RayD-igital

@BullTheoryio I see this as more Venture subsidised revenues currently and when they go Public we see if they can create organic profits. Lots of VC investments like this (UBER, Amazon, WeWork). Or are they just too early with the build out (like railroads)

🚨 THE ENTIRE AI BOOM MIGHT BE BUILT ON FAKE REVENUE. Latest corporate filings show that OpenAI and Anthropic alone make up over half of the entire $2 trillion future cloud backlog held by Microsoft, Oracle, Google, and Amazon. This massive pipeline is actually being created through a circular accounting trick called a round trip revenue loop. But how it works ? A tech giant gives billions of dollars to an AI startup as an "investment". But hidden in the contract is a strict rule forcing the startup to hand that exact same money straight back to the tech giant to rent their computer servers. Look at the documented case of Microsoft and OpenAI. When Microsoft invested $13 billion into OpenAI, it didn't just give them cash; it gave them "cloud credits" to use Microsoft servers. OpenAI used those exact credits to train its AI models, and Microsoft then turned around and recorded that server usage as brand new "cloud revenue" from a customer. The tech giant is literally paying itself with its own money and calling it a sale. This is why OpenAI’s annual cloud bill has ballooned to over $60 billion, double its actual revenue of $25 billion, kept alive solely by this recycled funding loop. Anthropic runs the exact same play, spending $2.66 billion on Amazon Web Services in just nine months, which was basically 100% of all the money it earned at the time. This manufactured demand triggers a second accounting trick where tech giants book massive paper profits. Every time a startup gets a higher value from a new funding round, the tech giant updates the value of its investment on its books and counts that unearned paper gain as direct profit. In Q1 2026, Alphabet reported a record $62.6 billion profit, but $28.7 billion nearly half, was just a paper markup on its Anthropic investment. In the same quarter, Amazon reported $30.3 billion in profit, but $16.8 billion of it was just an Anthropic paper gain. While Amazon reported record profits, its actual free cash flow collapsed 95% to just $1.2 billion because it had to spend $44.2 billion in real cash to build physical data centers. This has created a massive danger where these giant companies rely heavily on just one or two unstable startups. Microsoft has 49% of its $627 billion future backlog tied to OpenAI, while Oracle has an incredible 54% of its entire $553 billion pipeline relying on OpenAI alone. This perfectly mirrors the 2001 dot-com crash when Global Crossing and Qwest Communications swapped identical fiber-optic network capacity with each other just to book fake sales. Qwest had to erase $1.4 billion in fake income, and Global Crossing went completely bankrupt. The only difference is that the dot-com swaps were illegal, but today's AI loop is fully legal under current accounting rules. This legal loop inflates tech company stock prices, forcing automatic retirement accounts and index funds to buy even more of these tech stocks. It is a self feeding loop where investments, sales, and stock prices all go up on paper without the AI technology ever making real cash profits.

What a week. Here’s the Bitwise Hyperliquid ETF $BHYP Trading Report after the first five days.* - $30.5M in AUM - Average daily volume: $9.2M - Total inflows: $26.9M - The only spot Hyperliquid ETF to stake assets in-house - The only spot Hyperliquid ETF to publish the fund’s wallet addresses - 10% of the Fund’s annual management fee will be held as HYPE on the Bitwise balance sheet** Grateful to our investors for a successful launch! Hyperliquid.

We’re thrilled to share that @NitrogenWealth, an AI-powered suite of products for financial advisors, is rolling out Bitwise model portfolios to its clients. Nitrogen combines agentic AI with risk alignment, investment research, income planning, and tax intelligence. Model portfolios give Nitrogen’s advisors an additional framework to give their clients exposure to crypto. We recently launched Bitwise Model Portfolios to help advisors build crypto sleeves thoughtfully and efficiently. The models feature a series of crypto-themed ETFs leveraging Bitwise research—offering everything from broad-based exposure to the space to more specific exposure to key themes. We’re excited to partner with Nitrogen to help their clients access one of the world’s most exciting asset classes in a seamless way. Let’s go!

@aberdeenpool @ajbell @Bitwise_Europe Completely understand your frustration, although something you’ll have to take up with AJ Bell - sorry I can’t be of more help.

