The Pomp Letter

To investors,

Every once in awhile I come across a data point that surprises me. The latest surprise came from a chart comparing gold and US stocks over the last 25 years. If you had invested $10,000 in either asset two and a half decades ago, you would have ~$90,000 in gold and about $65,000 in US stocks. Yes, this includes dividends for US stocks too.

Equities are supposed to outperform gold over the long-run due to the earnings driven by their products and services. But that hasn’t been true over the last 25 years.

This would be noteworthy as a single data point, but the more interesting part is that bitcoin has been significantly outperforming gold and the S&P 500 for years. Here is the aggregate performance for all three assets:

Here is the compound annual growth rate of the same three assets:

An area in financial markets where we can see a large difference in gold and bitcoin is the ETF inflows for each asset. Bitwise, a crypto-native asset manager, put together this graphic comparing the first year of the gold ETF to the first year of the bitcoin ETF.

It shouldn’t be shocking to see the asset with the best performance receiving significant inflows, nor should it surprise us given how many more investors are deploying capital into ETFs today compared to 2003 when the first gold ETF launched.

As if bitcoin needed any further tailwinds, Scott Bessent—Donald Trump’s nominee for Treasury Secretary—recently revealed that he owns up to $500,000 of Blackrock’s bitcoin ETF. We are going to go from an abrasive administration to a supportive administration in a matter of months. That should be a very big deal for bitcoin.

Remember, bitcoin is only 15 years old. As Matthew Mežinskis recently pointed out, there are only four central bank balance sheets larger than bitcoin now.

So bitcoin is “winning,” especially when you compare the progress to critics’ expectations. Now here is a big idea — maybe bitcoin should replace bonds in investors’ portfolios.

We know that bonds deliver horrible performance. The 10-year treasury return for the trailing 10 years is about 1.5%, yet inflation was approximately 2.8%. This means investors had a negative real return on government bonds for a decade.

If we look at iShares 20+ Year Treasury Bond ETF, the story is not great — the fund is down 38% over the last 5 years.

And as I pointed out two weeks ago, bitcoin has a higher sharpe ratio that stocks, bonds, or gold.

If you had put 60% of your portfolio in the S&P 500 and 40% in bitcoin, your return would have been about 430% over the last 5 years.

Maybe that is the new 60/40 portfolio.

60% domestic equities. 40% bitcoin. 0% bonds.

Never say never. There are more and more financial advisors and capital allocators wondering if they should own bitcoin as a larger percentage of their portfolio. Let’s see what happens in the coming years.

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: I am hosting Bitcoin Investor Week in NYC from February 24-28th. This will be the largest finance conference of the year focused on bitcoin. Speakers include Mike Novogratz, Cathie Wood, Jan van Eck, Anthony Scaramucci, Jack Mallers, and many others.

You can purchase tickets here: Get ticket for Bitcoin Investor Week

Meet The Man Trying To Get Amazon & Microsoft To Buy Bitcoin

Ethan Peck is the Deputy Director for the National Center for Public Policy Research’s Free Enterprise Project. He also wrote a proposal to Microsoft and Amazon for them to put bitcoin on their balance sheet.

In this conversation we discuss what he did, why he did it, how these shareholder proposals work, Saylor’s 3 minute pitch, how it gets approved, and what the impact will be.

Enjoy!

Podcast Sponsors

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $500 in rewards.

* Ledger - Ledger secures 20% of the world’s digital assets. Their latest devices, Ledger Stax and Ledger Flex, feature secure touchscreens for safer, easier crypto management.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* Meanwhile - The world’s first licensed and regulated life insurance company built for the Bitcoin economy. Learn how to tax-optimize your BTC holdings for your life and beyond.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intedneded to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

Yesterday I had the pleasure of speaking at FarmCon, one of the largest agriculture-focused conferences in the country. I was blown away by the ~ 1,500 people in attendance. There were farmers, commodity traders, technologists, financiers, and lots of people in-between.

One of the themes we discussed on stage was the state of the US financial market. I did my best to explain bitcoin to the room, including the tailwind of continued monetary debasement and an inept fiscal policy situation that looks more like welfare than capitalism. The beauty of a room full of farmers is they are already deep down the rabbit hole of land, gold, and guns. Bitcoin is a stone’s throw away for their portfolio.

But most people are not into bitcoin — they want to talk about the US stock market.

It is important to put US stock market performance in context. The last 200 years of equity performance has been a 45 degree line up and to the right. Simply, investing in the US market has delivered exceptional returns throughout our lifetime, our parents lifetime, and their parents’ lifetime.

Recent stock performance has been largely driven by the Magnificent 7. The degree of outperformance from these stocks is mind-blowing.

You can see that the divergence started during the Global Financial Crisis and never stopped. Before everyone starts yelling that the Mag 7 is overvalued, it is important to realize that the free cash flow margin for these large companies has more than 5x’d since the 1970s.

Better companies deserve better valuations. That part isn’t rocket science. But what becomes more complex is how dominant the US stock market is compared to the rest of the world. Tavi Costa recently posted this chart to visualize the domination:

Cambria’s Meb Faber responded to this graphic saying “nearly all US investors look at this chart and think, ‘I need more US stocks’.” Speaking of Meb, he was on stage with me yesterday at FarmCon and he had some wise words for investors.

His main point was that the dominance of US equities, particularly in tech, meant that history suggested value stocks and non-US equities should be good performers in the coming years. To be clear, Meb wasn’t calling a market top, nor was he saying that the bull run can’t drive tech stocks higher.

