# SpaceX IPO Rotation, Galaxy AI Data Centers, and Canton Network

**Podcast:** The Milk Road Show
**Published:** 2026-06-11

## Transcript

Everyone is just waiting for SpaceX to do IPO and buy some shares.
And my concern is that what's my edge in that trade?
This show is an early one for me after the Knicks game last night, but it was all good because of the way things ended up.
Hello and welcome to the Milk Road Show, the podcast that knows that bear markets are for building, so you are ready to party when the bulls come back.
I'm your host, John Gillan.
Today is Thursday, June 11th, and today we are back with another episode of the Milk Road Pro Analyst Crypto Research Meeting.
Once a week, we huddle up to talk about what's up in crypto.
I always learn a lot from these conversations.
Unfortunately, Kyle is off today.
He's out conquering the world somewhere, so it is just going to be a good one.
to be me and our head crypto researcher, Martin.
If that sounds good to you, make sure you like and subscribe, share this episode with somebody who's going to enjoy it.
We're going to break down a lot of the alpha that's going on in this space today and just talk about what's keeping us interested in the spare market.
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And without further ado, welcome back to the Milk Road Show.
Martin, how are you?
Hello, sir.
I'm doing fine.
What about you?
I'm okay.
Yeah, it's going to be an interesting conversation today.
I think you're very adamant that this not be an interview.
So I thought a good place to start the conversation would be with a discussion around the big news of the week that's really moving all markets, which is this IPO from SpaceX.
It's coming in, I think, at a $1.77 trillion market cap, $135 per share, which is...
A lot, let's say that.
We've gotten some questions from our pro community at Milk Road about how this impacts crypto and what you think the short-term, long-term impacts of this is going to be on the markets here for digital assets and for everything.
But just any thoughts from you about the SpaceX IPO?
What are you looking for?
Any things that you're watching as it relates to the crypto markets here?
I was reading a very good piece from Melvin yesterday, and he highlights that The main thing about SpaceX is SpaceX is pretty much monopoly in terms of transportation into the space and the costs per kilogram are on a downward trajectory, which is something that everyone is now looking at because if we are really at some point going to build data centers in space, you need to bring a lot of material there.
And SpaceX is right now pretty much the only player.
So I get that people are very excited about this IPO and the bull case and the future potential is just enormous.
But for like my perspective, I'm trying to avoid things that are overcrowded.
And like right now, everyone is just waiting for SpaceX to do IPO and buy some shares.
And my concern is that what's my edge in that trade?
It's just I'm like everyone else.
I'll just buy no matter what.
And I don't want to be that guy.
So I'm probably going to skip.
I know that there is a lot of excitement and some people are going to jump in and maybe, you know, sell the very same day because the stock is going to explode.
Maybe, maybe not.
I don't know.
But.
I'm probably going to pass, let things settle a little bit and see where SpaceX trades in six to 12 months because then there are some unlocks, then SpaceX will be added to some indices, so it will generate some substantial buy pressure.
So yeah, probably I'm not as bullish as everyone else, but I don't know.
What about you?
John, are you buying in tomorrow?
Well, it sounds like you're bullish.
You just have a little bit of a patient strategy, which I think makes a lot of sense.
I think that there's ample reason to think that this will continue to be a highly valued stock and there'll be a ton of demand for it.
I think that the way I'm thinking about this is looking at the weakness it's creating in other assets, right?
Because there's been a little bit of a pullback in a lot of markets.
And it seems like a lot of people are raising capital specifically to allocate to this or to be able to take a position when they want to.
And so I think we've seen weakness in other risk assets, particularly Bitcoin and crypto right now have gotten like no attention, no speculation, no euphoria.
And to me, that is the interesting opportunity, right, where you have such high quality assets in the digital asset space like Bitcoin and Ethereum and so forth that nobody's interested in.
Nobody wants to accumulate.
And so while everybody is piling into these AI stocks, I think it's a great opportunity to look at other things where capital has left.
to go speculate on on spacex but that the fundamentals haven't changed that the valuation is still uh really strong um and then i think you know that's the market presenting you an opportunity um so that's kind of how i'm thinking about this is not playing the spacex ipo itself but looking for high quality things that i want to own that are maybe selling off or seeing a period of weakness because of the spacex ipo But yeah, I think there's going to be ample time to get an allocation to SpaceX and it's going to come into these major indices.
