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Today's edition is brought to you by HyperPlay — the Web3 Game Store from the future. |
Earn real-world rewards through our new Questing platform. |
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GM. This is Milk Road, bringing you crypto scoops with more kick than a Friday happy hour. |
Here's what we got for you today: |
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TETHER: THE MONEY PRINTER 🤑 |
Is Tether secretly one of the most profitable companies on the planet? 🤫 |
Well, if their latest report is anything to go by, they're swimming in cash like Scrooge McDuck. |
Get this: For the first half of the year, they've raked in a jaw-dropping $5.2B net profit. 💰 |
Yep, you read that correctly. |
This means they're pulling in: |
$867M a month $29M a day $1.2M an hour $20K a minute
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Their profits are comparable to some of the biggest companies in the S&P 500. |
Don't believe the Milk Man on this one? Take a look for yourselves: |
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But wait, there's more to this 8th World Wonder. |
Tether's efficiency? Absolutely next level! |
Check out these profit stats per employee: |
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Ya, you read that right… With fewer than 100 employees, Tether is crushing it with $124M in profit per employee. Mind-blowing. 🤯 |
But revenue isn't the only thing that Tether has going for them…
Peek at these stats: |
In Q2 alone, the supply of USDT grew by a staggering $8.3B 💵 They're sitting on a treasure chest of 75,354 $BTC, worth around $5B, making them the 8th largest $BTC wallet. 👜 They've got $3.8B in gold, just because they can. 👑
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And brace yourselves: they're holding a colossal $97.5B in U.S. Treasuries. |
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To put that into perspective, Tether's U.S. debt holdings put them at 20th in the world rankings. |
Fun fact: Tether's closest competitor, Circle, is set to IPO at $5B this year. |
Tether has already made that amount in profits in just the last 6 months, and they have the same amount in their $BTC stash 🤯. |
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So now, the million-dollar question: Who do you think is gonna be the future king of stablecoins? |
A/ Tether
B/ Circle
C/ Paypal
D/ Maker
E/ Ethena |
Hit "reply" to spill the tea and let us know your thoughts! |
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ITS FUNDING FRIDAY 💰 |
Welcome back for another round of Who Got the Crypto Dough! 🤑 |
Funding is the secret sauce that turbocharges crypto innovators and hustlers, turning wild dreams into the next big onchain breakthroughs. |
To keep you in the loop, the Milk Man has brewed up this chart tracking year-to-date funding, updated every Friday just for our loyal Roaders. |
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So far this year, a staggering $4.66B has been raised, with an average of $145.5M pouring in each week. |
This week, we saw a small decrease with only $108.55M raised by crypto companies. |
1/ Morpho raised $50M |
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2/ Layer2 Financial raised $10.70M |
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3/ Daylight Energy raised $9M |
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Honorable mentions: |
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So that's who raised the most money this week, but who's been funding the most crypto projects year-to-date? |
This leaderboard breaks down how many times the major investment firms have opened their wallets and what sectors they've been focusing on. |
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Animoca Brands and OKX Ventures are leading the herd, each having invested in 64 projects this year. |
While Animoca is diving deep into GameFi, OKX is pouring more into infrastructure and blockchain projects. |
But the real standout in this chart? DeFi. |
Which should come as no surprise if you've read our recent PRO Report where the Milk Road Research team breaks down why they believe DeFi will hit $700B market cap by EOY 2025. |
That's it for this week, Roaders! Stay tuned for more funding highlights next Friday. 🚀 |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
Marathon Digital reported a net loss of $199M in Q2 2024, a significant increase from a $9M loss in the same period last year. The company's shares fell 8% as it cited unexpected equipment failures and Bitcoin halving impacts. |
MicroStrategy now holds 226,500 BTC, valued at around $14.5B, and introduced a new BTC yield metric targeting 4-8% annual growth. The company also raised $800M through convertible note offerings to support its Bitcoin strategy. |
Polymarket has surpassed $1B in cumulative trading volume. The platform saw its monthly traders increase from 4,000 in January to over 44,000 in July. Political markets have become a key indicator of trends. |
Do Kwon, founder of Terraform Labs, will be extradited to South Korea following a final ruling by the Montenegro Appellate Court. This decision concludes a lengthy legal battle involving multiple appeals and international requests. The US request for his extradition was denied. |
Intel shares tanked, wiping out a third of its market cap. This comes after revealing a $7B foundry loss and announcing massive cost cuts, including slashing 15% of its workforce. Tough times ahead for the chipmaker! |
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MILKY MEMES 🤣 |
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ROADIE REVIEW OF THE DAY 🥛 |
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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. |
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