Investment Thesis - Multicoin Capital's liquid fund invests in ENA, the native token for Ethena Protocol, a leading synthetic dollar issuer [1] - Ethena is positioned at the intersection of stablecoins, perpification, and tokenization, representing powerful trends in modern finance [2][13] - Ethena generates yield by monetizing the market's demand for leverage via basis trade [1] Ethena's Unique Position - Ethena is the only synthetic dollar with significant distribution and liquidity outside of USDC and USDT [2] - USDe is integrated as a core form of collateral on major centralized exchanges like Binance and Bybit [3] - Ethena exhibits a mild negative correlation with Fed Funds rates; as rates fall, demand for crypto leverage increases [4] Financial Performance - The protocol has generated close to $600 million in revenue, with over $450 million produced in the past twelve months [4] Tokenization and Market Opportunity - Crypto is democratizing access to basis trades through tokenization, traditionally reserved for accredited investors [9] - Ethena is initially tokenizing the basis trade but can diversify its yield sources over time [11] - The global equity market is approximately $100 trillion, about 25 times larger than the crypto market, indicating a substantial opportunity for perpification [5] Risk Management and Team - Ethena's team has demonstrated strong execution and risk management, surviving significant market events without losses [12] - There is a clear path to fee switch activation, which is expected to be viewed favorably by the market [13]

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in May of 2021, nvidia was $14 & ethereum was $3200in November of 2025, nvidia is $190 & ethereum is $3200 ...

RT qw (@QwQiao)made this list a while ago so just waiting for the right price:- mag7: greatest businesses in the history of businesses- tsmc, asml: ai monopolies- axp, v, ma, mco, spgi, race, rms: classic buffett-munger "wonderful businesses"- baba, tcehy: chinese bigtech + ai play- defi blue chips: revenue meta- coin, hood: "banks" for young gen- ubtech, xpeng, unitree: roboticsall these i can hold for a 5-10yrsu r welcome ...

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Market Sentiment - The market is described as "dry," suggesting low liquidity or trading volume [1] - Following trends may lead to financial losses [1] Technology and Innovation - The content creator hasn't observed top institutions advocating for privacy coins [1] - Institutions are primarily focused on tokenization [1] Investment Strategy - The advice is to buy before institutions promote an asset and sell when they do [1] - The current market activity is characterized as money moving from one place to another without new technology or ideas [1]

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RT Pepper (@ZeMirch)they literally told us when to buy and sell, to the day, multiple years in advance ...