15 July 2022 |

Pulley Raises A Big Series B—Bitcoin Mining Is Getting More Profitable


Happy Friday—NYC has been a lot of fun and I’m excited for tomorrow; Stevie and I and a few friends are going to see The Weeknd. I made Stevie a 4.5 hour long playlist of just his songs in order to prepare (she listened to about 20 minutes of it she said.) 

It’s hard to figure out where to work out of NYC—I’m currently working out a Santander Work Cafe, which might be one of the most depressing sentences I’ve ever written. I’m in the city next week too if anyone’s around, just hit me up at [email protected] or DM me on that Twitter app. 

Let’s dive in.

Pulley Raises A $40 Mill Series B Led By Founders Fund

I’m assuming most of you have had to deal with cap tables in one form or another. If not, its a fucking nightmare to manage. Carta is OK but also pretty expensive and the product offering is pretty meh; Pulley on the other hand is an ideal solution for younger companies in my opinion. 

It makes sense that Pulley has been ripping; most of the startups I know are using Pulley over Carta.  The company raised a $40 mill Series B led by Founder Fund’s Keith Rabois. As Axios noted, Keith led a bunch of rounds into Ramp even though there was already a large player in the market (Brex, though its debatable just how big the gap is between Ramp and Brex anymore.) 

From an investor perspective, Pulley’s potential and upside is compelling; a worst case scenario is an acquisition by someone like Silicon Valley Bank that caters to a lot of startups. A best case scenario is that they can leverage cap table management and develop other products to help startups. 

Read more here.

Bitcoin Mining Is Getting Cheaper, & Miners Are Getting More Profitable

Bitcoin mining costs dropped significantly over the last month and a half, according to JPM strategists (I didn’t know JPM had strategists that focus on bitcoin mining, but I digress.) In the beginning of June, cost of production for Bitcoin was around $24,000; now JPM says its dropped all the way to $13k. That’s mainly because of a significant drop in electricity use to mine Bitcoin, because miners have set up more efficient mining rigs. 

All this means that mining is much more profitable now that it was a just a few weeks ago—good news for the Bitcoin and crypto economy overall. If mining gets more expensive, miners usually offset costs by selling Bitcoin, which would theoretically cause the Bitcoin price to plummet a bit even more. 

Read more here.

Tweets of the Week

  • This is an important thread from one of the few VC’s I like—I have some backstory here as well and think what Insight did is pretty shitty. A bear market isn’t an excuse to do shitty shit to founders. 
  • I liked this thread from Bruno. 
  • The media is so fucking annoying—everyone’s freaking out about Klarna’s valuation cut but the CEO countered a lot of narratives in this important thread.
  • A great thread from folks looking to learn more about rollups, which are becoming way more important in crypto. 
  • Phillipe Laffront is a legend and I think Coatue is such a dope firm. I would beg him to be an LP in Vol. 1 Ventures if I had his email address. Structured debt for a fund like Coatue makes a ton of sense. This deck is impeccable.
  • Lastly, a quick random shoutout to Lux Capital and Danny Crichton’s newsletter “Securities” (sign up for it here.) Like almost all Lux Capital content, it’s an incredible read.