Bee prime retweeted
You have a choice
You can either read this, or you can continue gambling on the next runner that promises riches and yet delivers nothing
Wake up
BlackRock's research paper "The Machine-Native Economy" points to one major token that gets paid when machines settle onchain: $ETH
@KyleReidhead covered the big picture on this paper last month. I'm going to break it down more in a series of posts. This one is about ETH
In the last 90 days, Ethereum and its L2s carried 77% of stablecoin volume
@Circle's @Arc went live on Sept 16 and pays gas in USDC. @Stripe's @Tempo has been live since March 18 with no native token at all. If the dollars move there, the argument goes, ETH gets cut out
The volume says otherwise. Per @tokenterminal (chart via @ethereuminsti), over the past 90 days:
- @Base $8.8T
- @Ethereum mainnet $7.1T
- @Optimism Mainnet $812.6B
- @Robinhood Chain $182.4B
- @Arbitrum One $173.8B
That's over $17T on Ethereum and its L2s. @Tron did $2.1T and @Solana did $1.4T
Neither Arc nor Tempo made the top 10 of 48 networks (Arc has only been live a month, to be fair)
And BlackRock is one of Arc's launch validators. It still used ETH as its example
The mechanism, in @BlackRock's words: settlement on permissionless networks "could increase demand for blockspace and validator services, creating a potential transmission channel to native cryptoassets"
Then on page 7, native cryptoassets "(e.g. ETH) support consensus, validator compensation, transaction fees, and settlement"
Hello. A $15T asset manager is telling you that $ETH has multiple value drivers in the coming machine economy.
The dollars sit there too. Ethereum mainnet holds $147.9B of the $305.6B stablecoin supply, about 48%, per DefiLlama
When I asked Ish Asad @AsadIshmael from @Bitwise Research on @MilkRoadDaily who wins from tokenization, he said, "Ethereum has about half of all stablecoins, half of all tokenized assets are on Ethereum, and that's accruing value to the ETH token"
For context, the stablecoins on Ethereum mainnet alone add up to about half of ETH's $298B market cap
Base already moves more stablecoin volume than mainnet. My guess is that gap widens as agents come online, and Base still settles back to Ethereum.
BlackRock does add one condition. Value capture depends on "each network's fee, staking, and gas-sponsorship design". The Token Terminal numbers are also raw transfer volume, so bots and exchange flows are in there
Meanwhile, $ETH trades at $2,442, about 51% under its $4,946 high from August 2025
If you think machines end up moving more dollars than people do, maybe you should take a close look at the native asset of the network that carried 77% of them over the past 90 days
The ticker is $ETH
Full disclosure: $ETH is a position in my Milk Road PRO portfolio. Our PRO team was early to $UNI (+54.8%), $AERO (+93.7%), and $SKY (+42.6%)
Try Milk Road PRO for $1 for 7 days, link in bio: @BitcoinJesusETH
Bee prime retweeted
ETH supply is up about 1% since the Merge.
In the same time period:
> solana:So11111111111111111111111111111111111111112 supply grew 66%, from 354M to about 589M.
> ripple:native supply grew 27%, from 49.83B to about 63.1B.
> cardano:native supply grew about 10%, from 34.18B to about 37.5B to 38B.
> bitcoin:native supply grew 4.96%, from 19.15M to about 20.10M.
> ethereum:native supply grew 1.0%, from 120.52M to about 121.7M.
Bee prime retweeted
"We're about to see the biggest transformation in consumer financial services since the 1970's..."
Discussed the convergence of AI and blockchains on @asiasquawkbox.
Bee prime retweeted
Today we shared an update on field testing at our Austin pilot plant, our participation in UT Austin Hydrogen Days, and new efficiency results from our work with CTF Solar. Read more: sunhydrogen.com/news-posts/1…
Bee prime retweeted
Ethereum is dying?
> In May 2021, a swap on @ethereum cost $100–200+. Today the same swap costs $0.02–$0.1.
> In 2021, the average transaction fee sat at $20–70. Today a transfer costs about $0.03.
> In March 2021, median gas was 140 gwei. Today it sits at 0.06–0.08 gwei.
> In January 2021, Ethereum held $19.9B in stablecoins. Today it holds over $144B.
> Since Dencun, L2 transactions cost fractions of a cent.
Fees fell more than 99% while the dollars settling on Ethereum grew 7x.
Bee prime retweeted
Now imagine how valuable ethereum:native will be when the majority of the global economy runs on Ethereum
That’s the investment thesis
$250,000 is base case
No. I’m not being a moon boy
RAOUL PAL: ETHEREUM IS "WILDLY UNDERVALUED"
This is exactly how I see Ethereum's future.
Raoul Pal, @fundstrat and I share a fundamental belief: the transformation of global finance will create enormous demand for programmable blockchain infrastructure.
And Raoul makes a particularly important point: Ethereum's value goes far beyond the fees it collects today.
Look at what's already built on Ethereum mainnet:
🔹 $144B in stablecoins
🔹 $50B locked in DeFi
🔹 $16.8B in tokenized real-world assets
And we're still in the early stages of tokenized equities, AI agents and automated financial markets, potentially creating another enormous wave of demand for smart contracts.
The opportunity isn't simply how much Ethereum is worth today.
It's how much of tomorrow's financial system could ultimately depend on it.
And with more than 6 million ETH, BitMine is making one of the largest bets on that future.
$ETH $BMNR
Bee prime retweeted
Tesla FSD Supervised (now named Tesla Assisted Driving in Europe) has officially been approved in Slovakia, marking the 9th European country.
