🥛 What the whales actually hold 👀

GM. This is Milk Road, the crypto newsletter that’s like a group project where we do all the work and you still get the A.

Here’s what we’ve got for you today:

✍️ What the whales actually hold.
🎙️ The Milk Road Show: Wall Street Is About to FLOOD Crypto With Billions - Here's Who Wins.
🍪 Robinhood misses on EPS.

Every $BTC to $ETH swap is a taxable event. But inside a crypto IRA, it generally isn't. Here's how Roth and Traditional crypto IRAs work (and the catches).

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WHAT THE WHALES ACTUALLY HOLD 🐳

In crypto, you don't have to wait for a quarterly filing to see what the big names hold - it's all onchain.

The catch is that it's scattered across hundreds of wallets and thousands of tokens, most of them dust.

So we did the digging for you.

Below are four Insider Portfolios from the new Milk Road site:

The Trump family’s World Liberty Financial, Justin Sun, Ethereum's co-founder and Ansem - one of crypto's best-known memecoin traders.

1. Trump Family / World Liberty Financial: all in on its own token

Source: Milk Road

World Liberty Financial is the Trump family's crypto project, and its public wallets are a bet on its own token.

World Liberty Financial (93.4%).
USD1, World Liberty's own stablecoin (2.9%).
USDC (2.4%).

(Plus a little ETH in various wrappers.)

The interesting part here is the debt…

The wallets hold $118.4M of USD1 and $100.5M of USDC, but owe $145.1M of USD1 and $102.2M of USDC.

So they've borrowed about $28M more in stablecoins than they're holding.

The $3.89B is net of that debt - and of the 134 tokens in the wallets, 124 are each worth less than 0.001% of the total.

This is a portfolio that lives and dies with one token.

2. Justin Sun: getting paid to hold dollars

Source: Milk Road

Justin Sun founded TRON, and his public wallets hold $2.94B. You'd expect them to be full of TRX… but they aren't.

56.0% sits in Sky's USDS stablecoin, mostly the savings version that earns yield:

sUSDS (39.0%).
USDS (17.0%).
stETH (19.5%).
BTC (11.3%).
WBTC (4.7%).

TRX, the token of the chain he built, makes up just 1.0% once you add staked and unstaked together.

He also holds World Liberty Financial (5.4%) and a handful of memecoins.

Bitcoin is his biggest winner, with his WBTC up about $14.3M, Pepe (1.0%) is up about $1.1M, while Shiba Inu and Floki are down about $1.8M and $1.6M.

The man who built a blockchain keeps most of his money in yield-bearing dollars. Strange.

HOW MUCH OF YOUR BITCOIN GAINS DOES THE IRS GET?

Say you buy Bitcoin to hold for 20 years. Solid plan. Then one day you sell.

At the top federal bracket, long-term gains can be taxed at up to 23.8% (20% capital gains plus the 3.8% Net Investment Income Tax). Trade along the way and short-term gains can be taxed at up to 37%.

And in a normal account, almost everything counts. Swapping $BTC for $ETH is a taxable event. So is rebalancing. Ugh.

A crypto IRA changes because trades inside the account generally don't trigger taxes. With a Roth crypto IRA, qualified withdrawals in retirement can come out tax-free.

We broke down how it works: Roth vs. Traditional, the 2026 contribution limits, how custody works when you can't hold your own keys, and all those little catches (income limits, no tax-loss harvesting, early withdrawal penalties).

Read the crypto IRA breakdown →

WHAT THE WHALES ACTUALLY HOLD (P2) 🐳

Next up…

3. Vitalik Buterin: Ethereum, and almost nothing else

Source: Milk Road

Vitalik co-founded Ethereum, and (unlike Justin Sun) his wallet reflects that, with 92.9% of the $647M in his tracked wallets living in ETH.

Nearly everything else is stablecoins - the biggest ones being:

GHO (2.0%).
USDtb (1.7%).
Tether (0.8%).
USDC (0.8%).
PYUSD (0.8%).

Then there's the long tail…

314 tokens in total, 292 of which are each worth less than 0.001% of the portfolio.

4. Ansem: a bet on himself

Source: Milk Road

Ansem is one of crypto's best-known memecoin traders, and his $192M wallet is pretty much a bet on himself.

97.4% of it sits in two different tokens named ANSEM: The King Of Memes (67.1%) and The Black Bull (30.3%).

The other 1,118 holdings add up to just 2.6%.

The Black Bull is the position under pressure. It's worth $58.15M and sits about $28.8M in the red, but he's still holding 580.4M tokens.

At the other end, his Rihanna position is worth $1.41M (0.7%), and almost all of that is profit.

What they all have in common…

Four very different wallets, but a pattern shows up:

Three of the four are mostly one token tied to their owner: WLFI for the Trump Family (93.4%), ETH for Vitalik (92.9%) and ANSEM for Ansem (97.4%).
Stablecoins are everywhere. Sun has 56.0% in USDS, Vitalik holds seven different ones, and World Liberty both holds and borrows them.
ETH is in three of the four: Vitalik's 92.9%, Sun's staked ETH at 19.5%, and World Liberty's wrapped ETH.

Point being: these wallets show you what the biggest names in crypto actually do with their money, not just what they say on X.

So here's how to use our Insider Portfolios…

Everything above came straight off the new Milk Road site.

There, we track 40+ Insider Portfolios across crypto wallets, hedge funds, politicians and corporations, including Warren Buffett, Gavin Baker, Nancy Pelosi and Nvidia.

This is where you can…

Find new ideas: If you've never looked at Sky's savings stablecoin, Justin Sun has over $1.1B in it (maybe it’s worth a look?).

Check your own bags: Click any token and see exactly which insiders hold it alongside you.

Follow the moves: Hit the bell on any wallet and we'll email you when its holdings change - all crypto wallets are tracked onchain and updated daily to track investments (not small payments/swaps), so you'll hear about a move within a day.

Every holding in all four of these wallets is free to browse, along with 40+ more Insider Portfolios, including Warren Buffett, Nancy Pelosi and Nvidia.

The best part?

We've already created your account. To set up free Insider Portfolio alerts, simply sign in and click the bell notification icon on your preferred Insider page.

WHY WE BOUGHT MORE GALAXY 🪐

Galaxy just swung to a $300M+ profit, and two Milk Road analysts bought more of the stock within hours.

Kyle Reidhead, our Head of Research, and Martin Toman, our Lead Analyst, joined John to explain why.

Here's what we covered:

Whether Galaxy's core business makes money once you strip out paper gains, and why Martin thinks it's worth $48.
Why Kyle expects Bitcoin to dip to the mid-70s before the bull market resumes.
Who's right about AI agent payments on Base: 138M transactions, or almost nobody paying real money.

👉 Watch the full episode now.