First, a huge thanks to Kyle for holding down the mic on Monday and Tuesday. Always great to have him on. I do sometimes listen to my own show—and yeah, it feels weird. A little narcissistic? Maybe. But I make this because I like it. So, if it’s weird, I’ll own it.
Also, what is happening with the Cleveland Guardians? Another pitcher, another betting scandal. It’s like we’re not even pretending anymore. Maybe they should tokenize this stuff and let us bet on “Which inning will Clase blow it?” Total DGEN energy.
But anyway, let’s get into the news—because that’s why we’re here.
🏛️ UK Parliament Reforms Crypto Group to Push for Regulations
📜 TRON Inc. Files to Sell $1B in Securities, TRX Strategy in Focus
💸 Kraken Eyes $500M Raise at $15B Valuation Ahead of Potential IPO
💼 Strategy Raises Record Stock Offering to Buy More Bitcoin
📊 Peter Brandt Drops Bold TA Forecasts for Bitcoin, ETH, and XRP
📉 Trader Cobb & Market Training via The Grow Me Co
UK Relaunches Crypto Parliament Group Amid Regulatory Pressure
"They aim to make the UK both safe for consumers and attractive for crypto businesses by creating fair and forward-thinking rules."
The UK’s All-Party Parliamentary Group on Crypto and Digital Assets is back in action. It’s not an official legislative body, but it matters—it’s a way for UK MPs to engage with regulators and the industry. Backed by CryptoUK (which reps 150+ companies), this group is co-chaired by Labour MP Gurinder Josan and Conservative House of Lords member Ed Vaizey, a former digital economy minister.
The UK wants to balance two goals: protect consumers and foster crypto innovation. That’s tricky. So far, they’ve put out draft rules (back in April), but final laws are still pending. Meanwhile, other regions—the U.S. and EU—are moving faster. On top of that, the UK’s tax agency is laying down stricter reporting requirements and tightening ad rules. Some in the industry think it’s overkill.
CryptoUK’s director, Sue Carpenter, disagrees. She says if you’re building responsibly, you should’ve seen this coming. I agree.
Tron Inc. Pivots from Toys to $1B in TRX Securities
"A model similar to Michael Saylor’s Bitcoin strategy—except this time it’s with TRX."
Yes, that Tron. Tron Inc. used to be a toy company, but now it’s filed to sell up to $1 billion in securities to buy Tron (TRX) and make money from its holdings. This is basically MicroStrategy’s playbook but with a way smaller and more volatile asset.
Tron Inc. isn’t making cash from toys anymore, so it’s pivoting hard. The leadership includes some names close to the Tron ecosystem, like the board chair, who happens to be Justin Sun’s father. Even though Justin himself isn’t officially involved, the board is stacked with Tron insiders.
Also worth noting: one board member is linked to a Hong Kong trust that deployed $100M in TRX during a reverse merger. This is a full-on crypto reinvention story, and I’ll be watching it closely.
Kraken’s $500M Raise and IPO Play for 2026
"Kraken, in my opinion, is probably the best exchange out there—at least for U.S. users."
Kraken is planning to raise $500 million at a $15 billion valuation, all in prep for a 2026 IPO. They haven’t officially confirmed it, but reports say it’s happening. This comes after the SEC dropped its lawsuit against Kraken and its staking services back in March, which cleared a big legal hurdle.
Kraken has long been my preferred exchange. Great product, good design, real customer service. If they get that IPO cash, I hope they stay focused and don’t lose their customer-first approach. That’s what happened with Coinbase—they IPO’d, got a war chest, and dove headfirst into regulatory capture.
I missed the Circle IPO, got burned on Robinhood, and had to sit on Coinbase for four years before it came back. So, here’s my honest prediction: Kraken IPOs at $15B, maybe pops to $30B, then we hit a bear market, and it drops back down to $7B. Then it’s bag-holder city until the next bull.
Still, I’ll be watching. This is one of the few IPOs I actually care about.
MicroStrategy’s Massive $2.5B Raise for More Bitcoin
"Satoshi’s untouched wallet now makes him one of the 10 richest people in the world."
Michael Saylor’s company, Strategy, just raised $2.5 billion via a new preferred stock offering (STRC). It pays a 9% floating dividend and was used to buy 21,021 Bitcoin at an average price of $117,256. That brings Saylor’s total to a jaw-dropping 628,791 BTC, worth over $74 billion.
By the way, Satoshi Nakamoto’s wallet—still untouched—holds about a million Bitcoin. That’s enough to put Satoshi in the top 10 wealthiest people on Earth.
Insane.
Peter Brandt Calls Out “Delusional” Chart Watchers
"If someone tells you they’re all-in and willing to sit through an 80% drawdown—they’re probably going to go broke."
Veteran trader Peter Brandt thinks most crypto traders are lying to themselves. He says charts aren’t about predicting the future—they’re about spotting asymmetric risk, where you can risk $1 to maybe make $4. Anything beyond that? Fantasy.
He openly trolls XRP and ETH maxis online but admits he holds both. His take aligns with mine: we’re seeing diminishing returns each cycle. In past cycles we saw 3200x, 600x, 120x, 21x. This one? We’re at 8x from the bottom ($15K to $123K).
That exponential growth we all fantasize about—$250K, $400K, $1 million BTC—is probably not happening this cycle. Brandt thinks a reasonable top is $125K to $150K. I think we might touch $148K to $180K, maybe even pop into $220K on hype, but we’re probably close to the top now or within the next 3–6 months.
After that? It could crash to $100K… or even back to $30K. Prepare accordingly.
Listener Questions
"Why not always be buying?"
Delorhan asked about rotating from Bitcoin into altcoins when alt season hits. Should he go direct or move through ETH first?
My take: rotating is messy. Every sale is a tax event. If you really want to get into smaller caps, use fiat—don’t burn BTC or ETH for it. Plus, trying to time this is tough. You’ll likely just create a tax nightmare and stress yourself out. Not financial advice—but don’t overthink it. Buy what you like with money you can afford to lose and be patient.
Also, shout out to Emerson, a UX pro who backed up my Chase praise from the other day. Said DeFi needs to grow up and adopt user-centered design. Agreed 100%.
Crypto Market Rundown
As of 9:45 a.m. EST, here’s where the market stands:
Bitcoin: $117,693 (▼1%)
Ethereum: $3,770 (▼2.1%)
XRP: $3.08 (▼2.3%)
BNB: $782 (▼4.7%)
Solana: $177 (▼3.6%)
Dogecoin: $0.217 (▼5.3%)
Tron: $0.325 (▼4.3%)
Cardano: $0.761 (▼4.8%)
Total Market Cap: $3.84T (▼1.75%)
Bitcoin Market Cap: $2.34T
Ethereum Market Cap: $455.5B
We’re in the red across the board today. But don’t lose perspective. Just look at where we are—Bitcoin over $117K, ETH near $3,800. Price action is always short-term noise.
Summary
The UK’s trying to modernize crypto law while Tron Inc. goes full degen, Kraken gears up for a blockbuster IPO, and MicroStrategy stacks more Bitcoin. Meanwhile, Peter Brandt reminds us that data beats hopium, and listener questions brought up some great strategy debates. Prices are down, but the trend is still up.
Stay cautious. Stay sharp.
Happy HODLing, everyone.
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