Dulce

Community management || photographer • DEGEN. devil arc

[Dulce @dulce_x0]

This space is crowded, but those with the right skills and passion will always secure opportunities

[Dulce @dulce_x0]

@knotheoo Join the club😂

[Celes 🦋 @Celesweb3]

most people frame this as a competition.

$BTC vs $ETH. Michael Saylor vs Tom Lee. which treasury is smarter.

that's the wrong frame entirely.

these are two fundamentally different financial products being sold to two different types of investors.

and understanding the difference tells you a lot about where institutional money is actually going.

➝ let's start with what Strategy is actually doing

815K+ $BTC. $66.6B in holdings. zero yield on the asset itself.

the entire thesis is price appreciation driven by fixed supply, institutional demand, and the emerging narrative of $BTC as a sovereign reserve asset.

Saylor doesn't stake.

doesn't lend. doesn't participate in DeFi. he buys, holds, and issues debt to buy more.

the balance sheet is simple: $BTC in, dollars out via convertible notes.

the risk is equally simple if $BTC price drops significantly relative to debt obligations, the structure faces pressure.

the investor who buys MSTR is making a leveraged directional bet on $BTC price going up. nothing more, nothing less.

and 815K $BTC in one company means that when Saylor sells and eventually some version of that happens it will be an event.

➝ now here's what Bitmine is actually doing

5.21M $ETH. $13.4B in holdings.

but here's the key difference: 4.71M of that is actively staked through MAVAN, their institutional validator network.

annualized staking revenue: $319M. projected at full stake: $352M per year.

this is not a price appreciation bet. or at least not only that. it's a yield business running on top of a price appreciation bet.

Bitmine generates $319M annually just from staking. that's real cash flow, independent of whether $ETH goes up or down this month.

they have $7.8B in unrealized losses on their position right now and they haven't stopped buying.

not because they're reckless because the yield covers the operational costs and the thesis is 5% of $ETH supply, not a specific price target.

➝ so why does the supply math matter so much here

total $ETH supply: approximately 120.7 million. Bitmine holds 5.21M that's 4.31%. their stated target is 5%.

but here's the supply dynamic most people are ignoring.

of the 120.7M $ETH in existence, roughly 34M are already locked in staking contracts network-wide.

another 10-15M are in DeFi protocols. the liquid, freely tradeable float is much smaller than the headline number suggests.

Bitmine staking 4.71M $ETH doesn't just generate yield.

it removes that supply from the liquid market permanently as long as they hold. and they're buying more every week.

Strategy's $BTC position works similarly on supply 815K $BTC off exchanges, not returning.

but $BTC doesn't have the additional yield layer compressing liquid supply through staking mechanics.

➝ the risk profiles are genuinely different

Strategy risk: leverage. Saylor has issued billions in convertible notes.

if $BTC stays below certain levels for extended periods, refinancing that debt becomes expensive.

the bull case requires price to keep moving up fast enough to justify the cost of debt. it's a momentum-dependent structure.

Bitmine risk: concentration and paper losses.

$7.8B unrealized loss on an $ETH position bought at higher prices. if $ETH doesn't recover and staking yields compress, the math gets uncomfortable.

the bull case requires $ETH re-rating plus sustained yield. it's a thesis-dependent structure.

both companies are also exposed to a scenario nobody talks about: regulatory classification.

if staking rewards get reclassified as securities income in the US, Bitmine's entire yield model faces legal uncertainty.

and if $BTC ever loses commodity status unlikely but worth noting Strategy's entire premise changes.

➝ and here's the connection that ties this all together

these two treasury companies are essentially serving as price discovery vehicles for two different institutional theses about crypto.

Strategy says: crypto's role in global finance is $BTC as digital gold. store of value, fixed supply, no counterparty risk, sovereign reserve asset.

Bitmine says: crypto's role in global finance is $ETH as productive capital.

yield-bearing, programmable, the infrastructure layer of the tokenized economy.

both theses can be right simultaneously. they're not mutually exclusive.

and the institutions backing them ARK, Pantera, Founders Fund, Galaxy behind Bitmine; institutional ETF buyers behind MSTR are not the same investors.

➝ the honest read

if you want pure directional $BTC exposure with leverage: MSTR is the most liquid instrument that exists for that.

if you want $ETH exposure with a yield component and you believe the tokenized economy thesis:

Bitmine is building the closest thing to an Ethereum endowment fund that exists in public markets.

the question isn't which is better. the question is which thesis you believe in.

and right now both are being stress-tested by the same macro environment rising yields, sticky inflation, risk-off sentiment which reveals something useful.

both held. different ways, different mechanics, same result.

the institutions behind both didn't blink.

[knotheo. @knotheoo]

getting one of these will be an absolute blessing

can’t afford to miss out on this.

if you also don’t want to miss out, do the necessaries 🙂‍↔️.

🤝 @sarucollective

[knotheo. @knotheoo]

2:00 AM thoughts

I have to win

I have to 🫥

[Dulce @dulce_x0]

Not everyone 💀

[Big Wiz 🧸 @WisdomMatic]

$Penguin’s success is a reflection of what happens when everyone comes together to pursue a PVE.

No PVP, and everyone is happy. We need more of this!

[Dulce @dulce_x0]

I’d be here to tell you sorry again

[Gordon 🐂 @GordonGekko]

Luckily added to my short again

New liquidation at $106M

Let’s see if they can break $100M

[Dulce @dulce_x0]

Sorry

[Gordon 🐂 @GordonGekko]

Adding to my short here.

New Liquidation price $92.3M

First TP $41M

[Dulce @dulce_x0]

Sorry

[Gordon 🐂 @GordonGekko]

OPENING SHORT ON $PENGUIN

$1.7M short open on Penguin at $75m.

Liquidation $83.5M

Congrats if you made a bag, but the fun is over.

[Dulce @dulce_x0]

I wonder how much he’s up now

[King Solomon @0xsolomon]

just checked my wallet

made 818 sol TODAY

started this wallet at 2 sol a year ago

ran it to infinity in public

only possible bc trojan makes the best fucking product on earth

[Dulce @dulce_x0]

@0xsolomon Love the edit

[Dulce @dulce_x0]

Is trenches back?

[Dulce @dulce_x0]

@EmmaCK_ron I guess

[Dulce @dulce_x0]

I bought with a shitty ass margin btw

[THEO @Theoxuii]

If it is not a friend, people don’t take things they don’t pay for seriously. So yes paying fora degen class is worth it

[Dulce @dulce_x0]

Can sol go back to $200?

[Agmosco @mosco_eth]

GM Frens, Happy Last Day of the Year 🌥️

My 2025 wrapped overall

▪︎ Upgraded all my devices and moved into a new space

▪︎ Lost my long term gigs

▪︎ Started Info fi with 3k and 30k impressions in Q4

▪︎ Posting daily and averaging 1-2k replies

▪︎ Now at 10 million Impressions and got Monetized

▪︎ Eligible for every drop on Wall chain

2025 was quite the ride, and there were moments when I felt like giving up, but I just kept pushing forward.

2026 I’m ready 🫶.

[Dulce @dulce_x0]

@KaleTheGoatt get ready to short

[Dulce @dulce_x0]

@KaleTheGoatt larp

[Dulce @dulce_x0]

Everyone be turning millionaires in dollars real quick

[Dulce @dulce_x0]

Lately