Kevin Yedid-Botton

@business This is the single best opportunity for blockchain tokenization. Issue canonical equity on-chain from hottest companies. No synthetics. No wrappers. No tokenized SPVs. Canonical.

The race to sell retail investors a piece of the AI boom has gone mainstream. Now, crypto platforms are offering trades tied to the most valuable private AI companies on earth — ones ordinary investors have almost no other way to access. bloomberg.com/news/articles/…

The replies here are missing the point. $STRC “crushing typical preferreds at ~$350m daily volume" is irrelevant noise. YTD volumes: - $MSTR $2.7B/day. - $IBIT $2.3B /day. - $COIN $2.1B/day. - $STRC $0.16B/day still an order of magnitude thinner. - $STRK $0.01B/day two orders of magnitude less than MSTR. - $SATA $0.01B/day (comparable product to STRC). "Tokenizing" the preferred doesn’t unlock liquidity. It fragments the float, layers on wrapper fees that eat the ~11.5% yield, and adds unnecessary risk. In short, it's an inferior risk-adjusted product. Worse, it destroys the capital structure arb hedge between $MSTR equity risk and $STRK/$STRC & the rest of the cap structure. The main reason people trade Strategy product's is for the cap structure. That cap structure arbitrage is the actual yield. Yet, STRC is only ~6% of the MSTR daily volume. If you want to put your weekend savings into STRC, maybe the volume is enough for you, but a good chunk of the volume in these instruments comes from sophisticated players and the volumes aren't there.

@kevinyb @OndoFinance @Strategy What are you talking about liquidity is thin? It’s got 350m daily trading volume when most preferred trade 2 million a day. It’s the most liquid preferred in the marketplace

Tokenized $STRC is now live. Stretch (STRC) is @Strategy's perpetual preferred stock paying monthly dividends, currently yielding 11.5%. Now available across Ethereum, BNB Chain, and Solana through Ondo Global Markets.

@Pleurosalad @OndoFinance @Strategy Look at volumes.

@kevinyb @OndoFinance @Strategy How is liquidity thin?

CLARITY allowing stablecoin yield, except for idle deposits, may create more crypto gamification. The market seems to like CLARITY. But how about the Fed? Banks want to protect their profits and are happy with the outcome. But the Fed wants the opposite! export dollars on the internet, control yield, and distribute government debt. These charts make it obvious: USD stables have already won (EuRo has no chance). But somehow CLARITY may get in the way.

Yes. The signs are clear. AI is rapidly becoming crypto’s biggest vulnerability. The era of purely human security audits is ending. If you’re running a crypto project and not spending at least $10k to test your codebase with LLMs, expect a rude awakening. Firefox, one of the most audited codebases, had Opus 4.6 find 22 CVEs in February alone. That’s half the month’s total… for ~$4k.

When AI hits security there will be signs

7th in the Wanna at Belgian Waffle Ride California — Hell of the North! A few big falls, one wrong turn, but what a savage, fun gravel monument ride. Pure unroad chaos doing the #BelgianWaffle “Hell of the North.” #BWRCA #BelgianWaffleRide #HellOfTheNorth #GravelRacing

@CryptoHayes 💯 The more regulated the industry becomes, the more ‘crypto’ turns into ‘blockchain.’ And if you are pro-blockchain, you are anti-crypto.

Went to church this morning and the Lord told me that my keynote for Consensus Miami shall be “We Don’t Need No Regulation”

@James_NWR This is deeply dangerous. What’s worse is that they genuinely believe they speak for moderate Jews. Their funding of major San Diego academic institutions lets this extremism seep directly into what students are being taught.

