7th May 2025 > > QE, Freight, & Metaplanet.

tl;dr

The return of QE – making the rich richer, and the poor poorer – moves ever closer. Freight Technologies is too degen for its own good. Metaplanet shows the way forward.

Market Snap

Market Wrap

About 18 months ago I was in a meeting with my bankers when I expressed my firmly held yet unfashionable view that QE was coming back. Though naturally a contrarian, I wasn’t prepared for the disbelief and downright denials that everyone else in that meeting expressed about the return of QE.

Well, wow:

Hard assets are going to get a lot more expensive when expressed in dollars very soon.

Curious Cryptos’ meme corner – Nah to BTC

Curious Cryptos’ Commentary – This is too much degen

The list of companies adding BTC to treasury reserves grows by the day. The number of BTC locked up in treasury reserves grows by the day. Time will tell whether those companies made a smart move or not (spoiler alert: way better than just smart). On balance, of course the CCC supports any buyer of BTC, for it is so clearly the right and obvious move to make.

But the CCC cannot condone the actions of Freight Technologies, Inc. (“a logistics management innovation company, offering a diverse portfolio of technology-driven solutions”) which bought $5mm of AI coin FET on 1st April 2025 and has now issued a convertible bond to the tune of $20mm to add memecoin TRUMP to its treasury.

Javier Selgas, Chief Executive Officer of Fr8Tech, explains:

“The recent acquisition of FET Tokens to our treasury combined with the AI solutions FET supports, continues to help us develop our technology. We believe that the addition of the Official Trump tokens are (sic) an excellent way to diversify our crypto treasury, and also an effective way to advocate for fair, balanced, and free trade between Mexico and the US.”

For disclosure, the CC Treasury owns both FET and TRUMP in small size, but we are in the crypto business, and we do not shy away from correlation risk. I do hope you would expect that of us.

Regardless, the CCC cannot be happy that publicly listed firms are branching out into highly volatile speculative cryptos that might well crash and burn tomorrow.

I do sincerely hope that this move by Freight Technologies is an outlier, and not to be repeated by any other public company.

Curious Cryptos’ Commentary – That’s the way to do it

Metaplanet has added 555 BTC to its stash now totalling 5,555 BTC:

Back in April 2024, the day before the company announced its policy of adding BTC to its treasury reserves, shares were trading at YEN 28. Last night they closed at YEN 477, a near 20x return in just 12 months.

It seems a shame to me that the UK’s regulator, the FCA, actively works against UK retail investors by prohibiting us from buying stocks such as Metaplanet.