Countries in Europe that have approved it so far:
• Belgium
• Netherlands
• Denmark
• Lithuania
• Estonia
• Slovenia
• Czechia
• Croatia
• Slovakia
Bee prime retweeted
OpenAI could've built $WLD chain anywhere.
They chose Ethereum 👀
JUST IN: OpenAI says its AI agent stole funds from an Ethereum test network wallet it found online.
The agent found a recovery seed phrase disclosed publicly with testnet funds and used that account to pay for its task, without the owner's authorization.
This occurred on the Sepolia Ethereum test network.
Bee prime retweeted
JUST IN: 🇯🇵 Japan’s three biggest banks successfully complete their first cross-border stablecoin payment test.
Bee prime retweeted
BREAKING: 🇺🇸 $13 TRILLION CHARLES SCHWAB JUST ANNOUNCED ALL CLIENTS CAN NOW BUY #BITCOIN DIRECTLY IN THEIR ACCOUNTS
OVER 40,000,000 AMERICANS NOW HAVE ACCESS TO BTC
THE INSTITUTIONAL FLOODGATES ARE OPENING 🔥
Bee prime retweeted
Biggest crypto bull run every...
JUST IN: $13 trillion Charles Schwab fully launches Bitcoin & Ethereum trading to its 40 million eligible retail clients.
Bee prime retweeted
Starshield systems are owned and controlled by the US government. Any limits on speed or usage are decided by the US military and ultimately POTUS.
Starlink is a commercial service owned and controlled by SpaceX. Usage of Starlink is limited to civilian or defensive activities and cannot be used for offensive military action, as doing so would be inappropriate for a commercial company.
Bee prime retweeted
Elon Musk replied to my post about $SPCX competition hurting the valuations of Coreweave & Nebius
I explained how SpaceX is moving so fast that they're taking scarce resources and capital that Neoclouds need to succeed
My guess is for Elon to reach 10GW by EOY'27 its not just from BUILDING compute, but from BUYING compute from distressed neoclouds
Maybe this is why he replied "yikes" to @chamath's post about Coreweave yesterday too. Elon is on a mission to acquire as much compute as possible, one way or another
As I've said many times, access to compute is the biggest moat for any company right now and not only is SpaceX going after as much as possible on earth, they are moving towards building compute in Space too
Another product that SpaceX has a clear moat in, both in the transportation of GPUs into space, but also in the ability to beam it down back to earth via Starlink
I explained this in the post that Elon replied "interesting" to
I don't know exactly what part of these posts were specifically interesting to Elon, but it's clear that Elon is building to become the largest owner of compute in the world
His plan is to either rent that out to the many enterprises who need access to compute (remember, compute = intelligence and intelligence = labour) with the optionality to use it for Tesla's Robotaxis and Humanoid Robots or SpaceX's Grok as the demand is needed
His plan is to acquire as much compute as possible and then have the optionality to rent it or use it for the products his companies build
What Elon is building with SpaceX and Tesla is by far the most ambitious endeavour in the world and I think these two companies (soon to be combined imo) will become the largest company in the world, by a large amount as this all plays out
Both $TSLA and $SPCX remain core assets in my Milk Road PRO portfolio. Yes, I know every analyst will tell you they are both way overvalued, but I think they are wrong.
In a world of AI, almost no one has a true moat. However, Tesla and SpaceX both have multi-year leads across the industries they compete in (or are inventing), they have the best engineers in the world and a leader that's relentless and always multiple steps ahead of others
I think both of these companies are a must own in any portfolio. If you'd like to see my entire portfolio in real-time, you can track it here: link.milkroad.com/t5837z
$SPCX isn't just building compute faster than every other neocloud
It has something none of them have: OPTIONALITY on every GPU it deploys
Every GW SpaceX brings online has two paths to revenue:
1. use it for Grok / xAI and capture the frontier model economics themselves, which generates more revenue than renting it out (Semianalysis estimates around $100B/GW)
2. rent it out to everyone else, at a premium
The reason SpaceX can rent out their compute at a premium is twofold:
1. Speed. SpaceX builds faster than anyone on earth, so they can get compute into customers' hands faster than any competitor. AI labs that need compute NOW pay up for that
2. The backstop. SpaceX can sign short-term contracts at higher prices because if a customer backs out, that compute simply goes to their own AI models. No empty racks, no panic
CoreWeave and Nebius can't take that risk, so they lock in most long-term deals at lower rents and fund the buildout with debt
Which brings us to funding, which is where the gap between these companies gets even wider
SpaceX doesn't have to fund the buildout (or the interest costs) from compute revenue alone. Starlink and launch cash flows can carry part of it. CoreWeave is paying 15% on unsecured bonds right now while SpaceX has diversified revenue streams across the whole company (and the best capital raiser alive running it)
And the part almost nobody is pricing in: as compute moves to space in the next few years, SpaceX owns the cheapest path to win there too. The rockets that bring the compute up AND the connectivity that beams it back down
That's why the chart above looks the way it does. Bloomberg Intelligence models SpaceX's AI ROIC going from negative 4% in 2026 to ~25% by 2030, above AWS and Google Cloud, while the pure neoclouds stay stuck in single digits
No one is better positioned to dominate the compute business in the coming years than SpaceX
This is why I still believe SpaceX is undervalued and why I've made it a core holding in my Milk Road PRO portfolio. You can see my entire real-time portfolio here: link.milkroad.com/t5837z
ALT Bloomberg Intelligence chart: Traditional Cloud & AI ROIC 2026E-2030E. SpaceX (AI) rises from -4% to ~25.5%, passing AWS (~16.5%) and Google Cloud (~14.5%), while CoreWeave reaches ~7% and Nebius ~9% by 2030.