He was explaining that the timeless investing strategy of buying things out of favor may be worth considering. That seems like a pragmatic suggestion. And the fact that so many people will critique Meb’s suggestion probably means there is more merit to it than you would think.

But here is the thing — I am not a value investor. I am not an international equity investor either.

There are two types of investors in the world. Those who are betting on the world staying the same and those betting on the world changing. Nothing wrong with the former, but I am the latter type of investor. I want to bet on chaos and uncertainty. I want to predict where the world is going.

The inherent difficulty in doing this is where the potential return lies.

This is why I am interested in bitcoin, artificial intelligence, nuclear power, space technology, drones, robotics, gene editing, and a plethora of other innovations at the tip of the spear. I want to play a small part in helping to create the future we will live in.

And there is nothing more obvious to me than bitcoin. This is why I pitched bitcoin as my best idea onstage at FarmCon. Yes, the digital asset has appreciated hundreds of percent in recent years. Yes, the digital asset is well known by investors around the world. Yes, bitcoin has produced many millionaires and billionaires already. But I believe we are all underestimating how important the technology will be, which means we are all underestimating how big the market cap of the asset will get too.

How high will bitcoin’s price go? I am not sure. What timeframe are we looking at? I don’t know. But here is one thing I know — the single most important thing at the moment is whether the Trump administration implements the strategic bitcoin reserve.

Nothing else matters more than that.

The administration promised the strategic reserve on the campaign trail. There are many people across the administration that personally own bitcoin. It is hard to see a world where we don’t get the strategic reserve, but it isn’t a done deal until the coins are secured on the United States’ books.

If the strategic reserve happens, all bets are off on what could happen to bitcoin’s price. We may see the craziest bull market we have seen so far. But for now, we wait and see what Trump does once he is in office.

Hope you all have a great end to your week. I’ll talk to you on Monday.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: I am hosting Bitcoin Investor Week in NYC from February 24-28th. This will be the largest finance conference of the year focused on bitcoin. Speakers include Mike Novogratz, Cathie Wood, Jan van Eck, Anthony Scaramucci, Jack Mallers, and many others.

You can purchase tickets here: Get ticket for Bitcoin Investor Week

Meet The Man Trying To Get Amazon & Microsoft To Buy Bitcoin

Ethan Peck is the Deputy Director for the National Center for Public Policy Research’s Free Enterprise Project. He also wrote a proposal to Microsoft and Amazon for them to put bitcoin on their balance sheet.

In this conversation we discuss what he did, why he did it, how these shareholder proposals work, Saylor’s 3 minute pitch, how it gets approved, and what the impact will be.

Enjoy!

Podcast Sponsors

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $500 in rewards.

* Ledger - Ledger secures 20% of the world’s digital assets. Their latest devices, Ledger Stax and Ledger Flex, feature secure touchscreens for safer, easier crypto management.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* Meanwhile - The world’s first licensed and regulated life insurance company built for the Bitcoin economy. Learn how to tax-optimize your BTC holdings for your life and beyond.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intedneded to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

Bitcoin is going to infiltrate every corner of financial markets. This has become increasingly clear over the last few years.

Everyone knows that retail investors had the opportunity to purchase and hold bitcoin before the institutions. This is one of the first times in history we saw the little guy get an advantage, but the big guys are not going to sit around and ignore the digital asset any longer.

In 2018, my partners and I raised capital from the first US public pension funds to actively get exposure to bitcoin. Those investors are happy today. Around the same time, our firm and others were able to raise capital from university endowments, hospital systems, and foundations.

The professional LPs were in the game.

Next came the large hedge fund managers. We saw Paul Tudor Jones and Stanley Druckenmiller announce in 2020 that they were long bitcoin. This removed career risk for every hedge fund and quickly most large funds began to buy bitcoin.

In 2020, we also saw the first public corporation put bitcoin on their balance sheet. Microstrategy started buying bitcoin with cash and then eventually used debt and equity issuances to acquire more than 2% of the total bitcoin supply. As other public company CEOs saw this strategy work, they began to copy the playbook.

Finally, we saw the large financial institutions capitulate in 2024. They launched bitcoin ETFs once the regulators gave them the green light. Those ETFs have been the most popular product launch in Wall Street history.

What a whirlwind of adoption in the last 6 years.

But the party is not over yet — bitcoin is going to infiltrate every corner of the financial system.

Let me give you a few examples.

Here is the Newmark CEO talking about their new product to offer a term loan for real estate investors, but include bitcoin as part of the collateral package to ensure the loan is less risky for investors. He describes it as “bitcoin in” instead of “cash out.”

This is not the only area where bitcoin and real estate are meeting. Billionaire Grant Cardone recently announced a Bitcoin Real Estate fund as well. Julie Taylor of Realtor.com says “he’s raising a total of $87.5 million, with each investor required to make a minimum investment of $250,000. Of that, $15 million will be spent on bitcoin, while $72.5 million will be spent on a portfolio of 300 residential units in Florida.”

Another area is Microstrategy’s recently announced perpetual preferred equity offerings. This will allow insurance companies and other large organizations to gain bitcoin exposure.

Next we have Blackrock putting bitcoin in their fixed income funds. So another mix of a traditional financial product combined with bitcoin.

Then we have companies like Meanwhile which have created bitcoin life insurance, which means that the entire policy and payout is denominated in bitcoin. Here is how they describe themselves:

“At Meanwhile, we believe digital currencies are here to stay and that new financial products and institutions will be built on top of them. That's why we are offering the first—and only—life insurance policies based on Bitcoin.

