Good morning, good morning everyone, GMGM and welcome to
another episode of FOMO. Our day due date is Thursday,
June 26, 2025 in books. Yesterday was a huge day of
crypto news. Crypto's going to be usable for
collateral for housing. SpaceX shares are being
tokenized on Solana. We've got 3 unicorns minted in
the past two days. It's three $1 billion or higher
crypto companies. And yet our magic Internet money
is chopping on the day. And we are asking when will the
summer of chop end? We're going to break it all down
on today's show. No, for Oak, he's out all week.
Mando will be joining us here in a bit.
I've got Logan on with me. Logan, Jim, how you doing?
Hey, good morning, Tyler. I'm doing well.
Temperatures are dropping to something a bit more reasonable
here in PA Still very hot, but a bit more reasonable.
So things are more tolerable down here.
Yeah, I'm feeling good. A lot of big headlines to talk
through. A little less tolerable in in
the Tyler D house because a couple of our AC units are out
and had a guy come up yesterday and they're not going to be able
to fix this till middle of next week at the earliest.
And we've got another couple more 90° days on the horizon.
Throwback to young Tyler, right? European Summer, Tyler.
Well, it, it's funny, you know, like in college we didn't have
AC in my in my dorms at Purdue. So it's just something you kind
of get used to, but now a little less used to it these days.
So we'll see what get the kids used to that summer heat.
Folks, what are we talking about on today's show?
We're going to start with the market report.
These ETF inflows have been massive.
July rate cutouts back up to 25%.
White House officials teasing some Bitcoin accumulation plans
and looks like some news out of Bloomberg here this morning.
The GDP numbers from Q1 came in some housing numbers.
We'll take a look at those as well.
Circle stock under $200. The Clemente curse is too, too
strong. As I alluded in the open, the US
housing director telling Fannie Mae and Freddie they had to look
at cryptos collateral. That was a big one.
This Republic investment platform offering tokenized
access to SpaceX, but is it the real deal Kaushi mind boggling
$2 billion valuation in its last raise.
We got to talk about that. The CBOE filing for that Pingu
and Pudgy ETF, you love to see it.
We're going to talk what the hell is this new Moonburg app
slash AirDrop that is all over the timeline.
And we might take a look at that Myriad board as well.
Before we dig into it, got to give a shout out to our partner
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without trade-offs. And folks, before we we jump in,
we got to talk about this news out of Kraken and they are our
partner here. They're launching this crack
app, crack free global payments across 160 countries spanning
crypto, stables and Fiat up to 10% yield on your holdings
spending globally. The other new crack credit card,
it's basically Venmo with crypto and and better yield.
I think that's my interpretation of the slogan.
We were kind of going a little bit back and forth on this one.
Curious for your reactions to the the news out of crack in
here. Yeah, Venmo is is sort of what I
like and did too as well before I got a chance to dig in too
deeply to it. But downloaded just, you know
separate mobile app available I believe in both iOS and Android
stores downloaded it works you know connected with your crack
in account. So that's nice I think.
Yeah, this is is interesting to me because as we were chatting
through the the case here I was like well how is this really
that different? But the biggest unlock, I think
actually, as they're sort of alluding to in the teaser video
here, is the ability to sort of pay people in Fiat or, you know,
crypto as well, right from kind of an existing crypto balance.
You know, so you have you have pieces of this that are
available in different ways. You know, you can send crypto,
of course, just via your crypto wallets.
You can send Fiat via normal Fiat things like Venmo or Cash
App or whatever. But the connection of the two of
them, to my knowledge, really hasn't been done before.
And I think that's what this is kind of unlocking.
Is that how you understand it? It is, I think there's a, when
you were chatting, you raised an interesting question of, of why
is this a, a separate app? Like, why not just do all in one
with Kraken the, the broader platform and, and making that an
app? And I actually do see the
distinction of why they may have chosen to do it this way.
Like, let's say Kraken is your crypto bank and let's say you
hold a decent chunk of your capital in your cracking
account. I, I can see a world where you
don't want that as a payment app available on your phone and a
little bit of a, a separation of of holdings where perhaps you
hold a smaller balance. You know, something's kind of
get you through day, day-to-day, week to week in this app, but a
little bit less concern over like your entire balance being
exposed to this payments app. So I, I totally see that use
case for it. I think what, what jumped out to
both of us was the yield. And I think I'll be surprised if
they don't lean heavier into that because that also feels
like one of the biggest differentiators, right?