So everybody's going to get a piece at some point.
But yeah, it doesn't mean you just have to go trading the IPO right away.
Yeah, so that's how I'm thinking about that.
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SpaceX also holds Bitcoin on their balance sheet, which I think you pointed out recently.
What do you make of that?
Like they've been holding that for a long time.
They haven't sold any of it.
Do you think that that kind of bolsters the investment case for Bitcoin?
Is that a vote of confidence?
Is it is it sort of a shoulder shrug for you?
How do you think about that?
I think it's just a very tiny position, so I don't make a big deal out of it.
I think all crypto people are trying to make this a big thing because there is not much going on, to be completely honest.
And so, like, we are like, not we, but the whole industry is looking for some things that could, you know, push our banks higher.
And yeah, I mean, like, eventually, I think...
most of the companies will have Bitcoin on their treasury, on their balance sheet, because it just makes sense.
And it's a diversified asset to everything else.
So at some point, every institution and company is going to have Bitcoin on their balance sheet.
But right now, is it going to move the needle or something?
I don't think so.
I think if United States government, I mean, is going to talk about that.
you know, Bitcoin strategic reserve and make some big announcement and not just like, okay, we are keeping or like we keep holding or the cease Bitcoin or everything we have right now.
We are not going to sell anytime soon.
It's good, but it's not great.
I think what a market would really need is some big catalyst.
And if US would be saying that they are going to buy as well some Bitcoin, like regularly.
that would be that catalyst for Bitcoin.
But yeah, I think we talked about catalyst last week or in some other episode.
And I personally don't see many catalysts on the horizon for crypto specifically outside of...
The Clarity Act.
Sorry.
Which I think is going to die.
I don't think that's going to get out of...
I don't think it's going to make it now.
But yeah.
Yeah.
If not, well, it's going to be tough here for crypto, I think.
Okay.
Well.
Tough years are still opportunities.
Yeah, the Clarity Act is the bill that's still going through Congress.
And I think that the headwinds are pretty big at this point.
It's going to be really hard for them to get enough Democrats in the Senate to get this passed.
They got plenty of support in the House of Representatives.
But a lot of Democratic senators have drawn some hard lines in the sand that, let's say, seem insurmountable at the moment.
But, you know, anything's possible.
We'll see.
It's going to be down to the wire if it does make it, though.
I think I saw some tweet from.
Mike Novelgratz, who is the founder of Galaxy, he said that he's heading to Washington yesterday.
He has some meetings there.
And he said that he remains positive that this will go through soon.
But he also said a timeframe that if it's not going to pass in the next four weeks or so, then it will probably not going to pass like anytime soon.
So, you know, we have at least we have some timeline.
Yeah, well, I would say we have a very narrow window of time, right?
Like that's the problem.
There's only a few weeks left to like logistically be able to complete all the steps necessary to get this through the floor of the Senate, do a reconciliation and vote on all of that again, and then get that to the president before Congress adjourns for the session.
It's just a pretty narrow window.
So if Senator Thune sets a floor debate in the Senate for it, then we'll see because that's, I mean, it's.
trying.
So, but he hasn't done that yet.
And I think the reason he hasn't done that yet is because he knows he doesn't have the votes yet.
So we'll see what happens there.
You brought up Galaxy Digital.
I wanted to ask you about that because that is, I believe, still your largest position in your Milk Road Pro portfolio.
And for anyone listening, you can see all of our analysts' pro portfolios.
If you sign up for Milk Road Pro, it's just a dollar.
So it's a great deal and a great way to get a lot of alpha from all of our analysts who are playing these markets in many different ways.
But Martin, Galaxy, I believe, was under $20 back in April on the last dip and has since rallied up to, it's north of $30 now anyway, but there's been some price action in that, some volatility and some strong performance from Galaxy.
What do you think is driving this recent move in Galaxy and why are you so bullish on this particular asset right now?
Yeah, I think, well, I'm really bullish on Galaxy because not necessarily because of their crypto business that is doing, let's say, just fine.
but more about their AI data center business, which is still not recognized by the market.
And what happened this last week is that Mike Novogratz, who is the founder of Galaxy, he said that they will have another tenant signed by the end of this summer.
And so the Helios, their data center, has already contracted 800 megawatts to Corvive, which is going to bring Galaxy 1 billion in revenue per year.
And they have like 90% margins.
So 900 million goes to Galaxy as profits.
