A larger bitcoin treasury co will likely scoop up their bitcoin at a discount. Consolidation is coming.

Pokémon and other TCGs are about to have their “Polymarket moment.” Here’s why you should be paying attention: Most of crypto’s teal world asset (RWA) plays cater to well-established TradFi markets, like treasuries, real estate, gold and stocks. Sure, tokenization brings these markets some efficiencies (24/7 trading & potential cost savings) and potentialities (lending collateralization) but it doesn't transform them fundamentally. Good-enough digital rails already exist. Pokémon cards are different. They’ve already got a multi-billion dollar market, and yet, this market operates almost exclusively IRL. Sellers literally ship their charizard, pikachu, gardevoir, what have you to buyers – sometimes graded, often not. It's inefficient, but it works: social auction app Whatnot (just one corner of the market) generated $3 billion in sales last year, much from Pokémon. Despite its size (and the massive retail interest) this market remains largely informal. You don’t see Pokémon ETFs or investment funds, and you probably won’t for a while. But maybe not as long as you’d think. @Collector_Crypt is catching buzz this week for its tokenized Pokémon card marketplace. Basically, you can buy and sell digital versions of Charizard & Co in an instant, or deposit your collection to create NFTs for quick trading. It's not a new idea (plenty of tokenized trading card services exist) but it has a rare attribute: exit velocity. The token CARDS (FDV $450M) is up 10x less than a week after launch. Traders are rushing to price in  revenue-generating potential. It is signaling annualized revenue of $38 million. A lot of the hype is the expectation that some of those yields will flow back to token buybacks. In the short term, however, the token’s roaring success is putting eyeballs on CollectorCrypt and the entire tokenized Pokémon cards market. It's also fueling massive demand for the project’s “Gacha machine,” basically a digital vending machine that spits out surprise pulls. Call it gambling or whatever you like, its printing: $16.6 million last week alone. The team is now having trouble restocking the machine, demand is so high. I expect the Pokémon boom will be sticky – one of those moments where an “only in crypto” innovation breaks into the mainstream. Kinda like what polymarket did for prediction markets. Create global demand for a service that people really didn't think about before.

Great convo today with @Jesseeckel and the @MilkRoadDaily team where we discussed the long-term outlook for Bitcoin and the drivers of our $1.3 million price target.