NEW: Accenture shares crash -16%.

NEW: Illinois Governor Pritzker has signed a 0.2% tax on crypto transactions into law including transfers between personal wallets, with the Crypto Council for Innovation calling it "the most punitive digital asset tax in the country."

Largest weekly buys for $ETH in 2026

ETH/BTC at 0.026 for the first time since march 2016. ratio is pricing ethereum the same relative to bitcoin as when it had zero DeFi, zero NFTs, zero L2s, and a $1.2b market cap. meanwhile 32.4% of ETH supply is staked at all-time highs with 1,261x more ETH waiting to enter staking than exit. BitMine holds 5.42m ETH (4.5% of supply) at a $3,476 cost basis, down roughly $9b, and just filed to raise $300m in 9.5% preferred stock to buy more. on the same day BitMine bought 26,497 ETH, BlackRock deposited 17,511 ETH to coinbase. the sellable float is compressing into a smaller and smaller window while $2.4b in ETF money walks out the door over 5 months. daily RSI lower than COVID, lower than FTX collapse, lower than the tariff crash. either a decade of infrastructure development added zero value relative to bitcoin or this is the most asymmetric long setup ETH has printed since its existence. stop trading the ratio. start deciding which side of the BitMine bet you're on.

ethereum shipped glamsterdam, cut fees 78-80%, and dropped to 19th by protocol revenue. USDT generates $493m in monthly revenue and briefly flipped ETH to #2 by market cap. ETH literally optimized the economic model that justified "ultrasound money" out of existence. the new pitch is settlement layer for tokenized securities but settlement layers don't command speculative premiums. they command utility pricing. blackrock and DTCC are building on ethereum rails because rails are cheap. that's the point. that's also the problem

A new daily all-time high for UNI burned was hit yesterday 134,000 UNI burned in 24H 🔥

There's a lot of confusion about the recently patched Zcash bug. Here's how to actually understand it. If the bug had been exploited before the patch (very unlikely it was), it would have looked like the shielded pool getting drained. Whoever minted the counterfeit shielded ZEC would want to sell fast, before anyone else found the same bug. And remember, the market for ZEC is almost entirely transparent ZEC, not shielded. You can't dump freshly minted shielded ZEC on Binance or Coinbase without unshielding it first. The losers in that scenario are shielded holders who sit still. The transparent portion of Zcash is fully visible, so it's trivial to enforce that transparent ZEC never exceeds max supply. If you try to unshield more than the cap, you'll get stopped at the door. So if you hold transparent ZEC (anyone trading, on an exchange, or doing price discovery on ZEC) there's no marginal effect on you. The loss falls entirely on shielded holders. The team's next step is a new turnstile and a fresh shielded pool in the coming upgrade, which will confirm the shielded pool was not inflated. Think of it as taking headcount at the end of the field trip--that will make sure no extra kids snuck onto the bus. But while AI found this bug, AI will also deliver the fix for the whole category: formal verification. I'm very bullish on this as the path to harden all software across the industry. Formally verified cryptography can't have implementation bugs by construction. Right now AI is surfacing vulnerabilities across all our software--browsers, OSes, and blockchains are no exception. We're in the awkward adolescence where every wart is getting magnified and put on full display. But formally verified software is the only path forward for mission-critical software, and Zcash has put it front and center on their roadmap to deliver. Privacy is too important not to. (Dragonfly holds $ZEC and continues to. I'm personally an investor in ZODL.)

LATEST: More than half of all $BTC in circulation is now held at an unrealized loss, a signal that has coincided with every major bear market bottom in history.

🔥TOM LEE & BITMINE JUST FILED FOR A STRC STYLE PREFERRED STOCK Bitmine is offering 3,000,000 shares of 9.50% Series A Perpetual Preferred Stock. That is a potential $300M preferred stock raise with weekly cash dividends. Strategy did this with Bitcoin. Bitmine may now be building the Ethereum version. $ETH $BMNR @BitMNR @fundstrat

[ ZOOMER ] BITMINE FILES FOR PREFERRED STOCK OFFERING OFFERING A YIELD OF 9.5%: FILING

Good math, but not all quite there: First, SpaceX pays fairly average, but for more than a decade they have offered regular (~bi-annual) liquidity to employees. To live comfortably (especially to have a family) in LA County, most employees would have sold a little bit here and there, if not a lot (e.g., if they were the sole earner in a household). Second, critically, because there is no double trigger (in order to facilitate the liquidity), most people default to "sell-to-cover" — i.e., ~40-50% of their holdings are immediately sold to cover the taxes on vest. Remember these vests are W-2 events. In order to not do this, the employee would need to come up with significant cash (because the taxes are paid against the price at vest, not the price at grant) — especially later on. However, two things make SpaceX particularly awesome IMO: 1. They gave employees the option to choose stock or options along the way. Someone who took options and paid the taxes with cash would have done very well. 2. They gave stock to everyone. There are a bunch of highly skilled workers that we on X never think of, like Tube Benders, Orbital Tube Welders, Cleanroom Technicians, etc. that are going to make significant fortunes. Maybe it's overly quixotic, but this last point is underrated part of @elonmusk attacking physical problems, not just software ones, with 100x thinking: a bunch of people in the types of jobs America needs and romanticizes (for good reason) will be rewarded with the kind of wealth that really would not be possible at any other company they would have chosen. An incredibly positive story that, if you can't see it in that light, you should look inward.