And in January, they got additional 800 megawatts approved.
And now they are looking for that tenant.
within next two months or so, they will have a new contracted, locked up tenant that is going to bring, I assume, even more money than Corvive.
Because right now making a deal like this with Galaxy, the risks reduced dramatically because they were able to deliver holes to Corvive on time.
And that is going to start.
generating regular cash flow.
So not just from, you know, execution perspective, but also from cash flow perspective, Galaxy is becoming less risky.
And so I assume that the next tenant is going to be some big company again, and it's going to bring like additional one more billion revenue per year.
So I think those are just insane numbers.
And market is still not really pricing it in.
And there is still potential for additional 1.8 megawatts that are still under study.
That's probably going to be approved, you know, within 12 months or so because Galaxy is also part of what's called badge zero, which is program that should accelerate approvals for existing, well established, founded companies in Texas.
And on top of that, Because the data center is in Texas and it's West Texas.
And there was a program by government where they were trying to incentivize creation of electricity there like 20, 15 years ago.
And as a result, there is now so much electricity created that some days.
If you are able to consume that energy, you are not paying for it, but you are getting paid because it's just oversupplied.
You know, we keep hearing that there are electricity bottlenecks everywhere, and that's true.
But if you are in West Texas, the situation is a bit different.
And so I think Galaxy is just very well positioned to capture this next big trend, which is, you know, providing...
electricity to big neoclouds like Corvive, Nebius and all these guys who are going to sell that computation to hyperscalers.
So and then there is still that crypto part.
So they have 1.8 billion in crypto on their balance sheet and they still have a crypto business that's trading, lending and asset management and like many other stuff.
And I think Even if you just remove that crypto part and just focus on that AI data center business, it's still undervalued.
And I think the crypto part is still a nice call option that is going to play out eventually.
So yeah, that's why it's my biggest position.
It's because I think the risks are quite limited because the revenues from...
all these contracts are coming up, they are locked in.
And so unless some of these tenants is not going bankrupt, then it's just a stable cash flow.
And I like that.
Yeah.
And what I think is interesting about this is that you found a really great way to play the thesis on both of these major trends in the market, right?
Digital assets, crypto, but then also AI and energy.
And I think Galaxy is like a single stock that you can articulate that thesis and really capture a lot of the upside from both of those things.
And that I think is something a lot of investors have been looking for, right?
Is like, where is that intersection?
How do you get exposure to it?
and do that in a way that makes a lot of sense and just like you said has a lot of defensible, stable cash flows behind it that really make it a strong business proposition.
So I think it's something I always like getting an update from you on where that is and how you're thinking about it.
Another thing I think you said in Discord recently was that you're looking at buying more figure.
And I wanted to see if you had anything to share on that, any updated thoughts or like what's driving you to take another look at figure and what's got you excited about that this week?
Yeah, I think figure is...
It's such an interesting blockchain play because, you know, when we say crypto, people usually think just about tokens.
But FIGUR is a regular stock on US exchange.
And the thing that makes them interesting is they started with their own loans against home equities.
So if you if you own some property, you can take loan against your property.
It's called HELOC.
And now it was it was very successful, but they were thinking about, okay, this works great.
But what if we bring more more loans to our marketplace?
So we are not just, you know, originating these loans, but we sort of expand.
into a platform that everyone can originate loans using our own blockchain and sort of be composable with everything.
And so all the pieces and all the information are stored on the blockchain.
So there are no databases or like Google Sheets and like, okay, there are two decimals, there's one decimal and like, hey, there's a mismatch in numbers.
So how should we reconcile all that?
No, that's all gone.
That's why blockchain is such a unique technology because it just makes all these things much easier.
And now they are bringing many more.
I think they have around 400 partners today who are originating loans on their marketplace.
And I think it's just, again, one of the players that people still don't really recognize the value potential for business like this.
But they just...
acquired another lender and I think it's pretty interesting because FIGUR is valued something around 5 billion or something, pretty low valuation, but they just acquired a new lender who is going to originate all the loans on FIGUR automatically and I think they're going to bring more than 7 billion.
in volume per year to the figure platform and they are also positive and profitable they make around um 100 million in in abita in rent profits and so and they only bought this company at i think five 560 million or something like that so i think it's a very good guy and it It's going just to accelerate the adoption of their marketplace, which is called Figure Connect.
And yeah, I think I'm going to add more.
to my position today.
