🐳 Weekly Edition: The Largest Ethereum DAT Buys $200M of... Mr. Beast?

Price action from earlier this week brought Bitcoin back towards the $100k mark as the Senate Banking Committee deliberates over the CLARITY act. If you’re thinking you thought the vote was supposed to be this week, you’d be right: just hours before the deadline yesterday, the committee’s chairman Tim Scott postponed the voting in order to allow for “further bipartisan negotiations.” Any readers of the Beluga Brief know that a market structure bill is something I’ve hoped for this administration to provide, but I have to say the current language of the CLARITY act could create some issues for privacy, self-custody, and DeFi as a whole — all core tenets of why I, and many of us, joined crypto in the first place.

In other words, the delayed vote is probably a good thing. Their exact reasoning is unknown, however I would guess it has something to do with the hot topic of US companies providing yield on stablecoins. Understandably the entrenched banking magnates don’t want to see competitive crypto-based options enter the market, and are seemingly putting a lot of funds towards making that happen. On the other side, stablecoin yield programs provide significant revenue to the exchanges that make it happen, and thus they are throwing their weight to enforce the legality. We’ll see how the story plays out but my intuition tells me the yield genie is out of the bottle, and to continue the US dollar’s dominance as a reserve asset in crypto, regulators will have to allow it to happen… with some guardrails of course.

On another note, Bitmine’s (the largest Ethereum DAT) shareholder vote this week to approve a 100x share increase (yes, you read that correctly) is expected to pass, delivering more “flexibility” to the team to increase shareholder value. Further crediting this idea is a $200M investment into Mr. Beast Industries on behalf of Bitmine, owned by popular YouTuber-turned-media magnate Mr. Beast. The investment specifically aside, it’s interesting to see the DATs begin to look for other methods to generate value beyond simply buying crypto as quickly as they can. We all knew the model they originally adopted couldn’t last long, so rather than roll over and die, some are adapting. I’m not sure whether these efforts are enough to make a meaningful difference in the long run, but hey at least they’re trying right?

I think we can round up to $100k here right? The Beluga trading wallet is effectively back at our starting point after some time in 5 digit land, but I’m still treating this as a waiting game. As I’ve said before I’m happy with what we’re currently allocated to, and even if we’re missing major narratives like privacy and AI, I don’t think that’s necessarily a weakness for our purposes. The performance in the privacy sector has been incredibly recently, but that very price action means everyone is already paying attention; in other words, I think it’s a crowded trade at this point.

One coin within this category that I still think might be interesting at current prices is RAIL, native token of the Railgun protocol. Not only does it allow for private transactions on Ethereum (Monero, Zcash and other big names operate on their own chains), but it is also utilized by Ethereum’s co-founder Vitalik Buterin when he needs to make transactions without the world watching. The plan for now is wait for a major impulse on BTC and ETH to then rotate into higher risk narrative plays like RAIL. If we end up missing those moves, it is what it is, and we’ll look for other opportunities.

X has revoked API access to many top InfoFi applications, which were responsible for incentivizing fake engagement and flooding CT with slop bot accounts. I have to hand it to Nikita Bier, he cooked with this one

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