To: Hidden Recipient Date: Tue, 09 Sep 2025 18:06:28 +0000 Content-Type: multipart/alternative; boundary="_----EViZ552jKdmeL2Bis7Kf3Q===_04/E1-18679-4AC60C86" MIME-Version: 1.0 Subject: Money Stuff: Stablecoin Treasury Company From: "Matt Levine" X-Hiring: We are hiring, reach out at header-hacker@emailshot.io X-EmailShot-Signature: s_fcpR1Q2U6BUGcT64-ne6YUCEIH5kegz621_g6PY8hLpMkg22jSDe31Hk8Ejg6MohiyCS4ip9hZPNoHAyurbw== --_----EViZ552jKdmeL2Bis7Kf3Q===_04/E1-18679-4AC60C86 Content-Transfer-Encoding: quoted-printable Content-Type: text/plain; charset="UTF-8" Money Stuff =0A Blockchain rollup, ECM, LTSE. =0A=0AView in browser =0A =0A=0A =0A=0A =0A=0A=0A=0A=0AStablecoin treasury strategy= =3F=0A=0AHere=E2=80=99s a trade:=0A=0A * You start a company and sell 100 s= hares of stock for $1 each, $100 total. =0A * You use the $100 to buy _____= _. Now your company has $100 worth of ______ =0Aand nothing else, for a net= asset value of $100. =0A * The stock market is enthusiastic about ______, = so your stock trades up to =0A$2 per share (a 100% premium to net asset val= ue), for a $200 market cap. =0A * You sell 50 more shares of stock for $2 e= ach, raising another $100. =0A * You use the $100 to buy more ______. Now y= ou have $200 worth of ______, for =0Aa net asset value of $200. And you hav= e 150 shares outstanding, for a net asset =0Avalue per share of $1.33. =0A = * Your stock trades up to $2.66 per share (still a 100% premium to net asse= t =0Avalue), giving you a market cap of $400. =0A * You sell 50 more shares= of stock for $2.66 each, $133 total, and use the =0Amoney to buy more ____= __. =0A * Shareholders are ecstatic. =E2=80=9CThis company keeps increasing= its ______ per =0Ashare, using a smart capital markets strategy to compoun= d shareholder value. =0ATherefore it should trade at a durable premium to n= et asset value, because if =0Ayou buy ______ yourself you just get a static= amount of ______, but if you buy =0Ashares of the company you get an ever-= increasing amount of ______.=E2=80=9D =0AAre there any flaws in this logic= =3F Discuss. If you fill in the ______ with =0A=E2=80=9CBitcoin,=E2=80=9D y= ou get the Strategy strategy , which has =0Aworke= d pretty well in large size for a long time, though the premium has come = =0Adown recently . It worked so well for Strategy= that =0Ait spawned many imitators, some of whom also put Bitcoin in the __= ____, but =0Aothers have usedEthereum or Trumpc= oin =0A or Dogecoin o= r gold =0A or GameStop stock .=0A=0AIdeally you would put something jazzy and fun in the ______;= I have said =0A that it should be =E2=80=9Ccryp= to-adjacent.=E2=80=9D But the main =0Apoint that I want to make, in laying = out this strategy, is thatit barely =0Amatters what you put in the______. T= he entire trade here is the capital markets =0Astrategy: If you can issue s= tock at a premium to buy more assets, you can =0Aincrease your net asset va= lue per share, which circularly justifies the =0Apremium. It is a nice tail= wind if the assets you are buying go up in value, but =0Ait is not essentia= l. [1] <> The strategy can work with anything valuable.=0A=0AFor instance,= most straightforwardly, money is valuable. What about like =E2=80=9CI =0Aw= ill sell stock at a premium and put the cash in a bank account, and because= I =0Aam selling stock at a premium my cash value per share will keep incre= asing, so =0AI can continue to sell stock at a premium=E2=80=9D=3F Discuss!= Is this too cute=3F What =0Aabout stablecoins=3F Stablecoins are surely at= least crypto-adjacent. What about =0A=E2=80=9CI will sell stock at a premi= um to pursue a crypto treasury strategy, and the =0Acrypto token that I wil= l put in my treasury is a US dollar stablecoin=E2=80=9D=3F What =0Aabout it= =3F What about it!=0A=0AI hope someone will do that because it is the singl= e best and stupidest trade =0Athat I have ever proposed in this column. I s= hould quit my job and launch a =0ATether treasury company. As far as I can = tell no one has done this yet. I did =0Ageta press release today from a company called =0AStableX Technologies Inc., whichc= hanged its name from AYRO Inc. =0A two weeks ago = =E2=80=9Cto better reflect its strategic =0Atransformation and new primary = focus on investing in foundational tokens that =0Apower the rapidly growing= stablecoin industry.=E2=80=9D And I got my hopes up! But, no,=0Ait=E2=80= =99s like this :=0A=0AStableX Technologies, Inc.,= formally AYRO, Inc. (NASDAQ:SBLX) ("StableX" or =0Athe "Company"), today a= nnounced that it initiated a purchase of FLUID tokens, =0Awhich marks the C= ompany's first purchase since announcing its focus on =0Ainvesting in found= ational tokens that power the rapidly growing stablecoin =0Aindustry.=0A=0A= "Our first token purchase of FLUID signifies the beginning of an important = new =0Achapter for StableX," said James Altucher, StableX's Digital Treasur= y Asset =0AManager. "In less than a year, FLUID has gone from zero to being= a market =0Aleader in stablecoin trading, generating millions in monthly f= ees and growing =0Aits community at an extraordinary pace. Due to the sharp= increase in fee =0Avolume, FLUID announced it will begin using all of its = revenue to buy back =0Atokens as of October 1, 2025, which we believe will = be a major catalyst for =0AFLUID's token price growth. While the purchase o= f FLUID represents StableX's =0Afirst investment into a portfolio of tokens= that power the fast-growing =0Astablecoin industry, we look forward to pro= viding updates to stakeholders as we =0Abegin to execute our planned expans= ion of this portfolio with additional =0Apurchases of high-value assets wit= hin the stablecoin industry. The launch of =0Aour previously announced stra= tegy using FLUID as our first purchase underscores =0Athe benefit in acquir= ing tokens that are foundational to the stablecoin =0Aindustry. As the indu= stry continues its acceleration, we believe that our token =0Apurchase stra= tegy will be a major beneficiary, delivering value to all of our =0Astakeho= lders."=0A=0AFLUID is, crushingly, not a stablecoin; it=E2=80=99s the, you = know, equity/governance =0Atoken of adecentralized crypto lending and tradi= ng protocol =0A. StableX is not quite a stablecoi= n treasury company; =0Ait doesn=E2=80=99t sell stock to buy stablecoins, it= sells stock to buy =E2=80=9Ctokens that =0Apower the fast-growing stableco= in industry.=E2=80=9D Still! We=E2=80=99re so close.=0A=0AElsewhere, sure <= https://bloom.bg/4mXQprT>:=0A=0ATraders are piling into a corrugated packag= ing company that will buy tokens =0Alinked to OpenAI chief Sam Altman=E2=80= =99s iris-scanning crypto group, sending its =0Ashares soaring 3,000 per ce= nt in a single day.=0A=0AEightco Holdings, which sells custom packaging pro= ducts and also has a unit =0Afocused on ecommerce inventory management, sai= d on Monday it would implement a =0A=E2=80=9Cfirst-of-its-kind=E2=80=9D str= ategy to scoop up Worldcoin tokens, which form a key =0Apart of Altman=E2= =80=99s World digital identity project.=0A=0AIt=E2=80=99s going to change i= ts ticker symbol to ORBS.=0A=0A =0A=0A=0A =0A=0A=0ABlockchain rollup!=0A=0AOne theme that we have discussed <= https://bloom.bg/3HQrk2V> around here =0A recen= tly is the =E2=80=9CAI =0Arollup.=E2=80=9D A =E2= =80=9Crollup=E2=80=9D is where one buyer buys up a bunch of different small= =0Acompanies in the same industry, with the theory being that (1) scale is= good =0Abut also (2) the buyer has some sort of general-purpose skill or t= echnology =0Athat it can apply to each company to make them all more effici= ent. Classically =0Arollups are done by private equity firms, on the theory= that =0A the private-equity playbook =E2=80=94 f= inancial leverage, =0Acost-cutting, incentive alignment, putting recent Har= vard MBAs in charge of =0Aplumbing businesses =E2=80=94 is broadly applicab= le and can make many businesses better.=0A=0ABut the recent trend is for AI= rollups, often done by venture capital firms, =0Awhere instead of throwing= Harvard MBAs at a bunch of small companies, you throw =0Agenerative artifi= cial intelligence models at them. More abstractly, the point =0Ais that if = you have a powerful general-purpose business technology that =0Arequires so= me scale and sophistication to implement =E2=80=94 like AI or leveraged =0A= finance =E2=80=94 then you can create value by being big and sophisticated = enough to =0Aapply the technology andbuying firms that aren=E2=80=99t.=0A= =0AAnother theme that we used to discuss a lot around here, but not for yea= rs and =0Ayears and years, was =E2=80=9Cblockchain blockchain =0A blockchain .=E2=80=9D The idea, =0Aas I dimly remember it, is that =E2=80=9Cth= e blockchain=E2=80=9D =E2=80=94 the set of distributed =0Aledger technologi= es popularized by Bitcoin =E2=80=94 was going to revolutionize =0Abusiness = and technology. With blockchain technologies, banks would be able to =E2=80= =A6 =0Atransfer money =E2=80=A6 and stock exchanges would be able to =E2=80= =A6 trade stocks =E2=80=A6 I don=E2=80=99t =0Aknow, people really were exci= ted about all of this but for the life of me I =0Acan=E2=80=99t remember wh= y. The conventional wisdom now is that everyone forgot about =0Athe blockch= ain the minute ChatGPT was released. Blockchain had some theoretical =0Arev= olutionary potential that was always just around the corner, but generative= =0AAI gave you a chat window where you could ask questions and get answers= . It=E2=80=99s a =0Alot more tangible. So all the crypto VCs became AI VCs= .=0A=0ABut if you took the blockchain stuff seriously, there is a way to c= ombine =0Athese two themes. The combination is: blockchain rollup. You star= t a private =0Aequity fund, you raise money, and you go out and buy small a= ccounting or =0Apest-control or plumbing or whatever businesses. And then y= ou apply your =0Apowerful sophisticated general-purpose technology =E2=80= =94 in this case, blockchain =E2=80=94 =0Ato making those businesses more e= fficient. And because blockchain isso =0Apowerful, and hard for plumbers or= accountants to deploy, you can create a lot =0Aof value this way.=0A=0AThi= s particular idea had never occurred to me, for reasons, but here=E2=80=99s= a Wall =0AStreet Journal story about someone do= ing a =0Ablockchain rollup:=0A=0ANew York-based Inversion Labs plans to acq= uire low-margin companies, outfit =0Athem with blockchain to juice efficien= cy and then reap the profits that follow. =0A...=0A=0A=E2=80=9CThis technol= ogy is powerful, but the reality is crypto doesn=E2=80=99t have that many = =0Aactive users,=E2=80=9D Inversion co-founder and Chief Executive Officer = Santiago Roel =0ASantos said. =E2=80=9COur North Star is to make crypto inv= isible to our users. They =0Awon=E2=80=99t see how the technology works, bu= t they=E2=80=99ll feel the impact. It=E2=80=99s going to =0Abe faster, bett= er and cheaper.=E2=80=9D =E2=80=A6=0A=0AInversion will target both private = and public companies with large user bases =0Athat have internal infrastruc= ture they believe is ripe for a blockchain =0Aoverhaul, Dannheim said.=0A= =0A=E2=80=9CYou can acquire and either bolt in a product that=E2=80=99s goi= ng to grow revenue or =0Ayou can rip out a bad, poor operating system and p= lug in a better one that =0Alives on a blockchain,=E2=80=9D Dannheim said.= =0A=0AInversion has initially targeted South American telecommunications co= mpanies =0Aand has submitted several acquisition bids. Blockchain could all= ow these =0Acompanies to lower their data purchasing costs, among other imp= rovements, =0ADannheim said.=0A=0AWhy not. Back in the glory days of blockc= hain blockchain blockchain (2017), I =0Agot several press releases a week f= rom Dentacoin , =0Athe blockchain for dentists. P= erhaps there=E2=80=99s a rollup play there too.=0A=0A=0ARetail ECM=0A=0AInv= estment banking is a business-to-business business. =0AMergers-and-acquisit= ions bankers help companies acquire other companies, or =0Asell themselves = to other companies; good M&A bankers have good relationships =0Awith the bi= g companies and private-equity sponsors in their coverage industry. =0ACapi= tal markets bankers help companies raise money by selling stock or bonds to= =0Ainstitutional investors; good capital markets bankers know the companie= s they =0Acover and also the institutional investors who might want their s= ecurities.=0A=0ABut they don=E2=80=99t know everyone. Your dentist might wa= nt to buy 10 shares of =0AStripe, if Stripe ever goes public. The tech equi= ty capital markets bankers at =0AGoldman Sachs and Morgan Stanley don=E2=80= =99t know your dentist. They don=E2=80=99t take her =0Aout to dinner to get= her thoughts on the market; they don=E2=80=99t put her picture or =0Athe l= ogo of her dental practice on the =E2=80=9CTargeted Investors=E2=80=9D page= in the =0Apitchbook they use to try to win the mandate to lead Stripe=E2= =80=99s initial public =0Aoffering. They put, like, Fidelity. Fidelity will= buy more shares than your =0Adentist.