Four to 10%. I was scrolling through the
announcement here just before the show.
I didn't have a chance to do a super deep dive because this was
fairly breaking news. All right, So as I see this, so
you can send, I wonder if you send Bitcoin if it's if it gets
converted to USD or if the other person gets into Bitcoin.
I want to take a look at that earn up to 10% rewards
automatically. I thought I saw a table breaking
that down. Let's see yeah, here they are 4
to 10%. They compared to Ben MO Cash App
and others, so significantly higher yield than some of these
other payment apps. So that's a pretty big
differentiator for them. I think also somewhat buried in
this, I mean all these we're getting a lot of credit cards.
These crypto credit cards are the are the differentiator or
are the hot new thing rather and looks like Kraken is is betting
on those as well. So payments app, yield, credit
card, love to see that out of our partner Kraken.
So we'll be following that along.
I was talking with Faro ahead of the show.
He jumped into debt. Hopefully, we get someone from
the Kraken team on the show and we can dig deeper into all this
here in the next week or so. So stay tuned for that.
Well, let's just get right into the market report.
I'm sure Mando will be joining us shortly.
I'll do my best Mando impression here for us this morning.
Bitcoin holding up? Sorry, I didn't mean to cut you
off there. Much cleaner with the with the
intro music certainly thank you for that Sims Bitcoin down 1% on
the day at one O 7 KE 2425 down a percent or so Solana down 4
percent 142 is lagging here memes.
I checked the meme board this morning.
It's actually a bit of a bloodbath.
So memes down 3 to 5% going across the board.
Rough day for memes and all, just kind of broadly still a a
bit of chop after some recent rebound on more macro news
there. There were a few data points
that came in. So one, we had USQ.
One final GDP numbers came in. I think originally they came out
-0.2%, now -0.5%. So those were revised down.
Of course, now all eyes will be on Q2, which is ending here in
four days. If Q2 is negative, that would
mean recession. I think most are projecting that
we will be positive in Q2. Let's actually take a look at
that recession market that has caught a decent roller coaster.
So this was up to 65% in early May coming out of the back of
liberation Day, back at 28% now. So folks are expecting us to be
positive here for Q2. We will certainly see no days
and weeks to come. Jobless claims last week came in
slightly under that's positive. I thought this was, I saw an
interesting one on, on the housing.
Just going through the list here, US 5 to 30 yield curve
steepest since 2021. That's not great.
Trump commenting on the Iran uranium and where that is.
I think we've seen some conflicting reports on that
pending home sales in May, 1.8% versus 0.1.
So that was a bit of a surprise just because in general, we've
seen more chatter about the housing market being fairly soft
right now, which lines up to to what I've been seeing
anecdotally as well. With all that said, stocks are
green again. Stocks are green just about
every day it it seems. Let's take a look at the S and
Pi. Think it's nearing all time
highs here. That's 6117.
We are now green on the Europe 12%.
Yeah, basically hanging out at all time highs.
So stocks are at all time highs. Bitcoins 5 percent, 4% off all
time high basically hanging out there as well.
But our beloved alts are far, far, far from all time high.
So we will see if indeed an alt season ever comes back.
The ETS, I think we're one of the macro stories of the day in
the crypto space. Over a billion in inflows in the
last two sessions, I bet driving a huge majority of that.
I, I added up just this board, just the Degen's board from June
9th till today, 3.9 billion in that inflows into those Bitcoin
ETFs. So the, the daily buys are
piling in from the the ETS and Ethereum, a solid stretch here
as well, 130 million in the last two sessions, 230 million across
the last three. So the the size of the inflows
on the from the ETF has been increasing.
It certainly has been a noticeable uptick from me, but
it is not really it's not impacting the price of our
beloved eat though that's to say the least.
I haven't gone through and looked at the June numbers, but
I would guess that June, I mean, let's just do it, let's just do
a ballpark here. Where is my so 230 million two
5280, 406 forties. So we're talking about a billion
most likely in that inflows for for the ETTFS in the month of
June and this is the monthly chart.