With Meanwhile, you can get the same level of protection as traditional life insurance, but your premiums and payouts will be denominated in Bitcoin.”

Do you see what is happening? Do you get it yet?

Bitcoin is going to become a staple in traditional finance. It won’t be a single commodity that people buy and hold. It is a new lego piece that has been introduced to Wall Street. They are going to figure out a ton of different ways to leverage the asset. This will include new products, new variations of old products, and much more.

This is an important trend to watch because I predict much of bitcoin’s adoption moving forward is going to be through these indirect means. People will put 1-5% of their portfolio into bitcoin, but they are not going to put 50% of their portfolio.

They will put a large percentage of their net worth into fixed income, real estate, and their life insurance policy though. Those are areas where bitcoin can start to eat into the wallet share it has for each individual investor. There will be plenty more areas in the coming months and years.

Wall Street is just getting started with playing with bitcoin. I can’t wait to see what they come up with next.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Darius Dale Explains The Impact of Global Liquidity on Bitcoin and Stocks

Darius Dale is the Founder & CEO of 42Macro, which you can check out here.

In this conversation we talk about a strong US dollar, impact on stocks, bitcoin, many other assets, why international investors own so much of US assets, and what could possibly happen if they decide to sell.

Enjoy!

Podcast Sponsors

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $500 in rewards.

* Ledger - Ledger secures 20% of the world’s digital assets. Their latest devices, Ledger Stax and Ledger Flex, feature secure touchscreens for safer, easier crypto management.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* Meanwhile - The world’s first licensed and regulated life insurance company built for the Bitcoin economy. Learn how to tax-optimize your BTC holdings for your life and beyond.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intedneded to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

The S&P 500 has been the standard measurement of “the market” for decades. Most hedge fund investors benchmark their performance against the index and media outlets reference the index price movements as a signal for market sentiment.

This has been happening since 1957 when Standard & Poor’s expanded their index to include the current structure — a market capitalization weighted index of the 500 largest stocks.

Over time this index has become the measurement stick, so lets take a look at how hedge funds did in 2024. Bloomberg’s Nishant Kumar assembled a list of select hedge funds and their performance last year:

The list is not comprehensive — Robert Citrone’s Discovery posted a 52% increase in 2024 — but this list gives us a good barometer for how the hedge fund industry has stacked up.

Simply, it was a good year for hedge funds but many of them failed to best the index.

Warren Buffett and Berkshire Hathaway were in a different spot. Berkshire returned 25.5% compared to the S&P’s 23.3% return, which marks an important milestone for the value investor — outperforming the index gives Berkshire shareholders hope their capital is better positioned than in the main index.

But beating the S&P 500 index last year may not be as notable as people want you to believe. For example, gold outperformed the S&P 500 index as well. This signals to me that the “real return” of the stock market may not be what investors think it is.

Gold, a precious metal with no earnings, should only be increasing in value due to investor interest in protecting their economic value from inflation, debasement, and economic chaos. So if gold is outperforming the S&P 500, it begs the question “how much of the S&P return is attributable to monetary debasement?”

We will never get the perfect answer, but it isn’t hard to see that a larger percentage of the return is from debasement than people like to admit.

If investors are not outperforming the main index, then they are definitely losing economic value when measured against an asset like gold which can’t be intentionally debased.

This brings me to bitcoin.

The digital asset is gold on steroids. It has all of the same sound money principles, but it also boasts a finite supply. This helped bitcoin produce a ~ 120% return in 2024. Safe to say that bitcoin destroyed the S&P 500, Berkshire Hathaway, and gold.

On top of the outperformance, bitcoin also has a higher sharpe ratio than stocks or gold.

So here is my proposal — bitcoin should replace the S&P 500 in every investors mind as the true benchmark for their returns.

You don’t need to spend millions of dollars per year employing hedge fund employees to get the bitcoin return. You can simply buy the asset and hold it. It is simple market exposure.

And bitcoin has now become one of the most important financial assets. For example, I was recently talking to the CIO of a well known macro fund and he told me that the first thing the team checks in their process is global liquidity and the second thing is bitcoin’s price.

Bitcoin is THE macro asset in the world.

It is most sensitive to global liquidity. It is accessible by anyone in the world with an internet connection. And bitcoin is the only large asset that trades 24/7/365 with deep liquidity.

Bitcoin is the new S&P 500.

The older generations may find this idea perplexing. It may even anger them to read it. But the truth is that bitcoin has already replaced the S&P 500 as the benchmark performance indicator for the younger generation. They have grown up with bitcoin. They all recognize it as the apex predator of financial markets.

If you can’t beat bitcoin, then you should just buy bitcoin.

And my guess is that bitcoin is going to replace the S&P 500 as a benchmark for traditional investors over time as well. It will have to start with LPs because fund managers are not incentivized to adopt a benchmark that is nearly impossible for them to beat.

Bitcoin has been growing at a 80% compound annual growth rate for the last decade. Over the last 5 years, the asset has compounded at 67% annually. I don’t think many hedge funds can claim similar performance over time.

Regardless of whether you use bitcoin as your benchmark or not, this is where the world is headed in my opinion. You are better off using the new metric in your analysis — it will force you to think more clearly and become a better investor. I have written about this before. I will continue to hammer the point home.

You must change your point of reference.

Most people think of the “bitcoin standard” as a hyperbitcoinization. Maybe that happens or maybe it doesn’t. But I do know that bitcoin is becoming the standard on which all investments must be measured against.

