Chad

Understanding that the only barrier between what you want and reality is the friction you create.

$BLOX Under the Hood: What Actually Changed This Week 1/ The boring tape just ended Eleven months of chop and BLOX finally moved this week, up 13% off the September low. But the price isn't the story. The manager rebuilt the book underneath it. If you hold this, here's what actually changed. BLOX Under the Hood: What Actually Changed This Week 1/ The boring tape just ended Eleven months of chop and BLOX finally moved this week, up 13% off the September low. But the price isn't the story. The manager rebuilt the book underneath it. If you hold this, here's what actually changed. 2/ What you own right now $325.5M AUM, NAV $14.86: FBTC $72.9M (22.4%) ETHA $33.5M (10.3%) NGHT $23.0M (7.1%) BMNR $19.7M (6.0%) HUT $18.2M (5.6%) GLXY $15.8M (4.9%) BHDG $14.6M (4.5%) NVDA $12.9M (4.0%) TSM $12.8M (3.9%) MSTR $9.7M (3.0%) CIFR $9.6M, IREN $9.5M, FIGR $9.3M, RIOT $9.3M (~2.9% each) APLD $8.8M, WULF $8.0M HOOD $6.6M, COIN $6.4M, CRCL $6.1M MARA $5.3M, CRWV $4.3M Cash $10.5M (3.2%) 3/ He dumped the fake miners He cut RIOT, CIFR and IREN by more than half each in a single session. Real selling, the share counts confirm it, not just marking. Those three have leaned so hard into AI datacenter buildout that they stopped tracking Bitcoin. You were holding a compute bet with a mining ticker. He cleared it out. 4/ Purer crypto, bigger cushion What replaced it: a fresh $19.7M BMNR stake, more MARA, another $2M-plus into spot FBTC. He also lifted cash to $10.5M and flipped the options to slightly short delta. The risk sleeve got purer and more crypto, and he built a cushion around it at the same time. He is not just chasing the rip. 5/ Where your 36% actually comes from Most of you own this for the distribution and should understand where it's manufactured. Look at the option book and it's the same trade on almost every name: sell a put, buy a lower put under it. A bull put spread. HUT, ETHA, CIFR, COIN, HOOD, WULF, MSTR, on down the line. 6/ Selling insurance, not your upside Selling those puts collects the premium that funds the 36%. Buying the lower put caps the loss if a name craters. Defined risk, steady income, and critically, it does not sell away your upside. Puts expire worthless when things run. You keep the stock's gain and the premium both. 7/ This is not a covered-call fund This is the distinction most income-fund holders miss. BLOX does not cap your upside to pay you. A YieldMax-style product sells your gains for yield. This sells downside insurance to others and pockets the premium. In a bull, that is a completely different animal. 8/ The one place green costs him He runs a call spread on IBIT, short the 44, long the 46. BTC ripped through it this week and that leg shows a $4.8M mark against a $3M offset. A real, if small and capped, drag. That is the single spot in the whole book where a green tape costs him. Everywhere else, green is pure win. 9/ A good week under the hood The income engine is intact and built to pay you without selling your crypto upside, which is exactly what you want going into a bull. The book is cleaner than it was a week ago. The only cost of a fast rally is that little IBIT cap, and it's noise against the whole. If you own this for the 36% and the Bitcoin beta, this was a good week under the hood, not just on the screen. Still, a LONG way to go - stay humble and DYOR.

AON Acct Rep - "John from Anthropic, how can I help?" John - "I need to product liability insurance that covers us if we kill all of humanity please." WTF, lol.

Everyone panicking about quantum computers killing Bitcoin is skipping the entire middle of the story. Yes, a machine that can break Bitcoin's encryption is coming eventually. But building one and using one to steal coins are two completely different things, and the gap between them is years, maybe a decade. Here's what people miss. This isn't a laptop or a virus. A quantum computer capable of breaking Bitcoin is a half million qubits of hardware that has to be kept colder than outer space. It's a national lab. A handful of the rarest scientists on earth. You cannot hide it, and you cannot build it in a basement. And the day one of these actually works, Bitcoin is the least of the world's problems. The same machine breaks every bank, every government's secrets, every military's communications. It instantly becomes the most valuable and most dangerous object on the planet. Every intelligence agency on earth would be focused on it. Whoever builds it is not going to quietly point it at old Bitcoin wallets and announce to the world they have it. Meanwhile Bitcoin isn't sitting still. The upgrade to protect against this is already written and already being adopted. The defense has a multi year head start on the threat. So the real risk isn't "quantum arrives and Bitcoin dies overnight." The real risk is old wallets that reused addresses, which is a housekeeping problem, not the end of Bitcoin. This is a slow, loud, defended problem that everyone will see coming for years. Not the overnight black swan the headlines are selling you.

Stop staring at fibs and charts. Ask one question: what would actually have to happen to break your faith in BTC over 5–10 years? That, and only that, is a reason to sell at the bottom. Not price. Not a red candle. Not a headline. If the answer hasn't happened, you have your answer.

Seeing a lot of people who say they lost it all today. This is only possible with options or leverage. Not going to preach, Monday morning QB, etc. Just learn, don't make the same mistake twice, and move on one day at a time. I hope you make it all back and am pulling for you!

