Steady Lads Podcast returned after a four-month pause with an episode centered on actual positions rather than broad market talk. At a time when Bitcoin has climbed back above $80,000, the guests disclosed what they currently hold in liquid assets, and the picture was not one of broad altcoin exposure. Most of the capital discussed was either concentrated in a few high-conviction names or parked in traditional finance.
The episode carried an explicit conflict-of-interest disclosure. Qiao Wang’s firm holds many early Web3 projects, while his personal portfolio is concentrated in U.S. stocks, BTC and Zcash. Tiki holds the S&P 500, Treasuries and a large collection of physical Pokemon cards. Justin holds Zcash and a Lit airdrop. Jordy holds BTC and Hyperliquid (HYPE). Dimma holds Near and Grass. Data shared by FOMO co-founder Se Yong Park was also presented with the note that it reflects strong user-acquisition and product-promotion incentives.
What the five guests said they actually own
In the second half of the show, the hosts turned to a portfolio reveal segment. The holdings they described suggested that, for these market veterans, capital is no longer spread across long-tail tokens.
Qiao Wang: 70% to 80% in U.S. equities, crypto exposure limited to BTC and Zcash
Qiao Wang, a founding partner at Alliance DAO, said his personal liquid portfolio is highly conservative despite his firm’s broad exposure to emerging Web3 projects. He said around 70% to 80% of his money is in U.S. equities, and that his crypto book now consists only of Bitcoin and Zcash.
He put it plainly: “Roughly 70% to 80% of my money is in U.S. stocks. On the crypto side, I only hold Bitcoin and Zcash. In a high-risk industry where things can drop 50% in a single day for no reason, you have to stay rational.” According to the discussion, the amount he has allocated to Zcash, on a risk-adjusted basis, is even comparable to his U.S. equity exposure.
Tiki: a barbell of Treasuries, the S&P 500 and $3 million in Pokemon cards
Tiki described the most unusual allocation in the group. On one end of his barbell sit S&P 500 ETFs and U.S. Treasuries. On the other sits roughly $3 million worth of physical Pokemon cards.
He said, “My strategy is a standard barbell. One side is the S&P 500 and Treasuries, and the other side is my $3 million collection of Pokemon cards. I’m extremely bearish on almost every other token.” He added that unless he invested in a project at an early stage, he is deeply negative on most of the tokens currently trading in the market.
Jordy: Bitcoin as the core, with some Hyperliquid still on the books
Jordy said Bitcoin is by far his main position and that he holds a large amount of it. He also still owns some Hyperliquid, though he did not present it as a long-term anchor in the same way as BTC.
His concern is valuation. In the podcast, he said HYPE’s price-to-earnings multiple has become inflated and that current price support depends too heavily on retail sentiment. He said he has been taking profits into strength.
Justin: bought spot Zcash near $1, still holds 80% of his original Lit airdrop
Justin said he used tax-loss harvesting around what he described as the absolute market bottom, then bought a large amount of spot Zcash near the $1 area. He also said he still holds about 80% of the Lit airdrop he originally received.
His positioning showed a clear preference for Zcash over chasing Bitcoin at current levels, based largely on his view that Bitcoin no longer offers the same risk-reward profile it did in earlier cycles.
Dimma: Near, Grass and a growing early AI token venture book
Dimma was the guest most willing to hold current narrative-driven names. He said he owns Near and Grass, which the episode grouped into the AI theme, and that he also has a growing venture-style portfolio of early AI tokens.
Even so, his exposure was framed as selective rather than broad-based, with emphasis on projects he sees as having both narrative support and underlying fundamentals.
Why Zcash kept coming up
Zcash was the asset mentioned most often in the episode and one of the few names backed by meaningful size from more than one guest. Qiao Wang laid out the bull case in terms of supply structure, long-term price formation and relative valuation.
