AI Agents, Zcash Mania & Crypto’s Ownership Crisis

Alright, everybody. Welcome back to the Delphi Hivemind podcast, the show about markets, AI, crypto, a lot of unfiltered opinions. We got tons to talk about today. Joined as always by Jan, cofounder, managing partner, Delphi Ventures, Jose, cofounder and head of Delphi Labs, Cedars, our head of research, and Jason, our head of markets. Fellas, it's a good it's another good day to be doing this. You know, stocks are up early this morning. A lot of geopolitical news. Had some nice crypto moves over the last twenty four, forty eight hours. How's how's everyone feeling?

It's hard to feel bad on at this point. Right? I don't know. Market. Yeah. Yeah. I guess. Sea cash. I don't know. Everything is looking pretty, you know, decent. Right? Markets kind of just at this point, you could say I've kind of shrugged off at least like the the, you know, the growth shock or scare from what what's going on in in The Middle East. And I guess, like I mean, clearly, they've they've looked past that. The queues are up 25% in the last month. A bunch of, you know, tech names, AI names, new all time highs every day, bunch of appetite returning into crypto markets through memes o

Yeah. I mean, you had one of the best earnings quarters in terms of growth in very long time. Right? I think it was something like best since late twenty twenty. Right? And that's just on the back of weak growth. So, yeah, it's it's it's kind of been insane blowout across the board. And and so, yeah, risk on. I think, you know, geopolitics again end up being a nothing burger at least so far. So everyone's kinda looking past that. Crypto for a bit was kind of flowing by the wayside, but as has been picking up recently. You had Sailor's earnings call yesterday, right, which is obviously very big

the high 90 nines. Right? And and so you kind of in between x states,

you get a a pseudo dividend, which is admittedly smaller. Right? If you're assuming a percent a month roughly, this is kind of closer to, 70 bps. And and so I I think there's there's slight negative element, but overall positive element to to that, to the the involvement of those people. Right? The idea being they create a bid at at low 90 nines, but then they create a bunch of supply at at high 90 nines. And and it makes it easier to get to high 90 nines, then harder to get to 100 because they are kind of making increasing the overall amount of buying needed to get to 100 by roughly one perce

How much firepower do you think in, like, the near term this sailor strategy play has? Like, do you have any ballpark numbers that you're looking at or expecting?

Low billions, I'd well so, obviously, the the longer the the more days you get, the higher chance of of more volume. But if you look recently, the volume has been picking up day by day roughly. And so even today, we're almost at a million or yeah. A million shares of volume, and it's it's 10 to 51 eastern. Right? So I I think you're starting to see more and more volume, and and so you kind of expect that as people are flipping out of it. So I I I mean, if you get it this week, I think you can get low billions out of it because you also get the indirect ability to issue more MSTR alongside it b

Yeah. And what's nice, you mentioned we've seen some speculation further out the the good old risk curve, especially over the last, like, week or so. I mean, the big one, I gotta give a shout out to the last time we recorded this. We all pulled up this chart. We dropped in a little higher, and we had a nice little clean break from this. Right? Nobody expected it to go this high this fast, but y