Hope you all have a great end to your week. I’ll talk to you on Monday.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser Highlights How Bitcoin & Artificial Intelligence Are Accelerating Together

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss important themes of investing for the next decade, all the value that is flowing into the digital world, bitcoin, artificial intelligence, traditional economy, national debt, and more.

Enjoy!

Podcast Sponsors

* Ledger - Ledger secures 20% of the world’s digital assets. Their latest devices, Ledger Stax and Ledger Flex, feature secure touchscreens for safer, easier crypto management.

* Franzy - Your is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* Meanwhile - The world’s first licensed and regulated life insurance company built for the Bitcoin economy. Learn how to tax-optimize your BTC holdings for your life and beyond.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

Bitcoin is starting the new year with a slight lift in price, but the true measure of success for the digital asset can be found in the underlying metrics. I want to highlight a number of data points for you this morning as we kick off 2025.

Bitcoin’s hash rate currently sits at an all-time high, which signals the increasing strength of the blockchain.

If you combine all of the computing power from Amazon AWS, Google Cloud, and Microsoft Azure, it still would not equal 1% of the bitcoin network. It is impressive that miners and node operators have assembled the decentralized computing network without central planning or a primary capital source.

From a holders’ perspective, on-chain wallet addresses with at least $100 in bitcoin is near all-time highs.

The same is true for on-chain wallet address with at least $1,000 as well.

Institutions don’t want to be left behind by retail, so we have seen the total number of bitcoin held by the US-traded ETFs jump from approximately 650,000 bitcoin in January 2024 to more than 1,250,000 bitcoin a year later.

People and institutions want bitcoin. You can see this clearly with the falling amount of bitcoin left on exchanges. We recently crossed below 2,791,000 bitcoin, which is a level we haven’t seen since 2019.

When capital flies into the market, the price goes up quickly. Bitcoin’s price saw more than a 100% gain in 2024. This has led to many people asking “is the bull run over?” We can look at MVRV Z-Score to understand the market position.

Here is how Glassnode describes this metric:

“The MVRV Z-Score evaluates whether BTC is overvalued or undervalued relative to its "fair value". Instead of using a traditional z-score method, the MVRV Z-Score uniquely compares the market value to the realized value. When the market value, measured as network valuation by spot price multiplied by supply, is significantly higher than the realized value, represented by the cumulative capital inflow into the asset, it has typically signaled a market top (red zone). Conversely, a significantly lower market value than the realized value has often indicated market bottoms (green zone).”

Although the price of bitcoin has increased nearly 500% in the last 2 years, we see that more than 1 out of every 2 bitcoin in circulation has not moved. This signals long-term holders with deep conviction, regardless of price.

We also know that more than 86% of all bitcoin in circulation are currently “in profit,” which means the coins last traded hands at a price lower than the price today.

Lastly, the number of transactions on the bitcoin network has been dropping throughout December 2024. We continue to see transaction volume holding lower in the last 24 hours.

You can make an argument that people are holding bitcoin, therefore they are not transacting their bitcoin. That would drive the transaction number lower. You could also argue that a lower number of transaction volume could show less interest in the digital asset. I will leave that data point for you all to decide.

Overall, bitcoin feels strong to start 2025. The network looks healthy, institutions and retail are holding bitcoin, and the bull market appears to still have more room to run. This does not mean that bitcoin’s price can’t go down in the short-run, but I believe we have another bitcoin all-time high price ahead of us before this bull market is over.

Hope you all have a great start to the new year. I will talk to everyone tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

Anthony Pompliano Reviews Bitcoin’s 2024 and Explains What He Thinks Will Happen in 2025

Anthony Pompliano records a solo episode breaking down the historical year of 2024 for bitcoin. Topics include institutional adoption, price hitting $100,000, bitcoin ETFs, nation states, MicroStrategy, other publicly traded companies, bitcoin miners, political environment, and where bitcoin goes from here.

Enjoy!

Podcast Sponsors

* Ledger - Ledger secures 20% of the world’s digital assets. Their latest devices, Ledger Stax and Ledger Flex, feature secure touchscreens for safer, easier crypto management.

* Franzy - Your is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* Bitdeer - A global technology company focused on Bitcoin mining, ASIC development and HPC for AI, backed by advanced R&D and a massive 2.5 GW global power portfolio.

* Meanwhile - The world’s first licensed and regulated life insurance company built for the Bitcoin economy. Learn how to tax-optimize your BTC holdings for your life and beyond.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

I have assembled a collection of charts and graphics to better understand where we are in the bitcoin cycle, along with how the digital currency is impacting financial markets.

First, bitcoin has hit a new all-time high. While that is cause for celebration, we are nowhere near the top of this bull market yet. According to Stockmoney Lizards, “Satoshimeter is loading, but is only 9. We have still a lot of upside.”

Bitcoin’s price has been increasing because $3 billion per day is flowing into the bitcoin network, which Willy Woo points out in this chart.

In addition to the capital flowing into the asset, Willy highlights that we are watching the third large supply shock in the market. If you have demand increasing and available supply decreasing, price has to go up to accommodate everyone.

Another clear way to see this is by overlaying the bitcoin price with bitcoin on exchanges.

Famed trader Peter Brandt points out, “it is now official. The Bitcoin/Gold ratio has now posted a new ATH. Next stop will be 89 to 1 -- it will require 89 ounces of Gold to buy a single Bitcoin.”

