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GM. This is Milk Road – the newsletter that’s been making you look smart about crypto in front of your friends since 2022.

Here’s what we got for you today:

• ✍️ The MicroStrategy of ETH!

• ✍️ The one major macro concern rn...

• 🥛 Milk Road PRO Portfolio updates

• 🎙️ The Milk Road Show: Why Solana DeFi Might Outperform Ethereum This Cycle w/ Sam Andrew

• 🍪 The ticker is $CRCL

THE RISE OF THE CORPORATE CRYPTO RESERVE HAS BEGUN! 💪

This is weird…

There’s a US-based company selling shares and taking out debt in order to fill its treasury with billions of dollars worth of Bitcoin – but it's not Strategy ($MSTR). 

Nope. It’s the Trump family.

And a Trump family-owned business adopting a Bitcoin treasury will likely help encourage other companies to adopt a similar strategy.

Hell, this kind of thing isn’t just siloed to $BTC – it’s happening with $ETH as well.

A company called SharpLink Gaming ($SBET) just announced a $425M strategic Ethereum reserve.

…can you guess when they announced it? 👇

Yuh. $SBET is up more than 600% since trading closed last Friday.

But the really crazy part of the SharpLink Gaming deal is how it happened.

Consensys (creators of MetaMask) bought a controlling share of the sub-$10M publicly traded company → announced their plans to add a $450M worth of $ETH to the company's treasury…

And BOOM! The Saylor playbook now runs on Ethereum via a publicly traded stock!

…except an $ETH treasury can earn staking yield – allowing a certain kind of flywheel to be implemented. 👇

Zooming out – here’s the math on all of the above:

The US President’s company adopting a Bitcoin reserve + hockey stick charts like the one from $SBET… 

= increased incentive for other companies to adopt a crypto reserve strategy.

BAD NEWS FOR MACRO = GREAT NEWS FOR CRYPTO? 🤨

There’s one MAJOR macro concern right now.

…but weirdly enough, it’s painting a rosy outlook for crypto.

The concern is: rising yields of treasury bonds (aka, government IOUs.)

Rising yields are typically an indicator that one or all of the following are true:

• The government is holding too much debt → making them a ‘riskier’ lender → as a result, investors demand higher yields to take on government debt 

• Inflation is getting worse → investors need higher yields to compensate for the eroding purchasing power of the US dollar

• Government spending is set to increase → which tends to lead to higher projected economic growth → which helps to push yields up

So, the US is becoming a less reliable lender, inflation is possibly getting worse, and the government is about to try and spend its way out of the problem…

How is this good for crypto??

Short answer: it’s that last bit. 

When the government gets to spending, a chunk of that fresh cash tends to eventually find its way into crypto – increasing demand and pushing prices up.

Longer answer: check out this chart. 👇

See how every time 10yr treasury yields breach the yellow line in the chart above, it pushes the S&P 500 down? Well, this sets off a chain reaction that eventually leads to— 

You know what? I’m going to come right out and say it: I’m getting a little out of my depth here. 

This kind of in-depth explainer is a job much better suited to Tomas over at our freshly launched Milk Road Macro newsletter.

(The guy has a gift for making this kind of thing just click!)

My suggestion:

Read the full Milk Road Macro article – it’s a banger!

MILK ROAD PRO PORTFOLIO UPDATES 📊

TL;DR:

Prices across the Milk Road PRO Portfolio are taking a well deserved breather after ripping recently.

…all except one token, which has refused to slow its roll and added close to 30% in recent days.

Wanna know what it is? Go PRO and keep scrolling to find out. 👇

Disclosure: We are not a day trading portfolio so don’t expect a high volume of trades. Read our “How To Build a Crypto Portfolio” report to learn more about our portfolio strategy.

Portfolio performance 📈 

The Milk Road PRO Portfolio saw a moderate increase over the past 7 days. Our portfolio value is at $159.2K, up 3.48% since last week.

It’s been a strong week for crypto, with the uptrend showing no signs of slowing down.

Stocks are in the red, but Bitcoin is breaking into all-time highs and the rest of the crypto market is moving right behind it.

You’d think the media would be all over it, and your old friends would be texting you about crypto again… But strangely, it’s still quiet out there.

That’s a pretty good sign we’re still far from the peak.

Portfolio changes 👀

BITE-SIZED COOKIES FOR THE ROAD 🍪

Maple’s got its hands in every DeFi cookie jar. Whether it’s lending or yield products, it’s become a leader in onchain asset management.*

The ticker is $CRCL. Looks like we ain’t getting a Coinbase or Ripple acquisition.

MetaMask is getting shit done. They now support Solana on their wallet.

Ethereum still hasn’t won the RWA race. They’ve got a pretty slender lead on other chains at the moment.

We’re hosting a meetup at Permissionless! If you’re hanging around New York on June 23rd, come grab a beer with the Milk Road team.

Invest as you spend with the Gemini Credit Card®. Get approved by 6/30/25 to earn $200 in Bitcoin when you spend $3,000 in your first 90 days. Issued by WebBank. Terms apply.**

*this is sponsored content.
**this is partner content.

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