It's not great. Logan, any reactions?
No, I don't. I don't even know what.
To say I don't say anything at all, I guess is.
Indifference. Almost like at this point we've
become accustomed to this, right?
Which is unfortunate, I guess, especially if you're an Etherium
holder. The, the thing that comes to
mind, actually, I was looking at the Myriad board this morning as
I write my weekly piece on Thursdays.
There's a new or newer piece that's the same as we talked
about the Bitcoin 1115 versus 95.
There's one now for Ethereum, which is 3000 or 2000.
First, all I can think about when you talk about, you know,
just those competing narratives about, you know, of course,
plenty of inflows, but price doesn't move.
I mean, take a look at that trend.
Nobody can make up their mind. Feels like it might just stay at
2400 forever. Two KE would be fairly jolted at
this point. I mean with Bitcoin at one O 7
so like even if Bitcoin goes back to like 98 K like man Ethan
2000. It doesn't even, I mean, I don't
know, it doesn't feel jolting to me because yeah, at this point,
I, I again, it's, there's this level of like, you know,
indifference, apathy. I I don't know what to say about
the price of Ethereum. You know, like I got, I got
listening to, you know, I was listening to you folks talk with
Joe Lubin. We talked about this yesterday
on the show as well and the S bet stuff and you know, the
sovereign nations considering building on Ethereum.
Like it feels like there's so many potential catalysts yet
inflows, right? You just talk about almost a
billion dollars in inflows, yet nothing happens price wise.
It's that it's the like every single day is that meme with the
stick figure, you know, the little round guy poking the
thing and it's like, do something that's ETH.
Well, eventually the Ethereum Foundation is going to be tires
selling and maybe this thing will go back up.
I like the 3K side of this. I would not bet the house on it
to to say the least. I've been burned betting on
Ethereum in the past, but I like 3K before 2K so interesting
market. I think we might chat through
some of the other markets as well here later on in the show.
Another quick macro one from yesterday that I didn't actually
see catch a whole lot of attention on the timeline.
I'm looking for it now. I might just play the clip.
I think folks, I don't know if folks will be able to hear it.
Just bear with me and I'll repeat what he says here.
SPR how do we follow that up with the accumulation plan?
So I think this is one of the first times we've actually heard
explicitly a White House official talk about a Bitcoin
accumulation plan. Who's the official here?
I'm actually not familiar and I didn't do a ton of digging on
this. That was how that was the the
title The Watcher Guru. So I'll have to dig in.
Yeah. I didn't see this on my timeline
at all, Tyler so. Do you think the US will
accumulate Bitcoin in 2025? In 2025 feels I don't know, I
mean we're already what almost halfway through It just seems
like I don't I don't know what other things this administration
can do in a really, really quick, you know manner like like
he can't just sign an executive order to buy Bitcoin canny like
I I don't think so I don't know we're we're past the executive
order day as it feels like so I'm definitely out of the loop
there in terms of what the capabilities are.
It just feels like too much of A a process, like it's going to
require a lot more work to get done.
So I'd say no for 2025, but I fully expect that it accumulates
at some point during the Trump administration.
Yeah. I don't, I don't think anybody's
really expecting otherwise, are they?
Well, I think it's still been, I think some folks may be on the
fence. I think a lot of folks don't
think we'll buy it. Like I think I would say
consensus is US will not market by Bitcoin in the Trump
administration. I would probably on the be on
the no side of that as well though.
It feels like a coin flip to me. But with accumulation plan like
mining comes into play, right? So the US spins up a mining
operation, accumulates Bitcoin that way that counts.
I think hey, for the Myriad team listening, I think we need a
market on this accumulate Bitcoin in 2025 in any capacity
beyond their current holdings. And I would be on the yes side
of that with six months to go feels like a long time plus the
the clock has been ticking on those 90 day plans or 100 even
the 180 day plans, right. So the executive order,
executive orders came out like Jan 25th, roughly.
So July, we're about a month out from those.
Maybe it takes a few months to get operational, but I feel like
this admin also moves pretty quickly.
