Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Wednesday, July 30th, and today we are talking crypto treasuries.

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breakdown pod. All right, friends, back with another breakdown. Today, we are deep in the show notes are going to bit.ly slash breakdown pod. All right, friends, back with another breakdown today.

We are deep in the trenches of obviously the big theme of the moment, which is these

crypto treasury companies.

Although with Tom Lee's BitMine announcing a share repurchase plan, some are wondering

if it's a sign that the narrative is sputtering.

And Lord knows, there is no industry on the planet that can jump through a narrative faster

than this one.

Funstratt analyst in crypto hyperbole, Tom Lee, announced his ETH Treasury strategy play at the end

of last month.

It followed the usual playbook, with the Shell Company stock price moaning by 35x on the

announcement and issuing equity to buy

ETH. That initial price popped faded quickly and the stock crashed by 75% the following week.

It's been trending down for the entire two weeks since. Bitmine has acquired $2.4 billion in

Eith, holds around $23 million in Bitcoin from their mining business, and has about $400 million

in cash. The stock is currently trading at around $33 and has $22 in cash and crypto on their balance sheet, and has about $400 million in cash. The stock is currently trading at around

$33 and has $22 in cash and crypto on their balance sheet, so the NAV premium is only 50%. For

...