Okay, well, that's a very strong thesis on that.
Do you think that there's anything about this that is like crypto specific that makes you excited about it?
Or do you think that this is just like a really strong lending business?
Like, yeah, how do you think about that relationship between figure digital assets?
Or is it just a really strong, you know, like I said, lending business that that's growing and continuing to gain traction?
How do you think about that?
It's lending business, but on blockchains.
and it makes the big difference.
And they are also very active in DeFi.
So they have product which is called Democratized Prime, which means that anyone can lend money there and those money are then landed on their platform.
So like, you know, even me, I can land into these vaults and sort of provide liquidity for their platform.
So they are very well integrated into Solana, Ethereum and I guess, all relevant blockchains today.
So it's very positive.
And like, you know, Morphe just raised 180 million or something at 2 billion valuation.
So it only adds that credibility or just validate pieces that the capital is going to move on chain and that there is demand for that.
And FIGUR is doing just that.
So yeah, I'm very bullish on FIGUR.
Could you talk a little bit more about vaults?
Because I feel like Morpho does a lot of things with vaults.
Figure, like you said, you can add your capital to these vaults and participate in their lending business.
A lot of people, I think, who are digital asset native still don't really understand what vaults are, how they work, how that unlocks more access to DeFi and the appeal to institutions of those.
What's your view on vaults?
What's your understanding of them?
Why do you think this is getting to be such a bigger narrative in the digital asset space now?
Vaults are pretty much...
contracts where you can just deposit your money and then there are some vault creators who are like you know professional risk managers who are just taking your deposits and managing it in a you know risk adjusted way so like instead of me going through different protocols and chasing the best yield i don't need to do it i can just deposit my money into a vault and they will do their job so it's very compelling, I think.
And for these professional risk managers, it's also very compelling because that way you can raise much more money and get more assets under management, which would otherwise be much more challenging.
But I was a critic of Waltz for a long time.
And I'm still not sure that Waltz are the winning strategy because For example, I deposit all my stablecoins into Sky Savings Rate.
And the way I do it is because I will get a liquid token against it, which represents my deposit.
So I can still operate with that money while I'm still receiving yield.
I think that's much better offering than just locking my money in some vaults.
And then most of the time, these vaults have some lockup as well.
So if you want to withdraw, you might need to wait like seven days or two weeks or something like that.
So I prefer to be liquid all the time.
So I personally don't use vaults much, but I understand why some people are really bullish and use them a lot.
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Yeah, I think that vaults are really interesting development and piece of technology because, you know, just like using figure as an example, they're doing a lending business, but they're leveraging digital assets and blockchain technology to do it better, to improve the markets for everybody, all the stakeholders.
Vaults to me are another iteration of that.
And I think that there's going to be a portion of the market that maybe doesn't need that technology.
There are going to be a lot of investors who I think are going to be really interested in what vaults allow you to do, both from an asset management side and an investment side.
And I think that there's a lot of things that are going to come out of that that we haven't even seen happen yet.
This is one of the things I think is so interesting about the digital asset space is all of the financial primitives, new innovations that it unlocks.
Prediction markets and perpetual futures contracts have been around for a really long time, but they never really found a market at scale until digital assets came along and this technology sort of unlocked a lot of those things.
And I think that that's only going to accelerate that innovation can't really happen in the same way on Wall Street or in TradFi, but it can happen in the digital asset space.
I'm really excited to see what that looks like when we get agentic agents coming into this ecosystem and we see things like high frequency DeFi and just like a lot of different things are going to start happening.
And so it's cool to see that happen.
And a lot of new financial primitives are going to still be created.
And I think at an even more rapid pace as this technology gets more adoption, more capital, and then more users and different kinds of users like human and non-human and then institutions and retail.
All of these different players are going to come in, use this in different ways, and it's going to be exciting to see all these different kinds of innovations, new products and services we haven't even thought of yet that are still going to come out of the crypto space.
So that's one of the reasons why I think it's so exciting to be an investor here because of all of those things that are still going on.
Do you know what I also like about Figure?
I can check all their metrics on-chain anytime I want.
I don't need to wait for, you know, quarter earnings report or something.
I can verify those metrics like right now if I want to.
So I can see that they are growing 5 to 7% months over months.
And, you know, that growth will just compound.
So, yeah, I'm really bullish figure.
Everyone should.
At least.
Yeah, not financial advice, do your own research, etc.