So I don't know, I kind of like the the yes side for
accumulation in 2025. And it wouldn't be all, it
wouldn't be all that shocking to me if they've already been
covertly doing it in sub capacity, which if that, if that
comes out as true, I think that's a, that's a 10 percent,
15% Bitcoin candle in one day. If we get that, another headline
that we had from yesterday that I think folks thought might move
markets more than it did. This U.S. housing chief comes
out and says, hey, we ordered Fannie Mae, Freddie Mac.
You now have to look at crypto as collateral when evaluating
mortgage applications. This is from director William
Poulte. He's framing A broader move
aligned with the Trump administration vision.
The worst sparks mixed reactions.
I actually haven't seen a whole lot of mixed reactions.
I guess the the criticism I have seen.
As I understand it, this is just crypto assets that are custody
trying to I don't know if you've got to the fine details of this
one. I'm trying to scan through this
article now to see what qualifies.
I don't believe self custody Bitcoin held in cold cold
storage for instance counts as this.
So perhaps it's evaluating Coinbase assets.
I think it would certainly count your I bet held in a a banking
account or investment account. Not sure if you have any more
details or just broader reactions down.
Now, well, this is the really interesting one to me.
I sent this to my fiance yesterday.
I, I, of course, I'm not a a home owner.
I never have been, never really even started the process, but
it's an interesting one just in terms of preparation.
Should that you know, that that's like an actually an
important bullet point for me, right, to potentially have in in
our holster if and when we start to look for a house.
So I don't know too much about the actual process just because
I'm so new to, you know, never have done it.
I don't know what else to say. Those the things that I was
thinking about, given my lack of experience here, the things that
I was thinking about about this in in in its entirety is like
something like this. Feels like one of those big
moments to me where we start to intertwine crypto with
traditional finance so much that you can't walk it back.
You know what I mean? We've talked about from time to
time, like some of the political stuff potentially being walked
back because of the disdain for Trump and the personal
enrichment. This feels like one of those big
things and continued adoption with banks, right?
You know, just embracing crypto as well.
Like this feels like one of those big things that you just
if if it gets too far down the road, no one can really stop it
from continuing moving forward. That's how I was thinking about
this from my really limited perspective on exactly the
mortgage process. I was kind of thinking, you
know, bigger picture, like, hey, this feels like a really big win
for crypto and less so about like, how will my far coin help
me buy a house? One quick take away, Fart Coin
was referenced the most in all of the jokes and in all of the
shit posts. It's like now I can use Fart
Coin's cloud. I think Amanda went viral
actually. I went viral for that yeah, I
didn't I I it's my second time going viral in a month.
I was surprised but yeah it's fart coin fart coin
classicalized houses feels like the the next move.
I, I think this is just natural though, right?
Like this is great, but I would say that the majority of my net
wealth is in crypto and I would say that that's going to be and
it, it may just be in in stable coins, right like so the idea
that that wouldn't be counted, I think is missing the point.
So I do think it's it is naturally going to happen.
It's naturally going to happen as all these Gen.
X people, millennials start to go up and a lot of their wealth
is in crypto or crypto adjacent, let's say.
I think we this is going to need to happen, right?
Like I've had conversations with banks around this in Europe and
it feels like Europe is, is quite a way off.
But but yeah, you definitely the US doing this is definitely a
good thing. Yeah, a couple thoughts on on my
end. One, I think some folks may be
confusing about exactly what this means and I think the word
collateral was thrown around. So this is not with this is not
directing them to actually take your fart coin as collateral for
a mortgage. The primary collateral is the
house itself. So that's how mortgages work.
But like what this actually means is they were going to
evaluate crypto as a part of your overall net wealth when
evaluating your readiness to be lent to yes or no.
So when a bank makes the binary decision, are we going to lend
to you yes or no? And then the next decision, what
kind of rate should we offer you?
How high up are we going to approve you to, to go in, in
purchasing a house? That's where this comes into
play. So I think that is, is a key
differentiator. I personally just went through
this process and I, I sit on the show, I don't want to be a dead
horse. They didn't look at, at crypto
at all in evaluating our net worth.
I think the Cyrus example is even more telling.
So Cyrus is a guy who I think he's been pretty public.
