From crypto to TradFi. Writing about pre-IPO deals, secondaries, private equity, and liquidity.
Web3
Joined August 2020
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For a long time, this account focused on classic CT content and crypto culture. But recently, my interests have shifted toward the deeper financial mechanisms of markets - TradFi, private equity, and how large players position themselves before assets go public.
There is a massive, rarely discussed ecosystem around private capital that I want to explore. Going forward, while I’ll still share occasional market thoughts, this page will shift toward higher-signal, educational content:
- Pre-IPO opportunities
- Secondary market mechanics
- Private capital & liquidity narratives
- Valuation analysis
- TradFi infrastructure
- Institutional market trends
The goal is simple: less noise, more value.
Welcome to Layer of Thoughts
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IPO of Cerebras Systems 👀
Yesterday, Cerebras Systems (CBRS) debuted on Nasdaq. The IPO was priced at $185, trading opened at $350, and the session closed at $311 - valuing the company at $95B.
Cerebras delivered the largest US tech IPO since Uber in 2019, and one of the strongest first-day performances in years, finishing +68% above the IPO price.
That's a strong return for IPO allocants, but the real story isn't day one. It's what happened over the previous 10 years. Let's break down the funding rounds, valuations, and what early investors actually got.
Cerebras Systems closed its Series A in May 2016 at $0.85 per share. The thesis: build a specialized AI chip that could compete with NVIDIA GPU clusters.
A note on the lock-up: all pre-IPO investors are subject to a lock-up ending on the earlier of two events:
- the trading day following publication of FY2026 annual results
- 180 days after IPO
That means the next major liquidity event - and potential supply pressure on the stock - comes around November 2026. Paper gains aren't realized gains until then.
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Cerebras Systems shows several sides of private market investing in one case study:
→ Outsized multiples for early backers - but 7-10 years of waiting
→ A down round in 2024, followed by ~33x repricing in 18 months
→ The product, business model, and client base all changed - but the core thesis didn’t.
The original 2016 bet: the world will need more AI compute, and GPUs aren't the only way to deliver it.
10 years, multiple pivots, one near-death IPO experience, and the original bet held.
Let's revisit this at the end of the year and calculate how much real - not paper - profit the early investors actually secured.
This is what structured liquidity looks like
#Monad is distributing nearly $100k in daily rewards, so we couldn’t help but share some of the most profitable strategies.
1. We’re happy to be early birds in @MuDigitalHQ and receive a nice bonus from the pre-deposit phase. But that’s not all, there’s a way to further maximize returns on $AZND and $muBOND.
Lend $AZND and $muBOND on @TownSquarexyz to earn an additional ~15% APR and ~20% APR respectively.
2. $MON holders can stake their tokens with @0xFastLane to receive $shMON at ~12% APY. The obtained $shMON can then be added to @CurveFinance for up to ~27% APY.
Rewards are also claimable daily on @merkl_xyz.
Happy yield printing!
All links are in the comments below 👇
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Can an L1 with $225M+ funding from Paradigm (lead), Electric Capital, and Coinbase Ventures just fade away? Highly doubt it. Early Solana vibes: back in 2021, it raised $314M from top-tier VCs like a16z, stayed quiet for a while… then exploded. Monad right now is the classic dark horse: silent accumulation, metrics growing steadily with zero hype
TVL ~$270M (strong post-launch growth) 52M+ transactions in the last month (+300%) DEX volume ~$140M/24h Nansen calls it the fastest-growing chain Tech edge: 10k+ TPS + full EVM compatibility. Parallel execution, seamless dApp migration. Already 300+ projects live (Uniswap, Morpho, Kuru, etc.). Real competition in the “fast EVM L1” niche? Almost none. Solana is non-EVM, L2s lack sovereignty and raw speed. Strong VC backing + organic growth = these chains often wake up suddenly. Could 2026 be @monad ’s year?
#Monad #Crypto #L1
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Gm frens ☀️
Hope y'all are doing great, super excited for tomorrow's market open
How's your Sunday morning going?
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gm frens ☕️
Back after the holiday vibe - cozy, chaotic, and full of good moment
Today, wherever you are:
If it's cold - go outside and touch the snow
If it's warm - touch some grass
Either way, get that fresh air and ground yourself
Good day and easy return to the grind
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GN and sweet dreams frens 🌙
Been watching CT sentiment flip hard lately - way more bulls piling in now. Classic setup for a massive 2026 ahead
Catch you tomorrow!
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GM fam 🌅 Have an amazing day!
$MON has confidently pumped to $0.026 - what a solid start to the year! Many altcoins are showing strong gains today, the market is waking up, and this gives great signals for further growth
gm ⚡️ 2026 is finally here! wishing everyone a year of finally getting it together and becoming the version of ourselves we promised back in December 2025
strength, motivation, and endless coffee to you all!
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Good night frens! Tomorrow, December 31st, is the last day of 2025 ✨
Get a good night's sleep - because 2026 is going to be our most productive year yet! 💪
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While Ethereum price consolidates below $3,000 (currently ~$2,950-3,000 as of late December 2025), on-chain data reveals a clear divergence: large holders (whales) have been aggressively accumulating, adding roughly $350M worth of $ETH (~120,000 tokens) since December 26 alone-one of the strongest accumulation spurts in recent months
Meanwhile, retail participation remains muted, with the Money Flow Index sitting below 37 and smaller wallets (<100 ETH) showing little to no confirmation of upward momentum
Network activity, however, tells a different story: weekly transaction volume hit a yearly high of over 1.73 million (driven by stablecoins, DeFi, and L2 scaling), exchange reserves continue to decline as tokens move to cold storage and staking, and tokenized real-world assets (RWA) on Ethereum have grown to $12.4 billion, maintaining clear dominance in the sector
Retail appears sidelined amid prolonged price stagnation and macro uncertainty, while whales continue to bet on Ethereum’s underlying fundamentals. A classic tale of a divided market at a potential inflection point
#ETH #Ethereum
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