Martin, I think one headline that got your attention this week that you flagged that you wanted to discuss was A16Z leading a raise of, I think, $355 million for an investment into Digital Asset, which is the developer behind the Canton Network.
And I think A16Z crypto has been really active recently in doing investment raises, venture capital back in the digital asset space, which we haven't seen it really in huge size until just the last couple of years here since FTX went down.
But A16Z had been really aggressive, I think, about raising capital, deploying it into the space, finding opportunities in digital assets.
What particularly about this raise stood out to you?
What got your attention about this?
It got my attention.
attention because they raised, first of all, 355 million, which is a lot of money.
And I don't remember recently that someone was able to raise that much money.
The valuation is still two bill, so it sounds decent.
But there is one important nuance because when Morpho raised day round, which was also two days or three days ago, they sold them the tokens.
using last month or like trailing 30-day price average.
But here for Canton, they sold equity, not tokens.
So there is still that disconnect between tokens and then equity.
So I wanted to raise that first.
But I think it's mainly interesting because if you look at who was participating in that funding round, you see.
Abu Dhabi Investment Group, Apollo Global Management, Citadel Securities.
So those are the biggest names you can think of.
So those are not small crypto VC investors who just need to participate in everything that could be interesting one day.
No, those are huge players and some of them are already using content.
So I think it's It's very interesting and we have been talking about Canton for a while now, mainly internally because they are very interesting but we were not sure if they are legit and we were also not able to find many data about their business and how it's going.
But I think this just validates that they are certainly legit and the big guys like these.
they do due diligence before they put any money into anything.
And from my perspective, when I just not comment this last round, but talk about their product, I think it's pretty compelling.
And talking about Morpho and Canton, I think Canton is becoming what Ethereum was supposed to become.
And Morpho...
is becoming what Alva was supposed to become.
And I'm not necessarily saying that they have better technology or something, but they certainly have better business development teams because they are just growing and doing a pretty good job there on that front.
And so while right now, when we look at the prices, we think that crypto is dead.
but there are still some improvements and there is still some development ongoing.
And every race like that just validates the whole thesis that what blockchains offer is something unique and something that investors are sort of thirsty and they want to participate in that upside once it comes.
And so right now, you might not necessarily see it in the next video or two.
But in the future, if Canton really gets traction and will grow, you know, I think they said, the team said that they're on Canton, they process about trillions of volume per year.
So those are not tiny numbers.
And I think it's just going to increase like dramatically over the years.
And when I see all the participants on Canton Network and now the backers.
I think all these backers will eventually become users as well.
And so, yeah, I want to be bullish on Canton.
But as I said at the beginning, the only issue is that there is equity and then there is token.
So if I want to express my bullishness on Canton, how should I do it?
Because if I buy token, I might not get exposure to the whole business that's behind it.
If that's the case, Canton would be raising, but using tokens, but they are raising money and using equity.
So, I don't know.
What do you think, John, about this?
It's, you know, it feels like Morpho, I was really happy when I saw that Morpho was not selling equity, but tokens were evolved.
But in the case of Canton, equity part is pretty sad, I think.
I have a lot of thoughts on this.
I think we see some of these things differently.
And I agree with you.
The thing that stands out to me a lot about this particular raise is the intermingling of a lot of TradFi and DeFi and crypto and Wall Street among the list of named investors.
Right.
So you've got Apollo and BNP, Broadridge, Citadel.
A lot of these names are the ones who are behind the development of Canton initially.
And so it makes sense that they're investing.
You've got the CME ventures on there as well, but you've also got Coinbase.
You've got A16Z's crypto team investing in this as well.
So I think there's a lot of reasons to be bullish on this project.
I'm sure that it's going to do well.
I'm sure it's going to get a lot of volume in adoption.
I believe they have a deal, some sort of tokenization project involving the DTCC, which is obviously huge because that's where a lot of the global equities trade.
So if they're getting tokenization volume from the DTCC, that's going to bring a huge amount of volume to their chain.
So I think that Canton is going to do well.
I don't think it's fair to say it's a competitor of Ethereum, but to me, a lot of these things are, it's sort of validating the need for Ethereum, right?
And we haven't got to the then they fight you stage of Ethereum or public blockchain infrastructures development.
And this is what that starts to look like, right?
Like once they recognize that it...
things like public blockchains and decentralized finance are not going away.
They try to rebrand it as on-chain finance and they try to go from decentralized to distributed.