Bitcoin is eating gold. An easy place to see this is by comparing the bitcoin and gold ETFs. There is a clear winner in terms of popularity and pace of growth.

Lastly, odds are bitcoin will continue appreciating for the next few months. You can see bitcoin’s price in response to the flow of capital in the past, which suggests we are entering a similar period right now. “Bitcoin's money flow has entered yellow. 3-4 months of verticality have followed.”

It is fun to watch bitcoin do what holders have long thought was going to happen. It appears there is plenty of time left in this bull market, so be careful that you don’t get too excited. One of the best strategies with bitcoin is to get very good at doing nothing for long periods of time. Let’s see what happens.

Hope you all have a great day. I’ll talk to everyone tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

Anthony Pompliano Explains The 5 Things Driving Bitcoin’s Price Higher

Anthony Pompliano records a solo episode explaining why bitcoin has exploded in 2024, and where it could be headed. Topics include historical bull markets, media coverage, Wall Street, Donald Trump, US bitcoin strategic reserve, MicroStrategy, federal reserve, and more.

Enjoy!

Podcast Sponsors

* Ledger - Ledger secures 20% of the world’s digital assets. Upgrade to Ledger Flex and get $70 in Bitcoin.

* Meanwhile - The world’s first licensed and regulated life insurance company built for the Bitcoin economy. Learn how to tax-optimize your BTC holdings for your life and beyond.

* BetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* Polkadotis a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

As the price of bitcoin has risen in recent weeks, I keep getting asked whether it is a good time to purchase bitcoin. This question comes from friends, colleagues, barbers, taxi drivers, doormen, and random people I meet socially.

Everyone wants to know if they should be buying bitcoin or if it is too late.

Here is what I tell them — the decision to purchase bitcoin today comes down to three inputs: time, size, and education.

On the time aspect, the most important factor in deciding to buy bitcoin is how long you plan to hold the asset. If you want to buy bitcoin to sell at a profit next week, then I have no clue if you should buy or not. Timing markets is very hard. I don’t know how to do it. But if you want to buy bitcoin and hold it for 5 years or longer, then the odds are in your favor that bitcoin’s price will be higher in the future.

Time in the market is more important than timing the market.

On the sizing aspect, the decision to purchase bitcoin should be separate and distinct from the decision on how much capital you use to purchase bitcoin. The former is a binary decision—you either buy it or you don’t. The latter point raises the question of position sizing, which is a much more personal decision. You have to evaluate your net worth, your annual income, your future expected expenses, and your risk appetite.

I can’t tell you what the right percentage of bitcoin is for your portfolio, but I can tell you that 0% is probably the wrong answer.

Lastly, for the education aspect, the decision to purchase bitcoin is ultimately driven by whether you understand what you are buying or not. If you have put in the time and effort to learn about bitcoin, you are more likely to hold through any market volatility. But if you are merely buying bitcoin because you think you will get rich, and you haven’t spent the time and effort to learn, then you will sell at the first sign of trouble.

You get out of bitcoin what you put into it.

This brings me back to the original question—is it too late to buy bitcoin?

In my humble opinion, there is never a bad time to buy bitcoin if you have spent time learning about the asset, are going to put a small percentage of your portfolio into the asset, and you plan to hold it for at least 5 years. Does that guarantee success? No, but it drastically increases the odds. And good odds are all an investor can ask for.

A new monetary asset only comes around every few hundred years. Bitcoin promises to be the next great monetary asset. Now we must wait and see whether the promise becomes reality, but I like our odds.

Current Market Conditions

The second half of December is usually time to celebrate. Everyday Americans are preparing for Christmas and the holidays, while investors are getting ready for one of the most bullish times of the year.

Geiger Capital shared a great visual that shows how good the last two weeks of the year has been historically.

Enthusiasm is palpable right now. We also have the Federal Reserve cutting interest rates and helping to expand the money supply, so it appears that history is rhyming. I expect the next two weeks to drive asset prices higher as we close out the year.

As prices have gone higher, an interesting dynamic has developed — Fidelity’s Jurrien Timmer writes:

“We all know about the $100k milestone that Bitcoin reached last week, but gold and Bitcoin (which I view as different players on the same team) have reached a major milestone together. Combined they are now worth around $20 trillion, which is almost as much as the US money supply (M2).

The chart below shows real M2 against the inflation-adjusted market cap of Bitcoin and “above-ground” gold. During periods of excessive monetary inflation, gold’s value has tended to “catch up” to the money supply. It happened in the 1930’s, 1970’s, 2000’s, and now in the 2020’s. This is what stores of value do: they keep up with (and sometimes briefly exceed) the quantity and price of money. How much the quantity and price of money are related to each other is the subject for another WAAR.

While the $100,000 “round number” price point is understandably getting a lot of attention, that’s just the price. For me, the above chart shows that there are ways to put a value on both gold and Bitcoin, even though they don’t produce cashflows. Price and value are not the same thing: price is what you pay and value is what you get.

Bitcoin at $100k can be high or low, depending on your point of view, but a combined market value of $20 trillion is a number rooted in monetary fundamentals. Whether Bitcoin and gold will keep advancing from here will depend on many factors, but surely the growth of the money supply will be one of them.”

The story of gold is well told throughout history. The story of bitcoin is just beginning. And bitcoin is going to keep appreciating as long as the US government keeps printing money.

Hope everyone has a great start to your week. I’ll talk to you tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

Will The Trump Rally Continue?

Anthony Pompliano joins Fox Business to discuss this bitcoin rally and whether or not it will continue.

