Arthur Hayes Says the Market Is Sleeping on CARDS

Summary

Arthur Hayes reveals his highest‑conviction crypto trade: the CARDS token. He argues the market is overlooking a profitable protocol that could soon return value to token holders through buybacks, with a $1 billion market cap target and a 3–6 month un‑levered position.

• Arthur Hayes names CARDS as his highest conviction trade.
• The protocol is the eighth most profitable on‑chain business but profits have not flowed to token holders.
• The thesis is that the team has started buybacks without an official announcement.
• The token is a small‑cap, high‑volatility asset; Hayes has taken a small, unlevered position with a 3–6 month horizon.
• The main risk is that buybacks remain unconfirmed.
• Target is a $1 billion circulating supply market cap.
• The segment is sponsored by Kraken Pro.