He's had some very good success in the crypto market.
That is his kind of primary net worth, I think it's fair to say.
And he's been talking about going through buying a house and
they didn't even look at it, even though he has crypto
holdings per him worth multiples of the house that he was looking
to buy. So that is just like an obvious
problem, right? Especially as Mando's point,
he's holding some of that in stables, he's holding some of
that in more stable crypto assets like like Bitcoin.
So that's going to be fixed. We are correcting that horse.
I think a lot of folks thought this would be perhaps a catalyst
for near term price action. It it clearly wasn't.
But I do think it's one of those that just makes it easier to
hold on a longer term time horizon.
So still bullish, but doesn't mean we're going to jump
TO110120K overnight. Well, Mando, we kind of just, we
jumped into the market report, but love having you on with us.
If anything jumped out to you at a high level, big takeaways from
the past 24 hours or so it. It's, it kind of reminds me of
what I said I thought would happen, which is that the next
leg of this was probably that we, we drop a little bit and
that the better stuff would kind of rise.
And I think that's what we've kind of seen like a lot of do
you look through alt coins, a lot of stuff that had that short
squeeze feeling about it has dropped and kind of the the
majors feel OK, You know, Bitcoin feels fine, E feels
fine, hype feels fine. Even Solana like hasn't really
fallen out of bed, so to speak. But like a lot of the other
stuff has dipped that lower. And that's kind of across the
board for like memes and, and for altcoins.
So Bitcoin dominance, despite Bitcoin, ETH outperforming
today. So ether's outperformed, but
Bitcoin dominance is higher again, because it's all the
other alts that have kind of underperformed here.
So which is it's it's interesting to say this is kind
of what I've been saying that I think that I don't know if we
count ETH as an alt, but I feel like we could have like a season
here where Bitcoin and ETH do well, not just Bitcoin this
time. But I'm I'm very unsure about
the rest of the old coins like the the others index.
I think is a is a dangerous one to assume will go higher because
because E does OK. Man, this Bitcoin dominance
chart does not look like it wants to slow down.
I guess I haven't looked at this.
How crazy is that? Like in a day where ETH is
outperforming that it's going high, that tells you that alts
are getting destroyed. I think Solana is a big one.
I, I, I don't know if we've really talked about Solana as a
trade that much in the last week, couple weeks it's been
pretty heavy, right? Yeah, I feel like we, we've had
a lot of positive news. So like mean coin season clearly
has cooled off significantly, right.
But I think we've seen a whole lot of news for Solana with
respect to tokenization that this SpaceX announcement, which
we'll get into, they're going to be tokenizing on Solana, yet
we're not really seeing much in the way of the high pressure.
Do you think news is the important thing though?
I've been looking at Artemis for the flows and Solana's been
continuing to see outflows, right?
And that that is a like a medium term trend.
It feels like I, I think like if you go onto, I'll put it into a
show, no. Net outflows the last three
months. Right, exactly right like that.
That's that's what I'll be paying attention to.
And then I, I, I think that the important thing there is, is, is
honestly is, is also like the pump fun token, like if pump
funk comes out and it indicates it's going to be its own chain
and like there's a path here for, for pump chain.
I do think that's like a bad headline for Seoul, which
despite, and I, I have a massive respect for Solana and, and like
it's proven itself to be incredible in terms of user
adoption and something goes on there.
But sometimes these narratives can shift.
And I think I, I think you can still think that Solana should
be like the number 3 chain, but like know that it mean just go
through periods of like it doesn't have to always
outperform or be the main chain. That's kind of what my view was
on like I'm not I'm like some massive E maxi like got like not
even anyway, like I feel like there's some massive
deficiencies with it. But I just felt like the time
and the place was that you're going to see inflows into the
ETF and and you're going to have the staking and there's looked
like there's going to be a treasuries companies kind of
build the treasury stuff is has urged with what happened with
sharp link. But the rest of stuff I still
think is pretty strong with Solana.
I feel like if you're, if you're bullish on Solana in January,
you have to be intellectually honest and be like that stuff is
not happening as much right now. So, and it's, it's not just like
not happening a little bit. It's, it's, it's, it's collapsed
a lot of the volumes there. So like the IT does have to
rebuild itself on more of the trad fi slash payments rail idea
than just like the gambling chain.