Resetting Jiu Jitsu Journey by a super well known instructor. Based on the six possible possibilities in a fight - Standing, mount, side mount, back mount, guard, and turtle. Moves from A to B to C based on the highest probability win from each position. Super interesting.

Iran Can't Beat Us. Our Debt Can. FY2027 base defense budget: $1.45T for the Pentagon plus $50B in other defense activities. Call it $1.5T total, a $445-500B increase over 2026 (the 50% boost Hegseth requested and Trump approved). Iran war supplemental: $200B more, requested in March for war operations specifically. On top of everything above. The procedural detail: $350B of the increase is routed through reconciliation. Majority vote only. No Democratic support needed. Total new ask this cycle: roughly $650-700B in incremental defense money against a deficit already running $2T before any of it passes. For scale: the supplemental alone exceeds most countries' entire military budgets. The baseline increase by itself would rank as one of the largest federal programs in existence. The Pentagon reportedly couldn't figure out how to spend it. Money requested before missions exist isn't defense policy. It's fiscal policy wearing a uniform.

$BLOX daily holdings, 7/20. The design is more interesting than the yield. 1/ Composition, revenue weighted: roughly 59% BTC axis, 20% AI capex, 14% crypto financial, 7% ETH. The AI number is a floor, not the beta. The converting miners (HUT, CIFR, IREN, WULF) trade on datacenter economics now, and TSM is the largest single equity position in the book. 2/ Layer one is the equity core, 98%+ invested, uncapped both directions. This week that layer took real damage. NAV fell about 7% over four sessions. No structure hides that and none pretends to. 3/ Layer two is the income engine: bull put credit spreads across 19 names, rolled weekly. Most short legs are in the money right now, a genuinely rough tape. But every short leg is paired, so $259M of gross short put notional compresses to a defined max loss of $12.3M, 4.5% of NAV, fixed at entry. The equity book can have a bad week. The income engine is built so it structurally cannot have an unbounded one. That asymmetry is the whole point: the yield source is never allowed to become the ruin source. 4/ Layer three is defense most screens miss: an IBIT put debit spread rolled at least 8 straight weeks as a band limited cushion, plus a 7% sleeve in a dedicated tail fund that got added to during the June crash, not trimmed. Neither is a full hedge. Both show how the book is flown in stress. Honest limit: the max loss cap resets weekly. A brutal quarter can hit it repeatedly. This design prevents ruin in any single week. It does not prevent a bleed. Watch the difference. Not advice. Public daily holdings, anyone can run the math. Good luck!

First time visiting St Jean Cap Ferrat. Great tuna fishing, coves and urban hiking. Mediterranean is way salter than the Atlantic or Gulf but water is crystal blue. Highly recommend it.

Why has modern Jiu Jit devolved into moves that would never work in a street fight? I have met Helio Gracie, trained under a Rickson Black Belt and was in it when Royce was a "thing". I still love the sport, and can run a X Guard, but it still seems like a de evolution of the sport.

Native South Carolinian here. Whoever voted for Lindsay Graham failed the mission. Not sure how a warmonger, and swamp creature, keeps making the cut.

X is a big wealth transfer engine. All noise and little signal. Once you see it you can't unsee it.

$BLOX holdings file 5/27 vs 5/29: NAV: $17.23 → $17.74 (+2.95%) AUM: $323.5M → $333.0M (+$9.5M) Shares Outstanding: 18.775M → 18.775M (0 creations) Cash + FGXXX: 1.08% → 1.60% Equity sleeve: 98.87% → 98.54% Sleeve count: 21 → 21 (no adds/drops) Miner concentration: 39.4% → 40.9% Spot BTC/ETH ETF: 19.3% → 18.2% +$9.5M AUM on zero creations — pure mark-to-market, not inflows. Book keeps tilting into miners (HUT 10.4%, RIOT 9.1%, IREN 7.7%, CIFR 7.4%) while spot bleeds down. NAV grinding higher in a soft BTC tape. @XFunds_

Bitcoin gets more expensive every day. Even when the price doesn't move. The power law trend, which BTC has tracked for 16 years, adds about $125 to fair value daily. That's $46,000 a year, regardless of spot. Months of sideways action? BTC is still appreciating. The floor climbs underneath. Apply this to bear calls. "$50K by October" sounds reasonable. But fair value in October will be near $160K. A $50K print would be 31% of fair value, the deepest discount in BTC history. Worse than 2015, 2018, or 2022. Dismiss these calls unless they can explain why this cycle prints the worst dislocation ever. A flat chart looks like nothing is happening. Fair value is still doing $125 a day of work.

$BLOX holdings file 5/4 vs 5/5: Cash + FGXXX: 31.04% → 0.81% Equity sleeve: 69.01% → 99.62% NAV: $15.79 → $16.28 (+3.16%) AUM: $274.3M → $288.6M (+$14.4M) Shares Outstanding: 17.375M → 17.725M (+350K creations) FBTC, RIOT, IREN, ETHA all back in size. MSTR new add. Synthetic ETHA unwound to physical equity. Equity sleeve count 18 → 21. The cash buildup wasn't drift. It was pre-positioning. Manager deployed the entire reserve in one session into the Clarity catalyst. Clean execution, good work! @XFunds_