Stripe at $159B in a tender offer. This confirms what we've been saying: private companies can stay private longer and still give investors and employees liquidity through structured programs. But it's not enough. A tender is a moment in time. The board decides who gets to sell, how much, at what price. The employee who's owned options for years still can't leverage them between those events. The angel who wrote the check in 2015 still waits for the company to organize the next round. We need rails that make equity programmable — not just tradable when the board convenes. That's why we've spent seven years turning cap tables into smart contracts. That's the shift from liquidity events to continuous liquidity.

In Q4, Helium offloaded 4,388 TB of data from mobile carriers, a 60.7% QoQ increase. Subscribers from AT&T, Movistar, Google Orion, and Wefi are all using Helium seamlessly without knowing it. DePin is the frontier! Today, I released Messari’s State of Helium Q4 2025 report. Here are the highlights 🧵

Welcoming more users daily. Phoenix is the home for trading perpetuals on Solana.

1/ We’re thrilled to announce EV3 Venture Fund II, an oversubscribed $61.74M early-stage venture fund dedicated to backing entrepreneurs with generational drive and ambition. We’re tripling down on crypto with bigger checks and deeper involvement. Watch the EV3 Vision Below:

HIP-3 has beaten the previous days all time high in volume and we are not even half way through the day. SILVER-USDC has executed $1.15Bn alone which is basically equivalent to the daily volume on the ETH-USDC market. Will be fun watching this rapidly scale over the coming year.