Danny *framara
1.3K posts
No part of crypto has grown as fast as tokenized treasuries.
We're at the end of the beginning.
@carlosdomingo on @Bankless.
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Danny *framara retweetledi
Trading screenshot from Securitize Markets, available at securitize.io
Evan Luthra@EvanLuthra
Everyone’s paying brokers to buy Tether equity at $500B. I just bought $BCAP for ~$40. Blockchain Capital got into Tether at a $10B valuation. At $500B, their Tether stake alone = ~$157 per token. That’s Tether exposure at a 75% discount to what the private market is paying. This is the most obvious arbitrage I’ve seen in a while.
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Danny *framara retweetledi
At @Securitize
Evan Luthra@EvanLuthra
Everyone’s paying brokers to buy Tether equity at $500B. I just bought $BCAP for ~$40. Blockchain Capital got into Tether at a $10B valuation. At $500B, their Tether stake alone = ~$157 per token. That’s Tether exposure at a 75% discount to what the private market is paying. This is the most obvious arbitrage I’ve seen in a while.
Danny *framara retweetledi
Everyone’s paying brokers to buy Tether equity at $500B.
I just bought $BCAP for ~$40.
Blockchain Capital got into Tether at a $10B valuation. At $500B, their Tether stake alone = ~$157 per token.
That’s Tether exposure at a 75% discount to what the private market is paying.
This is the most obvious arbitrage I’ve seen in a while.
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@BilalRocksTS @EvanLuthra @tether @blockchaincap Yes, loop.blockchain.capital investors can find quarterlys here
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QME
@EraserheadCap @carlosdomingo @RWA_xyz @blockchaincap @Securitize @TomMurphyTweets @grahamfergs @jserna They put in a good amount before cantor invested at $12b valuation
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@carlosdomingo @RWA_xyz @blockchaincap @Securitize @TomMurphyTweets @grahamfergs @jserna Ah that makes sense. Didn’t realize they had a significant stake in Tether. Thanks for clearing that up.
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Anyone in the tokenization space care to explain how $BCAP's value tripled overnight? According to @RWA_xyz it went from $23 to $83. Glitch or accurate? Quite a large jump.
@blockchaincap @Securitize @carlosdomingo @TomMurphyTweets @grahamfergs @jserna
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Danny *framara retweetledi
@EraserheadCap @RWA_xyz @blockchaincap @Securitize @TomMurphyTweets @grahamfergs @jserna They do only way to get Tether equity in tokenize form!
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Danny *framara retweetledi
@MikeBurgersburg @DerekBoberic Learn to read the attestations and where the 10b+ dividends are going. 23b+ went to the parent company in the past 2yrs, only a fraction was distributed.
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Why would you need to raise funds if you're making billions in income annually
Yueqi Yang@Yueqi_Yang
Scoop: Tether is making a final push to raise funds at a $500 billion valuation, giving investors a deadline to commit to the deal within the next two weeks, according to sources. Based on the outcome, it will decide whether to proceed with the fundraise theinformation.com/articles/tethe…
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@DerekBoberic @MikeBurgersburg Their excess book value is 30b+
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@MikeBurgersburg Liquidity crunch inbound?
Their book value is around $7B. If you gave them fully audited publicly traded current tech P/E on their earnings, which are unaudited and highly interest rate sensitive, that would put them at $200B.
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@LeonWaidmann @jerallaire adjusted data? The reality is like 7b daily vol. for usdc and 100b+ for usdt
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USDC just flipped USDT in transaction volume!
First time since 2019.
🔹 2019: USDT 87% / USDC 13%
🔹 2022: USDT 54% / USDC 46%
🔹 2024: USDT 70% / USDC 30%
🔹 2026: USDT 36% / USDC 64%
Complete reversal in 7 years.
USDT still leads in market cap.
BUT USDC is winning where it matters: actual transaction volume.
Institutions. AI agents. Payment providers. They're all choosing USDC.
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Danny *framara retweetledi
@austincampbell Austin, tether paid $20b+ in dividends to their parent company in the past 24 months, these assets are there and were not paid to shareholders.
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This assumes that 100% of Tether is demand deposits.
Is it?
1971 Capital@russ_brian
The risk of a tether insolvency and bank run is very real: Assets: 192.9b: -cash & tbills: 147.2b -gold, BTC, other: 45.7 Liabilities: 186.5b Excess reserves (6.3b) / gold, BTC, other (45.7b) = 14% Just a 14% decline in their gold, BTC, other portfolio renders them insolvent
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@russ_brian Sir, tether holding is sitting on $30b of assets, just look at where the dividends are going.
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The risk of a tether insolvency and bank run is very real:
Assets: 192.9b:
-cash & tbills: 147.2b
-gold, BTC, other: 45.7
Liabilities: 186.5b
Excess reserves (6.3b) / gold, BTC, other (45.7b) = 14%
Just a 14% decline in their gold, BTC, other portfolio renders them insolvent
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@TheSkyhopper @saylor after your latest predictions aged like fine wine we deserve a new one
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Can’t hold above 70,000. Bitcoin maxi still going on and on about short price actions. Not looking good.
Where is @saylor with using that damn 8 billion ATM and BTC buy? He better be coming to buy my bags.
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@OccamiCrypto That is incorrect, but I don’t blame you as you can only work with the information publicy available. The proprietary investment portfolio just posted one of its best quarters and you’ll likely hear more about it in the coming weeks when the funding round is done.
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All I did was highlight Tether’s hiding that they basically made no money in 4Q based on their attestation that by their own disclosure does not even comply with basic accounting principles.
That’s exactly what they’ve done in past quarters where they didn’t produce a profit.
I’m not questioning whether Tether has a lot of money, they do. And that’s allowed them to absorb lots of losses in their investment portfolio (Northern Data, Rumble, Adecoagro etc. etc.).
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Tether drops their 4Q attestation and the headline you didn’t see
“TETHER REPORTS $30 MILLION OF PROFITS IN 4Q”
But that’s what they did. “$10B+ profits” for the first three quarters” and “$10B+ profits” for 2025.
The actual numbers in their attestation was $10,076M of “profit” through the 3rd quarter and $10,106M of “profit” for the full year. $10,106M - $10,076M = $30M
That’s just $30M of 4Q profit, largely from their loss on BTC, that got offset by gains on gold. Not exactly the performance of a self-described $500B business.
#Tether
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@OccamiCrypto The overall surplus is way above $20b for everyone to see. Only 5% has ever been issued as dividends to shareholders. I dont understand what you worry about.
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No shit. But Tether is hardly the paragon of transparency.
Tether did disclose limited info on Tether Investments in ‘24 before they realized that it was out of character for them (too much transparency) and stopped with their Q125 attestation. So I’m just noting the inaccuracy of what Tether chooses to disclose, and nothing more.
It’s worth noting that the $10B of “profits” in ‘25 were drained from the USDT cash cow and sent into the dark recesses of the rest of Tether empire.
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