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DAT mania meets market reality. Tom Lee becomes the face of ETH as BitMine amasses 1.5% of supply and mNAV premiums start to collapse. We break down Japan's MetaPlanet tax arbitrage, SharpLink's buyback tactics, and the coming wave of DAT M&A. Plus: Robinhood launches tokenized stocks in Europe using Arbitrum, the WFE fires a warning shot, and Stylus lets fintech devs go Rust-first onchain. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, Arbitrum's AJ Warner (Chief Strategy Officer at Offchain Labs) joins to unpack the rise (and potential fall) of Digital Asset Treasuries (DATs), as Tom Lee emerges as Ethereum's public face and BitMine amasses 1.5% of ETH. We dive into the collapse of mNAV premiums, Japan's MetaPlanet tax arbitrage, and the looming consolidation of subscale DATs. Plus: Robinhood launches tokenized stocks in the EU on Arbitrum, AJ shares the roadmap for Robinhood Chain, and we debate whether token wrappers, buybacks, and DAT M&A mark the next era of crypto capital markets. Show highlights

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Altcoin froth meets real-asset rails. Vlad explains why Robinhood built an L2, how tokenized stocks—and even private shares like OpenAI/SpaceX—could trade on-chain, and what that means for accreditation, access, and the public/private wall. Plus: DATs, DTCC in a tokenized world, and AI that formally proves smart contracts. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, Robinhood co‑founder/CEO Vlad Tenev joins to explain Robinhood Chain, why they chose a Layer 2 over a Layer 1, and the plan to bring tokenized stocks — including private shares — on‑chain. We get into the OpenAI/SpaceX kerfuffle, accreditation rules, and whether permissionless tokenization erodes the public/private boundary. Then we zoom out to 24/7 trading, Digital Asset Treasuries, and how formal verification (Lean proofs) could make smart contracts safer. Show highlights

The drama is heating up in crypto M&A. LayerZero, the omnichain interoperability protocol, shocked the market with a $110 million bid to acquire Stargate DAO — the very bridge it originally launched. Then Wormhole jumped in, asking the DAO to pause the vote so it could make a counter-offer. This episode unpacks the first-ever so-called onchain bidding war: how to value DAOs like real businesses, why LayerZero and Wormhole are fighting over Stargate, and whether this deal marks the beginning of a consolidation wave across crypto. Guests David Nage of Arca and M&A advisor Lawson Bae of Relayzero break down the numbers, the strategy, and what this turning point means for the industry. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Sui Xapo Bank Guests: David Nage, VC Portfolio Manager at Arca Lawson Bae, Founder of Relayzero Links: Unchained:  Wormhole Foundation to Counter LayerZero's Bid for Stargate LayerZero Foundation Proposes $110 Million Stargate Acquisition, Retiring STG for ZRO Tokens  Timestamps:

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Stablecoin-focused blockchains are popping up everywhere. Stripe, Circle, and more are betting they can dominate payments. But are these chains even needed? And will Ethereum ever be ready for real-world assets?  Austin Campbell, NYU professor and founder of Zero Knowledge Consulting, joins Unchained to cut through the hype. From why “the market eventually eats you” to how consumers, not companies, could be the real winners, Campbell unpacks the competitive landscape and warns that the ultimate champion might be someone who isn't even on the field today. Thank you to our sponsors! Walrus Xapo Bank Guest: Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Links: Unchained:  Circle to Launch Layer 1 Blockchain ‘Arc' Stripe Is Building Its Own Layer 1 Blockchain: Report Fortune: Top crypto VC Matt Huang to lead Stripe blockchain Tempo as CEO, stay at Paradigm Timestamps:

Altcoin season meets corporate blockchains as Circle and Stripe launch their own L1s, Monero suffers the biggest 51% attack in history (powered by an AI named “Garth”), and the crew debates whether the DAT boom is heading toward equilibrium or mania. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew dives into the surprising altcoin rally and asks whether ETH still counts as an alt. The big news: Circle unveils Arc, Stripe leaks Tempo — and crypto Twitter is not impressed. We explore why major fintechs are launching their own chains instead of using Ethereum L2s, and whether stablecoin-centric blockchains are the future or just profit grabs. Then: the wildest headline of the week — Monero gets hit with a 51% attack by Qubic, a project training an AI called “Garth,” in what might be the largest attack of its kind. We break down the game theory, the proof-of-work vs. proof-of-stake debate, and what this foreshadows for Bitcoin's security decades from now. Also: Trump's executive order opens the door for crypto in 401(k) plans, we speculate about a future GPU debt market crisis, and dissect the state of play in Digital Asset Treasuries (DATs) — including whether yield advantages over staking ETFs mean we're only halfway to mania. Show highlights