=0A=0AWhen I was an equity capital ma= rkets banker myself, the efficient way for =0Acompanies to sell stock was t= o institutional investors:=0A=0A * The institutions have a lot of money, so= you can get an IPO done by selling =0Ato a few dozen institutions rather t= han a few thousand dentists. =0A * The banks cover the institutions and hav= e salespeople who know them well, =0Aso if you want to do an IPO, the banks= can call up the institutions and say =0A=E2=80=9Chey buy some of this stoc= k,=E2=80=9D which they can=E2=80=99t necessarily do with thousands of =0Ade= ntists. =0A * The institutions are skilled at valuing companies, so the ban= ks can call =0Athem and say =E2=80=9Cwould you buy this stock at $40=E2=80= =9D and they will say things like =0A=E2=80=9Cyes seems fair=E2=80=9D or = =E2=80=9Cthat looks a little rich compared to recent comps, I could =0Ado $= 38,=E2=80=9D and you can have an informative discussion about pricing. Reta= il =0Ainvestors will often get allocated some sliver of an IPO, but they ar= e =0Agenerally considered price takers: They buy the stock at the price tha= t the =0Ainstitutions agree on, rather than participating in price negotiat= ions =0Athemselves. =0AThat wasn=E2=80=99t always the case: 100 years ago, = there were fewer institutional =0Ainvestors, so investment banks=E2=80=99 s= ales forces really would go out and hand-sell =0AIPOs to a lot of retail cl= ients. (That=E2=80=99s part of why IPO syndicates =0Atraditionally included= a lot of banks: They all had different retail clients, =0Aand you needed a= ll of them.) But when I was an ECM banker, there was a =0Amany-decades-long= trend of increasing institutionalization, and I never thought =0Amuch abou= t retail.=0A=0ASince then, uh, that trend has reversed=3F Not entirely. But= with the rise of =0ARobinhood and meme stocks, retail investors are more a= ctive than they used to =0Abe, and we have all become accustomed to the fac= t that retail investors =0Asometimes do set the price of big stocks. And th= at is particularly true in =0Ainitial public offerings: Partly for supply-c= onstraint reasons that we =0Adiscussed recently ,= many IPOs get done at a =0Arelatively low institutional price and then pop= to a much higher retail price =0Awhen they open for trading.=0A=0AAnd so n= ow companies that are doing IPOs have to consider retail. For one =0Athing,= there=E2=80=99s the pop: If institutional investors would buy your stock a= t $40 =0Abut retail would buy it at $80, you might prefer to sell it at $80= , because =0Athat=E2=80=99s more. [2] <> For another thing, retail investo= rs make up an =0Aincreasingly important part of the investor base, and when= you go public you =0Ahave to figure out how to cater to them. If you want = to raise money later at =0Ameme-stock prices , or= if you need to get =0Ashareholder votes on things , you will need to have =0Asome sort of retail investor relations strate= gy. Might as well start it early, =0Aby making retail investors feel includ= ed in the IPO.=0A=0ABloomberg=E2=80=99s Bailey Lipschultz and Anthony Hughe= s report =0A:=0A=0ARetail traders, long considere= d dumb money by Wall Street, have changed =0Ainvestment dynamics in everyth= ing from individual stocks to crypto to one-day =0Aoptions. Now they=E2=80= =99re throwing their weight around in the IPO market =E2=80=94 and =0Acompa= nies are welcoming them with open arms.=0A=0ATake Bullish, the crypto firm = that went public last month in a supersized $1.1 =0Abillion debut. The comp= any gave retail investors direct access to the initial =0Apublic offering = =E2=80=94 a privilege usually reserved for early investors, =0Ainstitutions= or wealthy customers of the Street=E2=80=99s biggest banks =E2=80=94 via o= nline =0Abrokerages like SoFi and Robinhood. And demand was so sharp from t= hose venues, =0Aaccording to people familiar with the deal, that Bullish wa= s able to price the =0Aoffering at $37 per share, up nearly 20% from the to= p end of the range it first =0Aproposed.=0A=0AEven that wasn=E2=80=99t high= enough, as the stock popped 143% from the IPO price in =0Aits opening trad= e, delivering a paper windfall to a group that=E2=80=99s traditionally =0Ab= een shut out of market debuts.=0A=0AThe Bullish example showed Wall Street = and the private companies looking to =0Aenter public markets that retail tr= aders, who make up more than 20% of all US =0Aequity trading and weigh heav= ily on newfangled markets like crypto, can bring =0Aenough demand to change= the dynamics of an IPO pricing. The surge in retail =0Aparticipation at on= line brokerages also means bankers don=E2=80=99t have to exclusively =0Arel= y on pre-existing relationships with clients =E2=80=94 they can offer IPO s= hares to =0Avirtually anyone, broadening the demand pool.=0A=0AYes look I w= ill say that =E2=80=9CWall Street considers retail dumb money=E2=80=9D and = =E2=80=9CWall =0AStreet wants to sell to retail=E2=80=9D are notprecisely o= pposite statements. Similarly:=0A=0AWall Street has long viewed retail buye= rs as price insensitive, essentially =0Adeeming them reliable buyers of IPO= s in hopes of getting in on any initial pop. =0AAs a result, mom and pop tr= aders often bought high and watched as IPO =0Aparticipants offloaded shares= at a profit, leaving them with steep losses.=0A=0ANow private companies se= e retail as less of a mark and more as a reliable =0Apartner worthy of rewa= rd during the IPO marketing. The desire to sell to them =0Aat the IPO can p= rovide a sense of loyalty, while other deals may tap individual =0Ainvestor= s given the steady trend of retail trading in the market.=0A=0A=E2=80=9CLes= s of a mark and more as a reliable partner,=E2=80=9D yes. Anyway I guess my= =0Aquestion here is: How committed are the ECM bankers to courting retail= =3F It is =0Aan entirely new skill set; pitching IPOs to institutional clie= nts (by buying =0Athem dinners, talking about valuation) and pitching IPOs = to self-directed =0Aretail clients (by =E2=80=A6 being on Reddit a lot=3F) = are very different processes. If =0Ayou are pitching for an IPO now, do you= have to include your Reddit username on =0Athe team page=3F Do you have to= talk about your ability to generate retail =0Aenthusiasm=3F If IPOs are be= coming more of a direct-to-consumer business, =0Ashouldn=E2=80=99t the appr= oach of capital markets bankers change=3F=0A=0A=0ALong term=0A=0AConversely= . One thing that I think about a lot is =0Atha= t, in the US, the pool of =E2=80=9Caccredited investors=E2=80=9D (people wh= o arelegally =0Aallowed to buy private-company stocks) is roughly the same = size as the pool of =0Apeople who actually invest in individual stocks. (Th= ey=E2=80=99re both on the order of =0A20% of the population.) Those pools d= o not perfectly overlap =E2=80=94 lots of =0Aaccredited investors don=E2=80= =99t buy single stocks, and lots of Robinhood traders are =0Anot accredited= =E2=80=94 but it can be clarifying to think of them as highly =0Aoverlappi= ng. The audience for =E2=80=9Cstocks=E2=80=9D is very close to the audience= for =0A=E2=80=9Cprivate company stocks.=E2=80=9D=0A=0AIn practice, though,= most accredited investors don=E2=80=99t actually have much =0Aability to b= uy stocks in hot private companies, as we often =0A discuss . Those =0Acompanies, for various rea= sons, don=E2=80=99t actuallywant to raise money from the mass =0Aof retail-= ish accredited investors. They want to have a relatively small =0Asharehold= er base, and to keep control over it. They want to be able to restrict =0As= tock sales by employees, and to prevent stock from falling into the hands o= f =0Aactivists. Theylike not having a fluctuating stock price. And they don= =E2=80=99t want =0Ato have a lot of responsibility to thousands of retail-i= sh investors. Generally =0Aspeaking there is a pretty sharp divide between = public companies (in which =0Aanyone can invest) and most private companies= (where the shareholders are =0Amostly just employees and big institutions)= . And when a private company decides =0Ait wants a lot of retail-ish inves= tors, it will go public, so it can sell its =0Astock to all of the retail i= nvestors on the stock exchange.=0A=0ABut in principle there could be a huge= middle ground. In principle you could =0Aimagine a private-company exchang= e where:=0A=0A * Companies could sign up to allow their stock to trade on t= he exchange, =0Athough they wouldn=E2=80=99t have to. =0A * Investors could= sign up to trade stock on the exchange, but they would have =0Ato be insti= tutions or individual accredited investors. =0A * The companies would not b= e subject to the disclosure obligations =0A that= US securities law imposes on public companies, =0Abecause they would not b= e public companies. [3] <> They=E2=80=99d be private companies =0Awith lot= s of dentists as shareholders. =0A * The exchange could, if it wanted, have= listing standards. It could impose =0Aits own disclosure requirements, req= uiring that companies, say, disclose annual =0Afinancial statements to inve= stors on the platform. These would not have to be =0Athe same rules that ap= ply to US public companies. But it would be good customer =0Aservice for th= e investors, and might improve liquidity, if the investors had =0Asome disc= losure. =0A * The exchange could, if it wanted, include various company-fri= endly rules =0Athat don=E2=80=99t exist in public markets. It could ban sho= rt selling. It could impose =0Aownership limits, or let companies blacklist= certain investors, or otherwise =0Amake activism hard. It could =E2=80=A6 = require that all trades occur at a price equal =0Ato or higher than the pre= vious trade=3F Those rules would be bad for liquidity, =0Abut that might be= a tradeoff that the companies want. =0ACompanies would sign up for this if= (1) they wanted to access more investors, =0Ato increase liquidity and/or = raise money and (2) they didn=E2=80=99t mind the downsides =0A(more disclos= ure, less control over the shareholder base) that come with being =0Aa litt= le more public. But not public public.=0A=0AThere are private-company excha= nges sort of like this, though my sense is that =0Atheir traction is somewh= at limited and SpaceX and Stripe are not actually =0Aclamoring to get their= shares listed for trading by accredited dentists. (We =0Atalked recently <= https://bloom.bg/466SmMN> about Forge and EquityZen, two such =0Aplatforms,= which display prices for some of the big hot private companies but =0Adon= =E2=80=99t always trade them.) I think that empirically the demandfrom comp= anies for =0A=E2=80=9Clet us sell stock to retail-ish investors without bei= ng fully public=E2=80=9D is =0Asomewhat limited. (The demand fromalternativ= e asset managers to do it is =0Aabsolutely insatiable .) But obviously some companies =0Awant that. And Robinhood is enthus= iasticallytrying to =E2=80=9Ctokenize=E2=80=9D the stocks =0A of big private companies so it can sell them to =0Aretail.=0A= =0AIf you started a stock exchange where the pitch to companies was (1) you= don=E2=80=99t =0Ahave to go public, (2) we=E2=80=99ll let you sell to reta= il-ish accredited investors, a =0Apool that overlaps quite a bit with the p= ool of retail stock investors, (3) our =0Adisclosure requirements will be t= he same as those that the US Securities and =0AExchange Commission imposes = on public companies except (4) we=E2=80=99ll only require =0Asemiannual fin= ancials instead of quarterly financials, would that get much =0Atraction=3F= Is semiannual financial reporting a big upgrade over the current =0Asystem= =3F I don=E2=80=99t know.Anyway :=0A=0AThe Long-T= erm Stock Exchange plans to petition the Securities and Exchange =0ACommiss= ion to eliminate the quarterly earnings report requirement and instead =0Ag= ive companies the option to share results twice a year, the group told The = =0AWall Street Journal.=0A=0AIt says the idea would save companies millions= of dollars and allow executives =0Ato focus on long-term goals instead of = worrying about hitting quarterly targets =0Aor prepping for earnings calls.= =0A=0A=E2=80=9CWe hear a lot about how it=E2=80=99s overly burdensome to be= a public company,=E2=80=9D said =0ABill Harts, the exchange=E2=80=99s chie= f executive officer. =E2=80=9CThis is an idea whose time =0Ahas come.=E2=80= =9D=0A=0APresident Trump briefly explored the idea during his first term, a= nd current =0ASEC leadership has signaled an interest in reducing regulatio= n. LTSE =0Arepresentatives recently discussed their proposal with SEC offic= ials and left =0Athe meeting encouraged, people familiar with the matter sa= id.=0A=0ALTSE is a stock-trading venue for companies focused on long-term g= oals. Its =0Aproposal would apply to all U.S. public companies, not just th= e few listed on =0Aits exchange.