#465: As Elon Unveils His Mars Game Plan, ARK Is Finalizing Its Open-Source SpaceX Model, & More
1. As Elon Unveils His Mars Game Plan, ARK Is Finalizing Its Open-Source SpaceX Model

Last week, SpaceX hit a major milestone when it launched a reused booster with Starship Flight Test 9. While the booster ended in RUD (rapid unscheduled disassembly) and Starship fell short of its mission, the test yielded critical data that should help make Starship rapidly reusable.1 Soon after, Elon Musk revealed SpaceX’s Game Plan, highlighting Starship and Optimus as key to enabling the colonization of Mars, as illustrated below.2
Source: Musk 2025.3 For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security.
Our research suggests that Musk’s ambitious vision is grounded in data. In collaboration with Mach33, ARKs Autonomous Technology and Robotics Team is finalizing our open-source SpaceX Model, projecting the future that Musk has envisioned. Stay tuned for the model, which will detail the way in which SpaceX could transform space travel, colonize Mars, and unlock the vast economic potential beyond Earth.
2. The Data-Driven Precision Of Algorithmic Diagnostics Should Revolutionize Healthcare

Last week, Guardant Health announced major enhancements to its Guardant 360® Liquid test, significantly expanding the capabilities of biomarker identification and cancer subtyping. Leveraging existing genomic data and advanced AI, these algorithmic diagnostic tests should help oncologists optimize patient treatment plans.4 Similarly, and recently featured in Science, Illumina’s PromoterAI uses AI to identify previously undetected genetic variants in rare diseases to improve diagnostic precision and patient outcomes.5 Illumina, Tempus, and Veracyte are several companies, among others, using advanced algorithms and multi-omic data to transform healthcare diagnostics.
Algorithmic diagnostics leverage advanced artificial intelligence, genomic sequencing, and multi-omic data to identify and manage diseases. Unlike more passive and commoditized traditional diagnostics, algorithmic diagnostics analyze data continuously to inform early intervention and personalized care.
The value of the data is central to this model. Because genomic and multi-omic data are comprehensive, multidimensional, and updated continuously, the value associated with actionable insights should be immense.
Technologically enabled innovation should help the healthcare system transition from costly and reactive care to efficient, predictive, and preventive care. Taking advantage of this critical turning point, the UK's National Health Service (NHS) will become the first health system worldwide to offer Guardant Health liquid biopsy cancer tests to all eligible patients.
Just as bold leadership united policymakers, regulators, and industry during the Space Race in the sixties, the transformation of healthcare demands similar collaboration. Stakeholders need to align and accelerate support for algorithmic diagnostics to reshape healthcare into a proactive, value-driven system that benefits patients and society.
3. The Bitcoin Corporate Treasury Strategy Continues To Pay Off

In 2020, MicroStrategy (MSTR) acquired 21,454 BTC and debuted the bitcoin corporate treasury model. Since then, MSTR has appreciated roughly 2,800%. Today, the company owns more than 580,000 bitcoin—2.7 % of bitcoin’s total supply—and trades at a 1.6× premium to the Net Asset Value (NAV) of its holdings.
Imitation is the sincerest form of flattery. Backed by Cantor Fitzgerald, Tether, Bitfinex and SoftBank, Jack Mallers recently founded XXI Capital6 with 42,000 BTC on its balance sheet, valuing it among the top three public company bitcoin holders. In addition, having merged with Kindly MD, healthcare-to-crypto roll-up Nakamoto Holdings7 raised $710 million to fund the same strategy, with GameStop and Trump Media announcing similar plans.
The idea is spreading beyond bitcoin. Sports betting marketer SharpLink just secured $425 million to build an Ethereum treasury,8 adding ConsenSys Founder Joseph Lubin to its Board. In addition, Canada-based SOL Strategies filed9 to issue ~$1 billion in convertible bonds to expand its Solana treasury.
According to BitcoinTreasuries.net, the number of publicly listed active bitcoin treasuries today is 116,10 up more than 50% from 74 year-to-date. As of May 30, their aggregate value has appreciated 56% from ~$55 billion to ~$86 billion, or ~808,000 bitcoin.
Leverage can cut both ways. MicroStrategy, renamed Strategy, has issued11 more than $6 billion in convertible notes—with plans for $18 billion more—to fund bitcoin purchases. If BTC were to drop below the various conversion prices ranging from $67212 to $2,04313 per share, coupon costs would rise, increasing equity dilution. Alternatively, companies trading well above NAV can issue equity and continue to buy coins, but a sudden drop in the price of bitcoin would force the sale of BTC, compounding the downside pressure.
For now, markets are rewarding bitcoin-friendly treasuries. The strategy’s long-term success is tethered to bitcoin’s volatility, liquidity, market cycles, and long-term price trajectory.
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1
SpaceX. 2025. “Starship’s Ninth Test Flight.”
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2
SpaceX. 2025. “The Road to Making Life Multiplanetary.” X.
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3
Image Source: Musk, E. 2025. “Starship to Mars.” X.
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4
Guardant. 2025. “Guardant Health Introduces Nearly a Dozen Groundbreaking Smart Liquid Biopsy Applications for Guardant360 Liquid Test.”
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5
JAGANATHAN, K. et al. 2025. “Predicting expression-altering promoter mutations with deep learning.” Science.
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6
Cantor. 2025. Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners.”
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7
Zmudzinski, A. 2025. “Nakamoto Holdings merges with KindlyMD to build Bitcoin treasury.” Cointelegraph.
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8
Siddiq, S. 2025. “SharpLink Secures $425M Investment, Will Hold ETH as Primary Treasury Asset.” Yahoo Finance.
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9
Malwa, S. 2025. “Solana Scores Twin Institutional Wins With $1B Raise and First Public Liquid Staking Strategy.” Coin Desk.
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10
Bitcoin Treasuries.net. 2025. “BTC in Treasuries. Entities Holding BTC.”
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11
Carreras, T. et al. 2024. “How MicroStrategy and Others Are Taking on Billions in Debt to Buy More Bitcoin.”
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12
Strategy. 2024. “MicroStrategy Completes $3 Billion Offering of Convertible Senior Notes Due 2029 at 0% Coupon and 55% Conversion Premium.”
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13
BusinessWire. 2024. “MicroStrategy Completes $800 Million Offering of 2.25% Convertible Senior Notes Due 2032.”