REJECTEDWALL #215
Sam Ikkurty
Posted April 14, 2026
PERMANENT LINKcftcsucks.com/215
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RCIF II - Five bullet Friday - Issue # 26
Dear Partners,
Crypto markets seemed to have recovered a lot after bitcoin gained 28% in one week. Bitcoin's hashrate also
started moving up with bitcoin miners quickly setting up mining operations in other countries. I think it was a
healthy pull back to clear out weak hands.
1. The Securities and Exchange Commission (SEC) has rejected over 8 different bitcoin ETFs from major
institutions. All of them had very thoughtful proposals. This week, Goldman Sachs filed for a decentralized
finance (DeFi) ETF with the SEC. This ETF is filled with ONLY centralized entities which have no
connection whatsoever with DeFi. See the composition of the ETF. The largest component is Nokia and then
we have dinosaurs like Siemens, Fujitsu and IBM. It does not even have Ethereum. To me, it looks like a
pure scam. Unfortunately, the SEC will approve this right away. This shows the level of corruption in our
financial markets.
2. I followed Yield Guild Guide (YGG) for a long time due to the nature of its business model. This week
they launched their IDO on Sushi Swap offering 2.5% of the tokens to the public in a Dutch auction. I set the
alarm for 6AM in the morning and woke up to place my bid at $0.35. YGG managed to raise $12.5 million
dollars in just 10 seconds with just 32 wallets. People were so desperate to get an allocation that someone
paid $10,000 worth of ETH transaction fees to get in front of the ethereum miners!
Dear Partners,
Crypto markets seemed to have recovered a lot after bitcoin gained 28% in one week. Bitcoin's hashrate also
started moving up with bitcoin miners quickly setting up mining operations in other countries. I think it was a
healthy pull back to clear out weak hands.
1. The Securities and Exchange Commission (SEC) has rejected over 8 different bitcoin ETFs from major
institutions. All of them had very thoughtful proposals. This week, Goldman Sachs filed for a decentralized
finance (DeFi) ETF with the SEC. This ETF is filled with ONLY centralized entities which have no
connection whatsoever with DeFi. See the composition of the ETF. The largest component is Nokia and then
we have dinosaurs like Siemens, Fujitsu and IBM. It does not even have Ethereum. To me, it looks like a
pure scam. Unfortunately, the SEC will approve this right away. This shows the level of corruption in our
financial markets.
2. I followed Yield Guild Guide (YGG) for a long time due to the nature of its business model. This week
they launched their IDO on Sushi Swap offering 2.5% of the tokens to the public in a Dutch auction. I set the
alarm for 6AM in the morning and woke up to place my bid at $0.35. YGG managed to raise $12.5 million
dollars in just 10 seconds with just 32 wallets. People were so desperate to get an allocation that someone
paid $10,000 worth of ETH transaction fees to get in front of the ethereum miners!
3. When we first started buying OlympusDAO (OHM) tokens, the entire marketcap was close to $30 million.
Today due to supply increase (not price increase), its market cap stands at $400 million. It is responsible for
a big portion of our retained earnings. We currently hold around 34,270 tokens of OHM. Pretty soon, we
will be able to take our portion of DAI from OHM treasury and stake it in Yearn protocol and generate more
income. OHM treasury now controls 99% of the liquidity pools.
4. We currently hold AXS directly in our portfolio as well as a component of the index NFTP. Currently our
AXS position is showing up in DeBank Portfolio page. Axie Infinity is a paradigm shift in gaming. Earlier,
companies like Take Two Interactive, Electronic Arts built centralized games where they were the beneficiaries
Today due to supply increase (not price increase), its market cap stands at $400 million. It is responsible for
a big portion of our retained earnings. We currently hold around 34,270 tokens of OHM. Pretty soon, we
will be able to take our portion of DAI from OHM treasury and stake it in Yearn protocol and generate more
income. OHM treasury now controls 99% of the liquidity pools.
4. We currently hold AXS directly in our portfolio as well as a component of the index NFTP. Currently our
AXS position is showing up in DeBank Portfolio page. Axie Infinity is a paradigm shift in gaming. Earlier,
companies like Take Two Interactive, Electronic Arts built centralized games where they were the beneficiaries
of the growth. Now, AXS has turned the profit spigot towards players instead of game developers. Now,
500,0000 people are making a very handsome living just by playing Axie. Axie is not only a competitor to
the huge labor pools of Uber and Lyft and also many low-level jobs. We currently hold 18,674 tokens of
Axie.
5. Since I was not able to get any allocation in IDO for YGG token, I had to buy it in the secondary market
at $1.42. YGG is very similar to YFI. It is a yield aggregator for NFTs. Axie Infinity is not a free-to-play
game. Gamers need to buy 3 Axies in order to play, which costs close to $1500. This is too expensive for
many people in the Philippines, Venezuela and Vietnam. So those skilled players, will borrow their tokens
from Yield Guild and make money. These gamers will collect 70% of their earnings, while 20% goes to a
community manager and 10% is accrued to YGG token. Currently YGG has 30,000 gamers generating
income. I can see the potential for this to grow to even a billion people. We currently hold 256,922 tokens
of YGG in our portfolio. This is not reflected on Debank Portfolio.
500,0000 people are making a very handsome living just by playing Axie. Axie is not only a competitor to
the huge labor pools of Uber and Lyft and also many low-level jobs. We currently hold 18,674 tokens of
Axie.
5. Since I was not able to get any allocation in IDO for YGG token, I had to buy it in the secondary market
at $1.42. YGG is very similar to YFI. It is a yield aggregator for NFTs. Axie Infinity is not a free-to-play
game. Gamers need to buy 3 Axies in order to play, which costs close to $1500. This is too expensive for
many people in the Philippines, Venezuela and Vietnam. So those skilled players, will borrow their tokens
from Yield Guild and make money. These gamers will collect 70% of their earnings, while 20% goes to a
community manager and 10% is accrued to YGG token. Currently YGG has 30,000 gamers generating
income. I can see the potential for this to grow to even a billion people. We currently hold 256,922 tokens
of YGG in our portfolio. This is not reflected on Debank Portfolio.
Since the market is gathering momentum after the China scare, this is a very good time for long-term
investors to enter the market.
Have a wonderful weekend!
Sam Ikkurty
Published on samikkurty.com | Rose City Investment Fund | CFTC Case No. 1:22-cv-02465 (N.D. Ill.)
investors to enter the market.
Have a wonderful weekend!
Sam Ikkurty
Published on samikkurty.com | Rose City Investment Fund | CFTC Case No. 1:22-cv-02465 (N.D. Ill.)
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Submission trackF
StatusREJECTED
Posted2026-04-14T08:15:32.000Z
SHA-256 hash5c6472094a7ee210dcab058a8fc5555c1b05d2bd4f356ba83c3f5c8c539a0c46
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