Ethereum's rally has captivated the market, but is it really about the GENIUS Act and stablecoins, or just raw flows?  In this episode of Bits + Bips, Alex Kruger, Ram Ahluwalia, Steven Ehrlich, and special guest Sid Powell of Maple Finance, dive deep into what's driving ETH, the macro forces shaping crypto's next leg up, and whether traders are completely wrong about the Fed's next moves. From the potential flood of TradFi capital onto the blockchain, to the battle for stablecoin dominance, to whether Solana is about to get a major boost, the conversation dissects the signals in today's market. Hosts: Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guest: Sid Powell, CEO & Co-Founder of Maple Finance Links: Unchained: Custodia Patent for Bank Stablecoin Challenges Big Banks Entering the Field CBS News: CPI rose in July by 2.7% on an annual basis. Here's what that means. CNBC:  Circle shares rise as second-quarter revenue jumps 53% on strong stablecoin growth Fed board contenders Miran, Bullard say Trump's tariffs are not causing inflation CoinDesk.  ETH Transaction Volume C Much as $20limbs on Price Rally, Cheaper DeFi Costs Tom Lee's BitMine Immersion Aims to Raise asB for More ETH Buys Cointelegraph: SharpLink Gaming shares dip after $400M deal to boost Ether holdings Bloomberg: Godfather of the Mar-a-Lago Accord Goes to the Fed Timestamps:

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. With special guests: Avichal Garg, Managing Partner at Electric Capital, and Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation. This week we get into one of the most pivotal moments in Ethereum's history — from the Tornado Cash verdict and its chilling implications for developers, to Wall Street's growing embrace of ETH through the launch of ETHZilla. The crew unpacks how this trial could redefine developer liability, why Ethereum's narrative is shifting toward institutional adoption, and what the next decade could look like for the world's most versatile blockchain. Whether you're here for the legal drama, the market moves, or the inside scoop from Ethereum's top builders and investors, this episode delivers the sharp analysis, big-picture context, and unfiltered hot takes you've come to expect from The Chopping Block. Show highlights

Solana Mobile's Emmett Hollyer joins to talk about the Seeker phone, and former prosecutor Sam Enzer breaks down the partial Roman Storm conviction. This week's episode features two big stories.

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, things get personal as Haseeb and Tom break their silence on the DOJ's shocking threat to criminally charge Dragonfly over its early investment in Tornado Cash. With Roman Storm's trial nearing its conclusion, the crew unpacks the unprecedented legal risks facing developers, investors, and privacy protocols and what it means for the future of crypto in the U.S. As Ethereum celebrates its 10th anniversary, a storm brews in court: Samourai  Wallet founders plead guilty, the DOJ backpedals on Dragonfly, and Roman Storm faces decades behind bars for writing code. Robert recounts his short-lived microcap M&A adventure (aka the Liquor Store Fiasco), and the gang reacts to a dramatic regulatory about-face from the SEC's new crypto-friendly regime. Is financial privacy now a crime? Will U.S. law catch up with crypto code? And what happens when TradFi tries to CT a public company? This episode hits hard — and nothing is off limits. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

Strategy posted a record $10 billion in net income. Coinbase missed estimates and stock dropped. But analysts say both tell a deeper story about how crypto companies are adapting. It's earnings season in crypto—and the stories couldn't be more different. Strategy (formerly MicroStrategy) just posted $10 billion in net income, boosted by Bitcoin's price and new fair value accounting rules. But can the company keep this up? Coinbase missed Q2 estimates, sending its stock down. Yet Owen Lau of Oppenheimer says the long-term setup may be more bullish than the market thinks. In this double interview, Unchained's Steven Ehrlich sits down with: Lance Vitanza from TD Cowen to break down Strategy's accounting shift, capital markets evolution, and whether its growing BTC pile presents systemic risks Owen Lau from Oppenheimer to unpack Coinbase's earnings miss, how new bank partnerships may remake it as a TradFi infrastructure provider, and why Q3 may tell a different story Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle FalconX Guests: Lance Vitanza, Lance Vitanza, Managing Director & Director of Equity Research at TD Cowen Owen Lau, Executive Director and Senior Analyst in the equity research department of Oppenheimer & Co Learn more about your ad choices. Visit megaphone.fm/adchoices

Ethereum just turned 10, and Stani Kulechov, founder of Aave, one of the earliest and most influential lending protocols in DeFi, is more bullish on the OG layer 1 blockchain than ever.  In this wide-ranging interview, he reflects on Ethereum's resilience, explains why Aave is still laser-focused on it despite the rise of competitors like Solana, and gives us a preview of Aave V4 and its institutional play, Horizon.  If you want to understand where DeFi is going, you'll want to hear what Stani has to say.   Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Focal by FalconX Xapo Bank Guest: Stani Kulechov, founder and CEO of Aave and ETHLend Links: Recent episode of Unchained with EF's co-ED Tomasz: As Ethereum Turns 10, Where Is the Foundation Focused Next? Unchained: Aave Labs Unveils V4 Upgrade Proposal, Introducing a Unified Liquidity Layer and 'Fuzzy' Rates DefiLlama: Aave stats Reuters: JPMorgan considers offering loans backed by clients' cryptocurrency holdings  Timestamps:

