In todayβs post:
π He Swore He'd Never Sell...
π° $250M For Your Kid. Catch?
π§ One Email Cost Them $1.1B

The Lithium Boom is Heating Up
Lithium stock prices have more than doubled in the past year in response to ballooning costs and shortages. $ALB climbed 185%. $SQM, 133%.
This $1B unicornβs patented technology can recover up to 3X more lithium than traditional methods. Thatβs earned investment from leaders like General Motors.
Now theyβre preparing for commercial production just as experts project 5X demand growth by 2040. EnergyX is tapping into 100,000+ acres of lithium deposits in Chile, a potential $1.1B annual revenue opportunity at projected market prices.
Energy Exploration Technologies, Inc. (βEnergyXβ) has engaged Beehiiv to publish this communication in connection with EnergyXβs ongoing Regulation A offering. Beehiiv has been paid in cash and may receive additional compensation. Beehiiv and/or its affiliates do not currently hold securities of EnergyX.
This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyXβs offering materials. EnergyXβs Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.
Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forwardβlooking estimates and are subject to substantial uncertainty.

π He Swore He'd Never Sell...
For years, Michael Saylor had one rule. Never sell your Bitcoin.
That rule lasted right up until the math stopped being his friend.
Bitcoin slipped below $60,000 a week ago and has been camping there ever since. Painful, considering it kissed nearly $120,000 last summer.
That's a near-halving in about a year.
The Saylor Problem
Saylor built Strategy $MSTR ( βΌ 6.2% ) into a giant Bitcoin piggy bank, hoarding roughly 850,000 BTC using convertible debt, preferred stock, and fresh equity.
The piggy bank is now bleeding.

Strategy posted a combined $32B net unrealized loss on its crypto over the past two quarters.
Then came the part nobody wanted to see.
Below 1x mNAV
Strategy's enterprise value just dropped below the value of its actual Bitcoin. First time ever.
So what 1x mNAV (Market Net Asset Value) mean in plain English? The company is worth less than the coins sitting in its vault.
That's the dreaded 1x mNAV line. Cross below it and raising new capital becomes wildly dilutive and, frankly, self-destructive.
Imagine selling shares of a $100 bill for $90. That's the trap.
So now they sell
As the worst-performing stock in the Nasdaq 100, Strategy finally did the unthinkable. It started selling Bitcoin.
On Monday it went further, approving sales to cover dividends, debt interest, cash reserves, and buybacks.

The new plan? A shiny "digital credit capital framework."
Fancy name for "please let us survive this."
Did it work?
Shares jumped 12% on the news.
But zoom out and it's grim. MSTR is down 39% YTD and 77% over the past year.
The silver lining: its convertible debt is unsecured, so it can probably ride out a long crypto winter.
The catch: if the stock premium keeps evaporating, refinancing maturing debt becomes impossible.
And What About Bitcoin?
Bitcoin just fell below its 200-week moving average for the first time since 2023.
Historically, those dips have been juicy buying opportunities. Whether history rhymes again is the billion-dollar question.

The damage so far?
Down 34.1% year-to-date
Down 20.2% in the past month
Down over 45% versus a year ago
June was its worst month since 2022, off 21%.
And it's lagged the Nasdaq 100 in every one of the last four quarters. Last quarter alone? It trailed by 42 percentage points.
When even the king of HODL starts selling, you pay attention.
TL;DR
Bitcoin is stuck below $60K, nearly half its summer peak.
Strategy $MSTR ( βΌ 6.2% ) holds ~850,000 BTC and just booked a $32B unrealized loss over two quarters.
Its enterprise value fell below its Bitcoin value, breaking the key 1x mNAV line.
Saylor reversed course, approving Bitcoin sales to fund dividends, debt, and buybacks.
Shares popped 12%, but MSTR is still down 77% over the year.
BTC is below its 200-week moving average for the first time since 2023, a historically strong buy zone.

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There's a company that just posted $41.46 billion in revenue, an EPS beat of over $4 a share, and gross margins near 85%. And the market still files it under "boring cyclical."

Here's what they're missing.
This company got customers to wire $22 billion upfront just to lock in future supply through 2030. Sixteen of them. On the record.
Why would they pay billions in advance? Because AI memory demand now outruns supply through at least 2028, and the customers know it. Shipments aren't capped by demand anymore. They're capped by how fast the company can physically build.
And the kicker: management says the contractual floor price on these deals still beats every quarterly gross margin in company history.
Yet the stock trades at just 7.6x FY2027 earnings. Priced like the next crash is coming, while the company quietly became core AI infrastructure.
There's a contradiction in the consensus numbers that, if it breaks the right way, sends estimates up, not down.
In today's Premium deep dive, we break down:
Why this is no longer a memory stock and what that does to the valuation
The take-or-pay structure that may have killed the boom-bust cycle
The one risk that could sink the whole thesis
The exact figure on the table that should reset how you price this name

π° $250M For Your Kid. Catch?
Micron $MU ( β² 0.79% ) opened the wallet Tuesday. $250 million aimed at long-term savings for children and families through Trump Accounts (the artist formerly known as 530A Accounts).
Think of it as a 401(k) that your kid can't touch for a very long time.
Here's the deal.
Employee perk: Micron will match contributions up to $1,000 per child under 18. Free money, basically, if you work there.
Community perk: A one-time $250 seed deposit for kids with Trump Accounts in states where Micron operates.
That list?
Idaho
New York
Virginia
California
Colorado
Minnesota
Texas
Most of the cash is heading to families in the towns Micron calls home.
Why does a chip company care about your toddler's savings account? Goodwill, talent retention, and a tax-advantaged headline all rolled into one.
Not a bad look when you're trying to keep engineers happy.

π§ One Email Cost Them $1.1B
So here's a sentence nobody had on their 2026 bingo card.
SpaceX is reportedly chatting about donating shares to Trump Accounts, just like Micron, citing someone close to the talks.
Rocket equity, meet toddler nest egg.
Nothing's signed yet. Nobody knows if Musk actually donates, how much, or what shape it takes.
But the conversation alone is the story.
Why care? Two things investors should clock:
Private tech companies are getting cozy with Washington
Mega-valued private shares might start showing up inside government wealth programs
And SpaceX isn't small. It hit a roughly $2.2 trillion valuation after going public.
Quick refresher on Trump Accounts
Congress approved them last year. The pitch: investment accounts for children to build wealth over time.

Treasury runs the rollout, with Bank of New York Mellon and Robinhood along for the ride.
The "give us your equity" idea isn't new either. Sam Altman floated tech companies donating stakes a while back.
Officials have apparently argued over whether that equity feeds Trump Accounts or a bigger sovereign wealth fund.
The money's already flowing. Michael Dell and his wife pledged billions in cash. BlackRock and Bank of America agreed to match employee donations.
Over 6 million kids have enrolled before the thing even officially launches.
The White House is treating this like its economic flex, with a big launch event next week. NYSE and Nasdaq are both showing up.
Now for the painful part of the SpaceX IPO
Meet Mirae Asset Securities, South Korea's biggest brokerage.
This was supposed to be their ticket to the global big leagues. Instead they're apologizing to clients and getting inspected by regulators, per Bloomberg.
Their crime? An email mix-up.
Of 23 underwriters on the SpaceX IPO, Mirae was the only one that got zero stock allocation.
Here's what happened.
The bookrunners sent an early email asking firms to indicate investor interest. Standard stuff for huge deals.
Mirae read that as "submit your orders." The Wall Street banks read it as "just tell us roughly who's interested."

Two different emails, two different planets.
So when the real order email went out in June, Mirae thought it had already bid. It hadn't.
Result: over $1.1 billion of Korean demand never made it into the order book.
The banks saw zero orders. So they handed out zero shares.
Imagine RSVPing to a wedding in your head and showing up surprised there's no seat. That's roughly the vibe.
The whole mess happened during a step the deal team nicknamed "Project Apex." Peak, indeed.
TL;DR
SpaceX is reportedly discussing donating shares to Trump Accounts, the government's kids savings program. Nothing's confirmed.
Two big takeaways: private tech is getting closer to Washington, and private shares may start feeding government wealth programs.
SpaceX is sitting at a $2.2 trillion valuation post-IPO.
Trump Accounts already have heavy backing: Michael Dell's billions, BlackRock and BofA donation matching, and 6 million+ kids enrolled.
Big launch event next week with both NYSE and Nasdaq involved.
Mirae, South Korea's biggest brokerage, got zero SpaceX shares after mistaking an interest email for a binding order, losing $1.1B of Korean demand.





