Hey Guys,

Lots of news in crypto this week (as usual) but I wanted to share an exciting new NFT project with the Weekly Update List this week that Phenom Ventures is making an investment in.

Overall, we are very wary of NFT projects but The Hashrate Hackers project from the founders of Blockware is intriguing and we are taking a flyer on it as a long term hold in our portfolio. The project has real utility for its NFT’s w/ the project being backed by BTC mining. It is using the NFT sale as a capital raise to invest in bitcoin mining managed by Blockware with 60% of the mining profits going back to the holders of the NFT and 40% being used to further expand its mining operation. This creates real yield from holding the NFT and a positive flywheel for increasing the value of that yield. Essentially this project lowers the barrier to entry for profiting from bitcoin mining. Instead of spending $10’s of thousands on mining rigs, hosting and power you can gain exposure to bitcoin yield for holding as little as 1 Hashrate Hackers NTF’s.

I’ve included a write up from Hashrate Hackers below explaining the project and we will have a more in depth look at it and potentially an interview with the Founder, Mason next week. In the meantime, they only have a few more weeks in their presale and I’d highly recommend checking out their website and exploring the project.

As I mentioned above we are holders having purchased 100 pieces to hold as part of the Phenom Ventures portfolio. There are very few NFT projects we are bullish on but we are in on this one and plan to be long term holders.

Check out a bit more from Hashrate Hackers in the section below ⤵️

Check out Hashrate Hackers

Ordinals Powered by Bitcoin Mining…

Collectible art that contributes to hash and allows you to compete for BTC every month. The first Ordinals / Bitcoin NFT project that will offer true utility to the holder base. 

Powered by Blockware - the pioneers behind mining-as-a-service in N.America, sold 400,000 rigs, and mined 15,000 BTC in their pools - have combined ordinals and mining to deliver Hashrate Hackers.

The mint proceeds from the sale go into buying Bitcoin mining servers, and will leverage Blockware’s already built energy and hosting infrastructure. This will give the project a best in class energy economics and mining server economics.

A themed collection with a web-based game that allows holders to develop virtual rigs and compete monthly in a race against the clock and each other for prize pools. 

• 4,000 Supply available for sale for .01 Bitcoin each in the Public Mint: 

  • https://www.trio.xyz/mint/hashrate-hackers

• Monthly Prize Pool of Mined Bitcoin pushed back to the Holder Base

• April Pool: 0.4 BTC 

• Personalised game portal

• Multi-million $ mining operation backing the Ordinals

• Plans to go raise additional non-dilutive capital to deploy more Bitcoin mining servers for the project

The public sale is live. Over 55% of the collection has been sold in public sale since launch, >$1m raised in the pre-sale, the initial mining operation deployed, and the first prize pool set for April for .4 BTC. 

More info can be found on the site, on Hashrate Hackers [https://x.com/hashratehackers], or by contacting Mason directly: [email protected]

READING CORNER

A collection of longer form content we are consuming this week 

In case you missed this last week I’d recommend watching the market update. Eric discusses where we are currently deploying capital for Phenom Ventures in the video below ⤵️

Our girl at the SEC, Hester Peirce. It is vastly under appreciated how much a simple change at the SEC has positively impacted the crypto industry

First ever White House Crypto Summit. This is historic for the industry and worth a listen to stay up to date on what the admin has in store to support the crypto industry in America

NEWS

Quick Hitters from the week

1. IRS Clarifies Crypto Broker Rules for 2025
   The IRS has issued new guidelines detailing the obligations of cryptocurrency brokers, aiming to enhance compliance and transparency in the crypto market. 🔗 Read more

2. Analyst Warns of Potential 50% Drop in XRP Price
   Veteran trader Peter Brandt has identified a bearish trading pattern in XRP, suggesting the cryptocurrency could face a significant correction if the pattern holds. 🔗 Read more

3. GameStop Plans $1.3 Billion Fundraise to Invest in Bitcoin
   GameStop has announced intentions to raise $1.3 billion through convertible notes to purchase Bitcoin, aligning its strategy with companies like MicroStrategy. 🔗 Read more

4. Hyperliquid Token Drops Amid Vault Attack Controversy
   The Hyperliquid token has experienced a sharp decline following a vault attack, sparking debates over the platform's security measures and decentralization. 🔗 Read more

5. Key Insights from the Washington DC Blockchain Summit
   The recent DC Blockchain Summit highlighted discussions on regulatory frameworks, custody solutions, and the future of digital assets in the U.S. 🔗 Read more

6. Wyoming to Launch State-Issued Stablecoin This Summer
   Wyoming is preparing to introduce its own stablecoin, aiming to integrate blockchain technology into state financial systems and promote innovation. 🔗 Read more

7. Bitget CEO Criticizes Hyperliquid's Handling of JELLY Token Delisting
   Bitget's CEO has expressed concerns over Hyperliquid's decision to delist JELLY perpetual futures, questioning the platform's transparency and decision-making processes. 🔗 Read more

8. SEC's Crypto Task Force to Host Four Additional Industry Roundtables
   The SEC's Crypto Task Force plans to conduct four more roundtable discussions focusing on topics like tokenization, DeFi, and crypto custody to engage with industry stakeholders. 🔗 Read more

9. Sam Altman’s World Network Partners with Visa on Stablecoin Wallets
   OpenAI CEO Sam Altman's World Network is reportedly working with Visa to bring stablecoin wallet integration and spending to the payments giant’s global merchant network. 🔗 Read more

10. BlackRock’s BUIDL Fund on Solana Eyes $2B in Tokenized Assets
    BlackRock’s tokenized money market fund BUIDL, built on Solana, is nearing $2 billion in assets under management, strengthening its lead in the on-chain treasury fund space. 🔗 Read more

11. Fidelity Files Ethereum-Based ‘OnChain’ Treasury Fund
    Fidelity has filed to launch an Ethereum-based US Treasury fund called OnChain, aiming to offer investors tokenized access to government debt. 🔗 Read more

12. US Government Lifts Tornado Cash Sanctions
    The Treasury Department has officially removed Tornado Cash from its sanctions list, following legal challenges and shifting perspectives on privacy tools in crypto. 🔗 Read more

13. Andre Cronje Backs New Algorithmic Stablecoin on Sonic Blockchain
    Fantom co-founder Andre Cronje is supporting a new high-yield algorithmic stablecoin on the Sonic blockchain, promising up to 23% APR despite risks associated with previous projects like Terra. 🔗 Read more

THE TWITTERVERSE

A collection of the most interesting stuff on Crypto Twitter this week

Solid point Miles

MEMES

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