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What's fueling crypto's market surge?  This week on Bits + Bips, Ethereum's rally has reignited market energy, triggering fresh questions about the return of alt season, and whether Bitcoin's dominance will continue to fall. With special guests Katalin Tischhauser from Sygnum Bank and Wintermute's Jake Ostrovskis, we dive deep into how corporate treasuries, tokenized assets, and shifting ETF flows are reshaping crypto's microstructure.  Plus, we dissect the macro impact of rising tariffs, the Fed's delicate dance with Trump, and whether tokenization could breathe new life into the US dollar. Check out the sponsors who make this show possible! Bitwise Mantle Hosts: Steve Ehrlich, Executive Editor at Unchained Ram Ahluwalia, CFA, CEO and Founder of Lumida Guests: Katalin Tischhauser, Head of Research at Sygnum Bank Jake Ostrovskis, Head of Sales Trading (OTC) at Wintermute Links Markets:  Unchained: Spot Ether ETFs Extend 16-Day Inflow Streak With $453 Million DATs: Cointelegraph: Tron Inc. seeks $1B to grow TRX holdings as stock rallies CoinDesk: Crypto Treasury Fever Spreads to Ethena as $360M SPAC Deal Targets ENA Accumulation CEA Industries Inc. Press Release: CEA Industries and 10X Capital, with the support of YZi Labs, announce $500 Million Private Placement to Establish Largest Publicly-Listed $BNB Treasury Company in the World The Block: Specialty finance company Mill City announces $450 million offering to establish corporate Sui treasury Barron's: MicroStrategy to Offer Preferred Stock With a Twist That Could Yield 10% Trump and Powell Fortune: Jerome Powell had a surprise visit from Trump. He's poised to leave interest rates unchanged anyway CNBC: Trump spars with Powell over renovation costs during Fed visit, but backs off firing threats Timestamps:

Pump raised $600 million in 12 minutes. Then the token crashed… and sentiment with it. In this episode, Delphi's Yan Liberman, Jason Pagoulatos, and Simon Smockey unpack what really happened, from the lack of investor lockups to the underwhelming post-ICO communication, and what Pump must do now to win back the market. We also get into whether the “everything app” strategy still makes sense, what decentralization means after this cycle, and what tokens can learn from equity markets. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Focal by FalconX Guests: Simon Smockey, Researcher at Delphi Digital Yan Liberman, Co-Founder of Delphi Digital and Managing Partner of Delphi Ventures Jason Pagoulatos, Head of Markets at Delphi Previous coverage on the ICO:  Pump.fun Just Raised $600M. What Does This Mean for DeFi, Solana & Social Media? Pump.fun's $1 Billion ICO Has Caused Controversy. Can It Succeed? Unchained: Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes  PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Pump.fun Draws Backlash After Confirming PUMP ICO TG Podcast: Alon: Raising $1B, $PUMP Token, Airdrop, and More Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by special guest Rebecca Rettig, Chief Legal Officer at Jito Labs, to unpack the biggest legislative week in crypto history. The Clarity Act, Genius Act, and Anti-CBDC Act all pass Congress, ushering in what some are calling a regulatory renaissance — or at least, the first real rules of the road. Bitcoin breaks $120K, memecoins rip, and Crypto Week sends shockwaves through Washington. But is the Clarity Act really the win the industry's been waiting for? Rebecca breaks down the legal nuance, Tarun questions the economic reality, and Haseeb points out Ethereum's bizarre silence during the biggest policy shift of the decade. Has crypto finally grown up — or just gotten better at playing the game? The gang dissects the laws, the loopholes, and the market's reaction to it all. Show highlights

Last week, the U.S. passed its first major piece of crypto legislation. Stablecoins now have a legal home, and that could open the floodgates for adoption, disruption, and regulation. But is this just the beginning? In this episode of Bits + Bips, Ram Ahluwalia, Noelle Acheson, Steve Ehrlich, and guest Cosmo Jiang of Pantera dive into what the stablecoin law actually means, who it helps, who it threatens, and why Wall Street and crypto startups alike are positioning fast. They also cover Ethereum's rally, what's fueling it, and whether the boom in digital asset treasury companies is sustainable. Plus, they unpack Trump's latest threats against the Fed and what it means for markets, inflation, and interest rates. Sponsors: Bitwise Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Steve Ehrlich, Executive Editor at Unchained Guest: Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital Links Stablecoins Unchained:  GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next? House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills Trump to Unblock Crypto Access in America's $9 Trillion 401(k) Market: Report The Block: GENIUS Act is helping Ethereum ‘have its moment,' Bernstein says WSJ: Why Banks Are on High Alert About Stablecoins Digital Asset Treasuries WSJ: Blank-Check Company Strikes Cryptocurrency Deal Unchained: SBET to Raise Additional $5B to Grow ETH Position Bloomberg: Trump Media Buys $2 Billion in Bitcoin for Crypto Treasury Plan CoinDesk: DeFi Development Nears $200M Solana Treasury DeFi Dev Corp Press release: DeFi Dev Corp. Announces Global Expansion Through Strategic Treasury Franchising Model TLGY Acquisition Corp Press release: TLGY Acquisition Corp. Announces Business Combination and Approximately $360 Million PIPE Financing to Form StablecoinX, an Ethena Stablecoin-Focused Treasury Company The Block: Nasdaq-listed Sonnet BioTherapeutics agrees to $888 million merger to become Hyperliquid Strategies, launch HYPE treasury Timestamps:

