GM. This is Milk Road, the daily newsletter that’s like finding a stray chicken nugget in your order of fries.
(We bring that little lift you didn’t know you needed.)
Here’s what we got for you today:
- ✍️ What to look out for this week
- ✍️ How did Circle rip 300% at IPO?
- 🎙️ The Milk Road Show: The $260B Crypto Opportunity (And How to Invest in It) w/ Sam Broner
- 🍪 Reports suggest PumpFun may soon distribute protocol revenue to $PUMP token holders!
Today’s edition is brought to you by Beta Virtual Assistance - a specialized team helping investors un-complicate their crypto taxes. Register for a free course on crypto taxes.
Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.
WHAT TO LOOK OUT FOR THIS WEEK 👀
This week’s forecast?
Macro dominates the news cycle, crypto roundtables come to an end, Milk Road launches a newsletter for degenerates, and you (yes, you) help break up a fight between our team members.
Here’s what all of that looks like in practice:
1/ Macro 🌎
It’s a STACKED week for macro! This is what’s coming down the pike:
The US and China talk – Monday. Both countries will begin a round of trade talks in London today. We’ve got our fingers/toes/eyes crossed hoping all goes well.
May CPI inflation data – Wednesday. Inflation – did it go up or down last month? This data will give us the answer.
10-year note auction – Wednesday. The US government will sell a bunch of its own debt. The big question: how many countries will want to buy US debt right now?
(It seems the US has lost some trust since the tariff wars began.)
May PPI inflation data – Thursday. How much did the wholesale cost of goods go up or down last month? This data paints us a picture.
Michigan Consumer Sentiment data – Friday. A vibe check with consumers (hint: happy consumers buy more stuff.)
Btw, if you want a closer look at the broader macro picture and how it affects your portfolio, join Tomas over at Milk Road Macro – he has a knack for making macro super simple (and weirdly exciting.)
…never thought I’d call macro economics ‘exciting’ but here we are.
2/ Regulatory ⚖️
The SEC is hosting its final crypto round table today. 👇
These aren’t just casual chit-chats – each of these roundtables will likely help shape future regulatory policy, and today’s topic (DeFi) is close to our heart.
Here’s hoping for a positive conversation!
3/ Milk Road 🥛
Milk Road Degen launches this Wednesday – in our new twice-weekly newsletter, LG Doucet will help you navigate the trenches and find the next 100x low cap gem. (Sign up early, here.)
Podcasts:
- Today we’ve got Sam Broner from a16z digging into all things stablecoins – watch/listen here!
- Wednesday LG Doucet joins the show to walk us through the opportunities he’s seeing in the low cap asset space.
- Thursday we’ve got Jeff Park, Head of Alpha Strategies at Bitwise!
- Friday we have the Milk Road team checking in on the 2025 predictions they made back in December.
4/ Settle an argument 🥊
A few members on our team are really into vibe coding (aka: using AI to write code.)
And they reckon it’s only a matter of time before we see a wave of crypto-native builders start vibe coding new blockchain products into existence.
Others on our team aren’t so sure. Can you help settle the argument?
How deep have you gotten into vibe coding?
- I've vibe coded a working product
- I've tried vibe coding briefly, but want to explore it more
- Haven’t tried it yet, but probably will in the next year or so
- Haven’t tried it. Not interested.
UN-COMPLICATE YOUR CRYPTO TAXES!
If crypto investors had to have one common enemy, it would be crypto taxes.
We never know what’s taxable, what’s not – and there’s definitely no clear instruction manual.
That’s why Beta Virtual Assistance is here to help.
They’re a specialized team helping investors un-complicate their crypto taxes, with:
- Industry-leading crypto tax software
- Hands-on help from crypto tax experts
- Year-round support
They’ve already helped hundreds of investors, even those with 100,000+ transactions.
Ready to take control of your crypto taxes?
Register for a free course on crypto taxes.
HOW THE HELL DID CIRCLE ($CRCL) RIP 300% POST-IPO? 🤔
Yuh. 300%.
(And it’s only been two full trading days.)
First up: hell yeah. Seeing crypto succeed in the TradFi space is a beautiful thing.
Second: what’s driving this buying frenzy?
The short answer is that stablecoins are a big (and profitable) business that haven’t been accessible to investors that trade on TradFi rails until now – so it seems they’re rushing in.
Long answer? This. 👇
1/ Circle’s $USDC makes up ~25% of the total stablecoin supply
$CRCL holds roughly 90% of its stablecoin market cap in US treasuries (which have returned ~4–5% p/a over the last year or so.)
If Circle can maintain their market share as the stablecoin sector continues to expand, their revenue should move inline with that growth.
2/ Circle makes up ~53% of all stablecoin transfer volume
This is nuts.
Tether’s $USDT makes up ~66% of the total stablecoin market cap, compared to Circle’s $USDC, which makes up ~25%.
…yet $USDC gets more collective use.
On average, $USDC makes up ~53% of transfer volume each quarter – and of the $9.25T worth of stablecoin volume in Q1, $USDC was responsible for $5.74T. That’s ~62%! 👇
3/ Circle is one of the highest revenue generating businesses in the crypto sector
$CRCL is the third highest revenue generating business over the last 30 days, with revenues of $192.57M.
Ok, that all sounds awesome!
…but are these stats strong enough to justify Circle now being valued at 1/3 that of Coinbase??
Probably not. Here’s what’s likely causing it:
Translation: private investors who hold large swaths of $CRCL stock (from before it went public) aren’t allowed to sell for the next 6 months.
This should dampen the sell pressure and help the stock’s price to climb higher.
The takeaway: $CRCL’s price appreciation could get even crazier over the next 6 months or so.
…but investors should be highly conscious of the scheduled unlock six months from now (it could reverse the trend.)
BITE-SIZED COOKIES FOR THE ROAD 🍪
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Huge week for the Ethereum ETFs. From mainly net outflows in February, the $ETH ETFs saw nearly $250M in inflows last week. - DL News
Another record set by Hyperliquid. They recently recorded an ATH in monthly trading volume. They just continue to keep growing.
PumpFun planning revenue-sharing? Reports suggest the platform may soon distribute protocol revenue to $PUMP token holders. Massive news if true.
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.**
*this is sponsored content. **this is partner content.
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