THE JACOBS FAMILY: San Diego’s Surreal Liberal Dynasty. A Jewish billionaire’s granddaughter and sitting U.S. Congresswoman is sleeping with the grandson of the Palestinian terrorist who helped massacre 11 Israeli Jews at the 1972 Munich Olympics - and that’s just the beginning of this family’s story. CONGRESSWOMAN SARAH JACOBS Sara Jacobs @RepSaraJacobs is the polished face of coastal elite politics. Granddaughter of Jewish billionaire Irwin Jacobs, co-founder of @Qualcomm , she serves as the Democratic Congresswoman from San Diego’s 51st district. Wealthy, Ivy League-educated, and deeply embedded in progressive circles, Sara champions transgender rights, child poverty initiatives, and “equity” while sitting on key House committees. THE BOYFRIEND Her long-term domestic partner is Ammar Campa-Najjar @ACampaNajjar . Ammar’s paternal grandfather, Muhammad Yusuf al-Najjar (Abu Yusuf), was a co-founder of Fatah and one of the chief architects of the 1972 Munich Olympics massacre. On September 5, 1972, Black September terrorists - operating under Abu Yusuf’s direction - stormed the Olympic Village, took 11 Israeli athletes and coaches hostage, and murdered them in cold blood after a botched rescue attempt. The grandfather’s role in planning the slaughter of Jews was so central that Israeli commandos later tracked him down in Beirut. In 1973, Mossad-led forces assassinated Abu Yusuf and his wife in a daring raid as direct retribution for Munich. None of this is ancient history to Sara. She is Jewish. She is literally sleeping with the grandson of the man who helped orchestrate the murder of Jews - the very people her own family descends from. Ammar once praised that grandfather as a “legend” on Instagram in 2015, posting about the family legacy before scrubbing the image during his first congressional run. Yes, children are not responsible for the sins of their grandparents. But this man chose to call a terrorist who targeted Jews a “legend.” And Sara not only stayed with him - she and her billionaire family have funneled hundreds of thousands of dollars (including Irwin Jacobs’ own $500,000 super PAC gift) into Ammar’s current 2026 congressional campaign. THE BROTHER Then there is Sara’s brother, Dylan Jacobs. Born FEMALE, Dylan transitioned and is now a married transgender man. Sara proudly officiated his wedding to his wife, Kay Wilson, in 2022 and has used her platform to champion transgender visibility. THE WORLD GONE MAD This is modern liberalism in full bloom: Jewish wealth bankrolling the political ambitions of a man whose grandfather murdered Jews, paired with enthusiastic celebration of transgender identity, all while insisting any criticism is bigotry. The world has truly gone mad. And if this report opened your eyes, please follow @James_NWR for more independent investigations, exposés, and no-BS reporting. Partial attribution goes to @LauraLoomer for exposing this.

@SDJ74502311 @btc_overflow @saylor Gentle reminder that there is, in fact, no mechanism (other than the human psyche) that sets its “par” price at 100.

@btc_overflow @kevinyb @saylor The question is: how high is the risk strc can't deliver and closes. It's a new product provided by a acknowledged debt addict and gambler. Would you risk 50k on it to gain 3k within a year?

Robinhood margin rates start at 5%. $STRC currently pays 11.5%. No further comment.

@scottmelker This could end in tears. x.com/kevinyb/status…

If you believe that $STRC is offering a safe 11.5% yield (I am not commenting on this), then why wouldn't you play your own carry trade and buy $STRC, take a margin loan against it on any platform <5% and reinvest in $STRC? You have to DEEPLY believe that $STRC will hold par.

@btc_overflow @saylor Not a dunk. The point is that if naive investors make this exact trade, it could end in tears and harm the industry's reputation.

@btc_overflow @saylor Ah yes, the mystery of “credit risk.” So strange that it might explain why one borrows at a mere 5% while the other offers 11.5%. One might equally wonder why bonds refuse to trade only at par. Perplexing stuff, this rational pricing business. No further comment.

Who is building the skills marketplace for onchain agents?

I'd argue most companies would actually opt in to this if they had an option. Wall-gardened permissioned blockchain for accredited investors is already well accepted and solved. I can't imagine it would be that difficult to get a few companies to opt in to issue a small, single percentage of their total shares on-chain to democratize retail investments and promote transparent markets. The companies out there are actually pro-retail.

the demand from onchain investors is also insatiable for privates, but they’re mostly getting it through wrappers as well. I agree we’re well positioned to work with the issuers themselves, but the friction (as you pointed out) is accredited only and companies want control over their cap table so distribution is intentionally limited to high quality investors - some of whom are onchain today.

The demand is real, but sometimes the underlying is not. Getting exposure vs ownership are two different things. bloomberg.com/news/articles/…

Most people probably underappreciate how fast drone technology and production are advancing. It will be radically easy, cheap, and feasible to deploy drones against critical infrastructure (data centers, grids, commercial buildings, hospitals, etc.) and key targets with fairly unsophisticated drones and novel payloads. Real asymmetry.

United Airlines flight 1980 (Boeing 737) hit a drone over San Diego this morning around 3000 feet. Audio via @theATCapp

@thenewarea51 @theATCapp Aerial drone deterrence will be one of the biggest economic threats over the next decade.

@FarroYossi Keep it going. Amazing work @FarroYossi.

Tonight I had the honor of hearing a beautiful talk from Daniel S. Loeb, founder of Third Point LLC, the $21B New York–based investment firm. Daniel shared his journey,from building a world-class investment career to experiencing a powerful Jewish awakening later in life. He spoke about putting on tefillin daily, learning Torah, and thoughtfully answered questions across a wide range of topics. This took place at a weekly Torah program on the Upper West Side in Manhattan where ~100 young Jewish professionals from across New York City come together to learn Torah, share a beautiful dinner, and hear from inspiring Jewish leaders across industries.