Today’s edition is brought to you by Osprey BNB Chain Trust ($OBNB) – the first tradable ticker for a security providing exposure to $BNB on the US stock market!
👉 Learn more about $OBNB here!
GM. This is Milk Road, the newsletter that’s more rewarding than the first click click of the barbecue tongs at a summer cookout.
Here’s what we got for you today:
- ✍️ You can now trade Coinbase stock onchain!
- ✍️ 3 big pieces of TradFi news you probably missed
- 🥛 Milk Road PRO Portfolio updates
- 🎙️ The Milk Road Show: Is This the End of Crypto Cycles? When Will the Pain End?
- 🍪 We’re going to zero
Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.
USE CASE OF THE WEEK: YOU CAN NOW TRADE COINBASE STOCK ONCHAIN! ⛓️
When I first started buying US stocks as an Australian back in 2017, the fees were straight up robbery!
Back then, there were no low or no-fee competitors (e.g. Stake – a Robinhood equivalent), so if you wanted US equities, you were going to get rinsed.
Every time I bought a new US equity, it would come paired with a $150 fee. Why? Because the Australian exchanges knew they could get away with it (the dogs).
Now, no-fee exchange solutions aren’t perfect. They require a whooole lot of regulatory leg work to be done in each country they want to launch in – so they’re not a “one n’ done” solution.
…tokenized equities on the other hand, can be.
If you tokenize an asset (e.g. a US stock) – it becomes globally/permissionlessly tradable once a decentralized exchange has a liquidity pool supporting it.
That’s why everyone is all giddy about the idea of tokenized assets.
They make an asset globally accessible from day one – and with that, comes the potential for a wave of new money to find its way into the stock.
…and last Friday, this happened. 👇
Yuh. Coinbase’s stock $COIN ( ▼ 5.78% ) is now tradable on Base!
And here’s the crazy part – Coinbase has nothing to do with it!
A third party company (called Backed) created the Wrapped Backed Coinbase token ($wbCOIN).
So now, each time a $wbCOIN token is minted → they buy/back it with a share of $COIN stock.
Meaning all anyone needs to buy $COIN by proxy (regardless of where they live) is a Base wallet, and some stablecoins.
No ID required, no crazy first time fees, no roadblocks.
Now – it’s worth noting that:
- This is a new product and it’s not one we’ve verified (we just think it's cool)
- $wbCOIN’s fully diluted value and 24hr volumes are tiny ($192k and $39k respectively) – which can be a problem, 'cause with fewer participants and lower liquidity in the trading pool/pairs, even small trades can cause significant price movements, and slippage can be costly.
- If you’re going to trade this thing, check the slippage to make sure you’re not losing crazy money.
The broader takeaway here is this: tokenized assets could bring a flood of global retail investment to region locked assets, while quietly onboarding traditional investors to crypto.
Win/win.
HOW TO ACCESS THE 5TH LARGEST CRYPTO ON TRADFI RAILS 🤝
Pop quiz: What’s the 5th largest crypto by market cap that no one’s talking about?
It’s $BNB baaaby!
$BNB is the $81B token that fuels Binance, the world's largest crypto exchange.
Problem is, accessing $BNB on TradFi rails can be tricky…
The Osprey BNB Chain Trust ($OBNB) offers the first US-tradable ticker for a security that provides exposure to $BNB, giving you secure exposure right from your brokerage account – making $OBNB one of the only paths for US investors to access $BNB exposure via $USD.
Ready to start getting exposure to $BNB the easy way?
👉 Learn more about $OBNB here!
TRADFI CONTINUES TO BUILD NEW CRYPTO PRODUCTS 🔨
We’re in a weird timeline right now…
The market is on struggle street right now, but every day, more and more bullish news drops – and today, it’s happening in the TradFi x Crypto space.
Here are three pieces of bullish news that you probably missed over the past few days:
1/ Fidelity files to add staking to its $ETH ETFs
You know who loves yield bearing assets? TradFi investors.
