text of Jim Grant stuff (from 9/18/25) :
Washington’s wholesale embrace of all things crypto has certainly proved a boon for hodler’s,
[ Note from Jon -- "hodlers" is ( I believe ) a "play on words" of an expression that these crypto idiots use : HODL, which stands for "hold on for dear life" (meaning : crypto only goes up / don't ever let go of your "great" so-called investment) ]
with the industry’s collective market value now topping $4.1 trillion, up nearly 80% since Donald Trump won re-election last fall.
Yet the air has come out of one high-profile category of late, with investors suddenly turning up their noses at the formerly-celebrated crypto treasury complex pioneered by bitcoin evangelist Michael Saylor. Shares of Strategy have ebbed by some 22% over the past two months, while Japanese and British players Metaplanet and Smarter Web Co. have each absorbed a near 70% drawdown since mid-June. For context, 331 firms around the world have opted to stockpile the pre-eminent cryptocurrency per Bitcointreasuries.net, up from 131 in mid-June (see “Bitcoin goes corporate” in the June 20 edition of Grant’s Interest Rate Observer for a closer look at the then-burgeoning phenomenon).
“This whole thing is starting to show big cracks,” Eric Benoist, tech and data research specialist at Natixis CIB, told the FT last week. “The weaker players are going to be basically wiped out by the market, most likely.”
One Nasdaq-listed entrant is taking that “only the strong survive” mantra to heart. On Tuesday, FG Nexus (ticker: FGNX) announced shareholder approval for plans to issue one trillion (with a “t”) new shares to further its designs on “becoming the largest corporate holder of Ethereum by an order of magnitude,” as the company, which sports a current share count of just over 35 million, put it in an SEC filing.
Notably, those bold ambitions elicited little more than a golf clap from Mr. Market. Shares of Nexus, which sank below $7 Monday from $38 in early August, have subsequently ticked to $8 and change.
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