Bitcoin is up over 25% year-to-date, but what if this is still the beginning? Udi Wertheimer joins the show to share a thesis that's grabbing attention across crypto: that we're entering a generational Bitcoin rotation, where old holders are out, new institutional buyers are in, and price targets like $400K may arrive faster than anyone expects. He explains why the emergence of “forced buyers” like Michael Saylor's Strategy changes everything, why he thinks the altcoin cycle is already lost, and how the biggest mistake Crypto Twitter is making today is thinking this is the top. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Ledn Mantle Udi Wertheimer, long‑time Bitcoin advocate and customer support intern at Taproot Wizards Udi's article: This Bitcoin Thesis Will Retire Your Bloodline Unchained: Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains Timestamps:

After years of hostility toward crypto, the U.S. passed its first-ever federal law regarding the industry. The GENIUS Act, stablecoin legislation backed by both parties, was signed by President Trump's desk after a last-minute showdown in Congress. Despite being seen as a sure thing, the bill's path turned turbulent this week, with objections from Democrats over Trump's crypto ties, and a sudden revolt from the Freedom Caucus around anti-CBDC language. Now that it's through, what will this law actually do? And who stands to benefit—or lose? In this episode, Dante Disparte, Circle's chief strategy officer and one of the key players behind the legislation, joins Unchained to explain: How the bill won bipartisan support despite political tensions Why banks may think twice before issuing stablecoins And why Circle is applying for a national trust bank charter Plus, the battle over interest-bearing stablecoins, how this bill fits into the broader financial regulatory landscape, and whether U.S. consumers and the dollar come out ahead. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank FalconX Dante Disparte, Chief Strategy Officer and Head of Global Policy and Operations at Circle Unchained:  GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next? ​​House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills Circle Seeks U.S. Banking License to Directly Custody Billions in USDC Reserves Fortune: JPMorgan Chase's new fees for data could ‘cripple' crypto and fintech startups, executives warn Reuters: Some big US banks plan to launch stablecoins, expecting crypto-friendly regulations Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew breaks down the return of the ICO — but with a twist. Pump.fun's $500 million token sale sells out in 12 minutes, sparking a heated debate about forward markets, new market structure design, and whether we've entered a smarter, more institutionalized fundraising era—or just rebranded 2017 chaos. Hyperliquid becomes the surprise king of pre-launch liquidity, exchanges buckle under demand, and a new class of crypto treasury vehicles raises eyebrows (and capital). Meanwhile, Trump declares “Crypto Week” as Congress moves forward with the most sweeping legislation the industry's seen in years. Is crypto finally growing up—or just getting better at dumping on retail? The gang dissects the narratives, the numbers, and the fallout. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

Bitcoin broke its all-time high. Meanwhile, stablecoin legislation is about to pass. And the macro picture is a powder keg. In this episode of Bits + Bips, Steve Ehrlich, Ram Ahluwalia, and Noelle Acheson are joined by Austin Campbell to break down what's really driving markets, and what could break them. From the GENIUS Act reshaping stablecoins to tariffs putting pressure on the Fed, to the Pump.fun ICO and memecoin mania, nothing is off limits. And with crypto ripping, is it time to ride the rally, or take some risk off the table? Thank you to our sponsor! Bitwise Steve Ehrlich, Executive Editor at Unchained Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Guest: Austin Campbell, founder and managing partner of Zero Knowledge Consulting Unchained:  Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Grayscale Files Confidential IPO Paperwork Timestamps:

The weeks leading up to Pump.fun's ICO were contentious: accusations that it was extractive, debates over decentralization, and outrage over allocations.  In the end, the company pulled off the third-largest ICO in crypto history, raising $600 million in 12 minutes. The day of, Solana barely flinched under the load, and onchain platforms like Hyperliquid and Raydium left CEXes looking outdated. In this episode of Unchained, Haseeb Qureshi of Dragonfly and Joe McCann of Asymmetric join Laura to break down: Whether this marks the return of ICOs The objections to the small ($10 million) airdrop to creators How Pump.fun's ambitions could reshape memecoins, and maybe Solana itself And why TikTok might not need to worry just yet Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Ledn Haseeb Qureshi, Managing Partner of Dragonfly Joe McCann, Founder, CEO & CIO of Asymmetric Previous coverage on the ICO: Pump.fun's $1 Billion ICO Has Caused Controversy. Can It Succeed? Unchained: Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes  PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Pump.fun Draws Backlash After Confirming PUMP ICO SolanaFloor's tweet on LetsBonk's stats The Block: Pump.fun makes first acquisition, purchases Solana-based copy-trading wallet tracker Kolscan Dune Analytics Twitter thread on the PUMP ICO stats Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the gang is joined by Paul Grewal, Chief Legal Officer at Coinbase, for a wide-ranging conversation on crypto's next big frontier: tokenized stocks. From Robinhood's controversial attempt to tokenize SpaceX and OpenAI shares to the legal and structural hurdles around pre-IPO derivatives, the crew dives deep into what it really takes to bring Wall Street on-chain. They also unpack the regulatory momentum behind the Genius and Clarity Acts, the return of ICO mania with Pump.fun's $1B token raise, and the absurdly viral drama of Suitgate on Polymarket. Is this a new era of regulated innovation—or are we just recreating old problems on new rails? Tune in for sharp takes, legal insight, and a few laughs along the way. Show highlights