=0A=0ASure, right, the sensible approach is= probably to tinker with the =0Apublic-company regulations, because being a= =E2=80=9Cpublic company=E2=80=9D is a convenient =0Astandardized choice. M= ost big companies want to be public (though that=E2=80=99s not as =0Atrue a= s it used to be), public stock exchanges are way more liquid than private = =0Aexchanges, and it=E2=80=99s just convenient to have standardized public-= company rules =0Aand try to optimize those rules. But in principle, if you = don=E2=80=99t like the =0Apublic-company rules, you could write some rules = of your own and try to get =0Aprivate companies to sign up for them. Most s= tock invesotrscould buy =0Aprivate-company stock; you just have to sell it = to them.=0A=0A=0AThings happen=0A=0AAnglo American Agrees to Buy Teck in Deal =0AReshaping Mining. Staffing Crisis Unfolds= at BLS =0AWith a Third of Leadership Jobs Now V= acant. PNC to Acquire Colorado-Based=0ARegional Bank in $4.1 Billion Deal. King Street =0AAlum=E2=80=99s $1 Billion Launch = to Be One of Year=E2=80=99s =0ABiggest. Federal = Prosecutors Charge Financier Who Offered=E2=80=98Guaranteed=E2=80=99 High = =0AYields . Larry Ellison Is Spending Billions to= =0AReshape Oxford and His Own Legacy. NYC Devel= opers =0ABuild 99-Unit Buildings to Avoid Wage R= equirements.=0A=0AIf you'd like to get Money Stuff in handy email form, rig= ht in your inbox, =0Apleasesubscribe at this link . Or you can subscribe =0Ato Money Stuff and other great Bloomberg newslet= tershere =0A. Thanks!=0A=0A[1] It is not essentia= l for no-arbitrage reasons. =E2=80=9CI will buy Bitcoin, which =0Agoes up, = so you should pay a premium for my stock=E2=80=9D makes no sense if anyone = can =0Abuy Bitcoin: People should buy Bitcoin at 100% of net asset value ra= ther than =0Abuying your stock at 200%. The pitch that makes sense is =E2= =80=9CI will buy increasing =0Aamounts of Bitcoin by selling my stock at a = premium,=E2=80=9D which is harder for =0Ainvestors to replicate on their ow= n. What is essential is that the assets be =0Adesirable, so that at least s= ome investors have the thought process =E2=80=9CI want to =0Aown ______, bu= t buying this company=E2=80=99s stock is a better way to hold ______ =0Abec= ause it keeps increasing its ______ per share.=E2=80=9D=0A=0A[2] Again, as = we discussed recently , those numbers =0Aare som= ewhat misleading: The retail investors buy a *smaller amount* of stock =0Aa= t that high price, and you couldn=E2=80=99t get the whole deal done there. = But, yes, =0Aadding more price-insensitive demand to the order book really = should increase =0Athe price.=0A=0A[3] There is an SEC rule that companies with more =0Athan 2,000 holders of record have t= o be public, but (1) 2,000 is a lot and (2) =0Amost retail investors own th= eir public company sharesin "street name" =0A and= don't count as record holders, and you could =0Aextend something like that= to private-ish companies.=0A=0A=0A =0A=0AFollow= Us =0A Get the newsletter =0A=0A=0ALi= ke getting this newsletter=3F Subscribe to Bloomberg.com =0A=0A for u= nlimited access to trusted, data-driven journalism and subscriber-only =0Ai= nsights.=0A=0ABefore it=E2=80=99s here, it=E2=80=99s on the Bloomberg Termi= nal. Find out more about how the =0ATerminal delivers information and analy= sis that financial professionals can=E2=80=99t =0Afind anywhere else.Learn = more =0A=0A.=0A=0AWant to sponsor this= newsletter=3F Get in touch here =0A= =0A.=0A=0A You received this message because you are subscribed to Bloomber= g's Money =0AStuff newsletter. =0AUnsubscribe =0A=0A |Bloomberg.com | Contact Us =0A =0A=0A | =0ABloomberg L.P. 731 Le= xington, New York, NY, 10022 =0A --_----EViZ552jKdmeL2Bis7Kf3Q===_04/E1-18679-4AC60C86 Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="UTF-8" = = Money Stuff<= /title> <!--[if (mso)|(mso 16)]><style type=3D"text/css">a{text-decoration:= none}</style><![endif]--> <style>body{width:100%;-webkit-font-smoothing:ant= ialiased;font-family:Helvetica,Arial,sans-serif;font-size:16px;line-height:= 150%;margin:0;padding:0}img{max-width:550px}.body-component a:visited{color= :#000;text-decoration:none!important;border-bottom:1px solid #000;backgroun= d-color:#ccc}.body-component h1 a:visited{text-decoration:none;color:#000}@= media only screen and (max-width:480px){.lihide{display:none!important}.lis= how{display:block!important;width:auto!important;overflow:visible!important= ;float:none!important;max-height:inherit!important;line-height:inherit!impo= rtant}.email-ssl-image{width:100%!important;height:auto!important}.body-ima= ge img{width:100%!important}.logo-image{width:100%!important}}</style></hea= d> <body style=3D"width: 100%; 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text-decoration: un= derline; font-size: 14px; color: #767676 !important;">View in browser</a> <= /td> </tr> <tr> <td align=3D"center" style=3D"border-collapse: collapse; ms= o-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 5px;"> <a href= =3D"https://links.message.bloomberg.com/s/c/anOJ6PRfbAvL-tXtNWRrhCGxl5A_hzm= sDjO0dfjsqXxw-F5wPxGqU8WDfNRFWkss7Pv2IBbWDF9lDSwM4pJBNKTZjoy0Nz2JcUK4S5sgQo= BSiLqLgtWoy4Fd7BTPv3LVgVXcq6s3e8aJPzo0ja7GwRSA5UvC_p8AMzeN154MAycp9tlEVHem8= g7jcJexuUtPQHWkhwyp5Sbq6eQoFbdXr9fkAlgBWB8-Qrz0RYI0YbHWmsZmzto-XnpQHXK5D737= E156bECyUtam3VfnAAg15eBmy4tGfBy_uXQFwSqEXbAYzjqq3oH1AOVGkwKNKfvCdGAwdRVNb73= cYLfGNwspj_tPT86JQWJM0SztiWptQYk5ohrrvvrSWM0DDQ/_jjfnmGhWxY01hyRXMMWWHCiVYu= 9wqG6/12"><!--[if mso]><table width=3D"550"><tr><td><img alt=3D"Bloomberg" = src=3D"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/img7rZ7yYddA/v0/-1x= -1.png" width=3D"550"/></td></tr></table> <div style=3D"display:none"><![en= dif]--><img class=3D"logo-image" src=3D"https://assets.bwbx.io/images/users= /iqjWHBFdfxIU/img7rZ7yYddA/v0/-1x-1.png" border=3D"0" alt=3D"Bloomberg" sty= le=3D"max-width: 550px; width: 530px; display: block;"/><!--[if mso]></div>= <![endif]--></a> </td> </tr> </table><table align=3D"center" border=3D"0" c= ellpadding=3D"0" cellspacing=3D"0" data-lt-version=3D"3.0.0"> <tr> <td cols= pan=3D"2" align=3D"center" style=3D"line-height: 1px"> <img src=3D"https://= sli.bloomberg.com/imp=3Fs=3D1149004&li=3D14898254&m=3D1e618ca1ed3ef= 770bf0b25ef3db247f4&p=3D09092025&lctg=3D6ab2b7de-2e48-4d78-b91a-0ec= f23e38de5&stpe=3Dstatic" border=3D"0" style=3D"display: block; max-heig= ht: 12px !important"/> </td> </tr> <tr> <td colspan=3D"2" style=3D"line-hei= ght: 1px"> <a href=3D"https://links.message.bloomberg.com/s/c/Ulo-3XYb3nUjT= tCr94sirfgWNLYktiD9VdSmeNQY0X1nzfSm2SJMXmVbO_jzjNiHoRvXWwCYsW4GHw7q0d1V3S3E= jhW0-kfnoCQIjW-RhLca8Mt1lFlCf4I0oC0pbk-CvN1i5DThuKuNx_iqm6hvrfb-zO_QPel7qbJ= Ihj3xkOV8psN2KEkGbkrzhjCMgR46l9pJd4NV8xsTMQPctHiMuRUWNWLZuE0-k2DFvOf2HO_9BO= Ks5n8OmLHMS3p8dI4_Y5-ep6BwxB-yVxwvZrEInQluYVPCQ9frPY3w2F9fqNl8CUCtvss2bWr0o= G4F41jVrTcwWFdNnu7iT-tiD5pe-qzWx7EBAqSseZabOIvSS7AKPAxn-QDCvkItBNHpP3nwjQF1= kF2q2nWA-JufE0Bq0y0daNr8BkG-zg5JdCuWU6-CwhCEX-gi2LRlJwkMjoFWEWXBb2KabvSgbZP= comsd4HjFKfR0WhPthg1BFwssR_fV91uXjw7vCYm55dNUWSaAZNRevXbcWdYXpQnc3IQL8JgfYd= yqs0nrwnwI26xK-1QQtiQQ2xlAdAsM-gAjfEcAxo1V1vg0gm5416-y8l3-2wzGXBpqN9HERliEg= qxknjukeeZEygcQOea33P34GNRmvc3MknQsumIxGdkEpSsl37LxVvQjkhzlxEq-5d_s38Yj-uNr= vG1VZ_7if1oG_hM/dUNMPf2S-ySGwnH5Vjr-AlGTq52oRGql/12" rel=3D"nofollow" targe= t=3D"_blank"> <img src=3D"https://sli.bloomberg.com/imp=3Fs=3D1149004&li=3D= 14898254&m=3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09092025&lctg=3D6ab2b7de-= 2e48-4d78-b91a-0ecf23e38de5&stpe=3Ddefault&li_coord=3Ddesktop&collapse_widt= h=3D550" border=3D"0" width=3D"550" style=3D"display: block; width: 100% !i= mportant; max-width: 550px !important;"/> </a> </td> </tr> <!--[if !mso]>--= > <tr style=3D"display: none"> <td colspan=3D"2" style=3D"line-height: 1px"= > <a href=3D"https://links.message.bloomberg.com/s/c/joqx0lWR3yIZNnYGF_Gja3= Zrb_JHsDgaya6hMsmyqtWdKUoszih02F6BX1cHfNhTKhkI5grE7zOVsbCD72TnD0ojHZmbm7BdA= HS4eArobr-XX_2CSgW8McELlmP_rytFVu0SJKV-OTCKrZz96M3vNp2T4HizIxmcyhHA7dW-25Wu= wi1oihQDY2HftOaWCvvPiTiKXEJ7mjTLhy_IfB5WZjLq5U8mzWtrE4m-kKRcAA02STltmgJApAn= G54_6OpOdlmmgFJ6FUv5rEIZW0A1iqvyyWRKJ3oDjAPoNpvBpln_NjO5Z1OeTZpRalmWKlA22sE= h4Fwn_QL9hHmIv8xabZt8MqyB7K9aet53jGyfg6RmpcvAIWllFaruLqLg3JEEUlSdzi0-8rJAVu= zq6DZdYfA6vQ4iKQ8CIkW8D7fX006RNsogo2HRwfBS3ecRx4YlRMPJsnnAOBDsOILWFq-RDP0Ap= qvWyl-X2cC0uwKLX2lT-4uD-p1o1trvnw8pCEyro25HtdhLw6jN90RagOULpJXqRAuRZFnp5qkc= s5WFQlkZaWPEG4zNyTCTAtdMxIrFxz2JK4E5punCdVvD7LvYCqFl0ORbLZL7lG7137d6D4teA5Z= -r0SkRCZvPgOFwEnajbPtJHENv1rjx3PEYBYBPtTTP8DxYF1NgT-N8iOhVuE3PCQJ9XaXWrCa-r= Hh_Tmk/O1ep1kH7vx1VMWqbXvjYxU--PZs0BgLM/12" rel=3D"nofollow" target=3D"_bla= nk"> <img src=3D"https://sli.bloomberg.com/imp=3Fs=3D1149004&li=3D14898254&= m=3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09092025&lctg=3D6ab2b7de-2e48-4d78= -b91a-0ecf23e38de5&stpe=3Ddefault&li_coord=3Dmobile&collapse_width=3D550" b= order=3D"0" width=3D"550" style=3D"display: block !important; width: 100% != important; max-width: 550px !important;"/> </a> </td> </tr> <!--<![endif]--= > </table> </td> </tr> <tr> <td style=3D"border-collapse: collapse; mso-tab= le-lspace: 0pt; mso-table-rspace: 0pt;"> <table width=3D"100%" border=3D"0"= cellspacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse: co= llapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 150%; pa= dding: 0 10px;"> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellp= adding=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso-table-lspace= : 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold; font-family= : "Arial Black", Arial, Helvetica, sans-serif; letter-spacing: -1= px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted;= margin: 0px; padding: 16px 0px 5px;">Stablecoin treasury strategy=3F</h2> = </td> </tr> </table> <p style=3D"margin: 16px 0;">Here=E2=80=99s a trade:</= p> <ol style=3D"list-style-type: decimal; padding-left: 40px; margin: 16px = 0;"> <li style=3D"margin-bottom: 5px;">You start a company and sell 100 sha= res of stock for $1 each, $100 total.</li> <li style=3D"margin-bottom: 5px;= ">You use the $100 to buy ______. Now your company has $100 worth of=C2=A0_= _____ and nothing else, for a net asset value of $100.</li> <li style=3D"ma= rgin-bottom: 5px;">The stock market is enthusiastic about=C2=A0______, so y= our stock trades up to $2 per share (a 100% premium to net asset value), fo= r a $200 market cap.</li> <li style=3D"margin-bottom: 5px;">You sell 50 mor= e shares of stock for $2 each, raising another $100.</li> <li style=3D"marg= in-bottom: 5px;">You use the $100 to buy more=C2=A0______. Now you have $20= 0 worth of=C2=A0______, for a net asset value of $200. And you have 150 sha= res outstanding, for a net asset value per share of $1.33.</li> <li style= =3D"margin-bottom: 5px;">Your stock trades up to $2.66 per share (still a 1= 00% premium to net asset value), giving you a market cap of $400.=C2=A0</li= > <li style=3D"margin-bottom: 5px;">You sell 50 more shares of stock for $2= .66 each, $133 total, and use the money to buy more=C2=A0______.</li> <li = style=3D"margin-bottom: 5px;">Shareholders are ecstatic. =E2=80=9CThis comp= any keeps increasing its=C2=A0______ per share, using a smart capital marke= ts strategy to compound shareholder value. Therefore it should trade at a d= urable premium to net asset value, because if you buy=C2=A0______ yourself = you just get a static amount of ______, but if you buy shares of the compan= y you get an ever-increasing amount of=C2=A0______.=E2=80=9D</li> </ol> <p = style=3D"margin: 16px 0;">Are there any flaws in this logic=3F Discuss. If = you fill in the=C2=A0______ with =E2=80=9CBitcoin,=E2=80=9D you get <a href= =3D"https://links.message.bloomberg.com/s/c/QyTQLB07BpdQ6BvDIaSyJWn7IST4IpL= AN9JqexDdwrJ4H0kyHDZRcuEZUy27A0mTyQRoqpR-oOpJvxPMoJpIM3h8wp-raIm2k-ZuAtJ9uq= jifrFC4oJ1fuUTL-TP093Z1LS8wj-EkBzUhCo1mLaM0jH1TbanguOwIuEhP01gjFI1RXGkLa-sG= H2xi4hE70Ya2UzvlnZBG_qwio7ka4yiOymZOZrFdO8fo9prwXz6Eb9cJs2R4uufLYDhSIU_zY5-= V8tLQYm99-dXW5kGy2oJkiSKPcqw4lvoK1raiqATzA76StTGedzawrfkkH0FoObXGTD0HIWPEJj= _tVO-SG7_U_5neAqqi_jmVoNWanyjFGuFFB7Hu76nvLnz7Q/tQQPkhnf_cvz8tPTbNYhHwa6XgF= rpp0Z/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" = style=3D"color: #000000; text-decoration: none !important; border-bottom-wi= dth: 1px; border-bottom-color: #000000; border-bottom-style: solid; backgro= und-color: #ccc;"> the Strategy strategy</a>, which has worked pretty well = in large size for a long time, though the premium has <a href=3D"https://li= nks.message.bloomberg.com/s/c/lltWDy5QQZZxd7H0Ms1dPsfYrWLLrj8frl-JR2Dhbp7ej= ZEzek9iFIQwtUZ1ctdfW6JtPve7gmWN6U3pBC0umx-8kum5GFprEK-ZRuJJww4nUuX1AWp_SZbv= I2fv3fwoLjvW14Ql5QMhJcTa201gIP66fMrDYtyWSaqB5NzgMYkcLxxmhladVEtwd2PgyiN9ytU= pZTUMU6zRdwuUB9_xPktpywLfz-iIqIOifDf3TErCXyDubTJg9A_3tC-trDz0-j_jXepxig3O7n= sU77K0UN-mfVjvjO-Bay9n7gYiciyhnGxClaSmMVt805iqmVwulUTN2mUDCRIc1VWgWn-9iZQ5q= 5UDPsIYCHx9hv0pS8dJdXRCk0Ast7To_w/-sqNEjtlU0HqigJ2bDq3mSUP1wXTl9Ab/12" item= prop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color= : #000000; text-decoration: none !important; border-bottom-width: 1px; bord= er-bottom-color: #000000; border-bottom-style: solid; background-color: #cc= c;"> come down recently</a>. It worked so well for Strategy that it spawned= many imitators, some of whom also put Bitcoin in the=C2=A0______, but othe= rs have used=C2=A0<a