Happy Wednesday!

Ethereum could hit $250,000 if it replaces Bitcoin and gold as money. Sounds delusional? Maybe, but here’s one thesis that makes an interesting case.

Polymarket CEO Shayne Coplan is quirky — but coming late and barefoot to meetings has investors fretting about whether Polymarket is losing its lead over Kalshi.

Plus, the Pentagon is quietly shifting billions away from legacy giants to smaller space firms — and the companies winning those contracts are getting a new seal of approval overnight. We mapped out exactly where capital could move next. See the Space Trade Setup in the Cheat Sheet

TOP STORY

Ethereum To $250,000? Daredevil Thesis Says ETH Could Replace Bitcoin, Gold As Money

Ethereum could hit $250,000 per token if it captures the $31 trillion monetary premium currently split between gold ($29.7 trillion) and Bitcoin ($1.5 trillion) — that's the math from a new Etherealize report.

ETH's entire market cap is roughly $280 billion, less than 1% of that combined premium. The bull case rests on one structural edge over both assets: ETH compounds.

Staked ETH earns 2-4% annually in transaction fees and issuance rewards — one ETH today becomes more than one ETH next year, solving the Warren Buffett gold problem that Bitcoin shares.

SPECIAL OFFER

SpaceX Is Worth $2 Trillion. Here's The Backdoor In.

Everyone's watching SpaceX. Smart money is already positioned in what follows: the data networks, spectrum licenses, and agile defense contractors moving in behind it.

The Pentagon is quietly shifting billions away from legacy giants to smaller space firms — and the companies winning those contracts are getting a new seal of approval overnight. We mapped out exactly where capital could move next inside the Investor's Cheat Sheet.

QUICK N DIRTY

Bitcoin, Ethereum, XRP are up as Donald Trump extended the Iran ceasefire: here’s what else is driving markets today.

Dogecoin is up 5% in a week and everybody’s wondering: can this dog get up for one more strong run?

Bitcoin could soon play a role for national security, according to a top US commander. He says it could even influence the rivalry with China.

FINTECH FOCUS

Polymarket CEO Coplan Late And Barefoot At Meetings As Kalshi Takes The Lead In Prediction Market Race

Polymarket is losing ground to Kalshi on every metric that matters — and its biggest backer Intercontinental Exchange reports earnings in eight days.

Kalshi raised $1 billion at a $22 billion valuation last month while Polymarket is reportedly weighing a raise at $15 billion — a $7 billion gap that didn't exist a year ago.

ICE CEO Jeff Sprecher called CEO Shayne Coplan a "genius" but was blunt about the stakes: "Either a complete wipeout or they are going to be home runs."

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