July 4, 2025

Thursday links: CRCL, BMNR, RIAs and 1000x leverage

“Because that’s where the money is.”— Willie Sutton, on why he robbed banksCircle traded at 1x AUMAt its June 23, history-making peak, Circle shares traded at an enterprise value (market cap minus cash) of roughly $62 billion.That is wild because Circle’s …

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