You know who’s likely going to follow suit if Fidelity adds staking to its $ETH ETFs? BlackRock (the world’s largest asset manager, with $10T+ in assets under management).
Translation: this new feature could bring a whooole lot more investment to $ETH.
2/ Bitwise just launched a Bitcoin proxy ETF
You know how MicroStrategy (now known as ‘Strategy’) shifted the focus of their company from software to ‘buying as much $BTC as humanly possible’?
And when that pumped their stock, other companies started copying their playbook?
Yeah, well, Bitwise just launched a fund that holds a basket of stocks that are following the Strategy playbook.
The key takeaway: More options for investors = more potential investment → more investment in these companies = more investment in Bitcoin.
3/ The OCC (a US regulator) just allowed banks to custody crypto
Who cares about holding $BTC with your bank, when you can just buy crypto via an ETF, right?
We’d counter that argument with this: what are most US citizens more likely to have – a trading account, or a bank account?
It’s still early days yet, but if banks are allowed to integrate with crypto exchanges to allow their customers to buy crypto (which the bank will then custody) – it would mark a monumental shift in the acceptance and accessibility of crypto in the US.
(Greater than anything that has come before it.)
Here’s what all of this is helping to remind us:
The current pullback’s negative effects will be felt/measured in days/months.
…but the effects of the above changes will be felt/measured in years/decades.
(Short-term pain, for long-term gain > Long-term pain, for short-term gain.)
MILK ROAD PRO PORTFOLIO UPDATES 📊
Navigating markets right now is kinda like sliding down a steep hill, lined with sandpaper.
(Rough and painful.)
Want to know how we’re maneuvering through it (and if we’re making any changes to the Milk Road PRO Portfolio)?
Go PRO and keep scrolling 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 significant decrease over the past 7 days. Our portfolio value is at $76.9K, down 10.2% since last week.
Portfolio prices are updated daily at 6:00 AM ET.
A year ago, we were hoping to be at an all-time high (ATH) by now—but reality had other plans. Instead, our portfolio has hit an all-time low (ATL).
The good news? We’re only down 24% from our initial capital—so it’s not as bad as it could be.
Portfolio changes 👀
The Milk Road PRO Portfolio is available for Milk Road PRO members only.
Already a PRO member? Log in here.
GO PRO AND UNLOCK:
- Full access to the Milk Road PRO Portfolio, our yield strategies & weekly updates to see what we’re actively investing in 👆
- NEW: Unlimited access to the Milk Road PRO Token Center with token ratings and insights. 🔓
- Weekly “Where Are We In The Cycle?” indicators to help you spot the bull market top before it’s too late 📈
- Weekly reports that help you spot early trends, navigate the markets by limiting risk & catch those sweet cha-ching moments 💰
- Access to the PRO Community, where the Milk Road crew & 1000s of fellow PROs talk crypto. Don’t miss the monthly live events! 🫂
- 50% OFF the Crypto Investing Masterclass 📚️
Already a PRO member? Log in here.
PRO REVIEW OF THE WEEK
BITE-SIZED COOKIES FOR THE ROAD 🍪
Are your $BTC & $ETH just sitting there? Earning yield is complicated—Sensible makes it easy and secure. No minimums, no account fees, withdraw anytime.*
VanEck registers for an Avalanche ETF. The year of the ETF (filings), baaaaby!
We’re going to zero. Jim Cramer says today’s market crash shouldn’t scare investors. See you guys in the next bull market.
WLFI is down baddd. They’re sitting on a loss of around $110M! Looks like we don’t get to complain about our losses after reading this.
Trade on dYdX, earn points and convert them into $DYDX tokens. If you trade on smaller markets, get double the points! They’re basically just handing out free money.**
*this is sponsored content. **this is partner content.
MILKY MEMES 🤣
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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.
