May 29, 2024 | Read Online

🥛 This company just bought $40M in Bitcoin 📈

PLUS: Weekly crypto fund flows

Today’s edition is brought to you by Stacks - the leading Bitcoin L2 gearing up for the largest update yet with the Stacks Nakamoto Release - Bitcoin is more than you think.

Check out the top 8 DeFi Apps on Stacks.

GM. This is Milk Road, making your hump day a whole lot smoother with the latest in crypto. 🐫

Here’s what we got for you today:

Healthcare company goes big on Bitcoin 💰
Chart of the day: Weekly crypto fund flows 📊
PayPal USD now available on Solana 🍪

Prices as of 9:30AM ET. Click here for our Fear & Greed Index

HEALTHCARE COMPANY BETS BIG ON BITCOIN 💰

Semler Scientific ($SMLR), a NASDAQ-listed healthcare company, just went full crypto and decided to stash most of their cash in Bitcoin!

Forget gold; they believe Bitcoin is the ultimate long-term store of value and the best way to dodge inflation.

Yesterday, they dropped the news that they bought 581 Bitcoin, worth a cool $40 million. The market went bananas! 🍌

Source: @FrankAFetter

A few weeks ago, Semler Scientific disclosed holding $62.9M in cash, which means a whopping 63.6% of their treasury is in $BTC.

We've seen this trend take off since Tesla started allocating part of its treasury to Bitcoin back in 2021. 🛫

The Milk Man can’t help but wonder, what if the biggest 5 companies allocated just 1% of their treasury to $BTC?

Let's do some quick napkin math:

Let's take Apple, Amazon, Meta, Google and Microsoft
If we add up all the Cash & Cash Equivalents + Long-Term Investments like stocks, bonds, and real estate, these companies hold about $639.2 billion. (Talk about big bucks!)
Now, if they all decided to allocate a very conservative 1% to $BTC, that would be ~93,669 Bitcoin.
This would account for about 0.47% of the total circulating supply, without even considering the 6M Bitcoin that’s estimated to be lost for good.

Crazy, right…

Well, want to hear something even crazier? Let's talk about Metaplanet, better known as Japan's MicroStrategy.

Metaplanet Inc., a Japanese Bitcoin consulting firm, has seen its shares jump from 41 JPY to 90 JPY (Japanese Yen).

Right now, the company is sitting on 117.7 BTC, worth a cool ¥1.2B ($7.7M USD).

And on Tuesday, Metaplanet's board decided it was time for a little more action, so they announced they’ll be purchasing an extra ¥250M ($1.6M USD) worth of Bitcoin.

Their stock went up 370% from the initial $BTC purchase, last month, to it’s recent high.

Source: @teddyfuse

MetaPlanet is on a mission to scoop up Bitcoin like it's the last slice of pizza at a party.

They've also announced plans to triple their number of authorized shares (aka selling new shares to the public) to accumulate even more $BTC, copying the strategy of American Bitcoin champ MicroStrategy.

Why is this working? The Japanese Yen is tanking, so Metaplanet's Bitcoin stash is a sweet hedge against the Yen's nosedive, with Bitcoin up 173% against the JPY in the past year and hitting new highs.

Source: Google Finance

This is exactly what the Milk Man has been preaching all along: more institutions are adding $BTC to their treasuries, and this rocket ship is just taking off! 🚀

Even public companies from developing countries are joining the party. Take MercadoLibre, the e-commerce giant from Argentina—they've added 150 $BTC to their balance sheet.

Why? Because they know that Bitcoin is an amazing shield against currency devaluation and inflation. 🛡️💸

For a deeper dive, catch our latest episode on Milk Road Radio — where we explore Semler Scientific's bold Bitcoin investment, Metaplanet's skyrocketing success and what this means for institutions in the long run.

We gave you a taste here, but the episode spills ALL the details in a snappy 20 minutes.

YouTube | Spotify | Apple Podcasts

STACKS AFTER THE GRAYSCALE TRUST APPROVAL

With the rise of layer 2 solutions like Stacks (STX) at the helm, users are separating BTC the asset from Bitcoin, the settlement layer for a global Bitcoin economy.