@RealDigitalRay @ajbell @Bitwise_Europe Seriously? I've held coinshares etp since 2018, self custodied bitcoin since 2016 and made a living trading derivatives since 2020. Trust me, the test answers are so ambitious I doubt anyone could pass. I don't have enough characters to post an example of the nonsense

@ajbell now offering @Bitwise_Europe Bitcoin & Ethereum $ETP’s AJ Bell is the second largest UK platform managing ~£108bln AUM. This is a huge step forward for the UK market 🚀

Fascinating discussions today (and a pretty good lunch!) at the Palace of Westminster with @CFTC Chair @MichaelSelig , Lord Ranger, Dr Lisa Cameron, my @Bitwise_Europe colleague @RealDigitalRay, and other interesting people. We need sensible policy and regulation in crypto to support innovation, growth and job creation. The UKUS Crypto Alliance is helping so much to advance this approach. Big thanks to everyone there today!

@BradleyDuke_ @CFTC @MichaelSelig @Bitwise_Europe Waves

Tokenized assets have never been more popular. The distributed asset value of real-world tokenized assets is now up to a record $33.8 billion. This represents a +1,600% increase over the last 2 years and adoption is only accelerating. Growth in these assets gained momentum after onchain platforms like Jupiter began listing tokenized assets through partnerships with Securitize, xStocks, and Ondo finance, prompting +34% week-over-week volume growth. Meanwhile, Bloomberg reported this week that the SEC is leaning toward allowing the trading of tokenized assets in a "surprise move." This would mark one of the US' biggest shifts into crypto infrastructure yet. Tokenization is taking over.

@KobeissiLetter If it can be tokenised, it will be tokenised

@scottmelker Power move

NEW: TETHER BUYS OUT SOFTBANK’S STAKE IN $BTC TREASURY FIRM TWENTY ONE CAPITAL $XXI, INCREASING ITS CONTROL OVER THE COMPANY

@ThierryBorgeat Interesting (thank you), so what’s innovation and what’s a bubble? Noting Tulips are the staple economic engine of the Netherlands even to this day. Speculation died, the innovation thrived.

Major asset bubbles. - Tulip Mania (1634-1637): rare bulbs sold for the price of a house - Mississippi Bubble (1719-1720): +1,900% - South Sea Bubble (1719-1720): +700% - Railway Mania (UK, 1840s): railway stocks roughly tripled - Florida Land Boom (1922-1926): land prices doubled in months - Dow (1903-1929): +1,200% - Gold (1970-1980): +2,400% - Nikkei (1979-1989): +2,000% - Nasdaq (1980-2000): +3,900% - Gold (1999-2011): +760% - US Housing (2000-2006): roughly doubled - Bitcoin (2010-2021): cents to $69,000 - Nasdaq (2009-present): +1,918% - Gold (2015-present): +420% Almost four hundred years. Different countries. Different assets. Different stories. Every one of them shared three things: easy money, a believable narrative, and the conviction that this time was different. The bubble before yours is always called history. The bubble during yours is always called innovation.

True

@GBPolitcs @Bloomberg Who would’ve guessed- surely not

🚨NEW: Andy Burnham has opened the door to more tax rises if he becomes PM [@Bloomberg]

@aberdeenpool @ajbell @Bitwise_Europe If you can’t, then quite rightly the product isn’t for you

@RealDigitalRay @ajbell @Bitwise_Europe Good luck passing the crypto appropriateness test. You'll need it...

@PiusSprenger 💯

💯

🐋 WHALE WATCH: Bitwise just announced a massive vote of confidence for the Hyperliquid ecosystem. The firm will divert 10% of all management fees from its newly launched BHYP ETF directly into buying and holding $HYPE on its corporate balance sheet. They also confirmed they will stake these tokens. This directly aligns the issuer with the protocols native community first burn model. When institutional asset managers start accumulating spot tokens to hold long term alongside retail the structural floor rises.

Japanese Carry Trade Unwind

Last week, @Matt_Hougan and @ricedelman discussed how the financial industry is being revolutionized, with stablecoins and tokenization offering faster, cheaper, and more global reach. Catch the full session here: bitwiseinvestments.com/events/webinar…

Hyperliquid was built different. As in, 99% of the blockchain’s revenue is used to buy and burn HYPE. It's a community-first model based on this idea: If the protocol succeeds, the community succeeds. In that spirit, we’re pleased to announce that Bitwise will be devoting 10% of the Bitwise Hyperliquid ETF ($BHYP) management fee to holding HYPE on the Bitwise balance sheet.* The Hyperliquid community has known from Day One that, if Hyperliquid becomes one of the most powerful and disruptive forces in finance, those who hold HYPE should play a big part in that. We’re holding HYPE.

What you need to know about the CLARITY Act.