'Mr. Wonderful' Kevin O'Leary Dumps Altcoins, Says Energy Stocks Have Replaced Crypto As Top Bet

• Kevin O’Leary said he has sold all 27 of his altcoin positions, saying Bitcoin, Ethereum and USDC are the only crypto assets that still matter institutionally.
• The Shark Tank investor now says power infrastructure companies are his highest conviction investment, pointing to growing demand from both the AI and Bitcoin industries.
• He dismissed most altcoins as “poo poo coins,” comparing the overall crypto hype cycle to the boom and bust of NFTs and other speculative fads.

Mr. Wonderful Kevin O’Leary has sold all of his altcoin holdings and has called the wider crypto hype a fad, and said that energy infrastructure stocks are now his top investment bet.

O’Leary, who is an investor on Shark Tank, said earlier this week on the Money Rehab podcast that the investment to beat everything in his portfolio was not crypto but pure power infrastructure. "I actually think the play that will outperform will be just pure power. If you invest in power infrastructure, that's turbine manufacturers, transmission manufacturers, companies that are aggregating power contracts from nuclear and hydro," he said.

His best crypto-adjacent investment was Bitzero (AIBZ), a firm that provided power to hyperscalers whether clients used it for AI or Bitcoin, he said. "They just have power, land, fiber, and a permit. They don't care. It's a hyperscaler. It's AI or Bitcoin," he added.

AIBZ stock closed down over 3% on Friday. On Stocktwits, the retail sentiment around AIBZ remained in the ‘bearish’ zone, while chatter around it shifted to ‘high’ from ‘normal’ over the past day.

From Labubu To Poo Poo Coins

O'Leary also compared the crypto hype to "just another labooboo" and dismissed much of the market as a non-fungible token, or "NFT moment" that has run its course.

He said that the last time he appeared on the show, he had carried a Labubu on his bag. This time, it was gone. "The Labubu was no longer with me. It died a tragic death," he said. His altcoin portfolio met a similar fate, he said.

The billionaire investor revealed he sold all 27 of his altcoin holdings, describing them as “poo poo coins,” after an unnamed institutional analyst showed that two assets, Bitcoin (BTC) and Ethereum (ETH), constituted 97% of the crypto market’s volatility. Others are poopoo. And he was right. “The rest are poopoo. And he was right. And all the poopoo coins collapsed," O'Leary said, adding that it was "diarrhea in crypto" and "all over the floor."

He said he consolidated into just three holdings, including Bitcoin, Ethereum, and Circle's (CRCL) dollar-pegged stablecoin, USD Coin (USDC). His overall crypto portfolio weighting dropped from a peak of 24% to 14%, partly from price declines and partly from deliberate trimming.

Bitcoin’s price was trading flat over the past 24 hours. On Stocktwits, the retail sentiment around BTC remained in the ‘bearish’ zone, while chatter around it shifted to ‘normal’ from ‘low’ over the past day.

Not The First Poo Poo Coins

O'Leary's comments echoed comments he made earlier this year, when he said the crypto correction had cleared out the "poo poo" coins and left Bitcoin and Ethereum as the only institutional focus. The difference this time is that even those two assets are no longer his top bet, but power is.

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