Hot Wings, Musk, Winklevoss Twins, and Popcorn

👟 Leisurely adding jobs - May’s jobs report dropped the mic this week with 139,000 new positions added (more than the Dow Jones projected 125,000 jobs), proving the economy’s still got legs (even if they’re slightly wobbly ones). Unemployment held steady at 4.2%, which is basically the labor market’s version of maintaining a perfect credit score. Healthcare and leisure sectors did the heavy lifting, while revisions to prior months’ data reminded us that even statisticians need a mulligan sometimes.

🐔 Roark Capital does the "Hot Ones" challenge - Move over, Colonel Sanders, Roark Capital just dropped a cool billion to acquire Dave’s Hot Chicken, the Nashville style spicy upstart that began as a parking lot pop-up in 2017. With Drake on board as an investor (this would be way cooler prior to his feud with Kendrick), Dave’s plans to hatch 155 new locations this year, bringing its global tally to over 400. Roark, which already owns Subway and Buffalo Wild Wings, now controls roughly 40% of America’s impulse eating decisions.

🏦 Wells Fargo is back on its stagecoach - After seven years of being grounded, Wells Fargo can finally attend the big kid banking party again. The Fed lifted its $1.95 trillion asset cap this week, freeing the bank to pursue growth like a college grad with their first credit card. CEO Charlie Scharf celebrated by giving employees $2,000 bonuses, which we were ensured were not tied to incentives around new account openings.

In reversal of fate, the Winklevoss twins took someone else's idea with the Circle IPO. More on that below.

What’s Happening?
Circle, the architect of the USDC stablecoin, didn’t just go public, it threw a blockchain-powered coming out party. Priced at $31 per share, its IPO surged 168% on debut, closing at $83 and giving Circle a $6.9 billion valuation pre-trading and >$18 billion post-trading. But the real headline? Regulators didn’t crash the party. The SEC’s 2025 guidance, which clarified that stablecoins with transparent reserves and utility (like USDC) aren’t securities, paved the way. Not to be outdone, crypto exchange Gemini filed a confidential S-1 just 24 hours later, signaling a domino effect of crypto firms racing to Wall Street.

What Does This Mean?
This isn’t just about IPO pops, it’s a regulatory revolution. The GENIUS Act, advancing in Congress, aims to classify stablecoins as payment tools rather than securities, shielding them from SEC scrutiny. Circle’s compliance first playbook (daily audits, 100% Treasury backed reserves) has become the gold standard, while rivals like Tether sweat over opaque balance sheets. Meanwhile, the SEC’s updated Howey Test framework rewards tokens with actual utility (like ETH post Merge) and punishes “profit centric” schemes. Translation: Crypto’s wild west era is over, and the sheriffs are handing out building permits.

Why Should Investors Care?

• Institutional Endorsement: BlackRock and ARK Invest collectively plowed $300M into Circle’s IPO, betting on stablecoins as the “plumbing” for blockchain based finance. JPMorgan and PayPal are already integrating USDC for cross-border payments.
• Regulatory Tailwinds: The GENIUS Act could mint USDC as the de facto digital dollar for global trade, while MiCA (EU’s crypto law) forces overseas rivals to match Circle’s transparency.
• Market Momentum: Gemini’s IPO filing, backed by Trump aligned Winklevoss twins, shows crypto’s political clout. Their pro regulation stance (and Circle’s NYSE debut) is softening GOP skepticism.

The Gemini Angle
Timing is everything. By filing confidentially post Circle, Gemini avoids the spotlight while leveraging Wall Street’s renewed crypto appetite. The exchange, which settled a $5M CFTC lawsuit this year, now pitches itself as the “compliant” alternative to Binance. Expect its S-1 to highlight:

• Custody Dominance: Gemini holds $30B+ in institutional crypto assets.
• Policy Wins: Trump’s pro-crypto executive orders and the SEC’s closed investigation into Gemini Earn.
• Revenue Playbook: Transaction fees + interest on $4.5B in stablecoin reserves.

The Bottom Line
Circle’s IPO isn’t just a win for crypto, it’s a blueprint for coexistence with regulators. By marrying blockchain efficiency with SEC grade disclosures, Circle and Gemini are proving that crypto can play nice with traditional finance. The message to investors? Stablecoins are no longer a rebel alliance; they’re the Empire’s new treasury bonds.

With summer bookings now in full swing across Texas, The Johnson II is perfectly timed to capitalize on Austin’s peak Airbnb season.

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• OPEC+ announced it’ll boost oil output by 411,000 barrels per day in July, because nothing says “stable markets” like flooding the zone. Brent crude dipped to $63.35, but analysts warn this could backfire faster than showing off the strength of a Tesla Cybertruck windshield.  
• A federal judge approved a $2.8 billion settlement allowing colleges to pay athletes directly, because apparently “exposure” doesn’t cover rent. Schools can now share revenue from TV deals and merch, turning star quarterbacks into overnight millionaires. Recruitment pitches just got a lot more interesting: “Come to State U! We’ve got scholarships and a 401(k) match!”
• The bromance between Trump and Musk imploded this week like a SpaceX rocket test. Trump threatened to cancel government contracts with Tesla, Musk tweeted “Yes” to impeachment rumors, and Tesla’s stock nosedived 14%. Meanwhile, Congress is stuck playing referee to a billionaire slap fight that’s juicier than a Housewives reunion.

Warren Buffett’s bible on value investing is like a financial security blanket—boringly reliable but life-saving in a crash. This week’s market chaos? Perfect time to revisit Chapter 8 on market fluctuations. Spoiler: Panic is not a strategy.

⭐ 4.87 / 5.0 in my book (no pun intended)

1. "Why don't I go eat some hay? I can make things out of clay, or lay by the bay. I just may. Whaddya say?"
2. "There are two things I can’t stand in the world: people who are intolerant of other people’s cultures, and the dutch."
3. "If we’re constructing an intellectual barricade, what are my weak points?"

Orville Redenbacher paid an advertising consultant $13,000 (the equivalent of over $82,000 in 2018) to help him name his popcorn. Their thirteen thousand dollar solution? To tell him he should name his popcorn after himself.

1. Happy Gilmore (Adam Sandler)
2. Austin Powers (Nigel Powers)
3. Mountainhead (Venis, HBO movie, link not yet available)