Enjoy!

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You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

Bitcoin hit $100,000 per coin last night for the first time in history. This historic milestone is psychologically important because humans like big, round numbers and there is no denying the success of bitcoin now.

You can see bitcoin dominating headlines at every major news outlet. Word of mouth is starting to spread. Google search volume is accelerating. The bitcoin marketing machine is working and the $100,000 threshold will be fuel on that fire.

But here is the funny thing — bitcoin is still drastically undervalued.

The market cap of gold is nearly $18 trillion and bitcoin is only worth $2 trillion. That gap is way to wide. I can make a very strong argument that bitcoin is at least 10x better than gold (it is more portable, durable, divisible, censorship resistant, etc), which suggests the digital asset’s market cap should eventually surpass gold’s market cap.

Rather than spend our time looking backwards this morning, I want to focus your attention on the work that is still left to do. There are two major milestones that I am looking forward to — the US strategic bitcoin reserve and nation-state adoption.

First, incoming President Donald Trump campaigned on the promise of a national strategic bitcoin reserve. There are plenty of critics that don’t believe we will see this come to fruition, but I have confidence we will see the reserve established.

Remember, Donald Trump, Donald Trump Jr, Eric Trump, RFK Jr, Tulsi Gabbard, Vivek Ramaswamy, Elon Musk, Howard Lutnick, and many others in the administration all own bitcoin. They understand the asset and see the value in it. Additionally, we have Senator Lummis putting forward legislation to get the reserve established.

My current perspective is the strategic bitcoin reserve will start with holding the 200,000 bitcoin under US possession at the moment. A commitment to not sell these coins will create the crack in the dam that leads to the US buying more. And if you think Donald Trump is not thinking about bitcoin, let me show you his tweet from this morning:

It is becoming harder to argue that the next President of the United States is not pro-bitcoin. Bitcoin is also up nearly 50% since Trump was elected in early November, so the market seems to think he is good for the asset too.

As the United States embraces bitcoin, this will lead to the second milestone — a global race of nation states vying for bitcoin adoption. We have already seen nations like El Salvador and Bhutan buy bitcoin for their country’s balance sheets. But eventually I believe we will see every major nation adopt the asset.

Here is Russian President Vladimir Putin explaining that no one can ban bitcoin. Here is Federal Reserve Chairman Jerome Powell saying bitcoin does not compete with the US dollar. Do you get it yet? Do you see what I see?

The nation states are knocking on the door and they won’t be stopped from getting inside.

So what does this mean for you?

Absolutely nothing. Individuals will continue to dollar cost average into bitcoin. They will continue holding the asset regardless of the volatility. And the nation states are going to buy as much bitcoin as they can, which will drive the price higher because the hardcore bitcoiners will refuse to sell their bitcoin.

That is the beauty of a free market overlaid on a finite asset. The world will eventually realize the bitcoiners were right.

It will just take some time.

To all of you that bought bitcoin over the years and held it through the incredible volatility — congratulations. You likely accomplished this in the face of severe critiques from family and friends. You ignored the noise. And now you are being proven correct.

But although it feels like we have come a long way, there is still so much work to do. Be gracious in victory. Spend the time to educate others on bitcoin, just as someone did for you. Do not pull the ladder up behind you. There may be hundreds of millions of people who own bitcoin today, but there are still billions of people who don’t.

Let’s close that gap. It will only happen if everyone works together. That is what makes bitcoin so beautiful.

The people were able to front-run the institutions and nation states. Now we sit back and watch these large pools of capital fight over a few million bitcoin that are freely trading in the market. What an incredible time to be alive.

Hope you all have a great day. I’ll talk to everyone tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

Darius Dale Explains Why Wall Street Is Bullish On Bitcoin

Darius Dale is the Founder & CEO of 42Macro. In this conversation, we evaluate the bull market, the 60/30/10 investment portfolio, dollar strength, the impact of potential global refinancing, and can DOGE be successful in cutting government costs?

Enjoy!

Podcast Sponsors

* Ledger - Ledger secures 20% of the world’s digital assets. Upgrade to Ledger Flex this Black Friday and get $70 in Bitcoin or save up to 40% on select wallets.

* Meanwhile - The world’s first licensed and regulated life insurance company built for the Bitcoin economy. Learn how to tax-optimize your BTC holdings for your life and beyond.

* BetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin.

* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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To investors,

Bitcoin is crashing to levels not seen since….a week ago. No, seriously. That is what has happened over the last 24 hours. Bitcoin has traded down under $92,000 and people are freaking out all over the internet. But bitcoin was hitting a new all-time high of $92,000 just a week ago.

It is always funny how bad our memories are.

First, we should remember that bitcoin had the highest weekly close in history on Sunday night.

So why is the price going down right now? Because there are more sellers than buyers. That sounds simplistic, but that is the truth. Checkmate, one of my favorite bitcoin on-chain analysts, points out “Long-Term Holders have distributed $60B worth of supply in the last 30-days. Out of all the LTH supply moved since the FTX bottom, 21% of it has happened in November. This is the heaviest profit taking we have seen so far this cycle.”

You would expect the price to fall further if long-term holders are selling this much, so why haven’t we seen a larger drawdown? The ETFs are buying up a ton of the supply at the same time. Kyle Doops explains “Long-term Bitcoin holders sold 128K BTC, but U.S. spot ETFs absorbed 90% of the selling pressure. Strong institutional demand is fueling BTC’s rally, bringing it closer to the $100K milestone.”