In the first half of this dual episode, Phantom co-founder Brandon Millman joins Unchained to break down why his Solana-first wallet is launching perpetual swaps, and why it chose to integrate with Hyperliquid over any Solana-native option. Then, Bit Digital's Sam Tabar explains why the public company ditched its profitable Bitcoin mining business, went all-in on ETH, and what happened when he told Michael Saylor. FalconX Sam Tabar, Chief Executive Officer of Bit Digital, Inc Brandon Millman, CEO and co-founder of Phantom Phantom Unchained: Phantom Wallet Launches Direct Perpetual Trading With Hyperliquid Phantom blog post: Introducing Phantom Perps Dragonfly's Austin Marrazza tweet Bit Digital The Block: Bit Digital swaps entire treasury into Ethereum, says it's now a top public ETH holder after a $173 million splurge Treasury companies Unchained:  These 4 Crypto Treasury Companies Are Primed for a Price Crash BitMine Crashes 39% After It Files to Raise $2 Billion for More ETH Timestamps: Phantom

In this episode of Bits + Bips, we examine how rising global trade tensions could impact macro conditions, the Fed's next move, and market stability. We also explore how investors should position themselves with inflation cooling and an uncertain policy path at the Fed. We then look at what's happening on the crypto side: volume shifting to tokenized public equities, the growing number of corporate stablecoin plans, and whether the promise of tokenization is matched by meaningful traction. Joining hosts Joe McCann, Ram Ahluwalia, and Steve Ehrlich is Rob Hadick of Dragonfly, who shares his perspective on product-market fit in crypto, shifting market structure, and where real adoption may emerge. Sponsor: Bitwise Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Rob Hadick, General Partner at Dragonfly LINKS: WSJ: Trump Faces Crucial Week for Reaching Trade Deals EU Still Hopes for Initial U.S. Trade Deal Before Deadline Reuters: Japan, South Korea face 25% tariffs as Trump ramps up trade war in letters to 14 nations CNN: Trump announces new tariffs of up to 40% on a growing number of countries University of Washington: OBBB Signed Into Law Unchained:  OpenAI Says Robinhood's Stock Tokens Are Not Equity Tron Is Now More Expensive Than Ethereum. Will That Hurt Justin Sun's New Company? AI Crypto Tokens Swoon as Nvidia Reaches a New All-Time High CoinDesk: CoreWeave to Acquire Core Scientific in $9B All-Stock Deal The Block: Bit Digital swaps entire treasury into Ethereum, says it's now a top public ETH holder after a $173 million splurge Timestamps:

The race to bring users onchain is heating up, but the competitors couldn't be more different. Coinbase, a crypto-native giant with deep infrastructure and institutional partnerships, is going head-to-head with Robinhood, a retail-focused fintech now making aggressive moves into tokenized assets and blockchain rails. Their visions overlap (tokenized stocks, perpetuals, custom chains) but the strategies, philosophies, and user bases differ sharply. In this episode, Laura speaks with Diogenes Casares (Klyra Protocol) and Ryan Yi (ex-Coinbase Ventures, CoinFund) to unpack: How these two companies will compete What levers they have to increase their profits How Base became a liquidity black hole for Ethereum Why Coinbase may have already won the “flows” game And how stablecoins, social, and tokenization could decide the winner Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Ledn Diogenes Casares, founder of Klyra Protocol and advisor at Patagon Management Ryan Yi, ex Coinbase, Coinbase Ventures, and CoinFund Unchained: Hyperliquid Reignited Interest in Crypto Perps. Can Coinbase and Robinhood Capitalize? Robinhood Is Building Its Own Layer 2 Blockchain Why the Arbitrum Stack Won in the Race to Support Robinhood Chain Why Perps Will 'Eat the World' + Tokenized Stocks - Bits + Bips Timestamps:

Today, we've got two very different stories in one episode. First, Steven Goldfeder, co-founder of Offchain Labs, joins Unchained to explain why Robinhood is rebuilding its product on the Arbitrum tech stack, what it says about crypto's evolution, and how this could finally bridge Web2 and Web3. Then, Calvin Hamilton breaks down the bizarre $59 million bet on whether President Zelensky wore a suit — and why vague rules, a fateful tweet, and one protocol's vote could damage Polymarket's reputation. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Focal by FalconX Ledn Steven Goldfeder, co-founder and CEO of Offchain Labs Calvin Hamilton, Polymarket bettor on the ‘yes' of the Zelensky dispute. Unchained: Robinhood Is Building Its Own Layer 2 Blockchain Robinhood's presentation at ETHcc: To Catch A Token Rob Hadick's tweet on tokenized stocks  Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we're joined by Jon Charbonneau and Ryan Watkins to unpack the bombshell news of Robinhood Chain—an Arbitrum-based network debuting tokenized U.S. stocks, 3× crypto perps, and that head-scratching $500 K liquidity cap. From riffing on whether proof-of-stake yields are just “money in a box,” to debating Solana's first U.S. staked ETF, to sizing up the looming perp wars between Robinhood and Coinbase, the crew maps a common thread: corporate chains and regulatory work-arounds are colliding with crypto's decentralization ideals, forcing builders, traders, and even ETF hawks to rethink where real security, fairness, and opportunity will live next. Show highlights