href=3D"https://links.message.bloomberg.com/s/c/6iiiY7= zcU6HLsclZznWMIZEO62HyDmzgN3yWLMv671Pio3EzzKy2FJB7Qc58LDR9N1RFvEG7mlIdd7yio= T4tkvkirjwbI6gFBdZC5SLnK2YmNL6D_2nM9saVrHWgy5O_TdPZ3poohY2M112zBFUfdNFhVI0Q= pSpFTdSl_GLNH71b8ffngthE_IvssJ-xHScPUR13oezQqibl5O7rM_51y_Rhh9mscl5p8OumdP_= DUc0WvGfGsgYs2a9a68x9XF86m118xtPX8UJ-sO4oUfym5n8BaK-qMgjYQWZr8n2xmXvMTivse2= jP7AjMKKJ98YSWpAlWgf-cPiPvp7eiQDbrTNI730fP0tiCOVAl1C6lJwJYiOJNaT0umzSypQ/yB= QHzpcM1sLZPpZ6485GhmTebZA1TKHW/12" itemprop=3D"StoryLink" itemscope=3D"item= scope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !im= portant; border-bottom-width: 1px; border-bottom-color: #000000; border-bot= tom-style: solid; background-color: #ccc;">Ethereum</a> or <a href=3D"https= ://links.message.bloomberg.com/s/c/KkzMi8NxIun4Ivm0uGwFKvQVGKwa1Qek0AozI_4Y= mcZAUqgzGDfD13W_cbj2NwUKZjmSnl2KT-lbvl-G8s-coaSaxT2CtmJsU6QAoMZ6ISelzR3z8xX= -_bNSduJMPS5XT0JD1rn9BBhYmNKMOvOWRVEmzFPT-CpZ73OLr02lvREXtSmGnws_sJUYPhlbva= n2BKWWE8d_u5VhBj51XFrelw98ESemo6LbA00gjYSva_sWeQTfM34uVvgwOvPwBCFTbyLQ9VssF= BvwHFo7SptWumnj25IGjdfWnfTELdFVWqPs5RoACBPFm7TQoC5qxucJezVy6O75TfygWKZ2OPAy= rcHgDXOQThTjRUEe0ljDJxfxlXz7fG8A7t6sAQ/LOvU2eNKOejgGTyPTBir48UQ_QLIYMmv/12"= itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"= color: #000000; text-decoration: none !important; border-bottom-width: 1px;= border-bottom-color: #000000; border-bottom-style: solid; background-color= : #ccc;"> Trumpcoin</a> or <a href=3D"https://links.message.bloomberg.com/s= /c/95vUuOtegSf0_6qq4AQEuQ8u58JfeacjjQIG5TpSrOMfJTb8PM4NGt8izxggCDULhIAFuxr8= uT5jWA4jXpbXt53RrnGhFLUbUe9dsxO3Wgr3wg05-IxCxFQ6ZxGsTAjfQ7RzgKwhYRQxfG866ml= HezWG2A_GimXKEN09P8mi-kIxJG2BvKdfY0Rz7EWzW0gwbgQDbGQyjd8e737SX7GlMQOSa-4lYj= 4xqx6tmV3l-2GbHc6cNVEnBdTlZElrgNTe9QlYO-y9lKiBjwNi8fwh1eVot9gNnHS0p6bTH71ie= 1joj7oIMsYffCyrg5djR8J9briTLUrsAVQvGzui1ECUYOS__XjcEvkb8R3TjpFEJ_VDu8MBnSyS= dXeVuA/o1ZEDsgSLbO3KKh3LZaAa3fF9fLp5G5Z/12" itemprop=3D"StoryLink" itemscop= e=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration:= none !important; border-bottom-width: 1px; border-bottom-color: #000000; b= order-bottom-style: solid; background-color: #ccc;"> Dogecoin</a> or <a hre= f=3D"https://links.message.bloomberg.com/s/c/p-m_j6mW5WW_UMTV2H5t8DSdgfivy9= jjwRpsQ6FctH3yVrlqNNlPDcLC8Q4ANah85BaFebyY1qO3ErIX82zbVibivU7tzIvi1EXS9kaYE= 05BC5O0ElmVQ5ZDMVE1Q3JlEruF_nMZN2UkU2jy3IrYqs9FeKNwwvJ-0tBwBymq0Rgzu0SJY12N= pZoAroTiQSfTBQWMp_tUtB_XT01l4oTAZki6_XxT3a5BKyycMXegcOrxULmTCVKaIo8srwR_tWJ= oeFDOWyMfOTAGrYetqaqf7daO9CWv22ufRfiSUDRGGmGJ4z1NrJWX1Hsfx28bO77m7hoZ0RLqMo= pY5vgj35bTtxAQmAtBb1tYMCP5NDeNU_HOqcc4ZU2kQwL6jTA/_FABiXdsOFpJfWLEaIQROGYHB= fBxCqKL/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank= " style=3D"color: #000000; text-decoration: none !important; border-bottom-= width: 1px; border-bottom-color: #000000; border-bottom-style: solid; backg= round-color: #ccc;"> gold</a> or <a href=3D"https://links.message.bloomberg= .com/s/c/TK1zss3frm3s4Wmux_49zAtJsZE3GapNlcQzaRuI1-s2AKHzzmyQ3AwMUtRuSYGQ5= WJVtvjorYq0bl7ud0IBJ7QC_7PIpZwzxGEGabfx-j2tYHSAGTrqHiIjRvgO-YHml70fDzqk3_mG= kLJrlcps8qbf2SrDjx0YwyxNPSVgiYyxFROlZVdcTrT3WpxESDkcYAHHPofouAxrBGKIYd6GyIR= sCUI2oHrsuw2lo_2vId12uX2tnaS0pG18s4LBqTtG0HhOEfs04bNnpKPm2zpod2xg877r7tuyMW= 51W-VQsewJIQVuDGG53h-tcgaB5KDX8150SuUyVofs8ZfMl9eYdEZbDLMB9kkJ7tJcifwsoXIKK= JCqzRDI3tlXY8g/WAZeuQ6ybPYu8SmBNkbwQwtN0Nl-AEYJ/12" itemprop=3D"StoryLink" = itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-dec= oration: none !important; border-bottom-width: 1px; border-bottom-color: #0= 00000; border-bottom-style: solid; background-color: #ccc;"> GameStop stock= </a>.</p> <p style=3D"margin: 16px 0;">Ideally you would put something jazz= y and fun in the=C2=A0______; I <a href=3D"https://links.message.bloomberg.= com/s/c/SoLQrPVtmWzHpEAtNPZargNo5Y7GI6HY3f_q3e_E0KypxfTPZF_pdtH2lnQZPNySquX= vkMCBerKksEnYLWgtw2ZEzWx0IruoIwZEofZvAJYmLfNw8Yhx_Y4ZOPOBXaRA-qbEH7Q6WqN45c= eCxh-xCJoMdZw7QMG1Jv9e6UqceT0G3zXis26SR_k42w_flbXpL_pkAGeRL0He1SICjTzYm2qBY= tqRseAeIPnX0JG-8htRo1I8FmT3OFabFfELGpkQMtAa-zuJYRfaSeEGhbvVamAlyX82z3Syy4Ju= aUjw-yTKk8q7mO3-J7urmCCznpQR_EL0VM_HK6urrG5bezPhI0RRbB-GKOBLTS3_7yZ-X_TzMP6= ny3ACFPYlPcY/iSEE17iauogsLsgg45OZbhDFlcc3SuHi/12" itemprop=3D"StoryLink" it= emscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decor= ation: none !important; border-bottom-width: 1px; border-bottom-color: #000= 000; border-bottom-style: solid; background-color: #ccc;"> have said</a> th= at it should be =E2=80=9Ccrypto-adjacent.=E2=80=9D But the main point that = I want to make, in laying out this strategy, is that=C2=A0<em>it barely mat= ters what you put in the=C2=A0</em>______<em>.</em> The=C2=A0<em>entire=C2= =A0</em>trade here is the capital markets strategy: If you can issue stock = at a premium to buy more assets, you can increase your net asset value per = share, which circularly justifies the premium. It is a nice tailwind if the= assets you are buying go up in value, but it is not essential.<a href=3D"#= footnote-1" style=3D"color: #000000; text-decoration: none !important; bord= er-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: no= ne !important; background-color: transparent !important; display: inline-bl= ock;"> <span>[1]</span> </a>=C2=A0The strategy can work with anything valua= ble.</p> <p style=3D"margin: 16px 0;">For instance, most straightforwardly,= money is valuable. What about like =E2=80=9CI will sell stock at a premium= and put the cash in a bank account, and because I am selling stock at a pr= emium my cash value per share will keep increasing, so I can continue to se= ll stock at a premium=E2=80=9D=3F Discuss! Is this too cute=3F What about s= tablecoins=3F Stablecoins are surely at least crypto-adjacent. What about = =E2=80=9CI will sell stock at a premium to pursue a crypto treasury strateg= y, and the crypto token that I will put in my treasury is a US dollar stabl= ecoin=E2=80=9D=3F What about it=3F What about it!</p> <p style=3D"margin: 1= 6px 0;">I hope someone will do that because it is the single best and stupi= dest trade that I have ever proposed in this column. I should quit my job a= nd launch a Tether treasury company. As far as I can tell no one has done t= his yet. I did get <a href=3D"https://links.message.bloomberg.com/s/c/ibqtc= 9ZpUPrAcOroo3KVq3FoHYBBZrijbA4LBNkRGE3U6r3WFnVif3Zi1UQ17tKeVOcG8QL-nl9YfNSF= KC5qE9mx9qXGfnFFsMBmbdseEuN1c7XjqjT9YSoIbkQYPxzQ_uKJWojN_7xGj5Iehofe8FY2pSN= lcjkexLHGEEw-E2XxfsbbYuhULlnhTnYt590caI-JfKMP10VtMH4jI3Jku3_TF-LN1GLlvu2JI4= Q5laG4AxO76kidIYp7DZUejJMWrSoIislRlXeWoC5aPggZk8TA7iem-dL2Sr0tg57qA5StrX7Hi= Kzo2AN2QrMa46_pDGf-McxDWOLwUuT6fct3_ezMakCWBjTGn-akeM8B1EHOYWiU9QH7tIXEBnQ/= bmXG81VM6OTKJDA2-_ARctYZmzOQ8Plo/12" itemprop=3D"StoryLink" itemscope=3D"it= emscope" target=3D"_blank" style=3D"color: #000000; text-decoration: none != important; border-bottom-width: 1px; border-bottom-color: #000000; border-b= ottom-style: solid; background-color: #ccc;">a press release</a> today from= a company called StableX Technologies Inc., which <a href=3D"https://links= .message.bloomberg.com/s/c/YWU57YUNaJBJRJ2R-qOnjUydTqRDmSS8GN7v8RsDA_9vJas= uJ8cIeLtONm4jVt83pp34tnaDxiafaoDdLW6F4eNypmqfTCL67szqH68PcSUiS8-qKh-noHEWLi= Z_dFpwa_Sek3vpTeLcXRBRpfcBtkOaPceBg5KDva-Ot0CIKyyerRbn5vYmgXYZQ_pZyLfsO3LA7= mKk77kCIPC3kQ0T2FbZK1j2bmaXyxCGigsaEYi6tJF7La4sqvhCMvLSWrtcbJSXStnT34VHSFch= HFVJxXGKCVg6iJJfJi28DuGOjD2D1pcKbNWpvTj14PTv6C8kYErfvuoSsexOctakvoFquHWCzj4= XoFfS0ckIJu8P2s-uV7GDpx29PD5rO00/iDsXQjtbJwxwhJ-U_hixqDrIfrlEvC_T/12" itemp= rop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color:= #000000; text-decoration: none !important; border-bottom-width: 1px; borde= r-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc= ;">changed its name from AYRO Inc.</a>=C2=A0two weeks ago =E2=80=9Cto bette= r reflect its strategic transformation and new primary focus on investing i= n foundational tokens that power the rapidly growing stablecoin industry.= =E2=80=9D And I got my hopes up! But, no, <a href=3D"https://links.message.= bloomberg.com/s/c/NqDNCLEZ8ennU9MHKtWl7DcaO-odV-BOh5QGLUhffD2Fvsfdo4maqslWC= 0btj8pDJR-lH4PGrOablnTzBDcMjyjBkl4VWXDH9-5rnW1eOG95p51uecQsVzdZGkV3E4blV8iX= HOnScftySQNFOCGNOD1jKbM_xj-tv8OouaSzvEVMCgYkam1CXrhDnBNWQLog-FtAH9HNBlxoRLN= 1QFdIbvUl7TxhzV2itOENf2qWX2nsht49nkYz5_4pddVEbzuJrAJ8k8psX9IIRT64AHm8KVSj9R= zmkRyxLGn47htQe9nNT8dLrSx3rzxQfHgWYhprUFT0HqJYwId8UtQ3yOr5aNuc04QnRLACTw2dD= 2l0m9ZO7ROhu-CKc67UxEU/-kbnWNLPhfvG_-Entcfoc5Px9uEFC7a4/12" itemprop=3D"Sto= ryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; = text-decoration: none !important; border-bottom-width: 1px; border-bottom-c= olor: #000000; border-bottom-style: solid; background-color: #ccc;">it=E2= =80=99s like this</a>:</p> <blockquote> <p style=3D"margin: 16px 0;">Stable= X Technologies, Inc., formally AYRO, Inc. (NASDAQ:SBLX) ("StableX" or the "= Company"), today announced that it initiated a purchase of FLUID tokens, wh= ich marks the Company's first purchase since announcing its focus on invest= ing in foundational tokens that power the rapidly growing stablecoin indust= ry.</p> <p style=3D"margin: 16px 0;">"Our first token purchase of FLUID sig= nifies the beginning of an important new chapter for StableX," said James A= ltucher, StableX's Digital Treasury Asset Manager. "In less than a year, FL= UID has gone from zero to being a market leader in stablecoin trading, gene= rating millions in monthly fees and growing its community at an extraordina= ry pace. Due to the sharp increase in fee volume, FLUID announced it will b= egin using all of its revenue to buy back tokens as of October 1, 2025, whi= ch we believe will be a major catalyst for FLUID's token price growth. Whil= e the purchase of FLUID represents StableX's first investment into a portfo= lio of tokens that power the fast-growing stablecoin industry, we look forw= ard to providing updates to stakeholders as we begin to execute our planned= expansion of this portfolio with additional purchases of high-value assets= within the stablecoin industry. The launch of our previously announced str= ategy using FLUID as our first purchase underscores the benefit in acquirin= g tokens that are foundational to the stablecoin industry. As the industry = continues its acceleration, we believe that our token purchase strategy wil= l be a major beneficiary, delivering value to all of our stakeholders."</p>= </blockquote> <p style=3D"margin: 16px 0;">FLUID is, crushingly, not a sta= blecoin; it=E2=80=99s the, you know, equity/governance token of a <a href= =3D"https://links.message.bloomberg.com/s/c/Oor5OM9cudSQgLpJ3gjtZbu7u8eCbs9= 0LKOHTfytO0vxabFBaGEpK02O9ATLiz41n7pzIItZ_XmamxsuJLKKK-fNGudDvyQln3hxX8dXkH= nzO8tKYPuw1DF2Ih0njKrzdWl568Xnn7rPRdxhUCySZqcXHwHfxktpkixZqZ3nN10HT4hDsIMlv= zPcUUXzQa9tegkBOcGLyy8z4ArqHFrp_g4WsikV4m0FWbBuIL3XyACnYhDL2yMYUzmdsQs__7W1= ADREAiQ-HYG0rzKCjnKTOC1F5woMdrEzq5e_nyCxcNKGqWrMgC8w8aB_tsqtVT2gVbiZBG8ZAzG= bsFbuGXJy-E0-D7eH5vg8-97yNigHCycpCbNtaZ6S5kA2SVQ/Rs3Eibh2Ub3pQQoT63OQiN3Viy= BL0B3y/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank"= style=3D"color: #000000; text-decoration: none !important; border-bottom-w= idth: 1px; border-bottom-color: #000000; border-bottom-style: solid; backgr= ound-color: #ccc;">decentralized crypto lending and trading=C2=A0protocol</= a>. StableX is not=C2=A0<em>quite=C2=A0</em>a stablecoin treasury company; = it doesn=E2=80=99t sell stock to buy stablecoins, it sells stock to buy =E2= =80=9Ctokens that power the fast-growing stablecoin industry.=E2=80=9D Stil= l! We=E2=80=99re so close.</p> <p style=3D"margin: 16px 0;">Elsewhere, <a h= ref=3D"https://links.message.bloomberg.com/s/c/Wz06VYKfPF-4s1UZGA5Bc5vjCIzz= RdsRaIhxLQsoXrSxzutNvZ3fgRLoKrKfA8TQc1eQYI3VGJ8OiSVp3O3rcPTarXZUfvkfxCIXo58= q5ToyY0iGEPr_a0giuUtODwfeENUkeuflLuuChzDJCZTVRVzbDajrmFNOSsKRofoCnLC1MUV1gb= U2VpWsNBm4oUWzjts582EUY0pInzOqb23UOMRFUBxacF_IdvrEXlN1UXNoYfxUFbFOjOx9PFC9P= _6_SFGJdbILOQl3gP1ePkAhRjUcRlQSW11QvfC43ATWZuukidStf-ThX2ef2Fg0HN08i0m_YxZY= yrT_MEcSwYQZsAgv2xly-30B0OIxhQ8U8AD4IiF8MRnUy-05P_0/Ud4VV9mfOVGyFly-paUpZpr= nAwiO89Oo/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_bla= nk" style=3D"color: #000000; text-decoration: none !important; border-botto= m-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; bac= kground-color: #ccc;">sure</a>:</p> <blockquote> <p style=3D"margin: 16px 0= ;">Traders are piling into a corrugated packaging company that will buy tok= ens linked to OpenAI chief Sam Altman=E2=80=99s iris-scanning crypto group,= sending its shares soaring 3,000 per cent in a single day.</p> <p style=3D= "margin: 16px 0;">Eightco Holdings, which sells custom packaging products a= nd also has a unit focused on ecommerce inventory management, said on Monda= y it would implement a =E2=80=9Cfirst-of-its-kind=E2=80=9D strategy to scoo= p up Worldcoin tokens, which form a key part of Altman=E2=80=99s World digi= tal identity project.</p> </blockquote> <p style=3D"margin: 16px 0;">It=E2= =80=99s going to change its ticker symbol to ORBS.