And I actually think that that that sphere of influence is, is
a bit more competitive, if I'm honest, like, whereas I think
Salon is like obviously miles ahead for meme coins.
And I mean, gambling essentially, like on chain
gambling, essentially, it's not miles ahead when it comes to
trad fire adoption of, of crypto RW as or payments.
It's just not so. And I think that that's kind of
what's what's happened here is that like, look at that, right?
So. Sorry.
Yeah, this is my view. I just, I, I, I really, I think
Solana is better than any other youth killer, let's put it that
way. Any of the other changes like
this is going to be the next thing.
I think Solana will be around like it's proven that it's going
to be around. Like I, I think other things
look very expensive versus Solana like other competing L
ones, for example. But I do think that with the
trenches gone, it's now relying on this like tradfy tokenization
payments pitch and that one I think is a bit is they don't
have the dominance that they had basically.
Yeah, it's not as strong and I think that's that's very fair to
say. Seoul does have the ETF catalyst
coming. We don't know when.
I think consensus is still probably Q4 though maybe a
little higher, likely to be sooner than that.
But even with the ETF like we've seen that, that's a good
question. Let me see.
Still 5050 Sol ETF to be approved by July 31st, 5050.
Wow, 50% by the end of next month.
That's that's higher than I would have expected.
Yeah, same here. Yeah, clearly it's shot up
tremendously in the last two weeks.
So yeah, it was down to 15%. Just massive time decay on that
now back to 50. I think because of some of the,
the recent rhetoric, I, I think I'm on the no side of July 31st.
If I have to bet on that market right now on the yes side,
clearly by December 31st, which is 90% in in line with the Eric
Balkunas odds that they shared. But even with that approval,
you're, you're going to have the, the, the those early hiccup
days and still broader questions of what those flows will look
like. I do think it is somewhat
promising if you are looking to the Etherium ETFs as a perhaps
signal for what the salon ETF flows may look like in six
months, 12 months, they finally start to see some size, right.
And it was a shaky start right there.
And there's a lot of net outflows as the grayscale
shuffle was taking place. And then like there was periods
time where it was just crickets. I think there was like there was
a lot of 0 days out there. But now that has flipped.
So I do think there's been a lot of progress in Treadfi with
respect to the ETFs. Go ahead.
There has been, but BlackRock has decided they're not they're
I mean, look at this for ETH. How much of this is BlackRock?
It's it's. On.
Actually, basically if you look at the net across everything,
it's it's actually everything. And BlackRock have decided not
to do a Seoul ETF, which tells you.
A lot. I think they're telling, and
that's not that they don't like Seoul, in my opinion.
Then I think the way they're saying is we've probably got a
bit of momentum here in Eve, let's drive that home and we'll
do a Seoul ETF, but maybe like once we have a bit more time to
go through it. So I think Fidelity did apply
for a Solana ETF. So they're like the number 2.
So that like you can imagine Fidelity will do well here.
But, and I think Invesco, yeah, Invesco filed yesterday.
I think Bitwise have filed. So like some of the other
players have filed, but like BlackRock is the is, is the
daddy and they've decided not to so that and that's going to just
read into that more of like an indication of like do they see
demand for it from their from their fund managers at the
moment? Yeah, very fair.
I think it's going to take time to get the wealth managers out
there who are already starting to say 1 to 2% of portfolios in
the Bitcoin, maybe Bitcoin plus Ethereum to get them to open up
the slot. It's going to take time.
I do think there is a path to it but not immediately.
Quick folks, the the code for today, we are doing the E action
today and it is Pudgy and there's a reason for that folks
on this ETF topic news out of Igloo and the CBOE.
The CBOE has filed for that Canary Pingu ETF that is going
to be an ETF that covers the Pingu token along with Pudgy
Penguin NFTS, which is the the 1st of its kind to have this
hybrid meme coin plus NFT bag. This comes after we had the the
Penguin mascot ring the bell at NASDAQ on Monday and the
proliferation continues. Any reactions to this one?
A, just just the fact they were able to pull this off?