Crypto is bleeding into traditional finance faster than anyone expected. In this episode of Bits + Bips, the hosts dig into Robinhood's move into tokenized stocks and perps, what's actually holding back tokenized equities, and why perps might “eat the world.”  Plus, they talk crypto ETFs, altcoin summer, and whether staking in ETFs is the next big unlock. Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Guest: Thomas Uhm, Chief Commercial Officer at the Jito Foundation Timestamps

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Win a free one-year subscription to Bits + Bips Premium by completing our survey!  The state of Texas just passed a law that creates a $10 million strategic Bitcoin reserve. Laura talks to Lee Bratcher, president of the Texas Blockchain Council, who helped drive this new law. He explains how bipartisan support made it possible, why this might be the start of a broader trend, and what's next for public Bitcoin ownership in the U.S. We get into: The logic behind the $10 million number Why custody and compliance are key Whether California or Illinois could ever do something similar And how other states are reacting Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! FalconX Ledn Guest: Lee Bratcher, President and Founder of the Texas Blockchain Council Links: Texas Blockchain Council Bloomberg: Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve Unchained: Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we're joined by Vlad, the leverage legend behind Lighter, a zk-powered DEX taking aim at Hyperliquid in the rising CLOB wars. We unpack the new Token Transparency Framework from Blockworks and whether self-regulation can fix crypto's disclosure problem. Should VC wallets be public? Are market-making deals legally risky? And why do most projects still say nothing? Plus: Vlad explains how Lighter uses zero-knowledge proofs to enforce fairness and fight toxic flow—without harming retail. And Circle's stock goes full meme mode, TikTok retail piles in, and Robert reveals he's short. Is crypto finally growing up—or just evolving its chaos? Show highlights

As tensions flare between Iran and Israel, investors are watching oil, gold, and, of course, crypto. In this episode of Bits + Bips, the panel digs into the market response to war risk, the chances the Fed will actually cut rates, and how Circle's IPO is being treated more like a meme stock than a fintech play. Plus: Why Scaramucci says we're all living in a surveillance state  Whether stablecoins are being kneecapped by U.S. regulation  When altcoin ETFs are coming And what BlackRock's Larry Fink secretly told Scaramucci about Bitcoin in 2021

Cross-border payments. Mobile money. Stablecoins. Crypto. Elizabeth Rossiello has lived through every cycle, not from a trading desk, but the front lines of African markets. Now, the founder of AZA Finance is selling her company to global fintech giant dLocal, a signal that the line between crypto and traditional finance is blurring fast. In this episode, she talks about: How stablecoins are powering 24/7 commerce in emerging markets Why new entrants keep failing to gain traction And how liquidity, not tech, will determine who wins this new game All that, plus the inside story of AZA's journey from a Nairobi-based Bitcoin exchange to one of the most important fintech players in Africa. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Human Rights Foundation Xapo Bank Elizabeth Rossiello, CEO and Founder of AZA Finance Previous appearance on Unchained: BitPesa's Elizabeth Rossiello on Necker Island dLocal announces intention to acquire AZA Finance to strengthen AZA Finance: dLocal announces intention to acquire AZA Finance to strengthen presence in Africa and expand capabilities Bloomberg: Uruguay's DLocal to Buy AZA Finance in Africa Push American Banker: What experienced payment execs can pass to a new generation The Startup Leap: Building A Remittance App for Africa's $1tr Market | Elizabeth Rossiello | Aza Finance Jack Zhang of Airwallex tweet saying he doesn't see “a single use case” for crypto Timestamps:

On Tuesday, JPMorgan announced that its blockchain unit is launching JPMD, a USD deposit token for institutional clients, on Base. That's right: the world's biggest bank by assets and the 12th largest company by market cap is putting real dollars onchain. JPMD isn't quite a stablecoin, but it's close. It represents actual dollar deposits at JPMorgan and will be used by institutional clients for blockchain-based transactions. The bank plans to run a pilot over the coming months and eventually expand it to other user groups and currencies, pending regulatory approval. To understand what this means for the broader crypto ecosystem (and why JPMorgan chose Base), we brought on Jesse Pollak, head of Base and Coinbase Wallet. In this episode, Jesse explains: Why JPMorgan (and Shopify) chose Base What deposit tokens are, and how they differ from stablecoins Why infrastructure is finally “ready” for institutions How Base scaled from 2.5 million to 35 million gas/sec What's next for Coinbase users who'll have one-tap access to onchain assets And Jesse's response to the critics who said that Coinbase doesn't give enough credit to Ethereum Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Ledn FalconX Jesse Pollak, Head of Base and Coinbase Wallet Unchained:  JPMorgan to Pilot ‘JPMD' Token on Base Coinbase and Amex Team Up on Bitcoin Card as Exchange Reveals Broad Expansion Plans Comments on Bloomberg by Naveen Mallela, global co-head of the bank's blockchain division Kinexys by JPMorgan Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we're joined by Hyperliquid founder Jeff Yan, the quiet powerhouse behind DeFi's fastest-growing exchange. With 75% of onchain perp volume, no VC money, and a $1B airdrop, Hyperliquid is rewriting what crypto protocols can be. We dive into Jeff's minimalist strategy, the cancel wars with toxic flow, and the JellyJelly controversy that sparked a feud with CZ. Plus: HIP-3 and the future of permissionless perps, SPAC-style hype vehicles taking over Wall Street, and why stablecoin regulation just triggered a 40% rally in Circle stock. Is crypto evolving—or just getting financialized to death? Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