On fundamentals, the discussion said Zcash’s privacy and post-quantum features have been tested by the market for nearly a decade. On market structure, the claim was that eight to nine years of selling and distribution have largely cleared out early investors and team-related overhang, while halving cycles have reduced miner issuance pressure. In that setup, new demand is finally beginning to outweigh old supply.
The guests cited a recent example to support that view. They said the market absorbed a one-off cross-chain sale of $50 million worth of ZEC without a clear price collapse, which they took as evidence that the token’s supply profile may be improving.
Qiao described the chart in unusually strong terms: “The logic for Zcash hasn’t changed in ten years. The most important part is that the early investors who wanted to sell have already sold, and miner rewards have fallen sharply. Now buying pressure is finally greater than selling pressure.” He added: “If you look at the long-term chart, it contains three rounded bottoms nested inside one another, forming a giant ten-year base. It’s the most perfect chart structure you can find.”
The episode also leaned on relative valuation. The guests argued that Bitcoin is less likely to offer 100x upside to new entrants, while Zcash has the same total supply as Bitcoin but trades at roughly 1% of Bitcoin’s price. Their thesis went one step further: if Bitcoin already owns the “digital gold” position, then the market may still be looking for a native “private AI money” narrative, and Zcash could end up occupying that slot.
FOMO says mobile trading is pulling in about 40,000 new users a day
Se Yong Park, co-founder of trading app FOMO, used the episode to share product and acquisition data that pointed to a very different pocket of growth. While the guests showed little interest in older fringe tokens, mobile meme trading, he said, is still drawing large numbers of new users.
According to Se, FOMO is getting about 40,000 real new users a day from app stores, with most of them coming from outside the crypto-native crowd. He said the company’s core growth play is user-generated-content marketing and that it spends $100,000 to $150,000 a month sponsoring social media creators who show real trades and lifestyle content.
He also stressed that FOMO has stripped away most of the chain-level complexity from the product. Of the app’s 110,000 daily active users the previous day, 90,000 traded assets on the Robinhood chain, 100,000 traded on Solana, and 60,000 traded on Base. Users did not need to switch wallets or manually bridge between chains, because assets could be traded through a single interface.
Fees were another part of the pitch. FOMO charges 0.5%, which the episode contrasted with Coinbase retail fees of as much as 2.5%.
Se summed up the product thesis this way: “Traditional match-three mobile games can make $1 billion a year. Mobile token trading is basically a social game with lower barriers and real-money stimulation.” He also said, “Users don’t care what chain is underneath. Yesterday, out of 110,000 daily actives, 90,000 traded Robinhood chain assets, 100,000 traded on Solana, and the user experience was completely seamless.”
The point was not about technical stack loyalty. It was about behavior: many users are entering through a simple, game-like trading interface first, and only later encountering the underlying crypto rails.
Macro split: buy Bitcoin here or move into U.S. AI stocks
The guests also disagreed on how to position around Bitcoin’s recent $20,000 weekly swing.
Jordy took the more constructive side. He said expectations for a Federal Reserve pivot and a weaker-dollar backdrop are pushing capital back toward safe-haven assets, with gold and Bitcoin standing out. The episode cited Bloomberg data showing that the correlation between gold and Bitcoin has reached a record high, with traditional institutions buying both.
Justin was more cautious. He said he still uses the four-year cycle as a key reference point and does not think it is time to call the bottom yet. His math was straightforward: if Bitcoin bottoms at $60,000, then buying at current prices with a cycle target of $125,000 leaves less than a 1x upside from here. Given that setup, he said he would rather allocate capital to U.S. AI technology stocks than chase Bitcoin higher.
A shared conclusion despite different portfolios
Even with different views on Bitcoin, Zcash, U.S. equities and AI-linked tokens, the guests ended up in roughly the same place. Their money is concentrated in highly liquid traditional assets or in a very small set of names they believe have durable logic behind them. Most other tokens are out.
That was the real message of the episode. The portfolio disclosures were not theoretical market commentary. They were a direct look at how several crypto veterans are actually positioned now, and those positions suggest that hunting through the market’s long tail is no longer their main playbook.