Original article "Stablecoin Treasury Company", translated by Odaily Planet Daily jk.

Original author: Matt Levine is a Bloomberg Opinion columnist responsible for financial reporting, consistently ranking first in readership among Bloomberg's financial opinions. He was an editor at Dealbreaker, worked in the investment banking division at Goldman Sachs, served as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz, and was a law clerk for a judge on the U.S. Court of Appeals for the Third Circuit.

Stablecoin Asset Allocation Strategy?

Here’s a trading play:

You start a company, issuing 100 shares at $1 each, raising a total of $100. Use this $100 to buy .

Now the company has worth $100 on its books, and nothing else, with net assets of $100. The market is optimistic about , the stock price rises to $2 per share (a 100% premium over net assets), giving a market capitalization of $200.

You then issue 50 more shares, at $2 each, raising another $100. Use this $100 to continue buying . Now you have worth $200, with net assets of $200.

There are 150 shares outstanding, with net assets of $1.33 per share. The stock price continues to rise to $2.66 per share (still a 100% premium over net assets), resulting in a market capitalization of $400.

You issue another 50 shares at $2.66 each, raising $133, and continue to buy .

The shareholders are thrilled: "This company keeps increasing the per-share holdings, using clever capital operation strategies to compound shareholder value. Therefore, it should trade at a premium to net assets, because buying directly only gets you a fixed amount, but buying company stock allows you to obtain a growing share of ."

Is there a flaw in this logic? Let’s discuss. If you fill in with "Bitcoin," it’s the strategy of MicroStrategy. This tactic has indeed worked for a long time with large amounts of capital, although the premium has narrowed recently. MicroStrategy's success has attracted a wave of followers, some hoarding Bitcoin, others hoarding Ethereum, Trump coins, Dogecoin, gold, or GameStop stock.

Ideally, should contain something interesting and vibrant; I previously mentioned it should be "crypto-related." But the key point I want to emphasize is that what you put in is actually not that important. The core of this entire transaction is capital operation: as long as you can issue shares at a premium to buy assets, you can increase net assets per share, which in turn justifies the premium. It’s certainly favorable if the assets you buy appreciate, but it’s not necessary. This strategy works for anything of value.

For example, money itself has value. So how about this: "I issue shares at a premium to deposit money in the bank, because issuing shares at a premium allows my cash per share to keep growing, so I can continue to issue shares at a premium"? Let’s discuss! Is this too much of a loophole? What about stablecoins? Stablecoins definitely count as crypto-related, right? "I issue shares at a premium to allocate crypto assets, and the crypto tokens in the asset pool are dollar stablecoins" — how does that sound?

I hope someone actually does this, because it’s the most brilliant yet foolish trade I’ve mentioned in my column. I should quit my job to start a USDT asset management company. As far as I know, no one has done this yet. Today, I did receive a press release from StableX Technologies Inc., which changed its name from AYRO Inc. two weeks ago, "to better reflect its strategic transformation and focus on investing in the foundational tokens of the stablecoin industry." I was quite looking forward to it! But the result is as follows:

StableX Technologies, Inc., formerly AYRO, Inc. (NASDAQ: SBLX) ("StableX" or "the company"), today announced the commencement of purchasing FLUID tokens, marking the first transaction since the company announced its focus on investing in foundational tokens of the stablecoin industry.

"The initial purchase of FLUID tokens marks the beginning of an important new chapter for StableX," said James Altucher, StableX's digital asset management manager. "In less than a year, FLUID has grown from zero to the market leader in stablecoin trading, generating millions in monthly fee revenue, with the community growing at an astonishing rate. Due to the surge in fee volume, FLUID announced it will use all revenue to buy back tokens starting October 1, 2025, which we believe will be an important catalyst for the price increase of FLUID. While the purchase of FLUID is StableX's first investment in the stablecoin industry token portfolio, we look forward to providing updates to stakeholders as we expand the portfolio through additional purchases of high-value assets within the stablecoin industry. Our previously announced strategy of leading with FLUID highlights the value of acquiring foundational tokens in the stablecoin industry. As the industry continues to accelerate, we believe the token purchase strategy will become a major beneficiary, creating value for all stakeholders."

Disappointingly, FLUID is not a stablecoin, but rather a governance token for a decentralized crypto lending trading protocol. StableX is not entirely a stablecoin asset management company; it is not issuing shares to buy stablecoins, but rather issuing shares to buy "tokens that drive rapid development in the stablecoin industry." However! It’s already very close.

Additionally, of course, there is:

Traders are frantically buying shares of a corrugated packaging company that plans to purchase tokens related to OpenAI chief Sam Altman's iris scanning crypto project, with the stock price soaring 3000% in a day.

Eightco Holdings, which makes custom packaging products and has an e-commerce inventory management division, announced on Monday that it will implement a "pioneering" strategy to acquire Worldcoin tokens, which are a core component of Altman's World digital identity project.

It plans to change its stock ticker to ORBS (Note: Worldcoin collects iris data using spherical hardware).

Blockchain Mergers and Acquisitions!

Recently, we discussed the topic of "AI mergers and acquisitions." "Mergers and acquisitions" refer to a buyer acquiring a bunch of small companies in the same industry, with the theoretical basis being (1) economies of scale, and (2) the buyer possesses some general skills or technologies that can be applied to each company to make them more efficient. Traditionally, mergers and acquisitions have been operated by private equity funds, based on the theory that private equity's approach—financial leverage, cost control, incentive adjustments, and letting Harvard MBAs manage plumbing businesses—has broad applicability and can improve many businesses.

But recently, AI mergers and acquisitions have become popular, typically operated by venture capital, not throwing Harvard MBAs at a bunch of small companies, but rather throwing generative AI models. More abstractly, the point is that if you have powerful general business technology that requires a certain scale and complexity to implement—like AI or leveraged financing—then you can create value by making things bigger and more complex, acquiring those companies that cannot do it, thus creating value.

Another topic we used to discuss frequently but haven’t talked about in many years is "blockchain blockchain blockchain." To the best of my vague memory, the idea back then was that "blockchain"—the distributed ledger technology promoted by Bitcoin—would revolutionize business and technology. With blockchain technology, banks could… transfer money… stock exchanges could… trade stocks… I don’t know, everyone was indeed very excited back then, but I can’t really remember why. The current consensus is that as soon as ChatGPT came out, everyone forgot about blockchain. Blockchain has some theoretical revolutionary potential that always seems to be just around the corner, but generative AI gives you a chat window to ask questions and get answers, which is more tangible. So crypto venture capital has shifted to AI venture capital.

But if you take blockchain seriously, there’s a way to combine these two themes. The way to combine them is: blockchain mergers and acquisitions. You set up a private equity fund, raise capital, and then acquire small businesses like accounting, pest control, plumbing, or whatever. Then use your powerful, complex general technology—here, blockchain—to make these businesses more efficient. Because blockchain is so powerful, and plumbers or accountants find it difficult to deploy, you can create significant value in this way.

This specific idea has never occurred to me, and there’s a reason for that, but here’s an article from the Wall Street Journal about someone doing blockchain mergers and acquisitions:

Inversion Labs, based in New York, plans to acquire low-margin companies, equip them with blockchain to improve efficiency, and then reap the resulting profits…

"This technology is powerful, but the reality is that there aren’t that many active users of cryptocurrency," said Santiago Roel Santos, co-founder and CEO of Inversion. "Our North Star is to make users feel the absence of cryptocurrency. They won’t see how the technology works, but they will feel the effects. It will be faster, better, and cheaper."

Inversion will target private and public companies with large user bases and internal infrastructures that they believe are suitable for blockchain transformation, Dannheim said.

"You can acquire and then embed products that can grow revenue, or remove poor operating systems and replace them with better blockchain-based systems," Dannheim said.

Inversion is initially targeting South American telecom companies and has submitted several acquisition targets. Dannheim said blockchain can help these companies reduce data procurement costs and improve in various ways.

Why not? Back in the glory days of blockchain (2017), I would receive several press releases about Dentacoin (the dentist blockchain) every week. Perhaps there are also opportunities for mergers and acquisitions there.

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