In this week's episode of Bits + Bips, the panel digs into why Tron's rumored IPO is more than a headline, what Wall Street's quiet shift into stablecoins signals, and how exchanges are racing to control token flow, even as regulation hangs in the balance. They also explore: What the Israel–Iran conflict means for global markets, oil prices, and crypto positioning Whether banks can adopt stablecoins without threatening their own deposits If regulatory clarity will come fast enough to shape the next crypto phase How to tell if ETH's revival has staying power Sponsors: Bitwise Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Guests: Christopher Perkins, President of CoinFund Vishal Gupta, Cofounder and CEO of True Markets. Links Tron and Justin Sun FT: Crypto group Tron to go public after US pauses probe into billionaire founder Unchained: Eric Trump Claims No Public Involvement in Tron's Nasdaq Entity The Guardian: Crypto entrepreneur eats banana art he bought for $6.2m Israel - Iran WSJ:  Israel Takes Control of Iran's Skies—a Feat That Still Eludes Russia in Ukraine How Israel's Mossad Smuggled Drone Parts to Attack Iran From Within Stablecoins and TradFi Unchained:  JPMorgan Files ‘JPMD' Trademark, Hints at Bigger Crypto Offering Coinbase and Amex Team Up on Bitcoin Card as Exchange Reveals Broad Expansion Plans Bloomberg: Bessent Says $2 Trillion Reasonable for Dollar Stablecoin Market. WSJ: Walmart and Amazon are considering launching U.S. dollar-pegged stablecoins  Reuters: French Societe Generale became the first major bank to launch a dollar-pegged stablecoin The Information: Financial markets giant DTCC is exploring a stablecoin, according to The Information Regulation Unchained: White House Rejects Ban on Conflicts of Interest in Crypto's CLARITY Act Timestamps:

Hyperliquid is one of the most talked-about platforms in crypto right now. It's an onchain perpetuals exchange that sidestepped VCs, built a deeply loyal user base, and launched with transparency most rivals avoid. But it's also staring down some massive challenges—from incoming competitors like Coinbase and Robinhood, to the technical hurdles of decentralizing its core exchange engine. Arthur Hayes, CIO of Maelstrom and one of crypto's most iconic traders, and Hanson Birringer of Flowdesk discuss: What actually drove Hyperliquid's success How a user-first approach is outpacing venture-backed models Whether the James Wynn saga was legit Why the HIP-3 proposal could be the “holy grail” for DEXes And whether Hyperliquid can survive its next big test: the entrance of giants Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Bitwise Guests: Arthur Hayes, CIO of Maelstrom Hanson Birringer, Head of US Sales at Flowdesk Links Stats: CoinGlass: Total BTC Futures Open Interest Hyperliquid Stats James Wynn Unchained: Hyperliquid Trader Makes $87M in 70 Days, Loses It In Five James Wynn's address  Transparency Hyperliquid's founder's post on X saying that he felt like transparency results in better execution for whales compared to on private venues. Hyperliquid vs Binance: Unchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism Arthur Hayes' tweet on whether $HYPE perp volumes will flip Binance's this cycle. CZ's tweet on dark pool DEXs Cointelegraph: Binance co-founder CZ proposes dark pool DEXs to tackle manipulation Tokenomics: DL News: Hyperliquid's token buyback machine just hit $1b — is it sustainable? HIP-3: Hyperliquid Docs: HIP-3: Builder-Deployed Perpetuals Timestamps:

Stablecoins are having a moment. From Stripe's acquisition of crypto wallet startup Privy, to Shopify integrating USDC, to Plasma raising $500 million for its stablecoin-optimized sidechain, stablecoins are having a moment. And at the center of it all is Circle, which had one of the most successful IPOs in decades. But what's really happening under the surface? And who's best positioned as stablecoins go mainstream? Vicky Fu, co-founder at Yala and former engineering director at Circle, joins Unchained to explain: How she saw Circle as deeply undervalued before the IPO buzz What Stripe's crypto moves signal for the broader market Why retail payments could become stablecoins' breakout use case How network effects give Circle a serious edge, even as banks circle the space Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Ledn FalconX Human Rights Foundation Guest Vicky Fu, co-founder at Yala  Links Unchained: GENIUS Stablecoin Bill Advances in U.S. Senate Bloomberg: Bessent Says $2 Trillion Reasonable for Dollar Stablecoin The Block: Payment giant Stripe to buy crypto wallet firm PrivyMarket Payment giant Stripe to buy crypto wallet firm Privy CoinDesk: Crypto startup Plasma's XPL Token Sale Hits $500M as Investors Chase Stablecoin Plays The Block: Plasma doubles its deposit cap, clarifies it is eyeing $50M public sale at $500M FDV Reuters: Societe Generale becomes first major bank to launch dollar-pegged stablecoin The Information: Financial Markets Giant DTCC Explores a Stablecoin  Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we're joined by a special guest: Laura Shin, host of Unchained! The crew unpacks Circle's explosive IPO, Tether's threat to exit the U.S., and the meme-stock logic powering the rise of “crypto treasury companies.” From Coinbase's grip on USDC to Wall Street's sudden enthusiasm for stablecoins, we explore how public markets are reshaping crypto's power centers. Is Circle overvalued—or the last compliant winner left? And are ICOs really back? We debate whether crypto's just maturing—or if it's being hijacked by the suits. Show highlights

