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.
Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.
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) $10.78M
We’ve seen assets come and go, but Aerodrome has been a permanent fixture on this list ever since we decided to make it a permanent segment back in April.
(They’re the leading DEX on Base – so are we really all that surprised?)
Alright, now it’s your turn to yap:
Which token/asset are you most bullish on?
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$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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