And they try to say things like, oh, it's open and permissionless, but our 24 super validators are the only ones who actually can validate the network.
And we're the ones who approve, who can become a super validator.
And also if you do something one of our super validators doesn't like, we can unwind what you've done.
So like, I don't know, there's a lot of like gray area to this.
And I think that the market is trying to figure out where on this spectrum of immutability, open, open, permissionless censorship resistance, and all these different other things that public blockchain infrastructure like Ethereum has, where on that spectrum, these products and services need to fall in order to find product market fit.
Because I think a lot of people don't care about those things.
And they don't matter things like censorship, resistance and open.
you know, distributed governance or decentralized governance and immutable transactions and so forth, censorship, resistance, that people don't care about those things until they matter.
And they don't matter until they do matter.
But once they do matter, they are the only things that do matter.
Right.
So like you being able to own and access your capital and actually have some sovereignty over what you do, financial liberty does matter a lot once someone has the ability to take it away.
I think that's one of the things that's going to hinder the development of these things.
Right.
So like.
If you are part of the consortium of partners that owns, develops, and operates one of these permissioned chains, or let's say distributed but not quite decentralized chains, then it's really attractive to you.
However, if you're not one of those individuals, those institutions, then I think there's a big risk to adopting whatever that technology solution is.
because you're really trusting in some sense one of your competitors to have a lot of transparency into what you're doing, how you're doing it, and to maybe use that information against you and then ultimately benefit a lot from your capital, from your volume, from what you're doing.
So I think there's an incentive for a lot of these major institutions, right?
Like you see a lot of these names on here, Apollo, Citadel, CME.
There's a lot of incentive for them to try to come to market with one of these products.
But because of that, you know, like JP Morgan has Connexus.
That's a completely different kind of product.
They're all trying to compete with each other to kind of get their own L1 adopted by everybody.
But because they're all trying to do that, I don't think they're all going to end up trusting one another or using one another's products.
And so I think there'll be some fragmented liquidity, fragmented volume, a lot of competition for market share.
But I do think ultimately, though, the better option for everyone is to sort of settle back down to these public blockchain infrastructures because they are decentralized.
They have truth, not trust, right, which is what the whole point of this is.
And then it allows you to be much more secure, much more scalable.
It improves all outcomes for all stakeholders.
The big thing, though, I think is also you get access to this continued innovation, right?
siloed off by yourself and you're only having development done by your team on your blockchain, you're not really getting to participate in a lot of the financial innovations that's also happening and still accelerating in the public blockchain infrastructure.
So I think there's some gravitational pull towards the public solutions.
I think that the competition from some of these more permissioned chains validates the huge value add of these public blockchain infrastructures, but doesn't quite replace it to me.
And I think that we're going to see a long, messy middle of the then they fight you stage, where you're going to see a lot of these things, there's going to be a lot of opportunity.
And I think the total addressable market is so big that a lot of these things can coexist without needing to completely destroy one another, right?
Like I think Ethereum and Canton Network don't need to be mutually exclusive.
Same thing with Solana and SWE and so forth.
So yeah, I think, but it's an interesting thing to watch as it develops because it shows you that all these big institutions that maybe a few years ago were laughing this stuff off are now trying to compete, trying to come to market to...
defend their market share, justify their existence, and to continue to participate in the economy as these products and services evolve.
The end user, obviously, I think benefits the most from this because all this competition from all these major players means the products will get better, the fees will get cheaper, the quality of the services will improve as they compete for market share.
So yeah, it's going to be really exciting to see how it plays out.
I think it's interesting to see this investment.
And yeah, I don't think Canton Network is done by any means.
I'm interested in getting an allocation.
But I'm also kind of hoping that the token dips again in this bear market so I can scoop it on the cheap.
But yeah, it'll be interesting to see how this plays out because there's a lot of capital going after this one.
Yeah, one comment.
I think their go-to-market strategy is that they are addressing the things that Ethereum or any other blockchain is not able to provide, which is privacy.
Because if you are a big financial player, you just don't want to reveal all your transaction information on a public blockchain.
And second of all, they also provide that solution in a compliant way.
So you can do it and it just, you know, meets all your like regulatory requirements because it's a, let's call it a modular blockchain.
So you can build in all this stuff together.
So I think that's, if Ethereum has that, it would be awesome.
And I think it would be much more competitive.
