Friends, I recently made a shocking discovery that completely changed the rules of the crypto game. |
And if you keep playing this game following the old rules… |
You’re going to lose your shirt. |
Which is why this coming Wednesday, June 24 at 8 pm ET… |
I’m going public with what I’m calling Project 938. |
Because I’m going to expose how proprietary traders on Wall Street have been rigging the crypto market with something I call “the extraction cycle.” |
Hear me when I tell you… |
If you don’t change the way you’re investing in crypto… |
Wall Street will use this extraction cycle to bleed you dry. |
They’ll take all the profits and leave you with nothing but losses, frustrations, and self-hatred. |
And when you join me, I will show you a way to flip the script… |
And potentially double your money or more in about 30 days… and do it over and over again…. |
Just like the big boys have been doing in crypto over the last two years… |
No matter what’s happening in the market. |
And look, I’m not asking you to believe me right now. |
Just RSVP here and join me this coming Wednesday, June 24 at 8 pm ET… |
Then you can decide for yourself if this opportunity is real or not. |
Let The Game Come To You! |
Big T |
P.S. Sign up now, and you'll be first in line for my brand-new report, the second it drops on June 24: The No. 1 "Buy and Hold" Coin for the Next Bull Run. |
If I could own just one coin for what's coming, this is the one. |
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In case you missed it, here’s Big T’s Digital Asset Daily |
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For the better part of a decade, my advice to friends and family was always the same… |
Don’t try to beat the market. |
Just buy the S&P 500, go live your life, and let the index do the work for you. |
You’ll capture most of the upside, sleep through the drawdowns, and spread your money across the best companies in America without having to think about it. |
The beauty of index investing was trust. You trusted there were rules preventing the market’s most speculative excesses from getting dumped into retirement accounts overnight. |
It was the one piece of financial advice I felt completely safe giving anyone. |
I won’t be giving it anymore. |
Because over the past few weeks, the people who run America's most trusted stock indexes rewrote the rules that made them safe in the first place. They did it just as one company prepared to enter. |
They’re Changing the Rules for the Biggest IPO Ever |
You can hardly turn on the news without hearing about SpaceX going public. Elon Musk’s rocket, satellite, and AI conglomerate is expected to list on the Nasdaq, under the ticker SPCX, around June 12. |
According to Bloomberg, investors are being tapped for a record $75 billion (more than double the size of any previous IPO) at a valuation of at least $1.8 trillion. |
The deal is so big that, as Bloomberg puts it, pieces of the market are rearranging themselves to make room for it. |
All at once, we’re seeing passive-investing firms modeling billions of dollars in automatic buying flows… ETF issuers racing to launch products tied to the listing… And retail traders pouring into speculative pre-IPO vehicles just to get indirect exposure. |
For two decades, getting into a major index meant clearing real hurdles. |
A company needed a track record, proven profits, and enough freely traded stock to absorb the buying. Index providers insisted that these guardrails protected ordinary investors from hype-driven bubbles. |
Now, within weeks of the largest IPO in history approaching, those same guardrails are disappearing. Four different index providers just loosened those hurdles: |
Nasdaq cut its waiting period from roughly 90 days to just 15 trading days, effective May 1. On May 26, FTSE Russell announced that it cut its waiting period to five trading days. CRSP adopted a rule that can add a qualifying IPO after just five trading days. This is the index behind Vanguard's Total Stock Market fund. With roughly $660 billion in assets under management, it’s one of the most widely held funds in American 401(k)s. S&P Dow Jones has proposed cutting its 12-month seasoning requirement in half and waiving its profitability test for the largest companies.
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Think about what that means. The boring, set-it-and-forget-it funds sitting in millions of retirement accounts may be among the very first to buy the SpaceX IPO. |
For the first time, the machinery of passive investing is being re-engineered to funnel tens of millions of investors into one of the largest and most speculative IPOs ever attempted. |
And the rules being bent are the exact ones written to stop this type of behavior. |
The Promise You Bought Into vs. The Lie You Are Being Sold |
The pitch of index investing is simple. It allows you to own a slice of the seasoned, profitable American economy. No stock-picking. No single-name bets. |
Until now, that promise had guardrails – profitability, a year of seasoning, a real float. Those guardrails are what’s being suspended now. |
The retiree who “doesn’t pick stocks” is now making a concentrated bet on rockets, satellites, AI infrastructure, and Mars colonization. At a $1.8 trillion valuation… On a company that lost roughly $4.9 billion last year. Without ever clicking “buy.” |
In other words, the default that was supposed to protect you from single-name risk is about to hand you the single biggest single-name bet of the decade. |
Here's where it gets worse… |
When a stock enters an index, every fund tracking that index must buy it – at whatever price the market is charging on rebalance day. That demand is price-insensitive by definition. It doesn't care if the stock is cheap or expensive. It just buys. |
Now stack that against a float of just 4.3% of shares, versus 99.97% for Microsoft and 95.8% for Nvidia. You're cramming an estimated $15-30 billion-plus of forced, must-buy demand into a tiny sliver of tradable stock. |
Put another way, imagine tens of billions of dollars in automatic buying chasing just a tiny percentage of shares available for trading… that’s what’s happening. |
That structure heavily favors insiders and early investors over the passive buyers arriving later. Insiders and early VCs get to sell, cashing out at a record valuation… while the buyer on the other side (retail's retirement money) gets there last and pays up. |
How big is the forced buying? Bloomberg Intelligence analysts estimate S&P 500 index funds may need to scoop up about 19% of SpaceX’s publicly traded shares within six months. |
Add in Russell and Nasdaq trackers and that climbs to roughly 24%. Add the active managers who track those benchmarks, and you get close to 48%, as reported by Barron’s. That’s nearly half the tradable stock. |
SpaceX Is the Test Case |
The rules being rewritten weren’t arbitrary. |
The S&P profitability screen dates back to the post-dot-com cleanup. It was built specifically to keep unprofitable, hype-driven companies out of retirement accounts after the last bubble vaporized them. |
Those rules held for two decades. Tesla (Musk's other company) had to trade publicly for 10 years before it finally qualified in 2020. SpaceX may now qualify in a matter of months, or potentially even days, depending on the index. |
These changes will also clear the path for OpenAI, Anthropic, and the rest of the private giants lined up in the same pipeline. The same fast pass now exists for every one of them. |
So the real story here isn't a rocket company. It's that the safety rails on more than $30 trillion of benchmarked capital just got loosened. SpaceX is simply the first horse through the gate. |
Now, at a likely 1-1.5% index weight, SpaceX is not going to sink anyone’s 401(k). This isn't portfolio Armageddon. I’m not telling you to panic-sell your index funds. |
SpaceX may ultimately become an incredible business. That’s not really the point. The point is that passive investors are increasingly being pushed into giant speculative bets automatically. |
It brings up an uncomfortable truth: market-cap-weighted indexes are no longer as neutral as they seem. They concentrate your money in a handful of mega-caps whose biggest gains are largely behind them. |
Those same funds are now being wired to force-feed you peak-valuation IPOs you might never choose on your own. That’s why I can't give my old advice anymore. |
That doesn’t mean I’m urging my friends and family to abandon index funds. But we have to stop pretending that the rulebook is making “safe” decisions. |
The crowd will line up on June 12 to buy one of the largest and most speculative IPOs in history. The index machinery will force even more in behind them. But we’re not playing that game. |
For returns that actually beat the market, you have to be deliberate about what you own: the asymmetric names you choose early, before the forced buyers show up… not the ones dumped into your account last, and at the top. |
Don't Watch the Future Happen. Own It! |
Houston Molnar |
P.S. And don't forget, Big T is hosting his Project 938 briefing this coming Wednesday, June 24. |
Register now and you'll be first to receive his brand-new report when it drops that day: The No. 1 "Buy and Hold" Coin for the Next Bull Run. If he could own just one coin for what's coming, this is the one. |
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