This week on Bits + Bips, the panel tackles the biggest themes driving crypto: Circle's triumphant IPO, ETH's institutional tailwinds, and the fast-shrinking Bitcoin supply on exchanges. Plus, what Gemini's IPO ambitions tell us about the state of exchanges, and whether Ram's call for a BTC breakout is about to hit. Also on the docket: Is Circle really worth its sky-high valuation? Why exchange fees are stuck in the 1970s ETH: the quiet trade that might be heating up Oh, and yes, they talk about the Trump–Elon feud too

In part 2 of Jeff Park's interview with Unchained, he describes ways that both everyday investors and the U.S. government can use various crypto assets to come out on top as old models and strategies become outdated.  He reveals the three personal stories that led him to develop his radical portfolio theory, puts himself in the shoes of Treasury Secretary Scott Bessent, and explains why Japan is the linchpin in the transition to this new world order. In this episode, we explore: Why Jeff believes the future belongs to wholecoiners The social mission behind owning bitcoin How the U.S. could leverage stablecoins to maintain global dominance Why the new American dream might not involve a house at all And why, in Jeff's words, we may already be “living in a Bitcoin-only world.” Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Bitwise Guest: Jeff Park, Head of Alpha Strategies at Bitwise Part 1 of Jeff on Unchained: Jeff Park Says the 60/40 Portfolio May Be Dead. Here's His Radical Fix  Timestamps:

On Tuesday, a pseudonymous X account claimed that Pump.fun, Solana's breakout memecoin launchpad, would raise $1 billion via an ICO at a $4 billion valuation. The potential deal? Multiple CEX listings, a 10% community airdrop, and maybe even a launch by the end of the month. The community reaction? Not great. In this episode, Syncracy Capital's Ryan Watkins joins to break down the backlash, whether the raise makes sense, and what this kind of fundraising says about the current state of crypto. He discusses: Whether Pump needs $1 billion and what they'd even do with it Why some people are furious, even as Pump prints revenue If this is bullish or bearish for Solana Why an airdrop was not pursued Whether the $4 billion valuation makes sense Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Ledn FalconX Human Rights Foundation Ryan Watkins, Co-founder of Syncracy Capital Unchained: Pump.fun Mulls $1B Token Sale Nextfckingthing's tweet breaking the news  Ansem's tweet on “pump fun raising $1B at $4B after Trumpcoin launch is like the second plane hitting the towers” Ansem's poll Ryan's tweet on “Pump anger”  Solojay tweet on Pump's top 25 wallets Mosi's tweet on why “Pump's ICO seems like an asymmetric bet (skewed to the downside)” Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew tackles a triple-header of crypto's growing pains: the bizarre saga of James Wynn—a memecoin gambler whose billion-dollar positions on Hyperliquid ended in public ruin; the Ethereum Foundation's surprise rebrand into “Protocol” and its sudden embrace of hierarchy; and a bold manifesto from Miles Jennings calling for the end of crypto foundations as we know them. Is radical transparency a feature or a trap? Is Ethereum finally prioritizing execution over vibes? And are foundations just offshore theater—or necessary guardians of decentralization? The gang debates all this and more in a conversation that asks: who's really in control of crypto—and should they be? Show highlights

The Bitcoin Conference in Vegas is getting more political. Crypto treasury companies are exploding across the globe. And macro markets are flashing mixed signals, with geopolitics entering the chat. In this episode of Bits + Bips, the panel dives into: Key takeaways from Bitcoin 2025 The possible bubble forming around Bitcoin treasuries How the SEC is fighting back against staking in ETFs Whether Ethereum is finally catching up How Ukraine just redefined trade risks Why ETFs have seen so much inflows since the market bottom How AI will impact growth and the job market And … why James hates Las Vegas

Jeff Park thinks the most popular investing strategy of the last decades — the 60/40 portfolio — is dead. Jeff has spent his early career inside the traditional system. But now, after two years in finance, he's calling for a full rethink of the modern portfolio: from what counts as “safe” to how inflation actually works to why Bitcoin may be the real anchor asset in a world that's spinning off its axis. In this episode, the first in a two-part series, he and Laura dig into: Why the 60/40 portfolio is quietly failing What the rise of “resistance” assets says about trust in institutions Why STRK and BTC are the distillation of Jeff's radical portfolio How traditional finance may be more correlated to crypto than you think Why “time is liquid energy” and bitcoin is so valuable Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Bitwise Jeff Park, Head of Alpha Strategies at Bitwise The Radical Portfolio Theory by Jeff Park Unchained: DeFi Leverage on Apollo's $1.3 Billion Credit Fund Timestamps: