ETFs? (Or hell – just $ETH itself?)

It doesn’t add up. $SBET has ~$425M worth of $ETH in its treasury and is valued at more than 4x that, with a $1.87B market cap. That’s a steep premium!

Keep scrolling and I’ll lay out Kyle’s thesis in simple terms…

$SBET’S ‘ETHEREUM STRATEGY’ IS $MSTR’S ‘BITCOIN STRATEGY’ ON CRACK ⚗️

Here’s the playbook Joe Lubin (creator of MetaMask) is looking to implement with SharpLink Gaming ($SBET)…

1. Add $ETH to the company’s treasury…

2. Stake it, restake, use it to make DeFi loans (earning yield)…

3. Take zero-interest loans out against the company to buy even more $ETH…

4. Repeat…

Right there you have three separate forces that can work simultaneously to increase $ETH-per-share: staking, restaking, and taking out loans to buy more $ETH.

$MSTR can only use one of those levers (loans) to increase its $BTC-per-share.

Plus – you have a range of other deal sweeteners, like:

• $SBET doesn’t charge management fees like the Ethereum ETFs do

• $SBET will likely run its own validators, increasing the yields it gets when staking

• Joe is planning to use Ethereum to increase revenues from $SBET’s existing gaming business – like prediction markets for competitive gaming (using the revenues to buy more $ETH)

Cool. But what about the 4x overvaluation issue?

Remember point #3 of the playbook listed above: “Take zero-interest loans out against the company to buy even more $ETH”?

Yeah, well, that doesn’t involve the company creating more shares. The more SharpLink runs this playbook, the lower the premium (and higher the $ETH-per-share) becomes. 

E.g. Taking a $1B loan to buy $ETH would lower the premium from 4x to 1.3x.

(And if people are willing to buy $SBET at a 4x premium – you better believe they’d be willing to buy it at a 1.3x premium.)

The crazy part of all of this? 

The whole ‘$SBET play’ pales in comparison to a recent breakthrough that was made in the Ethereum ecosystem.

I just edited an upcoming PRO report, with this as its opening line:

“Something big just happened in the blockchain world. The kind of breakthrough that could reshape how blockchains are built and what they’re capable of.”

(Chills. Literal chills.)

Want to get that report sent straight to your inbox when it drops, and have the full picture of Ethereum’s potential laid out (beyond just a corporate treasury asset)? 

Go PRO and we’ll do exactly that!

MILK ROAD PRO PORTFOLIO UPDATES 📊

Ok, so we know Kyle has recently made changes to his personal portfolio…

But what about the Milk Road PRO Portfolio?

If you’re PRO, you’re about to find out! 👇

Disclosure: We are not a day trading portfolio so don’t expect a high volume of trades. Read our “How To Build a Crypto Portfolio” report to learn more about our portfolio strategy.

Portfolio performance 📉

The Milk Road PRO Portfolio saw a moderate increase over the past 7 days. Our portfolio value is at $158.3K, up 1.73% since last week.

Markets were quite volatile over the past week.

While there was some positive momentum from encouraging news on the US–China trade deal, tensions flared after a public clash between Elon Musk and Donald Trump.

Musk criticized the president’s new tax plan, calling it a step backward—especially for clean energy. 

Trump fired back, suggesting Musk’s frustration had more to do with losing EV tax breaks than with the policy itself. He implied Musk was more concerned about Tesla’s profits than the broader implications.

The bottom line? Tesla lost roughly $150 billion in market value over the past week, with the stock down 15%.

That was the major topic in the markets this past week. Everything else? It just keeps climbing up. 💪

Portfolio changes 👀

BITE-SIZED COOKIES FOR THE ROAD 🍪

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The SEC wants to create an “innovation exemption” — the idea being it would stoke onchain innovation.

The Polymarket x Grok integration just went live! It includes annotations on market movements, related tweets, and Grok explanations.

Virtuals are expanding to Ethereum — and they did NOT hold back with the launch video…

Wanna work for Milk Road? We’re hiring across multiple roles — click here and drop us a line!

Crypto cashback, baaaby! The Gemini Credit Card gives you 4% back on gas, 3% on dining, 2% on groceries and 1% on everything else.**

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