</p> <table width=3D"auto= " cellpadding=3D"0" cellspacing=3D"0" align=3D"center"> <tr> <td colspan=3D= "2" align=3D"center" valign=3D"top" style=3D"padding:0 0px"> <a href=3D"htt= ps://links.message.bloomberg.com/s/c/CU4UiEN85xUt5XI-v6EtVcXMNLHKkXZL2JwAvx= jRESKoyBCJjfVsRTJ1fMPUcOCrJy2DlMTMaZW5FU1MbGX0JcmFNUQ3uWbjknbfEIfEsuqDQ_Pxb= LIxZ5If5EsXjLYuzQGY8ebx3plDGXUER5dMMb9yIqJeEIZSIvtt_u4xtYNr5OFdgeYDxiubA8Kg= ZIht7iBMiRvw1xYyZlUx8ZRz6ClPT2-yBattY9YPIVxvgHJoiUuFbGol8daPfoW7ZDGjJZkvXuv= icZn2wrAl1I_3KXZOaX0YVcazglpmhA_Tf6591Dc96DYyCd9D61dKpjDTV2rE7IbbI8p7iii62z= I_dQq09oHupn5OLeX35Zt4Hhw9Q7monrSPpi6e_ZTswsujoP_ljWACEfHqBzEL2zrE1YgAmNpzV= ZyoPiE3Ooos3o3B9eIasfPoysAwdrBgJ9SmHCln_cVA5_yAJnLRFth1ic0tIxqkKIut1TkEn28G= SE7Gn8j3HtH0j5qMhlBplGt8pMunKBW-Ud3GGGbdRAF48wN4PhEQqkKGgX7u41WVf3tg8SEY-fv= gug_rZ_8NKFsN-rueK7PdBabg7ljRXiJq58cBzaOJMhIOKhi6lDK2AwPvCHRhAYZS4N6mIeoTGG= Waldj3PKyilWhF_a1Sxdo1o6yjrVQHcZYFKAq-qlwhvN3-aUFQHXlRK0JpGVH1Dg/49shs_TYz6= iZ010uE7TBEgEoS-GkItB3/12" target=3D"_blank"> <img src=3D"https://sli.bloom= berg.com/imp=3Fs=3D868432&stpe=3Ddefault&li_coord=3Ddesktop&collapse_width= =3D550&li=3D14898254&m=3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09092025&lctg= =3D6ab2b7de-2e48-4d78-b91a-0ecf23e38de5" width=3D"550" border=3D"0" style= =3D"display:block;height:auto;width:100%;max-width:550px;" alt=3D"" class= =3D"lihide"/> </a> </td> </tr> <tr> <td colspan=3D"2" align=3D"center" vali= gn=3D"top"> <!--[if !mso]><!--> <div style=3D"display:none; overflow:hidden= ; width:0; max-height:0; line-height:0;" class=3D"lishow"> <table width=3D"= auto" cellpadding=3D"0" cellspacing=3D"0" align=3D"center"> <tr> <td align= =3D"center" valign=3D"top" style=3D"padding:0 0px"> <a href=3D"https://link= s.message.bloomberg.com/s/c/VkJyUh1lGCpTJD94YXgrBKrif5SScfPn4KyryIP-GL36Nqv= H6Tbc6iQYbrF08E9ZBOtMppwbcjsa0i_WbCA7pIcj2WQcrBHQcsTrxhOQkA9yx0jssV6q8qjjme= YmsOVVQYZczmSufn5aVU1JnEhO_jSySKKvI9HwA_gHOLwG9asinNgiXwFgWARR9t7KgjmyEnsTs= XkzKJSU7VXdwGmy9Cg776WNXuzsjiGZJ261UtzFm4p7Xz0_kUBVydYsRouvj1EqwnF9vo_YTyxA= 6RpVmI7LEVihbSKmIS4m-sXTHbDeIJA2wH4NKknekJhBdp2WB-I0vahE3m3zwXV8Cq8Uld34Ygm= IpsnJlMEtt0NmrO-cSwXasP_u8Pd4vDuUR9ft97wt6C_ogj0Lv-KODndMSbKDW_aeC20C4dLBo4= 2Y2FfJFjVEy7IQCZuyMItIidTbjsCDsY8jaIfoyhSGsoH2kQFGcqX1yEm2PGUbJwmFx1VC_rr1O= VmfbBywCQVNOXTnH5vlduHVeMsgfQwcY7GKlxIyncPtHBKO0V5tBviPEGY5SO1GchQjDgj_By63= m9VWhTthMA8_RDMkA60nnoyRvJY9jSiW-5Mp-K7M-0BVEhYuvWe4lywpVp2konR578WfK6FBPfj= bUml4EjrZ5VxEt1skPt5BbiFh-x3JfN0hjreZyG9XZkZzQ5eMVOSDYw/-xBsp-W7N-Dm2phztZH= ufTvoiakPPM5P/12" target=3D"_blank"> <img src=3D"https://sli.bloomberg.com/= imp=3Fs=3D868432&stpe=3Ddefault&li_coord=3Dmobile&collapse_width=3D550&li= =3D14898254&m=3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09092025&lctg=3D6ab2b7= de-2e48-4d78-b91a-0ecf23e38de5" width=3D"100%" border=3D"0" style=3D"displa= y:block;height:auto;" alt=3D""/> </a> </td> </tr> </table> </div> <!--<![en= dif]--> </td> </tr> </table> <table width=3D"100%" border=3D"0" cellspacing= =3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso-= table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold;= font-family: "Arial Black", Arial, Helvetica, sans-serif; letter= -spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-st= yle: dotted; margin: 0px; padding: 16px 0px 5px;">Blockchain rollup!</h2> <= /td> </tr> </table> <p style=3D"margin: 16px 0;">One theme that we have <a = href=3D"https://links.message.bloomberg.com/s/c/BnrIwMdEfEMROqjgTvHqo3m-Mvv= UYpTIi2Dd0Ysw0NPv_m3615J7Zmd33BrxNhj6h1r6WP9X36KYHL4MZ-xn0w4Gf7rZa1HNuN8jL_= jW7pt47lw_ynI2v68FkSdO1TC56Fo3M19kWZMpOQd28dslR01xBs-Cv0QYGLadvS5i5H_tIZUiD= MQN1L8H6zZxj6jA13JR3I7OoGGgxhTvpGvEOSHR2mFehKAs_Vv29TYDO2VhL6ddTBIUEtokhQrA= SvOxO6fy5fZ9dccT3t4waNbAMH2_6ccRSe7l1SFvDHx2xWkwt3yTYs9DLKwBB_pCr1YZaO_3oKg= 2-AhhBmyfD5hTZlzQ5U-0ElNXaoIyrtj6LxlrS3ppkfHKUWcRQZ4/_4KC41-ryB9_C2nW5yqfpG= zv3yD99pZP/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_bl= ank" style=3D"color: #000000; text-decoration: none !important; border-bott= om-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; ba= ckground-color: #ccc;"> discussed</a>=C2=A0around <a href=3D"https://links.= message.bloomberg.com/s/c/yOgktDCj0KPXUOf9vB2SQvdG5Dx5QHfCtVMGWVBiu2qV3H6S8= buA8WxKxPEHyrLQMsxMWKKFMkSeyspWmAiQb5GKtAfHfoTjYE9TXJeMMBpktHaqibjAn5qwL8zb= jHh0otB_DTB94pOl-XSdVLwCoxBXvTcwYitPELJAP42QebBndagkzjqjsbZa90xsHdnRCPWMzC-= MdjdLyP5HGG25YbtGKpKeD7DzwHAyd2rXpQhvJwE90C-4OWf1MPIJ1lRuLl8XZh92-YRLinSpLo= taXAXlrZ5w3Eeom--YBQLABynM83IBhO92W4m_g303MrbrC5X8HmOaki7hhSAySiuu3fDB4jvZC= s2COPIDrv_0Y6rPlk_uV889EnPn3pE/2LWkkBXHWJjR56E4bjIgIvq47iDpzONv/12" itempro= p=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #= 000000; text-decoration: none !important; border-bottom-width: 1px; border-= bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"= > here</a> <a href=3D"https://links.message.bloomberg.com/s/c/PJswNL1gDJY1e= wUYf8VkPSpSow0lbSUUFtHA00IQliCNFQ2Pl9IpF0RRd0twGMY-FIqLchJiv31uxfK8i19YAYGq= QFTbgHSVy-c-9_pnCVgR-DyDYoE9QhKs_yQdJM96rGl2Cldmwnw9teDWZ6Op25AH5auDzeAvm0V= vnQ17DWo7ts_-40YYSUtHnssBHh01bGA9rQVBjkccmsMUCP8RNbMza_zzyJNfX92Nx5YZs9HwoZ= xMoLC_vc5chokffl-quoi6eKa6PmpV9LuyxPQin9ZrmC-bIMarquCKVr1jyOWo7ykToBPPNFFRG= EQtSXMQ--ohBudwXsPXySz6DaavWHebZ9xTVS3Yn45lKSLFKdp3dwNhTD6t5Trg5BE/Az9_55nZ= 7d4myF5O530UAv5sDZoOq104/12" itemprop=3D"StoryLink" itemscope=3D"itemscope"= target=3D"_blank" style=3D"color: #000000; text-decoration: none !importan= t; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-st= yle: solid; background-color: #ccc;"> recently</a> is the =E2=80=9CAI rollu= p.=E2=80=9D A =E2=80=9Crollup=E2=80=9D is where one buyer buys up a bunch o= f different small companies in the same industry, with the theory being tha= t (1) scale is good but also (2) the buyer has some sort of general-purpose= skill or technology that it can apply to each company to make them all mor= e efficient. Classically rollups are done by private equity firms, on <a hr= ef=3D"https://links.message.bloomberg.com/s/c/zN40n5HuIgyu_MkSON_brN7QDhbSg= 9XWW_mSRLRYYXhEQSCNE0mbI10F6AVsLDE0vAOOCpDAkHDSVdUbLJ1tH5cpGlmr-H7vhx0G6ipL= 6sJCb5V7KqVIa651tTDt3Tpqn6RxJ9FvQZMZ7eaO_r28qUF8Pja7x6VOYMo3iX_sa_6fZg5R2cB= qYiDTgCrYzuQRG9yg7XhJHXHbx6CAEveftxd8LbufjoOq_bPEavPUDf_oygJyXNAv_Ezgb74jBS= CPYmSqokBZ0hGoUOkxf9CP5IswmWn8yUQ-KuZvKn5Ei_Q_uVCB3XQFDrEz-ru6aNN-4UDmHR6-3= -vrsgCRKcgqDtATzAG-iQjFajVXysID5ulwkSeYyPmEtPwCSzQ/KqTWNrwPE2wEEauABozYVAm6= XWf7r6IC/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blan= k" style=3D"color: #000000; text-decoration: none !important; border-bottom= -width: 1px; border-bottom-color: #000000; border-bottom-style: solid; back= ground-color: #ccc;"> the theory that</a> the private-equity playbook =E2= =80=94=C2=A0financial leverage, cost-cutting, incentive alignment, putting = recent Harvard MBAs in charge of plumbing businesses =E2=80=94 is broadly a= pplicable and can make many businesses better.</p> <p style=3D"margin: 16px= 0;">But the recent trend is for=C2=A0<em>AI=C2=A0</em>rollups, often done = by venture capital firms, where instead of throwing Harvard MBAs at a bunch= of small companies, you throw generative artificial intelligence models at= them. More abstractly, the point is that if you have a powerful general-pu= rpose business technology that requires some scale and sophistication to im= plement =E2=80=94=C2=A0like AI or leveraged finance =E2=80=94=C2=A0then you= can create value by being big and sophisticated enough to apply the techno= logy and=C2=A0<em>buying=C2=A0</em>firms that aren=E2=80=99t.</p> <p style= =3D"margin: 16px 0;">Another theme that we used to discuss a lot around her= e, but not for years and years and years, was =E2=80=9C<a href=3D"https://l= inks.message.bloomberg.com/s/c/8772i1f46c3C4l5cmfby2G-T4nkdjYkc0wB_59tylA5a= 4rS3WsMCUP8yTnP7jkPmQkS9i3WxIqAWZ3ufLx0fV9u7SzJuLTvrHzoFIP3iyXNBsOK5Xg2B9Ir= yU25ygYwo24ZtB2Rky9XjLyjwZ7sYgJvk7MH8jlZhmBIftaz4Ie_pkhc7MqkrH9II6mtneJCEFq= XmjM-9UUBBQehY2rNfdwkFUaTWlgoqwdsG-AH3xYbbcKCEzt7clBcn2zbZkYoO6DoT7k6moecQw= awWcJtITB16Ev2pPnMdtjyoUtzTXM3gwnjn-HUNGo472MgJOkFVd_jPhHTnt72Wj1pzLQsrxAWq= SXUNJbbOtB-iEAPaI5tc_dkZ2Ir6S3cOt8g/l2pZPEtMi_W63WgSYgLm1Mj4c-9Bfvp0/12" it= emprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"col= or: #000000; text-decoration: none !important; border-bottom-width: 1px; bo= rder-bottom-color: #000000; border-bottom-style: solid; background-color: #= ccc;">blockchain</a> <a href=3D"https://links.message.bloomberg.com/s/c/l27= hOvxY6rmXXHhEoMRvPJ8qjxlTiPmpAVmnuHLKwIuIPlqL5PvTi7C72M-06bkBry0TvkfPckm3z5= sYG8RXwdes42uVLxe81ssqjqb41PMTjQtWTnxi_8RRxnGn3e_Lt43XB_Jwrjob20_aScGLICPqQ= A81ZVU9fofLLfMm2yJY68JBy3ybqYybUokA3YOe2fcd5-c8xielug25OeTnH3DG1BisXqpqDM2q= 9itqwh5jPQwGCfCkfuSvCSF83UqFsUM7-3BwAOe_KA8-ba8NV4v8LaQaxBOBtN82OjkL6l2HtaH= OmA3LmCf4-jnQvRqQpwL9rQC1KocVEp2Ega0ek9PaQoaA3Dn3_9X0_tlvZ1X-3KDyiAF6AKO2fa= 0/IRSRbjRwMocCf4VMh-C9w7fxby3B1kVd/12" itemprop=3D"StoryLink" itemscope=3D"= itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: none= !important; border-bottom-width: 1px; border-bottom-color: #000000; border= -bottom-style: solid; background-color: #ccc;"> blockchain</a> <a href=3D"h= ttps://links.message.bloomberg.com/s/c/JReMnEC9bNs_N36vhp4oE660O90dOCrzBIYT= LAMltk6BdiObbicQ4jMvfR3suRRqBijF62nEfXgSuaDTC3NypmgCzwuhiER4YHWY6g2ZCjAh9uI= 5u8YYTl7oDlp3u0cixOuMLybovNfGL3R-ehlJIwQAVAXvMPexWShdF5TCc2XA30mjAmOObUOsIL= J0bq4B1jkE0PWLcRJksNt14zxrsgTx380poTEtZSb77E3UHMZBR3WcjuyDy-TgXrD5eBZhRRdJO= vVHPCKShYdObkixusObcwDn8c2w03jCJ6j9KTwMZKO8BYDTwEiKcdAdoJxrUCwh9i2WBOg6DmBe= LhO81Z660KJxDvcLuaqno4EkKfOqlvzPtsXxUFlAx3I/Nh2pW4Kw9J0GRVCQEkv6I07ucqh7hCf= D/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" styl= e=3D"color: #000000; text-decoration: none !important; border-bottom-width:= 1px; border-bottom-color: #000000; border-bottom-style: solid; background-= color: #ccc;"> blockchain</a>.=E2=80=9D The idea, as I dimly remember it, i= s that =E2=80=9Cthe blockchain=E2=80=9D =E2=80=94=C2=A0the set of distribut= ed ledger technologies popularized by Bitcoin =E2=80=94=C2=A0was going to r= evolutionize business and technology. With blockchain technologies, banks w= ould be able to =E2=80=A6=C2=A0transfer money =E2=80=A6=C2=A0and stock exch= anges would be able to =E2=80=A6=C2=A0trade stocks =E2=80=A6=C2=A0I don=E2= =80=99t know, people really were excited about all of this but for the life= of me I can=E2=80=99t remember why. The conventional wisdom now is that ev= eryone forgot about the blockchain the minute=C2=A0ChatGPT was released. Bl= ockchain had some theoretical revolutionary potential that was always just = around the corner, but generative AI gave you a chat window where you could= ask questions and get answers. It=E2=80=99s a lot more tangible. So all th= e crypto VCs became AI VCs.</p> <p style=3D"margin: 16px 0;">But if you too= k the blockchain stuff seriously, there is a way to combine these two theme= s. The combination is: blockchain rollup. You start a private equity fund, = you raise money, and you go out and buy small accounting or pest-control or= plumbing or whatever businesses. And then you apply your powerful sophisti= cated general-purpose technology =E2=80=94=C2=A0in this case, blockchain = =E2=80=94=C2=A0to making those businesses more efficient. And because block= chain is=C2=A0<em>so=C2=A0</em>powerful, and hard for plumbers or accountan= ts to deploy, you can create a lot of value this way.</p> <p style=3D"margi= n: 16px 0;">This particular idea had never occurred to me, for reasons, but= here=E2=80=99s a <a href=3D"https://links.message.bloomberg.com/s/c/mrvuwy= PtqjeRvUET4jES545q4O95AJ4pTz_NIFj8DSv7YjbndWkJrod4pSwv3F26OCiuTHUz6e0qBzChS= t4wq6giI2bf51oZheAZQySMLsrlKR66tNElzZTXtxJopjs3tfNcfysUekUqaQCxcZYND1vIPScH= 8ojb3LPMB6CiLJ3V9MyHiDR6-bHvqw1DhQuxGWJGDGgK-Jsqu4r4bYtbeOKyveiwSQQoAUJ00pf= ztOO7VF6xFls-3G_Mgy6Ipm9uTbdXvzaRrxUDXKUJZaXvX58vqEhaOBPtpjro8uNZuO2gVJQMsM= 1_hVYpa_h2D9_PXWVEtNejI0wSwn1tZLsqfJxTBR6u0k07F69PkTFsf2fhPOAbcIIUF-9VBQ0/L= s1MPlgRpVh7tAFc9jZZiXYRdb0kEMli/12" itemprop=3D"StoryLink" itemscope=3D"ite= mscope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !i= mportant; border-bottom-width: 1px; border-bottom-color: #000000; border-bo= ttom-style: solid; background-color: #ccc;">Wall Street Journal story</a> a= bout someone doing a blockchain rollup:</p> <blockquote> <p style=3D"margin= : 16px 0;">New York-based Inversion Labs plans to acquire low-margin compan= ies, outfit them with blockchain to juice efficiency and then reap the prof= its that follow.=C2=A0 ...</p> <p style=3D"margin: 16px 0;">=E2=80=9CThis t= echnology is powerful, but the reality is crypto doesn=E2=80=99t have that = many active users,=E2=80=9D Inversion co-founder and Chief Executive Office= r Santiago Roel Santos said. =E2=80=9COur North Star is to make crypto invi= sible to our users. They won=E2=80=99t see how the technology works, but th= ey=E2=80=99ll feel the impact. It=E2=80=99s going to be faster, better and = cheaper.=E2=80=9D =E2=80=A6</p> <p style=3D"margin: 16px 0;">Inversion will= target both private and public companies with large user bases that have i= nternal infrastructure they believe is ripe for a blockchain overhaul, Dann= heim said.=C2=A0</p> <p style=3D"margin: 16px 0;">=E2=80=9CYou can acquire = and either bolt in a product that=E2=80=99s going to grow revenue or you ca= n rip out a bad, poor operating system and plug in a better one that lives = on a blockchain,=E2=80=9D Dannheim said.</p> <p style=3D"margin: 16px 0;">I= nversion has initially targeted South American telecommunications companies= and has submitted several acquisition bids. Blockchain could allow these c= ompanies to lower their data purchasing costs, among other improvements, Da= nnheim said.=C2=A0</p> </blockquote> <p style=3D"margin: 16px 0;">Why not. = Back in the glory days of blockchain blockchain blockchain (2017), I got se= veral press releases a week <a href=3D"https://links.message.bloomberg.com/= s/c/sG4RJ-JcAwDm9nvEYSk5uvih03TLPMOQHa_JWZlTmtN7jKpMN_EWVkm1H8Ok8MA_x3dzAzy= MS2uRHWiwCNDVHKVf15dTWSyQdG6as9e_FMaqdmDuvSxFLzK3SwYLDPnUeKMgvsWLeIyu57VFNj= qY2tuF3Yce21BqHJ2lpOV5Q1lJi7EgZKc2EouXWEgLUMt1lAOQpNCv_gLQ0mQXX4FubXmmbAd_8= bzZAlFe7rfkU3sYq9rkdoWtYdvO55Ii82mNwl2Q_EC1GrUEjbNe0e1EJk2ntpF9gUFyYHTwVZU4= 7bCDlbPU2FLAXAtTndX3QluiKHAl_8jyfeZ4N_t_wNGuiougGLnPo0lBYYhZVVSofdGQVV0ovwB= 60XxuYNQ/XW92uBVb3lNBWH7SyH2vyq8oyS5daxfT/12" itemprop=3D"StoryLink" itemsc= ope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoratio= n: none !important; border-bottom-width: 1px; border-bottom-color: #000000;= border-bottom-style: solid; background-color: #ccc;"> from Dentacoin</a>, = the blockchain for dentists. Perhaps there=E2=80=99s a rollup play there to= o.</p> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"= 0"> <tr> <td style=3D"border-collapse: collapse; mso-table-lspace: 0pt; mso= -table-rspace: 0pt;"> <h2 style=3D"font-weight: bold; font-family: "Ar= ial Black", Arial, Helvetica, sans-serif; letter-spacing: -1px; font-s= ize: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0= px; padding: 16px 0px 5px;">Retail ECM</h2> </td> </tr> </table> <p style= =3D"margin: 16px 0;">Investment banking is a business-to-business business.= Mergers-and-acquisitions bankers=C2=A0help companies acquire other compani= es, or sell themselves to other companies; good M&A bankers have good r= elationships with the big companies and private-equity sponsors in their co= verage industry. Capital markets bankers help companies raise money by sell= ing stock or bonds to institutional investors; good capital markets bankers= know the companies they cover and also the institutional investors who mig= ht want their securities.</p> <p style=3D"margin: 16px 0;">But they don=E2= =80=99t know everyone. Your dentist might want to buy 10 shares of Stripe, = if Stripe ever goes public. The tech equity capital markets bankers at Gold= man Sachs and Morgan Stanley don=E2=80=99t know your dentist. They don=E2= =80=99t take her out to dinner to get her thoughts on the market; they don= =E2=80=99t put her picture or the logo of her dental practice on the =E2=80= =9CTargeted Investors=E2=80=9D page in the pitchbook they use to try to win= the mandate to lead Stripe=E2=80=99s initial public offering.=C2=A0They pu= t, like, Fidelity. Fidelity will buy more shares than your dentist.</p> <p = style=3D"margin: 16px 0;">When I was an equity capital markets banker mysel= f, the efficient way for companies to sell stock was to institutional inves= tors:</p> <ol style=3D"list-style-type: decimal; padding-left: 40px; margin= : 16px 0;"> <li style=3D"margin-bottom: 5px;">The institutions have a lot o= f money, so you can get an IPO done by selling to a few dozen institutions = rather than a few thousand dentists.</li> <li style=3D"margin-bottom: 5px;"= >The banks cover the institutions and have salespeople who know them well, = so if you want to do an IPO, the banks can call up the institutions and say= =E2=80=9Chey buy some of this stock,=E2=80=9D which they can=E2=80=99t nec= essarily do with thousands of dentists.</li> <li style=3D"margin-bottom: 5p= x;">The institutions are=C2=A0skilled at valuing companies, so the banks ca= n call them and say =E2=80=9Cwould you buy this stock at $40=E2=80=9D and t= hey will say things like =E2=80=9Cyes seems fair=E2=80=9D or =E2=80=9Cthat = looks a little rich compared to recent comps, I could do=C2=A0$38,=E2=80=9D= and you can have an informative discussion about pricing. Retail investors= will often get allocated some sliver of an IPO, but they are generally con= sidered price takers: They buy the stock at the price that the institutions= agree on, rather than participating in price negotiations themselves.</li>= </ol> <p style=3D"margin: 16px 0;">That wasn=E2=80=99t always the case: 10= 0 years ago, there were fewer institutional investors, so investment banks= =E2=80=99 sales forces really would go out and hand-sell IPOs to a lot of r= etail clients. (That=E2=80=99s part of why IPO syndicates traditionally inc= luded a lot of banks: They all had different retail clients, and you needed= all of them.) But when I was an ECM banker, there was a many-decades-long = trend of increasing institutionalization, and I never thought much about re= tail.</p> <p style=3D"margin: 16px 0;">Since then, uh, that trend has rever= sed=3F Not entirely. But with the rise of Robinhood and meme stocks, retail= investors are more active than they used to be, and we have all become acc= ustomed to the fact that retail investors sometimes do set the price of big= stocks. And that is particularly true in initial public offerings: Partly = for supply-constraint reasons that we <a href=3D"https://links.message.bloo= mberg.com/s/c/bmC11p8cNlQQD9ojlQQ1-UXu5NzRpX7TfQnTtBadrG7a2kZGHem1ZVrVR_o5P= 9_dWlWYkTSKD4rayC5mmvHiDYlCE2hCavcRNRjDgYgyLAp83bZ3qjxNepnUsIRqKkkyKFjwvYru= WNr-j1xAg-KritBIckZZ_izYMeEkv0LqRe9BddUufx47738z4snCoSofy0u-pETVlXY-ov8xE8m= iFUoiOZGhym8EZD38VKaOni0ruHuhHPuiaozzGTRyvbSF9EA01thA0bNnTBAPUvJURtnCy5ls2H= cYzrxAo1FeBXkt3Yb1zAhLTcfsidckJg9UVf2jv_h1BqkIF-srGV6tiNwEnwgRfh2rS6eAXkBtU= Yyv_QNCkjZL1XjzG34/JV2ayYe3xi_8jnpQIC4TZIWv3HJyYZOe/12" itemprop=3D"StoryLi= nk" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text= -decoration: none !important; border-bottom-width: 1px; border-bottom-color= : #000000; border-bottom-style: solid; background-color: #ccc;"> discussed = recently</a>, many IPOs get done at a relatively low institutional price an= d then pop to a much higher retail price when they open for trading.</p> <p= style=3D"margin: 16px 0;">And so now companies that are doing IPOs have to= consider retail. For one thing, there=E2=80=99s the pop: If institutional = investors would buy your stock at $40 but retail would buy it at $80, you m= ight prefer to sell it at $80, because that=E2=80=99s more.<a href=3D"#foot= note-2" style=3D"color: #000000; text-decoration: none !important; border-b= ottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none != important; background-color: transparent !important; display: inline-block;= "> <span>[2]</span> </a> For another thing, retail investors make up an inc= reasingly important part of the investor base, and when you go public you h= ave to figure out how to cater to them. If you want to raise money later at= <a href=3D"https://links.message.bloomberg.com/s/c/UQJLumfdhJS1X04QfSCaJko= U80NRJ3OsGHJc9mfUzbsfjXN6wG045yDIMpcsAXA1DDw2sRve3HaAXxE2Y5o0W--BLBsQpa4JsE= VI2OYerVEsQZu7aitRQF07gul9a9-WKdn5EsDyKLt1hRvkaH0GMPwg723qLgylS9OlE8npm4aBk= pvdBRPxp1KrMn5iPxO570hye_dPIwPnKgAcBvM1bCObQsDq03fzUxDnLqZ8M2V7b0sXiMjXy-G4= rUrOuNJ479pCD4Pi33jEuPgmWB9P-2PZ6XzeSzdleGjAxuN_05vGyXBaspByyrgp1ORd3pofvPo= Bmg4pxnI-w54NTIjR5CACC4amqjRHblI1RR9F285nTi8lfw-JxIztYKs/OMIvCrEzh17W-3v4Dc= Q5HuZySEPv3H2y/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D= "_blank" style=3D"color: #000000; text-decoration: none !important; border-= bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid= ; background-color: #ccc;"> meme-stock prices</a>, or if you need to <a hre= f=3D"https://links.message.bloomberg.com/s/c/3DYU8KgrR5xyzJ8ispZOZmIc5yeg_Q= bP7s-qX0brDxziBWvqfNcyEDWKA101Xw_h4EnmznHq1UZ3inLSafOz-pRMWTZpFjkEsy0nzQ1N6= c9fESkj-wSNGZeoKDYtUtdOyB5f_bkmyv7L_wUrJvWQGxwEO6iwx88GPduASF4eUpsjIpIZ52ui= LNiAojVAbwCnWORAG-uCLUNWK6in5jfZGgeEnZb9LOP7rcEl9RUEG7TfBzfnpXDkQ9t9GHdSrLB= Oc53aweoVFhnlRTTEg-cy3gWLNfJkg0GZ_H8XOexrm0ai0dXHtKavU2plV1M4sLK2lAGGHPqDcd= 4A7W18RCZAYOFajX4Pa6Mb_qoewvPAvJZZiz30xITEQr4K24U/I9G06CMNZPDWJOn9z_ubsPaCq= qR5pa7e/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank= " style=3D"color: #000000; text-decoration: none !important; border-bottom-= width: 1px; border-bottom-color: #000000; border-bottom-style: solid; backg= round-color: #ccc;"> get shareholder votes on things</a>, you will need to = have some sort of retail investor relations strategy. Might as well start i= t early, by making retail investors feel included in the IPO.</p> <p style= =3D"margin: 16px 0;">Bloomberg=E2=80=99s=C2=A0<a href=3D"https://links.mess= age.bloomberg.com/s/c/t8It4OSK81Grt38erKG95GaOOfnt7wP7OmbaATKPGwrVuikKc7MzA= 8M94vjDVeMKz72xus23NSCec2JCYG7OXm-PPbf6AEghN0txd_tQcnTSdSfrDtT8Nq_t7qwd7U6y= CEOxW6bj-Kq1210Osvd3YqTEMdWK_qn7IJ7Rp6ODE_t2wtKVUvxyRNaUe-UM6I3Oa57A75Kbj98= 9OEf2drUBRJVyq28s5YF6uRKVaOKfPchwCn_Hrpd1bwLpYqi3jc8-xgDsUvp_9AymIWCD4LPe2s= MXZvGtS2DzWdK9GMfInALGCPyF-xH0-NlbvTd0lWuRiqFHndNIrLVqo4kZzQNQSUnZu0IN8dVOU= 4QLUC8wy5crsNzgGASq2amIvAk/dqnStTJsvnHxjpGCyIPVao-3xFDfHOd-/12" itemprop=3D= "StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0000= 00; text-decoration: none !important; border-bottom-width: 1px; border-bott= om-color: #000000; border-bottom-style: solid; background-color: #ccc;">Bai= ley Lipschultz and Anthony Hughes report</a>:</p> <blockquote> <p style=3D"= margin: 16px 0;">Retail traders, long considered dumb money by Wall Street,= have changed investment dynamics in everything from individual stocks to c= rypto to one-day options. Now they=E2=80=99re throwing their weight around = in the IPO market =E2=80=94 and companies are welcoming them with open arms= .</p> <p style=3D"margin: 16px 0;">Take Bullish, the crypto firm that went= public last month in a supersized $1.1 billion debut. The company gave ret= ail investors direct access to the initial public offering =E2=80=94 a priv= ilege usually reserved for early investors, institutions or wealthy custome= rs of the Street=E2=80=99s biggest banks =E2=80=94 via online brokerages li= ke SoFi and Robinhood. And demand was so sharp from those venues, according= to people familiar with the deal, that Bullish was able to price the offer= ing at $37 per share, up nearly 20% from the top end of the range it first = proposed.</p> <p style=3D"margin: 16px 0;">Even that wasn=E2=80=99t high en= ough, as the stock popped 143% from the IPO price in its opening trade, del= ivering a paper windfall to a group that=E2=80=99s traditionally been shut = out of market debuts.</p> <p style=3D"margin: 16px 0;">The Bullish example = showed Wall Street and the private companies looking to enter public market= s that retail traders, who make up more than 20% of all US equity trading a= nd weigh heavily on newfangled markets like crypto, can bring enough demand= to change the dynamics of an IPO pricing. The surge in retail participatio= n at online brokerages also means bankers don=E2=80=99t have to exclusively= rely on pre-existing relationships with clients =E2=80=94 they can offer I= PO shares to virtually anyone, broadening the demand pool.</p> </blockquote= > <p style=3D"margin: 16px 0;">Yes look I will say that =E2=80=9CWall Stree= t considers retail dumb money=E2=80=9D and =E2=80=9CWall Street wants to se= ll to retail=E2=80=9D are not=C2=A0<em>precisely=C2=A0</em>opposite stateme= nts. Similarly:</p> <blockquote> <p style=3D"margin: 16px 0;">Wall Street h= as long viewed retail buyers as price insensitive, essentially deeming them= reliable buyers of IPOs in hopes of getting in on any initial pop. As a re= sult, mom and pop traders often bought high and watched as IPO participants= offloaded shares at a profit, leaving them with steep losses.</p> <p style= =3D"margin: 16px 0;">Now private companies see retail as less of a mark and= more as a reliable partner worthy of reward during the IPO marketing. The = desire to sell to them at the IPO can provide a sense of loyalty, while oth= er deals may tap individual investors given the steady trend of retail trad= ing in the market.</p> </blockquote> <p style=3D"margin: 16px 0;">=E2=80=9C= Less of a mark and more as a reliable partner,=E2=80=9D yes. Anyway I guess= my question here is: How committed are the ECM bankers to courting retail= =3F It is an entirely new skill set; pitching IPOs to institutional clients= (by buying them dinners, talking about valuation) and pitching IPOs to sel= f-directed retail clients (by =E2=80=A6=C2=A0being on Reddit a lot=3F) are = very different processes. If you are pitching for an IPO now, do you have t= o include your Reddit username on the team page=3F Do you have to talk abou= t your ability to generate retail enthusiasm=3F If IPOs are becoming more o= f a direct-to-consumer business, shouldn=E2=80=99t the approach of capital = markets bankers change=3F</p> <table width=3D"100%" border=3D"0" cellspacin= g=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso= -table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold= ; font-family: "Arial Black", Arial, Helvetica, sans-serif; lette= r-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-s= tyle: dotted; margin: 0px; padding: 16px 0px 5px;">Long term</h2> </td> </t= r> </table> <p style=3D"margin: 16px 0;">Conversely. One thing that <a href= =3D"https://links.message.bloomberg.com/s/c/IF9_Jeu_qKO3LsGXDjzm6Bz38EYOws7= nfpm5gAgsNkSdoo8QAuVRcBBaMDLrvEhje6hxGnoN4Ayl5Co9MShoWjdkhYJZiQJmYqjJkZextL= 6TfJ4qG9bcfr2B6KsEGsRfO1GugsHJfg0Pc8YkA9iOtK6k1ylUZUSdKzwGho9UsMNNA0KPKucCT= -ho74TDJr5d5XNk3wnflIp0lguRIm85U43020J3scdrsQqs21ODWQipSD5GyFhZ1QCAy-0FQkpo= E4_--U7N697sHMLZmh3pLxzsOtRUh2qu6PkAuPjxQU_3CG1JKp3wZrq-Y167YLt0BGA2Kum1n6J= JvSi9QH7yWGHRTxI16iIT67sQ9f_BSXMPxHK4X2IDfb4evx4/j_zTW7qq066eY6-vT6X0MzkBht= 2bWzmc/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank"= style=3D"color: #000000; text-decoration: none !important; border-bottom-w= idth: 1px; border-bottom-color: #000000; border-bottom-style: solid; backgr= ound-color: #ccc;"> I think about</a> a lot is that, in the US,=C2=A0the po= ol of =E2=80=9Caccredited investors=E2=80=9D (people who are=C2=A0<em>legal= ly=C2=A0</em>allowed to buy private-company stocks) is roughly the same siz= e as the pool of people who actually invest in individual stocks. (They=E2= =80=99re both on the order of 20% of the population.) Those pools do not pe= rfectly overlap =E2=80=94=C2=A0lots of accredited investors don=E2=80=99t b= uy single stocks, and lots of Robinhood traders are not accredited =E2=80= =94=C2=A0but it can be clarifying to think of them as highly overlapping. T= he audience for =E2=80=9Cstocks=E2=80=9D is very close to the audience for = =E2=80=9Cprivate company stocks.=E2=80=9D=C2=A0</p> <p style=3D"margin: 16p= x 0;">In practice, though, most accredited investors don=E2=80=99t actually= have much ability to buy stocks in hot private companies, as we <a href=3D= "https://links.message.bloomberg.com/s/c/fNfC6XemiXdjvaXQr_cxgZAGEYCQKVir8H= CaNwCSf5DVMNbop1DmJCUurNO6VqfpfYhyjLnXylY96pJoM2AhrSQu6hyzDtKEISKAU5pAghTX3= UAr7KDc_13Ecr5xWFYWd1PuahKo9ZVU5oxLJDhYwDp9paQkUEIY7hrJvk5bXhcb2RfGTa5yh4WI= i4WBvo7cZORavmCkIUh9EK1Uy-rRVQMtpXEmx4ukshHC1ssEJZkiyss2hThri05RHcPPkcr4lPO= WgiHhM2k7GBk7aSRhSxtPgkWeEl4iLqADiBwD8s7W68Ia7hEjI0XOQUNQFkj5lxncruU_6W2yMi= 5SXbzVX2H9ezwPFwsY0jDEDIgxMUvmcbKdBnYqZAffoZo/oY2Neqn6hkDkr2E5soCvPuudU5usD= 5Kd/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" st= yle=3D"color: #000000; text-decoration: none !important; border-bottom-widt= h: 1px; border-bottom-color: #000000; border-bottom-style: solid; backgroun= d-color: #ccc;"> often</a> <a href=3D"https://links.message.bloomberg.com/s= /c/KE0GQSs_uRKneVguumei62BKnG2sq5PuhMzkG4iQJgH6NAW0K9FcCFVU5QtnpAYLEupBcNyH= EJeziHkLCpMHB5y_WTWfKGAArGvoi9AwLyn4FpnTbROOJ6USSBGNepspSrxCTUgGcWo5F-bXbI_= S63no47u2K6Bfj4mLqNvWyvyUFZ9myyIa-FwlXa3UALZEhx6eXGNRYnEuFduKr7yWNLcm74-nNf= m8uZUANEEU_jJFIzn6lHtESwaBgjEzq-SY4hH117WwiixvA7WjzWwvJ8LOZGrsC9xWd43x9oQ9W= Rp9YJAqptYrmCVdhpXOYo-T04MhU29Q7J9sqPtTm6DVhrWR24y_WoGit_p-WDXVPQIL6j6FakOO= 1EbqhNc/MwQGettaGmEn664oF2LqQtys3IELtDIj/12" itemprop=3D"StoryLink" itemsco= pe=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration= : none !important; border-bottom-width: 1px; border-bottom-color: #000000; = border-bottom-style: solid; background-color: #ccc;"> discuss</a>. Those co= mpanies, for various reasons, don=E2=80=99t actually=C2=A0<em>want=C2=A0</e= m>to raise money from the mass of retail-ish accredited investors. They wan= t to have a relatively small shareholder base, and to keep control over it.= They want to be able to restrict stock sales by employees, and to prevent = stock from falling into the hands of activists. They <em>like=C2=A0</em>not= having a fluctuating stock price. And they don=E2=80=99t want to have a lo= t of responsibility to thousands of retail-ish investors. Generally speakin= g there is a pretty sharp divide between public companies (in which anyone = can invest) and most private companies (where the shareholders are mostly j= ust employees and big institutions). And when a private company decides it = wants a lot of retail-ish investors, it will go public, so it can sell its = stock to all of the retail investors on the stock exchange.</p> <p style=3D= "margin: 16px 0;">But in principle there=C2=A0<em>could=C2=A0</em>be a huge= middle ground. In principle you could imagine a private-company exchange w= here:</p> <ol style=3D"list-style-type: decimal; padding-left: 40px; margin= : 16px 0;"> <li style=3D"margin-bottom: 5px;">Companies could sign up to al= low their stock to trade on the exchange, though they wouldn=E2=80=99t have= to.</li> <li style=3D"margin-bottom: 5px;">Investors could sign up to trad= e stock on the exchange, but they would have to be institutions or individu= al accredited investors.</li> <li style=3D"margin-bottom: 5px;">The compani= es would=C2=A0<em>not=C2=A0</em>be subject to the <a href=3D"https://links.= message.bloomberg.com/s/c/p8brRsyFSjdXSOLJ-7NXdch1GRWEDrJjNfV9kyAP-z5rrz-y9= lDNXxv0nqSb4kb8ce-xHK2Ob6QXnlupA8nkyFaGTTb79MCjI0U0YQRf3PX2TNZLkRFggabE1C89= 5BSeI16HichI_I3BU6kl17msTuFDyJSyq8Y4OOR2I20-qA__le34IDuMny_qWffvjkWfKBwNIrT= u8xpspzfP7lwsBVFjgP2Clz2_RXyiR11ejvBML8pZXy1QlWn7NGgoyO7yg3jC-2Y-Mib-yh8_ar= ibW5MYHQX1rF299_gX8Y0t862ya1yvPPnZJRgUCEalCeAH9q8NBE4lD02VVjWa43w1eZmDp3IhP= uKgxl3Jtp4lwU-Png-zoVqJrrwg3N0/Fb4ycTyhnw_qUHTY7VOcnmAbTFFfb1zO/12" itempro= p=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #= 000000; text-decoration: none !important; border-bottom-width: 1px; border-= bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"= > disclosure obligations</a> that US securities law imposes on public compa= nies, because they would not be public companies.<a href=3D"#footnote-3" st= yle=3D"color: #000000; text-decoration: none !important; border-bottom-widt= h: 1px; border-bottom-color: #000000; border-bottom-style: none !important;= background-color: transparent !important; display: inline-block;"> <span>[= 3]</span> </a> They=E2=80=99d be private companies with lots of dentists as= shareholders.</li> <li style=3D"margin-bottom: 5px;">The exchange could, i= f it wanted, have listing standards. It could impose its own disclosure req= uirements, requiring that companies, say, disclose annual financial stateme= nts to investors on the platform. These would not have to be the same rules= that apply to US public companies. But it would be good customer service f= or the investors, and might improve liquidity, if the investors had some di= sclosure.</li> <li style=3D"margin-bottom: 5px;">The exchange could, if it = wanted, include various company-friendly rules that don=E2=80=99t exist in = public markets. It could ban short selling. It could impose ownership limit= s, or let companies blacklist certain investors, or otherwise=C2=A0make act= ivism hard. It could =E2=80=A6=C2=A0require that all trades occur at a pric= e equal to or higher than the previous trade=3F Those rules would be=C2=A0b= ad<em>=C2=A0</em>for liquidity, but that might be a tradeoff that the compa= nies want.</li> </ol> <p style=3D"margin: 16px 0;">Companies would sign up = for this if (1) they wanted to access more investors, to increase liquidity= and/or raise money and (2) they didn=E2=80=99t mind the downsides (more di= sclosure, less control over the shareholder base) that come with being a li= ttle more public. But not public public.</p> <p style=3D"margin: 16px 0;">T= here=C2=A0<em>are=C2=A0</em>private-company exchanges sort of like this, th= ough my sense is that their traction is somewhat limited and SpaceX and Str= ipe are not actually clamoring to get their shares listed for trading by ac= credited dentists. (We <a href=3D"https://links.message.bloomberg.com/s/c/H= hizOqVFNaYQk7A22sytuNDi2yrZwMXwtCN69CENqr55-Tx7A0aRGtKBK0-XJFnhB7yyyCUpjxAC= KNGFtfGBgCMOLLJ3MHAyj3Mo3C7StIa2NiNc-tsprwUhSMx0tvk13evVMGs9mxrxCC9T6NWcgeM= Jriq1Ktm9_cehANnvZlFO9rUbCU5f_PnCxr71CWgsShtMoJJwLcc8QAnGkOLCgNEH3am5vdJ-Tc= cH-nYvyJG8Q35SGmiNzuzMOrzfK-zOEghvJOvQm1M64dgrw1-TC96GZRxk9_416hdG0wImQiII7= sUFepW8Pk1v3Dol6BlPI0LVPm7h5gag61PWeJz1u-fzUoitvJFsd2GQkRbmnLXkDzuRGUGNIihJ= SmQ/qm4UIUN174RVZ0Zy4Ca5tulrD_16_qgs/12" itemprop=3D"StoryLink" itemscope= =3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: = none !important; border-bottom-width: 1px; border-bottom-color: #000000; bo= rder-bottom-style: solid; background-color: #ccc;"> talked recently</a> abo= ut Forge and EquityZen, two such platforms, which display prices for some o= f the big hot private companies but don=E2=80=99t always trade them.) I thi= nk that empirically the demand=C2=A0<em>from companies</em> for =E2=80=9Cle= t us=C2=A0sell=C2=A0stock to retail-ish investors without being fully publi= c=E2=80=9D is somewhat limited. (The demand from=C2=A0<em>alternative asset= managers=C2=A0</em>to do it is <a href=3D"https://links.message.bloomberg.= com/s/c/AZ2MsOsrvUfSi_J85MI-SYJ31rYISalMesiqy50BZwGT_eTgmNjaz6469HXkxVF0Hvh= 6ZcKmnnEB_-r79oy-regQWV5bg3zZ3FrUpxazc7r-BrmZz0aauVdqOUASZCmGxtHAK71VpHOTue= aEkYeIraqgApxvy3Nj9k2tu0l-LhUH6TvjviotuUHQVN-UQe4deVCFi5dU0_EFrAGc5h2DgFg-5= mc-nJwaEhAWcrDdfVHf9r_B45sTewbTk1V0qqreOIfOCM_MIaiUZjTQCorVcO3LauiZvytyxL2Z= UrIfsRPW_HMDrdHPGG4jWZqxMEc33xTT0DjYaIn8M9Yba4qK2U67bg4xqZCfMXzpRPRwdxVL2wk= ODHqSkc8ci_0/-NGACGmqsJ8DUpHYSTRwfVYDtqwO3LRM/12" itemprop=3D"StoryLink" it= emscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decor= ation: none !important; border-bottom-width: 1px; border-bottom-color: #000= 000; border-bottom-style: solid; background-color: #ccc;"> absolutely insat= iable</a>.)=C2=A0But obviously some companies want that. And Robinhood is e= nthusiastically=C2=A0<a href=3D"https://links.message.bloomberg.com/s/c/Rc6= jVxR8-7LGTsSY-QBU6U_HdPozBZktW8uz2JaoLCpam6TQbGz-Elzd_2GB9BCS6xNP1F2a-NeKO8= klLpdgkiqMo51tx5Oe1muHm9HgXvrign0_laHo2t-84py3I15oRFiGddP0dkZYOn4AiI3yKuf3I= 7EOPuqL2TdH86kf-WuLSHvbAf7oaWtHyPJZ1485tvysu604LLu6633DrYODfxj7tHXxkEwiveFW= QECVstlATVhW-vvC8kJM68KFd__uG43qH2qPKVWwpBya56uXX8NvVHWQE2K_v2_qQOi6J-36A0Y= zw1b_RfpMu3ah6Qp1abMIucg17xFiPDTI7LsG1Wbox_OWbCERIAyy92njUccwWb-rS4op6GQdaa= Y/bKIs2kWfCbCk7GQqETg0y5PGVkNxK44i/12" itemprop=3D"StoryLink" itemscope=3D"= itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: none= !important; border-bottom-width: 1px; border-bottom-color: #000000; border= -bottom-style: solid; background-color: #ccc;">trying to =E2=80=9Ctokenize= =E2=80=9D the stocks</a> of big private companies so it can sell them to re= tail.=C2=A0</p> <p style=3D"margin: 16px 0;">If you started a stock exchang= e where the pitch to companies was (1) you don=E2=80=99t have to go public,= (2) we=E2=80=99ll let you sell to retail-ish accredited investors, a pool = that overlaps quite a bit with the pool of retail stock investors, (3) our = disclosure requirements will be the same as those that the US Securities an= d Exchange Commission imposes on public companies except (4) we=E2=80=99ll = only require semiannual financials instead of quarterly financials, would t= hat get much traction=3F Is semiannual financial reporting a big upgrade ov= er the current system=3F I don=E2=80=99t know. <a href=3D"https://links.mes= sage.bloomberg.com/s/c/TdGFB4FH0AD-EoRROT5HdhXrDWmc-VM-2ecmmVZwVN97u-vrV2jH= iBpLW_TEB95zUHKPkO0gyOERJKslYkAzrewPvZi4ZhxbTnKNVHrHpqumz9Q7KKDZ3XJOuK3e6Yt= zG--He9q3R0l6Trg6B49bbGFJtfPldjjkiz7BVo7ME-iVjxqDvvF9xWHWqvhc4KrWJB0wdFxLHN= 7ph_IvDY5ba8zazFcjyFOTyrKxyMWFDn7DC3VruTnrAs4HYJsJL3Qx0c0mVp8mmELLmRC0A36C2= UdoH5TTMvAN3sBaJajefBeVv2eNd07HyDxWf9AXP7xwYIDSm2mBDipm_31OPv7AyPOsLBYwWlke= jK2FocUrmrNIMx499ZJK6mbmDDM/EwtX_6Mwjr4uuVvi5gAbvObWWz9Qy9vd/12" itemprop= =3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0= 00000; text-decoration: none !important; border-bottom-width: 1px; border-b= ottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">= Anyway</a>:</p> <blockquote> <p style=3D"margin: 16px 0;">The Long-Term Sto= ck Exchange plans to petition the Securities and Exchange Commission to eli= minate the quarterly earnings report requirement and instead give companies= the option to share results twice a year, the group told The Wall Street J= ournal.=C2=A0</p> <p style=3D"margin: 16px 0;">It says the idea would save = companies millions of dollars and allow executives to focus on long-term go= als instead of worrying about hitting quarterly targets or prepping for ear= nings calls.</p> <p style=3D"margin: 16px 0;">=E2=80=9CWe hear a lot about = how it=E2=80=99s overly burdensome to be a public company,=E2=80=9D said Bi= ll Harts, the exchange=E2=80=99s chief executive officer. =E2=80=9CThis is = an idea whose time has come.=E2=80=9D</p> <p style=3D"margin: 16px 0;">Pres= ident Trump briefly explored the idea during his first term, and current SE= C leadership has signaled an interest in reducing regulation. LTSE represen= tatives recently discussed their proposal with SEC officials and left the m= eeting encouraged, people familiar with the matter said.</p> <p style=3D"ma= rgin: 16px 0;">LTSE is a stock-trading venue for companies focused on long-= term goals. Its proposal would apply to all U.S. public companies, not just= the few listed on its exchange.