B, Perhaps. What do we think with respect to
inflows? I think this is really good as a
headline. I'm I'm not sure if you'll see
massive inflows into into it. I think you don't really see a
big move on the back of this right.
I remember when initially there was indicate in fact Penguins
down. Wow, I was not expecting that.
Yeah. Like, I, I've, I've lot, lot,
lot of respect for Luca and what they're building over there.
I, I think he's proving that that Pengu is around for the
long, the long haul basically. I I think if I'm honest, the,
the thing that I think would really send Pengu would be a
flywheel of some sort rather than this sort of stuff because
I think people are like, yeah, this is really bullish.
But like we're probably seeing flows of like few million, like
not, not like hundreds of millions for this.
So I think the real thing would be like, right.
Do they tie the business somehow too?
But that's what I'd love to see from.
If Pangu was like sore, it'd be around that.
I feel like that's on the radar. 100% that that one, they know
what they're doing. It is shocking though, you get a
headline like this and I know this was somewhat telegraphed,
right? I think they announced that this
could be coming a few months back.
So this is just the next step in that.
But like we didn't even see any NF TS get bought on the back of
this. It is a hard game in the the NFT
streets these days, but the the pudgies still a a very comfy
hold. I I think, to say the least.
Well, we've only got 20 minutes left in the show.
There's a few other big headlines that I want to get
into. I want to talk I want to talk
Kaushi. We'll get there in a second, but
we got to talk to the SpaceX news.
So I saw this from Nick Dukoff yesterday.
He is the head of institutional growth at the Solana Foundation,
sharing that the R SpaceX token is going to be minted on Solana
using this Republic app. I think it, it is an investment
app. I wasn't familiar with Republic
before yesterday. And effectively how this is
going to work is that it'll be they're they're calling it a
mirror token. So Republic has exposure to
SpaceX on the private market. They are tokenizing that
exposure and then they are minting and selling those tokens
on Solana. As I understand it, it is
possible under US crowdfunding laws.
So this is kind of falling under that crowdfunding bucket.
Minimum of $50, maximum of of 5000 per person.
So I thought that was an interesting cap.
It looks like they've also got future plans to go after Open AI
and Anthropic for future offerings.
So again, the way it works, Republic gets access to SpaceX
equity on the private markets. They tokenize it, investors buy
in via the Republic app, and then you have to wait for some
type of event, liquidity event to be able to cash out.
So if SpaceX IP OS, if there is an additional raise, if Republic
receives A payout, they will then pass it on to holders.
It looks like there's going to be a 12 month lock up, but then
it will be tradable on a secondary market.
So I thought this was a big one. Very clearly a splashy headline.
I think there was a bit of confusion.
I also saw the take that this isn't real access to SpaceX.
You're effectively buying a meme coin of SpaceX.
Not sure I agree with that but but Logan, curious for your
reaction as well. Yeah, that's why I actually had
used Republic before, not for crypto related things, but just,
you know, it offers people the opportunity to invest in like
like start-ups, right? Like smaller start up stuff
that's trying to get money via safes.
I don't have a super strong feeling here.
So the mirror token, like literally you're just gaining
basically exposure to the price of the the current, their
understanding of the current private share price.
Correct, Right. So I mean, I guess if you really
want access to SpaceX, this is awesome.
I don't understand exactly why it matters so much for Solana.
I don't know, like I, I don't necessarily see this is like a
major, major bullish event for Solana, but I think for
investors that want to have new access to different investment
vehicles, this is definitely super cool.
I I don't see it as like a major catalyst for Solana personally.
Well, I think that's fair, especially if Republic's already
been around, right. I do think tokenized access to
private markets is very interesting.
I've this, this is not my area of expertise.
I was talking with Jeeves and other VCs and they think that
there will be other and better ways to do this in the near
future. All I know is I don't have a
path to investing in SpaceX right now on June 26th, 2025.
And now thanks to Republic, I will, as I understand it, and I
actually think that is very interesting.
And SpaceX is the type of company that I would like to
have some exposure to as long as it is legitimate.
Man, I'm curious for your thoughts.
So I think there are some websites including Republic,
which have kind of explored this with Trapfiber 4, right?
This isn't necessarily a new concept.