This doesn’t mean that we are in the clear though — Joe Consorti highlights a potential scenario worth watching: “Bitcoin has tracked global M2 with a ~70-day lag since September 2023. I don't want to alarm anyone, but if it continues, bitcoin could be in for a 20-25% correction. (Bitcoin in orange and money supply in white).”

I don’t think investors can time markets with a high-degree of accuracy, so I wouldn’t try to do it. Plus, if we use Thanksgiving 2020 as a guide, bitcoin has the potential to cool off for a week or two before ripping higher to all-time high records at an accelerated rate.

But maybe you don’t believe history rhymes. Ki Young Ju writes “even in a parabolic bull run, Bitcoin can see -30% pullbacks. Such corrections repeatedly occurred during the 2021 price discovery from $17K to $64K. This isn’t a call for a correction—just manage your risk and avoid panic selling at local bottoms. We’re in a bull market.”

Ki Young Ju explains the “bitcoin market seems too early to call a bubble. The market cap hasn’t increased significantly relative to cumulative on-chain capital inflows. Based on the current realized cap, it could rise to $141K. The realized cap has been steadily increasing every day.”

So what is the big takeaway from all this data? Take a deep breath — everything is going to be alright.

Bitcoin doesn’t go up in a straight line. Yes, the price of the asset is falling. It may fall further. But the long-term trend is still intact. I would not be surprised to see bitcoin hit a new all-time high before the end of the year.

It is a holiday week. Relax. Enjoy time with your family and friends. The world will keep spinning. Bitcoin will keep producing blocks of transactions. And the government will keep printing money. So bitcoin will go higher over time.

Hope you have a great day. I’ll talk to everyone tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

Small Business Uses Bitcoin To Improve Employee Retention & Product Quality

Mike Coffey and Julie Denton-Price are the owners of BlueCotton, a small retail-grade screen printing business in Bowling Green, Kentucky. They previously plugged their business into the bitcoin network in a very unique way, and it is changing the lives of 130 employees. In this conversation we discuss, why they did it, how the employees earn bitcoin, and what the impact has been.

Enjoy!

Podcast Sponsors

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* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* BetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit.

* Ledger - Ledger secures 20% of the world’s digital assets. Upgrade to Ledger Flex this Black Friday and get $70 in Bitcoin or save up to 40% on select wallets.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin. 

* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

* Blockstream Mining Note 2 (BMN2) is an EU registered and issued Bitcoin mining security token designed to outperform BTC returns. Learn more and view live analytics on our performance dashboard.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

A key theme in public markets throughout 2025 will be opportunities for corporations to give investors access to corners of the crypto industry that are otherwise hard to access. As I have written about previously, DeFi Technologies has successfully done this with first-to-market ETPs and Hut 8 has created an energy infrastructure business serving both bitcoin mining and artificial intelligence data centers.

I recently found another business that I think is well-positioned to capitalize on this theme.

I was talking with my friend Eric Jackson, the brains behind EMJ Capital, about ways to express my bullish view on Solana via the public market. He mentioned a company called Sol Strategies (CSE: HODL | OTC: CYFRF) in Canada, but I had never heard of them before.

So I started doing some research.

Sol Strategies is the rebranded name of Cypherpunk Holdings, which was one of the first publicly-traded bitcoin-related companies years ago. Earlier this year Leah Wald, the former CEO of Valkyrie, stepped in as CEO and started buying Solana for the organization’s balance sheet. The company also runs a validator on the Solana network to drive revenue.

The company only rebranded as Sol Strategies in September, which means many people in the market probably don’t realize there has been a strategy shift yet. I love opportunities where a company is implementing a proven strategy (ex: give access to a crypto ecosystem that is otherwise hard to access in public markets) and public market investors haven’t yet realized they can allocate capital to gain this exposure.

Returns are captured when contrarian ideas later become consensus ideas.

Let’s dig into Sol Strategies. The company currently has 130,125 SOL on their balance sheet, which is worth ~ $33 million based on last night’s price of SOL. As the price of Solana increases, the dollar value of the balance sheet will increase. You can think of this similar to Microstrategy’s balance sheet of bitcoin — Sol Strategies is doing it with Solana instead.

This is interesting because Solana has been outperforming bitcoin over the last year.

Although it may not be popular in the bitcoin community, I believe Solana will continue to outperform bitcoin in this bull market. This is why Solana has been my second largest crypto position after bitcoin since December 2023.

Sol Strategies would be interesting if it merely was the Microstrategy of Solana, but the company is going one step further — they also operate validators on the Solana network.

Here is how the company describes their validator activities:

* Sol Strategies locks up SOL tokens in the Solana network to support its transaction validation and enhance security.

* Sol Strategies operates a validator node, responsible for verifying transactions and producing new blacks, which requires significant SOL staking.

* By staking SOL and running the validator, Sol Strategies earn rewards in additional SOL tokens based on our validator’s performance and the total amount staked.

This would be like Microstrategy also mining bitcoin on top of their bitcoin balance sheet. It is important to understand validators and staking because Sol Strategies earns 8.5% on the Solana staked in the validator from their balance sheet. We can estimate the company will earn approximately $2.8 million annualized (in SOL) from the staking revenue driven by balance sheet SOL.

But the company also runs validators for other SOL holders to stake their assets. For these assets, Sol Strategies earns block rewards, as well as a management fee on staking and MeV revenue. In the past 7 days, this revenue was 142.72 SOL (7,421.44 annualized). This suggests the company will receive another $1.9 million in revenue from their external staking management services. 