</p> </blockquote> <p style=3D"margin: 16px= 0;">Sure, right, the sensible approach is probably to tinker with the publ= ic-company regulations, because being a =E2=80=9Cpublic company=E2=80=9D is= a convenient standardized choice. Most big companies want to be public (th= ough that=E2=80=99s not as true as it used to be), public stock exchanges a= re way more liquid than private exchanges, and it=E2=80=99s just convenient= to have standardized public-company rules and try to optimize those rules.= But in principle, if you don=E2=80=99t like the public-company rules, you = could write some rules of your own and try to get private companies to sign= up for them. Most stock invesotrs=C2=A0<em>could=C2=A0</em>buy private-com= pany stock; you just have to sell it to them.</p> <table width=3D"100%" bor= der=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-col= lapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style= =3D"font-weight: bold; font-family: "Arial Black", Arial, Helveti= ca, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width:= 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Thi= ngs happen</h2> </td> </tr> </table> <p style=3D"margin: 16px 0;">Anglo Ame= rican Agrees to <a href=3D"https://links.message.bloomberg.com/s/c/6V4Z-ToF= Zn4WTHAY8y-5YsSBV7f9Z-QrbhQP04xwPm1TTsXVV9-DfSWRnVLq7NUud01wyFFTWzL5XRvZhhE= bxmTHGgDZJR5b2GTiWCwwcC-NWOTy9CyUKW_QFgqyLX7PKvy4KOTeCZWxYJ7KS1SFHA89f0gTss= pCqM_qIAtNW6CIr2xGC9cbpyV5W-BW1fDFbMpCSTXwKstXGcXMKt4gKEbVBV35e88H_lLWXa5QH= PhAAA4u7n1YHLMLhfv72R6ofiLg_lDOXNmgmh3VecEj2obEUua3_fsvkGGImBuEM2GUaIK4iDS8= qhl9F2yxYRs_uZVu8I21x3r3g2SC1cPyc7kognsUceE5ISQxXVF3ipv7XxXWchjZJTB97IM/nh8= twiJBd-lr_0BU6lSd_RprblbYW_nZ/12" itemprop=3D"StoryLink" itemscope=3D"items= cope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !imp= ortant; border-bottom-width: 1px; border-bottom-color: #000000; border-bott= om-style: solid; background-color: #ccc;"> Buy Teck</a> in Deal Reshaping M= ining. Staffing Crisis Unfolds at <a href=3D"https://links.message.bloomber= g.com/s/c/AQMfS1da2BhAnb7sgfNe6NO_-8zWw8zewR8meQo4MsRVnDNnwiJg-gMI4XYTzB2kG= rOqgguIH_gPHRJE6l1_rf5WX6FdDRI6RAjIXoUS3UJ3Y8a7OUBVFoYaRK6ZwIrzkOpc8VgHWVTI= oN3dZlRKa15tVXw0O5KqjdU0cONDQG32BVzDeaGNEZPF6YDgXOH4up8I5eztFK1tbhCFavX705p= -veEvPmECTszmopMWAlLDUpD2WZ8tLMg1XTELLgbECct1cxP_5IJpJO2aTHky-yTmnV8uZWtii5= D4k9TrpHTB8QjUxW9yxZ4o8RRDfDGSkQJ1tI_8YWcHWIT5LaBPEkv7NTFxAyQ-UNBaBJ4IXl0G-= 9H1djbdR0Assv0/g0RD1tliyknaUnGCITpjWQPVmsKOmM2C/12" itemprop=3D"StoryLink" = itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-dec= oration: none !important; border-bottom-width: 1px; border-bottom-color: #0= 00000; border-bottom-style: solid; background-color: #ccc;"> BLS</a> With a= Third of Leadership Jobs Now Vacant. PNC to Acquire Colorado-Based <a href= =3D"https://links.message.bloomberg.com/s/c/2_k4u0QVxdYXUTFukLKAbHZ9xJUQKxf= Fv95uGm2ntX58hPFUalGQ8_4b0G1vQPtz1QZIBz6Tfb0cZc60OpA8lZuIGvv_z2JEOZCWXK6r_g= LT-4oNvRW7qzvmzqN-01d0wcilg8as6JYpHBnkyIP8tKM1uTgeE6hl35pb1FUJt6TGj_nZtf8km= wgt_E9LrXkGmHpt_Df9KzA6jRWctlKzN01rmuXUwnNMjjdImg_AWQ4uQEK9LksBkj-uQlIAvX6i= wdZLN0_mLOydyRuh7dTouAvpn-JVgcXL8MY1qhwTmMR4e6ylW5KDz4sUDm086NtmBlusrJtv5kU= V0mqwid3uizYtqRjGBDK0YoGE_qjmLw95lHTrXJQtvvvej2M/5apgM_u1b5I1MY9sGSz__rLu5f= c3crJT/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank"= style=3D"color: #000000; text-decoration: none !important; border-bottom-w= idth: 1px; border-bottom-color: #000000; border-bottom-style: solid; backgr= ound-color: #ccc;">Regional Bank</a> in $4.1 Billion Deal. King Street Alum= =E2=80=99s <a href=3D"https://links.message.bloomberg.com/s/c/GD8M96SONlkl_= aQXtrnhx-3CNjCW6OGgxJb4uqctvgXHzN27bFxVDBUgdQZTViTeHM2Ioy-meQlg-b3dMvQatfBw= xF4P98nEgmVMVkkbRTw4azEQvU829D-Kl3gBoghQg4FW0-wwIKLBGsH4Jv_PC5ITnWuy8P16fJ6= MsFUfHxIb4bw1p1wDFjSqHYkAArMdTcIe1w5gIzumPZ1yNoAmqlpu0C9JhydgSiWgfHGW9x6Nvd= egQCZUvd26pDKkQ4hV6eNMf08FVGSFB2QkkpeSIMoSsldAdB4L7uk2Z2hgZ3eGmkjaGHdfwFkYg= 3Flt9ycMqsLlMvGjm4-7CJ1TdEIGGhExiZZpaajZofdBz3s9ruwLGzqllyAYQ-Plic/HAAOv8kZ= rZAzz4369lp60iq1XEFNl469/12" itemprop=3D"StoryLink" itemscope=3D"itemscope"= target=3D"_blank" style=3D"color: #000000; text-decoration: none !importan= t; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-st= yle: solid; background-color: #ccc;"> $1 Billion Launch</a> to Be One of Ye= ar=E2=80=99s Biggest. Federal Prosecutors Charge Financier Who Offered <a h= ref=3D"https://links.message.bloomberg.com/s/c/5tta41ZAoadT83UNZ1nbo4MZNQ0T= WaATnRhUd33BYN791K3CozZXNkVaiKjafFGzCfJfc2_c5fY_EyNzR2qPMO89Ow7AjjK3um5ttlS= ON6TQ0eEHYGBWYFpBA3N8V70jrQGvB1cn-US4Rw7wIWiS1ouXsx5RSTIAutlCM_4w48EdZEq0lN= luD9sMvpceBG7vBKMZ61VY5F8m8DVYYYZy0oRzgs132jdpqe-UE0B6ldlIkiRBXk7-L-tk8g1ES= 2VT_4Jvzcpnt0Vo8fr3JKwrjcJhnxUS7Z20OMv-UKUK-_268suDnAU1Jbyw5Mk8xtcvp7klBjHy= jn_azducmJFxvF8DAgQ35t0NXyYFGjy5A_nRYBL7xwh5pWwGGa0/wQkPJ2j_j5l7O6XkTpZRqIw= JztTG7BE3/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_bla= nk" style=3D"color: #000000; text-decoration: none !important; border-botto= m-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; bac= kground-color: #ccc;">=E2=80=98Guaranteed=E2=80=99 High Yields</a>.=C2=A0La= rry Ellison Is Spending Billions to <a href=3D"https://links.message.bloomb= erg.com/s/c/2tIL0w-8FBc99o0SksFZaPq1yHSNTgyYaI1CY07aEJAXJskjyDH3-rrzFM9wZQE= MN9-KrO9r3YAoDNbJYAXADU_4ipAX3rawr8ercE6lsQ0VSiahB00rMtK1idxiILESivUitv43ux= LwfoLqCUVHswdTKToUPc8ZsXpWOhnNsFBlq6IezfS8t_VSxpb7yDUP_HKxkYdauTsml2DpS5Utg= A9h2-JJUR8oSJgzmcNtPW0XyJJZ1xICuKhEEe7TJWDPGwYul8Fp9idmRpxcTKcbOvDlzYANlD6F= aiGPpnklFIM9ipO4xsTnUcC94RxD2luNWZFI-cwrVGziGunaNs82leALeMtvA1SOdrwzng9DmUo= tBYtKbhKNInImhFc/19J4jb_yZDpR0HrEF4qZCV8hiXn7VuDb/12" itemprop=3D"StoryLink= " itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-d= ecoration: none !important; border-bottom-width: 1px; border-bottom-color: = #000000; border-bottom-style: solid; background-color: #ccc;">Reshape Oxfor= d</a> and His Own Legacy.=C2=A0NYC Developers Build <a href=3D"https://link= s.message.bloomberg.com/s/c/IN70sj_-0QLyNr37DdZEomRyzJWSplyHr7P81BTQWK0u0rt= EunyQGGJk13j73WIw4e18wn84VMokQ4nMEaDcgo1AB1HLRBVxNAJBAafsfJkouy6g6WUNDChT12= IBWPvzR6bXrJYKyYNXXRhGDbpzaW0z4HJM9p31i4XnSOB_ThKHGTWwUHm5xC53WMXJC3SHlhHgJ= fKq8B9ODSduoH3mOlLDcEl5wfoAMfcPM0uqYJIZuDbfs0wR8vD8k8jiRaxAbr34VNTmjEMY1R3C= hki3IYZgBd17s_dkB12y3HEuEhVzssl4kQooQUcg-kmuiNVjK7UbJ8Uov8WaxDBY1b60RKrn_o7= SkSp6gnoIMZ8ZCuNkpAPYIUrFNEIpbZA/G4NfGdZvFlDwAtpnb8KdeIUbaoF-BRma/12" itemp= rop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color:= #000000; text-decoration: none !important; border-bottom-width: 1px; borde= r-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc= ;"> 99-Unit Buildings</a> to Avoid Wage Requirements.</p> <p style=3D"margi= n: 16px 0;"><span><em>If you'd like to get=C2=A0Money=C2=A0Stuff=C2=A0in ha= ndy email form, right in your inbox, please=C2=A0<a href=3D"https://links.m= essage.bloomberg.com/s/c/2Mh2gZCq-SHUbm7W8lYMGLAxyDtEhfrlfi5qWjqiJgzIBXBysZ= JmirQNAyCAQceVpk33CzxfyeHgGjp-RJ6hSDSFWb9DgboYNXf99d-uLb8kg-1ON6r8iQEQXYV_n= TkHOCPc5DXj2NUHGralMQmW8Bx3EP-nw_GG9rWibDBmpZhSIwW4YNRde1luOhutyOTcZYZHB_0a= aEfirE6zAKpltHa1dcqcuJ0HYlaogle8tDR9_SLX8euj6VZJ1_XUKirRK4oKnJajgvVK11jiC4g= vjHlJ9prisfa1f7kRWVaBstO4ilAMn5zxkfoT288NNvrXPgcXEEwloZLV0xB1xk8FDF7dX81I2N= 99EgjmeCkTqepF6quUPn7wjiRyvGM/MgD7Uo76lum9JbaVCT-zGVWBV9M4IFzb/12" target= =3D"_blank" style=3D"color: #000000; text-decoration: none !important; bord= er-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: so= lid; background-color: #ccc;">subscribe at this link</a>. Or you can subscr= ibe to Money Stuff and other great Bloomberg newsletters <a href=3D"https:/= /links.message.bloomberg.com/s/c/wCaNsTktUIPAiQ8lnxq7RHj07YV4k3EyM8lHBVnqDi= UF1YNLbJSlN6Qckr-L_PDjLgFiCoVzWIZBPgEM72vRchi5BlPQdMaNmX0FPHz2bIS-BI1uohVqb= fC-95QZ10X8yUktlt-6YrQ03p-Bhnt70avNDaKm2Vg5VA6lOVrJZN1pCXP-g0SIF2FEHSFHGbrM= 7qT0srFmbj0X9k-kJruGMd1WYmIwa6jpgkmmk6aLjTwXdueNTEv0C_HsnoCaRkUR7Qtya8Wa8mR= 12v6sLaguGOVWMqn09Z_dg08mhvvk6Ld0lwBh74aQKQKqCCucLafO6GPMj-U_HQ_kPqoaGe2qlA= OaXxG7mPLbvltujH2wLVdD5i-Z-qdcyzleoEk/OTtnWRzVJ77EN5Pj6BMwhUEXa5MVvZpZ/12" = itemprop=3D"StoryLink" itemscope=3D"itemscope" style=3D"color: #000000; tex= t-decoration: none !important; border-bottom-width: 1px; border-bottom-colo= r: #000000; border-bottom-style: solid; background-color: #ccc;">here</a>. = Thanks!</em></span></p> <div id=3D"footnote-1" style=3D"font-style: italic;= "> <p style=3D"margin: 16px 0;">[1] It is not essential for no-arbitrage re= asons. =E2=80=9CI will buy Bitcoin, which goes up, so you should pay a prem= ium for my stock=E2=80=9D makes no sense if anyone can buy Bitcoin: People = should buy Bitcoin at 100% of net asset value rather than buying your stock= at 200%. The pitch that makes sense is =E2=80=9CI will buy increasing amou= nts of Bitcoin by selling my stock at a premium,=E2=80=9D which is harder f= or investors to replicate on their own. What is essential is that the asset= s be desirable, so that at least some investors have the thought process = =E2=80=9CI want to own ______, but buying this company=E2=80=99s stock is a= better way to hold ______ because it keeps increasing its ______ per share= .=E2=80=9D</p> </div> <div id=3D"footnote-2" style=3D"font-style: italic;"= > <p style=3D"margin: 16px 0;">[2] Again, as we <a href=3D"https://links.me= ssage.bloomberg.com/s/c/wPBfYefD4MsSLmrRXfZ1AM730ch58_zgQtE8d6Xn1s6oX1LKOhO= Y8J8f1zlEjj_1UpU-TvPBpNliu0x1fAGpGDC-gnHcLTFQ2XWKg4b_jvmpK_z3tJqqy_SwcR8686= 9E7fPsCkFrn6iDR5Df7r44ewTmSe6Ik6MBeyZvXHJBE94kZi9z6_MHGr0uJHit-h6LQNC4EBbAA= kmtY1exWmMoz4dKFkFBr-QbJOeALfUkDzrn5fXkFfRZhGoOct7Po9igWKGt29ZKBrLgdVq1p62O= I3gPpP1_3chXjQKa9q1OwsFElpQT0s7ax2AgE16E1jvXClDi6r6RNzRMeawx0-g-1ZPrY03wY-C= WgJzEMT2RkBI7Mwic2frtDHtrR4M/GD1ZsYGAen52vkwyMdSFVXHLu9bTK7Aa/12" itemprop= =3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0= 00000; text-decoration: none !important; border-bottom-width: 1px; border-b= ottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">= discussed recently</a>, those numbers are somewhat misleading: The retail = investors buy a *smaller amount* of stock at that high price, and you could= n=E2=80=99t get the whole deal done there. But, yes, adding more price-inse= nsitive demand to the order book really should increase the price.</p> </di= v> <div id=3D"footnote-3" style=3D"font-style: italic;"> <p style=3D"margin= : 16px 0;">[3] There is <a href=3D"https://links.message.bloomberg.com/s/c/= gWOa8dF6tH8YSKzTF0lASPOLP_r2659sGhiLDQMMsE-10t8qunG6QRHHflRVKlzZKECFOPi9XH1= xsNlt_BxF1AmedEOQq-BiQRhybi4eONXlLpZ1qdxM_2jbe-tSXSlbptKbi1nF5LXn1KWY7fWww_= wEJb3VSH6X-YuVY6ZvWrFGa6duOEk6iCjDWhHJGAXvUT3se_PiE25dy2aBQGvhjhjNkNWDiHpaD= 1T8j1z5bKegDdLpAoCB-6wxm1SqD_L5Vzt8vhhZCHvCsYDdTJJ0X48qwXfECf2t_B1cnjXeY7me= 9Ff07VB0OsUbvGEw3qCoWmS4nqtpnBKvav3KrwJU5iaHUabzu84R9pzLhuRYtSnjRoEd0VMrs-r= SU3c/j8b-WmevTAHYiaqj6EzJEEKHvL7PRHCJ/12" itemprop=3D"StoryLink" itemscope= =3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: = none !important; border-bottom-width: 1px; border-bottom-color: #000000; bo= rder-bottom-style: solid; background-color: #ccc;">an SEC rule</a> that com= panies with more than 2,000 holders of record have to be public, but (1) 2,= 000 is a lot and (2) most retail investors own their public company shares = <a href=3D"https://links.message.bloomberg.com/s/c/NG4hUl67PaN1jh5rtkyBemwx= cGdboMoZECzO97P9b-uYsFZk8D6x_Nfk2LsowvUuojYQa1ZHjOaImW1SYGQLWdyaqURhG2KraOX= ua3sWUJkwMhYxrmo7QsMwUZv6l5u-UyYHU5RIFtj0-FRcbgnqWEe79bcYFDsfWu0jNNRTzaiaUL= Q88kwWmU1E6-p-JIOMlPj3m0KfJHRfQs_HpwcO4trfetXBDB9gCds174bJJJe4krIZhpeg6OTtq= kSWSDw_ayFGInFz8oOfItOnYrI46scFpfvT0nQnCem0PH1xyhMBSiu_mHmsEaihsQv6mpST8fAm= KV_lqGMw-mj86jHet_r-kq1ayMghaRvag4w3JxTVLg1WNui3xxGCW84/rMN6Q9Qu-zigQ7ZrXOB= FL-hdZmiXNT5q/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"= _blank" style=3D"color: #000000; text-decoration: none !important; border-b= ottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid;= background-color: #ccc;">in "street name"</a> and don't count as record ho= lders, and you could extend something like that to private-ish companies.</= p> </div> </td> </tr> </table> </td> </tr> <tr> <td style=3D"border-collaps= e: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10p= x;"> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"= > <tr> <td style=3D"width: 100%; border-collapse: collapse; mso-table-lspac= e: 0pt; mso-table-rspace: 0pt;" width=3D"100%"> <center> <a href=3D"https:/= /links.message.bloomberg.com/s/c/4KZhvbD2g4ld5rSx3mLFCV5fpnKu3ThNt1FcqNbLNl= YRF_vDJZmEy4ZwsIzM47yT-9VtJUUOmiem5CoSpRUCaZwTHwRlqRLcubUsVUa4Nr8yUOFTzXFVd= Q9RyCghpeGsIzRFEc96_GM13GxgcpE5O4UTyjyOPiFM-W8YXgUmhe6xxl5xvFk8woZEpCwcogcx= sKwxitll1px45JvwwZD7qffY-veogl8N_YglJ5keC0XAHBed2gE-nvNutcFBexRgZ5qU4flxxw7= KzkaL9LZw27fjRgad4-mbmlk7rTP-afizk8zfm2LClerB8gst7-obyXijCIRWPQzXck7xYH_TPM= m0nb7mUwTvbjIXfX_m8PwzXbw8G6zpsMJdd4k/EC8zzuKo_k0VgFOVDxCpSHWKJ0p2o19A/12" = target=3D"_blank"> <!--[if mso]><table width=3D"550"><tr><td><img alt=3D"Li= sten to the Money Stuff Podcast" src=3D"https://assets.bwbx.io/images/users= /iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" width=3D"550"/></td></tr></table> = <div style=3D"display:none"><![endif]--><img src=3D"https://assets.bwbx.io/= images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" alt=3D"Listen to the M= oney Stuff Podcast" style=3D"max-width: 550px; 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