6/16/25 :: VROCKSTAR :: 
CRCL
I'm short
- it's much easier to find shorts in this tape than the converse
-CRCL is the chitstablecoin that broke a few yrs ago and nobody serious in "crypto" (when i mention "serious" i mean bitcoiners) uses
- they basically hold deposits and give you a USD-style token and earn the spread
- but if you look at financials... they don't make nearly as much $ as they should on these deposits
- ofc they'll tell you they're doing a lot of other silly things
- "yes" stables and the stables economy r red hot (hence the stonk price reaction). also kudos to them for IPO'ing in this window. it was really a great time to do it. so hats off.
- but what is an inferior stable (USDT/ tether is the only legit product on the market) worth?
- multiple hundreds of times PE?
- 10x book?
- guys... this is basically a one-trick-pony-bank, they aren't reinventing the wheel, and most products built around USDC won't likely be launched by circle b/c the org is slow/ expensive and will be highly regulated to doing such things in a reasonable window of time
- so will it go higher? idk. idc. i'm looking for shorts.
- this one is a bit OTM for oct. it's a helluva expensive short, probably for good reason
- but i don't think this valuation holds
- and it's great offset/ hedge to my monster
OBTC stack, which i expect a convert in the next 2-3m to ETF, which means 15% upside on this holding. so i need an offset here, hence i'm looking for some beta-adjacent hedges.
V
CRCLI'm short
- it's much easier to find shorts in this tape than the converse
-
CRCL is the chitstablecoin that broke a few yrs ago and nobody serious in "crypto" (when i mention "serious" i mean bitcoiners) uses- they basically hold deposits and give you a USD-style token and earn the spread
- but if you look at financials... they don't make nearly as much $ as they should on these deposits
- ofc they'll tell you they're doing a lot of other silly things
- "yes" stables and the stables economy r red hot (hence the stonk price reaction). also kudos to them for IPO'ing in this window. it was really a great time to do it. so hats off.
- but what is an inferior stable (USDT/ tether is the only legit product on the market) worth?
- multiple hundreds of times PE?
- 10x book?
- guys... this is basically a one-trick-pony-bank, they aren't reinventing the wheel, and most products built around USDC won't likely be launched by circle b/c the org is slow/ expensive and will be highly regulated to doing such things in a reasonable window of time
- so will it go higher? idk. idc. i'm looking for shorts.
- this one is a bit OTM for oct. it's a helluva expensive short, probably for good reason
- but i don't think this valuation holds
- and it's great offset/ hedge to my monster
OBTC stack, which i expect a convert in the next 2-3m to ETF, which means 15% upside on this holding. so i need an offset here, hence i'm looking for some beta-adjacent hedges.V
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.