If you are considering buying $SONN based on the Hyperliquid treasury company announcement, read this: - Legacy SONN holders end up with ~1.2 % of the new company - HSI (the name of the new company) will have assets valued at ~$888M, meaning implied net asset value of SONN is about $10.7m - $10.7m/3.17m (amt. of SONN shares) means NAV for SONN is $3.36 It's currently trading at $9.41 ($16.4m), so mNAV is about 2.8x This is actually about middle of the pack when it comes to treasury companies, but lower compared to Ethereum, Solana or management teams that have bigger plans (NAKA or STRIVE) Microstrategy post BTC announcement regularly saw shocks up above 4 even 5x NAV. It has settled around 2: Each of the Ethereum and Solana treasury companies are closer to a multiple of 6 There is a lot of execution risk, but the case for this at 2.8x while other assets with ETFs are sitting at 6 is an important detail that is easy to miss (h/t @Presto_Research)

To add to this, the two public raises above PUMP were EOS (raised $4B) and TON (raised $1.7B) EOS was the largest scam/slow rug of all time, TON was shut down by the SEC and had to refund $1.2B Probably fair to consider this the largest successful public raise in crypto

Yes, this is what everyone wants, what makes sense and what we think will happen and why we so bullish (95% on most of the coins) approval. Q is what will the standards be. We think they'll likely be loose enough where the vast majority of Top 50 coins would be ok to be ETF-ized.

I may be Opening Bell pilled from @superstatefunds (I think) this could be used to do a *reverse* treasury company to bring stock exposure onchain? better for after hours pricing where tokenized equities are a pain, this would just be NAV drift that corrects in normal hours

This pressure will kill a lot of lazy treasury companies It either pushes them to pursue money that cannot buy US ETFs (still a LOT there), or they need to figure other ways to differentiate Already BTC companies are in derivatives & lending, should be a trend for other tokens

If someone asked me: this time next year, what tokens are in the 3 highest volume pairs on Solana? I don’t even have a solid guess beyond SOL and USDC

"We will continue to work with regulators to bring the entire Robinhood ecosystem onchain" Robinhood total platform assets are $221B, DeFi TVL is $112B

It was actually cool to see Vlad walk through their master plan on a chalkboard. Robinhood Crypto is now just Robinhood TLDR; Phase 1: US broker fills orders and mints stock token to user, live today for EU users, available 24/5 Phase 2: Move to 24/7, use Bitstamp to tokenize over weekends Phase 3: Allow tokens to be transferred out of Robinhood and into wallet, use in DeFi

Robinhood Crypto is now just Robinhood It was actually cool to see Vlad walk through their master plan on a chalkboard. TLDR; Phase 1: US broker fills orders and mints stock token to user, live today for EU users, available 24/5 Phase 2: Move to 24/7, use Bitstamp to tokenize over weekends Phase 3: Allow tokens to be transferred out of Robinhood and into wallet, use in DeFi

the future of equities is absolutely 1,000 different tokenization standards, no question do you own rTSLA, cTSLA, sTSLA, xyzTSLA, ethTSLA, solTSLA or hyperTSLA?