With the announcement of the Stacks Trust by Grayscale, the world’s largest crypto asset manager, adoption of the Bitcoin L2 will increase exponentially.

Join the Bitcoin Builders community this year in Nashville during the Bitcoin Builders Conference, July 25-26.

The Stacks ecosystem is also preparing for the Nakamoto Upgrade, which will bring fast block times and Bitcoin finality, marketing a new era of security, usability, and utility for builders and users.

Ready to join the movement as Bitcoin’s season 2 heats up?

Check out the top 8 DeFi Apps on Stacks.

CHART OF THE DAY: WEEKLY CRYPTO FUND FLOWS 📊

Hold onto your crypto bags, folks! Last week’s inflows of $1B were hotter than a jalapeño in a sauna.

That’s the 3rd straight week of inflows! 🎉

Let’s dive into the numbers…

Source: CoinShares

Here’s the scoop:

Bitcoin ($BTC): The king of crypto is still on its throne with a staggering $1.01 billion in inflows. After a sluggish April, Bitcoin is partying like it’s 2017 all over again.
Ethereum ($ETH): Our beloved $ETH saw inflows of $36 million, the highest since March!
Regional Dominance: The US led the charge with a whopping $1.03 billion in inflows.
Europe’s Contribution: Germany and Switzerland chipped in with inflows of $48 million and $30 million, respectively. Not too shabby for the lands of precision engineering and chocolate.
Asia’s Performance: Hong Kong, once the darling with $300 million in first-week Bitcoin ETF inflows, saw a $29 million outflow. Guess the honeymoon phase is over.
Other Action: Solana ($SOL) made a splash with $8 million in inflows. Seems like $SOL just isn’t quite ready for the limelight yet.

Looks like the crypto market is shaking off its Spring sorrows and gearing up for a sunny summer. With Bitcoin leading the pack and Ethereum showing signs of life, it’s an exciting time to be on top of crypto flows!

Will we see a 4th straight week of inflows this week?

A/ Yes

B/ No

Reply to this email and let us know your thoughts!

BITE-SIZED COOKIES FOR THE ROAD 🍪

Deeplink has joined the NVIDIA Inception Program — a unique program that nurtures startups at various stages of their cycle. This is a step into a future where connectivity is intuitive, efficient, and all-encompassing.*

Judge Orders SEC To Pay $1.8 Million In Legal Fees, Dismisses Case Against Debt Box. The SEC has been ordered to cover the attorney fees and relevant receivership fees of around $1.8 million incurred by Debt Box. The case has been dismissed without prejudice, allowing for potential future action by the SEC.

BlackRock Takes the Crown for the Largest Spot Bitcoin ETF From Grayscale. BlackRock's IBIT has surpassed Grayscale's GBTC, becoming the largest spot bitcoin ETF in the U.S. The investment giant added IBIT to its income and bond-focused funds on Tuesday, contributing to its rise as the largest spot bitcoin ETF product.

Researchers 'hack time' to recover $3 million bitcoin wallet. A decade-old flaw in a password generator allowed hackers to recover over $3 million in $BTC that had been stuck in a wallet since 2013.

Gemini Earn users will get back $2.18 billion of their crypto in-kind, Winklevoss-owned exchange says. This represents a 232% recovery from when withdrawals were halted in November 2022 after Genesis Global Capital, to which Gemini had loaned the crypto, filed for bankruptcy.

Ripple Donates Another $25M to Influence Crypto-Related Policies. Ripple has donated an additional $25 million to Fairshake, a political advocacy group focused on electing crypto-friendly candidates. This brings Ripple's total donations to Fairshake to $50 million.

PayPal USD Stablecoin Now Available on Solana Blockchain. PayPal announced today that its PayPal USD (PYUSD) stablecoin is now available on the high-speed, low-cost Solana blockchain. Crypto.com, Phantom and Paxos are among the first to provide on-ramps for using PYUSD on Solana.

Wanna team up with the Milk Man? We currently have 3 positions open – check ‘em out and apply here!

*This is sponsored content

MILKY MEMES 🤣

Source: @MinisterOfNFTs

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Source: @0xgaut

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.