I think eventually at some point Ethereum and every other blockchain will need to at least that privacy layer bring as well.
But right now, Canton is leading and yeah, not sure how long, but right now the traction is definitely on Canton.
But yeah, like we don't need to discuss Canton versus Ethereum.
I think they can both win.
But I think that that's a great, so that's a great point, right?
Because like privacy has become a huge narrative this year for a lot of reasons and for a lot of different market participants.
I think Cardano's midnight side chain is a great privacy solution as well.
You're right, Ethereum is trying to build privacy solutions right into the L1, but they also have L2s like the Aztec network that are trying to bring privacy solutions to market because this is no longer just something that...
individual self-directed users want.
It's something that institutions have said they feel like is a prerequisite for them to adopt this technology.
So it's been really cool to see how many different projects are coming out with all these different kind of ZK or different kinds of privacy solutions.
And I think that's all just really encouraging, right?
It shows that this technology is responsive to user feedback.
Innovation is happening.
And you're right.
I think it's going to be interesting to see who wins that competition because now it's a kind of a race to get to market.
And then...
capture that market share because there's so many people that have demand for those use cases.
Martin, I think we've covered a lot today.
I don't know if there's anything else we should conclude with, but it's a bear market on Bitcoin.
I haven't heard you answer this question.
I don't know if you have a direct thought on this, but I want to end with, has Bitcoin bottomed here?
Do you think that we're going to see 50K?
Do you think we're going to see 40K?
Do you think we're kind of forming a bottom now?
What do you think happens with Bitcoin in the rest of this year here?
I don't know.
I think we are definitely closer to the bottom than closer to the top.
But, you know, I think Bitcoin is still driven by macro.
And if the situation in Iran escalates, then probably US stocks are gonna fall much deeper.
it will probably push Bitcoin prices down as well.
But if the situation gets resolved and then S&P is doing new all-time highs again, then I think Bitcoin should have bottom.
Yes.
Gotcha.
Okay.
Yeah.
I think in the short term, I'm watching this Bitcoin bounce.
I think it's going to roll over again, though.
I think we might.
We're at 63K now.
I think we might get to 64, somewhere in that range.
But I do expect we'll see some weakness here.
The way I'm thinking about this is I don't know where the bottom is going to be.
I don't know how long it's going to take to get there.
But I strongly agree with you.
We're definitely much closer to the bottom.
than it may appear right now, even though sentiment feels terrible still.
But I think that's the opportunity, right?
Like just stay patient.
It's going to take...
maybe some several months before we start building up for another bull run.
But if you're patient with your capital, if you're buying dips and looking for opportunities to accumulate on the assets you want to get into, now is a great time to start doing that.
So I've already made some purchases.
I'm going to continue to buy Bitcoin if we get some more weakness.
And I'm just, I'm really excited about the opportunity the market's giving us here because it's going to be maybe a multi-year best buying opportunity on Bitcoin.
Yes.
And also like, We have built internal tool, which is called Bitcoin Demand Index, and it shows us if there is, you know, more broader interest in Bitcoin or not.
So it's looking at on-chain holders, ETF inflows, seller purchases and stuff like that.
So unless I see some, you know, demand there, I think Bitcoin is still going to be around these levels or like, you know, 60s, 70s.
But Unless there are some buyers on the market and I see there, I think the sentiment is not going to shift just because of out of nowhere.
So I think the first signs are going to be that.
the on-chain holders are not distributing their coins anymore, but they start, they are slowly starting to accumulate.
We will see some ETF inflows and, you know, maybe digital asset treasuries are going to accumulate more as well.
So that will be the first signs.
And I think once it happens, I agree.
I think Bitcoin is at generational low prices today, but I think Bitcoin is competing right now for that momentum, which is right now elsewhere.
But at some point, I think Bitcoin is going to be a good asset to buy.
But we are not there yet, I think.
Well, if you want to see all of these tools that we're building in the Milkroad Pro community and in the Milkroad Pro toolkit, definitely hop into the Milkroad Pro.
It's only a dollar for seven days.
You can hang out with Martin and me and talk about crypto and macro to your heart's content.
Martin.
Great episode.
Thanks for being here.
Really appreciate you doing this.
And thank you all for joining us.
We will see you all in the next episode of the Milkrow Show.
Thanks for being here, everyone.
Stay safe, stay educated, stay bullish.
And we'll talk to you next time.
Bye.
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