(Note: Anyone can quickly view how much the Sol Strategies validator is earning, as it is publicly available. Using this validator dashboard, you can change the date range to the last 7 days to see the total SOL earned per Epoch (each Epoch is 2 days). According to this dashboard, over the past 7 days, the validator earned the 142.72 SOL I mentioned above.)

If my math is correct, the company will generate another $4.7 million of SOL every year that gets added to their current balance sheet. This number is likely to increase in the coming months because Sol Strategies has been acquiring validators from other companies, such as the recent acquisition of four validators from Cogent Crypto. The Cogent Crypto SOL validator generated 562 SOL in the past week (29,224 annualized). Sol Strategies purchased 78% of this validator, suggesting an additional $5.8 million of SOL from this acquisition alone.

If you take the current market cap of ~ $130 million and subtract the ~ $33 million of SOL on the balance sheet, it appears the company will be trading at less than 10x revenue once the Cogent Crypto acquisition closes — not bad for a company that is growing relatively fast in a sector that is poised to do well in a crypto bull market.

I like the strategy of building the largest balance sheet of Solana in public markets, while also acquiring many validators to continue driving future revenue growth. Add in the fact that I personally believe Solana will continue to do well in this bull market and I think Sol Strategies has a great chance of driving attractive returns.

But I am not just pontificating about this. I am willing to risk my two most precious resources on the opportunity — my time and my reputation.

Last week I agreed to become an advisor to Sol Strategies. My plan is to help the business clearly tell their story to the public market, find and acquire more validators, and capitalize on other Solana-related opportunities that could be accretive to the business over time.

Most people don’t know that Tony Guoga, the former member of the European Parliament, philanthropist, and poker enthusiast, is Chairman of Sol Strategies. He was early to bitcoin and now appears to be early to the first publicly-traded company providing pure-play exposure to the Solana ecosystem.

After spending the first 15 years of my career in the private markets, I am increasingly interested in the public markets. I have written extensively about my work with DeFi Technologies and Hut 8, so it only makes sense to keep this group updated on other companies that I find interesting — Sol Strategies perfectly fits the description of what I am looking for.

Many of you are smarter than me when it comes to analyzing companies, especially in the public market. Please take a look (CSE: HODL | OTC: CYFRF) and then respond with your feedback. I would love to learn from you all.

Hope you all have a great start to your week. I will talk to everyone tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

DISCLOSURE: Before I let you go, I want to lay out a few disclosures. It is important to me that you all understand these details.

I personally own Sol Strategies stock. Some people may look at today’s letter as me talking my book, which has a hint of truth to it, but I think of it much more as I have skin-in-the-game and stand to lose money, time, and reputation if I am wrong in my analysis.

Please don’t take today’s letter as investment advice. Do your own research. You all are adults who can think independently and critically. Stocks are wildly volatile, they can go up and down a lot, you can lose your money investing in the market, and nothing I have written here should be used by you to make investment decisions. There is a longer legal disclaimer at the end of the email you can read as well. No one, including me, is right 100% of the time.

Anthony Pompliano Interviews Tether CEO Paolo Ardoino

Paolo Ardoino is the CEO of Tether. This episode was recorded at Crypto Investor Day in New York. In this conversation we discuss, stablecoins, growth metrics, institutional adoption, how investors can benefit from stablecoins, possibility of Tether going public, why bitcoin is the perfect currency, and how stablecoins will impact central banks.

Enjoy!

Podcast Sponsors

* Bitkey – The hardware wallet built for bitcoin that replaces complex seed phrases with an easy three-key system. Available for $99.

* Franzy - Ready to leave the 9-to-5, start a side hustle, or expand your portfolio? Franzy is your gateway to franchise ownership—research, compare, and fund the right opportunity with confidence and transparency.

* BetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit.

* Ledger - Ledger secures 20% of the world’s digital assets. Upgrade to Ledger Flex this Black Friday and get $70 in Bitcoin or save up to 40% on select wallets.

* Gemini - The future is being built today. Go Where Dollar’s Won’t. With Gemini.

* Xapo - Xapo Bank is the only way to bank with Bitcoin. 

* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

* Blockstream Mining Note 2 (BMN2) is an EU registered and issued Bitcoin mining security token designed to outperform BTC returns. Learn more and view live analytics on our performance dashboard.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

DISCLAIMER: The author of this letter is not a securities dealer or broker, investment adviser or financial adviser, and you should not rely on the information herein as investment advice. The author is a paid advertiser. If you are seeking personal investment advice, please contact a qualified and registered broker, investment adviser or financial adviser. You should not make any investment decisions based on this communication. Pursuant to a 24 month term advisory agreement dated November 25, 2024, the author was compensated by Sol Strategies Inc. for services such as this letter. Examples that the author provides of share price increases pertaining to a particular Issuer from one referenced date to another represent an arbitrarily chosen time period and are no indication whatsoever of future stock prices for that Issuer and are of no predictive value. Stock profiles contained herein are intended to highlight certain companies for your further investigation; they are not stock recommendations or constitute an offer or sale of the referenced securities. The securities issued by the companies profiled should be considered high risk; if you do invest despite these warnings, you may lose your entire investment. Please do your own research before investing, including reading the SEDAR+ filings, press releases, and risk disclosures. It is our policy that information contained in this profile was provided by the company, extracted from SEDAR+ filings, company websites, and other publicly available sources. The author believes the sources and information are accurate and reliable but cannot guarantee it.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe