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Sam Schubert

Sam Schubert

@minnus

@Blockworks_, @blockworksres. Prev @Citi. Views are my own.

FundamentalStablecoins1,365 followers on X

Tickers covered

$SOL2$GLXY1$WU1

Topics covered

Perp Trading2FinTech1AI1

Similar analysts

Takes (all time)
4
Takes (30d)
3
Tickers covered
3

Takes

4 takes
Sam Schubert
Sam Schubert@minnus·5d

Bulk Perps: The Sidecar Thesis

Sam argues Solana's perps problem runs deeper than liquidity—the chain lacks execution guarantees market makers need for tight quotes, while Hyperliquid processes 5-10x Solana's entire perp volume. Bulk's answer is a validator-native sidecar network handling matching and risk separately from Solana's leader-based execution, paired with a SPAN-style portfolio-aware risk engine that cuts margin requirements 70%+ on hedged books—the institutional standard CME has used for decades but no live crypto venue currently offers. The model preserves composability by keeping collateral productive on Solana while supporting trades, with mainnet targeting this half.

$SOLMarket StructurePerp Trading
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Sam Schubert
Sam Schubert@minnus·13d

Western Union's Stablecoin Bet

WU announced USDPT, a USD-pegged stablecoin on Solana via Anchorage Digital Bank (summer). Stock at ~5x P/E, 10%+ dividend yield — priced as value trap. $3.45B in settlement balances could compress cross-border cycles from days to minutes. WU's 'last mile' (hundreds of thousands of retail locations, compliance across 200+ countries) is the irreplaceable edge; GENIUS Act raises the compliance bar but makes WU's infra more valuable. Digital transactions +13% in Q4 2025 (39% of consumer volume). $500M Intermex acquisition adds 6M LatAm customers. Re-rate thesis: from dividend play to digital-payments infra (peers trade 10x+).

$WUFundamentalFinTech
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Sam Schubert
Sam Schubert@minnus·23d

Solana Perps: Engineering the Missing Piece

Solana hosts crypto's deepest retail user base but has ceded perpetual futures dominance to Hyperliquid, which runs 5 to 10x the volume of Solana's entire perps complex. Sam Schubert attributes this to Solana's general-purpose design lacking the execution guarantees perp makers need—non-deterministic ordering, opaque fees, and rotating validator leaders every 1.6 seconds make quoting impractical. Three new protocols (Phoenix Perps, Bulk, Bullet) are attacking the execution gap with different approaches, but closing that gap may not matter if Solana can't convert its memecoin-focused retail base into active perps traders.

$SOLMarket StructurePerp Trading
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Sam Schubert
Sam Schubert@minnus·91d

Galaxy Just Doubled Its Power Runway — The Market Hasn't Caught Up

Sam argues Galaxy's recent 30% gain understates its potential given newly approved 830 MW at Helios (doubling approved capacity to 1.6 GW) layered onto an already-cheap valuation. The 1.6 GW scenario implies ~$80/share equity value at full build and ~$40/share present value, combined with Galaxy's Digital Assets segment (60% of base case, supported by CLARITY crypto legislation and on-chain innovations like tokenized equity and commercial paper issuance) points to total valuation above $80/share versus Friday's $31.90 close. Execution on contracting the new power tranche and visible construction progress remain critical catalysts.

$GLXYFundamentalAI
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