As part of a new approach to LOTM information, we will share charts of positions held and of LOTM companies of interest we may not yet own. We will post this update on roughly a four week cycle. There will be few comments. Most of you can read a chart by now and come to your own technical conclusions. There will be very little on the Company, Products, Capital Structure, Fundamentals or Valuations. We are available by appointment to share verbal thoughts and comments for subscribers of LOTM.
Our three-year-performance of companies held in one of our accounts related to LOTM is below. Most of these names are in this portfolio. Our focus over this period has been a barbell approach between Precious metal miners and Crypto/Blockchain related industries. We have recently added Income producing companies as long as the dividend is above our cost of borrowing. We now consider our approach a triangle focus between these three investment themes. Currently our cost of borrowing at eTrade is about 8.9%. The Income producing company charts are not included in this report.
Crypto and Blockchain companies suffered a Bear Market Raid on October 10, 2025. This raid caused a number of the weaker crypto exchanges to go into bankruptcy – an unintended consequence of the bear raid. This brought the entire sector lower in October, November and December. We believe this correction is behind us and this sector of the market is ready to begin a rally for an extended part of 2026.
You can see the impact of the “Bear Raid” in our performance chart above. This Raid appears to be behind us, but time will be the judge of this statement. We think the sector is very attractively priced at this time.
Our strategy is speculative, focusing narrowly on three asset sectors without diversification. We might hold fundamentally attractive companies for three to five years or longer, often adding during price drops and selling portions into strength.
Currenc Group Inc (CURR) (chart below) is a new name for LOTM. They are the public company of a Reverse Merger between CURR and a private asset management company that will come public through the reverse merger. See Animoca Brands, a foundational company in the digital asset ecosystem. I am happy to discuss the why behind owning CURR, which we started buying last week. CURR is a LOTM company of interest.
CURR is the shell for the public entrance of Animoca Brands to NASDAQ in the USA.
In the Crypto / Blockchain we are more focused on Digital Asset Treasuries (DATS) than on the crypto itself.
First of all, DATs are constantly working to increase their ownership of the respective altcoin they are focused on.
Second, DATs have access to larger sums of capital than we as individual investors have. This is a compounding effect on #1 above.
Third, depending on the skill sets of management, management can stake or act as validator better than you and me due to skill but also to scale. In this way they can earn a higher rate of return on altcoins held than you or I can. Three there is the potential for larger or efficient DATs to accumulate the smaller DATs thus increasing scale and efficiencies better that you and me.
Access to Capital is better through DATs than through individual Income:
Recent studies covering the last 40 years indicate that access to capital, particularly through private equity and high-net-worth investment vehicles, has been a more significant driver of wealth accumulation than individual, income-based investing. This trend is driven by the fact that top wealth holders have benefited from immense capital growth, largely by holding assets that experienced consistent, often unrealized, gains.
Research from the American Investment Council (2025) and Bain & Company (2023) shows that private equity has consistently outmatched public markets and other asset classes over 5-, 10-, 15-, and 20-year horizons, with global returns of 14% vs. 7% for the MSCI World Index. The wealth gap has increased significantly since the 1980s, with studies from the Urban Institute indicating that wealth among the top 1% has, at times, been 70 to 90 times that of middle-class families. This gap is driven by unequal access to high-yielding, capital-intensive investments.
LOTM CONCLUSION:
Look to invest in vehicles that have access to Capital Formation as our compounder.
DEFT is a familiar name for readers of LOTM. DEFT is an originator of ETPs globally, a digital portfolio company, an arbitrage trading desk and digital trading exchange.
DeFi Technologies (DEFT*) is a company we previously exited completely but now consider attractive at its current lower price. We began buying share of DEFT last week.
MSTR is the largest Bitcoin digital asset company with MARA being the second largest Bitcoin digital asset company.
MARA is a leading company in energy management with ownership of sources of energy, controls to shift electricity flows between the source the grid system bitcoin mining and AI Data Centers.
SBET is an Ethereum digital asset treasury company. They have a high skill set and are the second largest DTA in Ethereum behind BMNR.
BMNR (Bitmine Immersion) is the largest holder of Ethereum, but I believe management at SBET has a greater skill set.
Joe Lubin, Chairman and founder of SBET, was a co-founder of the Ethereum altcoin. Lubin also founded ConsenSys, a blockchain software company that is expected to go public soon. ConsenSys was an early investor in SBET.
Joe Chalom, President of SBET, was a 20-year veteran of BlackRock where he was head of Strategic Ecosystem Partnerships at BlackRock and is responsible for developing and managing BlackRock’s forward strategy in the data and index, digital asset, and technology ecosystems.
NPPTF is a multi-digital asset management company in addition to holding a position in privately held SpaceX.
ASST is a Bitcoin digital asset treasury company and DFDV is a Solana digital asset treasury company.
FWDI is the largest digital asset treasury company in Solana (SOL).
HYPD is a digital asset treasury company focused on being a HyperLiquid (HYPE) digital asset treasury.
xTAO Inc (*XTAIF*) below, is a recent addition to this portfolio. The shares are very illiquid and not suitable for trading. Limit orders only. This is a tiny company but with experienced management. XTAIF is building a position in the Bittensor (TAO) altcoin and is working to grow that position and helping expand use on the TAO network. We are taking a one to two-year position with a 3X to 5X price goal.
Everyone Thinks Bittensor Is “Just Another Altcoin”
Captain Altcoin – Dec 30, 2025 – 8 minute video
Crypto adoption isn’t just about price charts or hype cycles. Some of the biggest shifts happen quietly — before most people notice. In this video, I explain why decentralized AI, and specifically Bittensor (TAO), represents one of the most important economic transitions happening right now. This isn’t about short-term speculation. It’s about incentives, coordination, and why markets outperform centralized control — a theory first described nearly 100 years ago.
GLXY is the global leader of Investment banking for digital assets.
BTCO is a Bitcoin ETF
Precious Metal companies’ saw an acceleration of their market rally in a time Crypto and Blockchain stocks retreated. VZLA is a leading global silver development company with both High Grade deposits & Large Land package.
EQX is a million ounce gold producer with rapid growth of revenue & profit.
AYASF is a high grade, large land package silver producer.
Accounts related to LOTM have sold partial position in the Precious Metals group and added to positions in the High Income sector and Crypto/Blockchain sector that we are focused on.
It does NOT appear that the Precious Metals sector has topped out so we continue to hold positions in this sector for the time being.
LOTM has the belief that Bitcoin Digital Asset Treasury companies like MSTR and ASST can be the Banks of the future.
In 2026, Bitcoin digital asset treasuries (DATs) are increasingly viewed as a structural alternative to the traditional fractional reserve banking system. Proponents argue that DATs offer a “full reserve” model that provides greater transparency and reduces the systemic risks inherent in current banking.
Core Differences and Future Potential
- Full vs. Fractional Reserves: Unlike traditional banks that lend out the majority of deposits (fractional reserve), Bitcoin treasuries typically operate on a “full reserve” basis. In this model, every unit of value is backed 1:1 by Bitcoin on the balance sheet, eliminating the risk of bank runs caused by insolvency.
- Transparency and Auditability: Blockchain technology allows for real-time, 24/7 auditability of treasury holdings. This contrasts with the fractional system, where the true state of a bank’s reserves is often opaque and only revealed through quarterly reports or during financial crises.
- Counterparty Risk Reduction: Bitcoin treasuries can utilize self-custody or non-lending custodians to virtually eliminate counterparty risk. In the fractional system, customers are unsecured creditors of the bank, meaning their funds are at risk if the institution fails.
- Monetary Sovereignty and Neutrality: Bitcoin-based systems operate independently of central bank policies and national borders. This provides a hedge against currency devaluation and political interference, which are central features of the modern fiat-based fractional system.
Current State (January 2026)
- Institutional Integration: By early 2026, over 170 public companies have integrated digital assets into their treasury operations, using Bitcoin as both a long-term allocation and collateral.
- Market Maturity: The industry has moved beyond speculation toward “operational integration” in payments, settlement, and treasury management. Major banks are also adapting by building crypto rails for custody and lending to compete with native DATs.
- Regulatory Shift: Expected 2026 U.S. legislation aims to clarify digital asset oversight, potentially allowing more on-chain issuance and regulated trading, further bridging the gap between DATs and traditional finance.
Key Challenges
- Liquidity and Volatility: While maturing, Bitcoin’s price remains volatile, which can test the resilience of DATs during market downturns.
- Asset Liquidation Risks: Some DATs use aggressive “financial alchemy” (issuing debt to buy more Bitcoin), which can lead to forced liquidations if the asset’s value drops significantly.
- Regulatory Resistance: Established “big banks” may oppose legislation that favors digital alternatives to protect their ability to arbitrage and profit from customer deposits in the fractional system.
Bitcoin Treasuries Are Quietly Replacing Banks
Roxom TV October 31, 2025 – 8 minute Video
George Mekhail breaks down how Bitcoin treasury companies like MetaPlanet and MicroStrategy are reshaping global finance. With Bitcoin’s price flat and markets uncertain, Mekhail explains why these firms are becoming the new financial institutions replacing banks with decentralized conviction.
None of the above companies are buy recommendations. They are simply companies LOTM related accounts own and find of interest enough for us to buy. We will sell and buy without announcement or notice.
LOTM Research & Consulting Service
* An account related to LOTM holds a position in this security.
Neither LOTM nor Tom Linzmeier is a Registered Investment Advisor.
Please refer to our web site for full disclosure at www.LivingOffTheMarket.com ZTA Capital Group, Inc.
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