August 2, 2023

🥛 The most profitable company in crypto… 👀

Today’s edition is brought to you by Kraken Pro – the one-stop shop for pro traders backed by one of the most trusted names in the industry.

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 🍪

Prices as of 10:30 AM ET


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.

Crazy. Tether is putting up Wilt Chamberlain-esque numbers.


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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.

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…

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.


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

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.


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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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.