It's kind of like trading that we have like trading stuff, free
market for random tokens like AVO does that, right?
And a couple of other fun. I think this is, this is
probably a good use case. I don't know if it will be like
as liquid necessarily as people think it will be, but I do think
it will be an interesting use case.
And, and yeah, let's see, let's see how it does.
Like I think this has been a continual desire from Silicon
Valley for this sort of product, the idea of like the the way for
founders and seed slash Series A investors to trade out of their
positions slightly early. So naturally there's like quite
a lot of supply from there. Maybe they think that maybe they
think that Kryptos going to be the bar of all of this.
And you know, maybe that is the case, like maybe we are.
We're the exit liquidity. In a world where the exit
liquidity for founders in Silicon Valley is actually via
crypto markets and, and maybe there is a product market fit
here like that's I'm not going to say no too early because I do
think that the valuation for this will be much higher than I
think I, I was. And I don't know this because I
haven't looked in the last 24 hours, but I thought like people
have spoke about SpaceX, SpaceX really being valued around 300
billion, something like that maybe like. 350 billion, I
didn't realize it was that high. Have you just looked at that?
Yes. OK.
Yeah, yeah, no, I think that's how it was.
It was valued at its last round or something along those lines.
So but they could value this thing at trillion like, you
know, or maybe even higher, right.
So and that will attract more people to come in and do this.
And then, you know, they're like, I'm trying to think who
are the one of the biggest firms that haven't?
IPO Stripe. Stripe would be another example.
Like, yeah, that's less sexy than SpaceX, though I guess
maybe you know, XAI Twitter, These are these are companies
that aren't public that, you know, they could people could
tokenize as part of their stock. Again, I'm trying to think what
other big ones. I'm sure there'll be others but
like I guess Twitter xai. Tropic Open.
AI Tropic will be another good one.
Open AI would be a good one. Yeah, like maybe we see this.
I actually, I, I'm more bullish on this as a concept than I am
for Solana, though. I I very much agree with what
Logan was saying. I don't think this is going to
be something like, but I think it's could be a new use case for
crypto BCS and and and Silicon Valley founders dumping on
crypto people like wouldn't be the first time.
Look. In their Nets Internet capital
markets. This is the real.
Internet Capital. Market it is.
This is the real Internet capital markets.
I mean I see it as a win win, right?
Like crypto native investors who want access to these and don't
have other paths, that's a win. People who are invested in these
private markets now have more liquidity options.
That is a win for them as well. I think it's going to take more
than just Republic launching on Salon for us to have truly
liquid private secondary markets.
I'm, I'm not naive about that, but this is a step in the right
direction. So I thought this was an
exciting one. The other one that that you have
to be excited by Kaushi $2 billion valuation twice the
amount that we saw Poly market raise for just a day, just a day
before that was fairly eye opening for me, $185 million
raise. I believe it was led by
Paradigm, yes. So this is a Series C valued
them at $2 billion. I saw their CEO, the Kaushi CEO
came out and said they've been doing about a billion dollars of
volume a month, which is also higher than my expectations
because that's that's right in line with what Polymarket is
doing. I think Polymarket's a touch
under a billion a month right now.
I'll be honest, I thought Polymarket was seeing more
volume than calcium. So that does surprise me.
But perhaps it is because they are more regulated in the US and
they are open for business. That US thing is the big one.
If Polymarket gets that, I'm sure with the money that they're
raising that would be their number one focus, then I think
Polymarket would be worth a lot more than calci.
It's also got to be some of the Fiat connection here right too.
It's like way easier to use calci.
They probably mark it's all on Jane.
I've never used it so that that is hard for me to say.
I'm pretty sure. I'm pretty sure you can.
Just like yeah, use USD on calci.
Yeah, House is going to change. Yeah, so.
It's like a So it's like a betting app, Yeah.
So it's probably easier to get deposits.
And it's, and it's mobile and stuff.
I mean, I assume Polymarket as Mando was just mentioning, like
those are the things that they would be working on, right?
Those are the easiest slam dunks to potential onboarding like
ever. Like you get a mobile app in
people's hands and you let them use Venmo money or whatever.
Yeah. It's a big one.
The prediction market proliferation continues.
I think they are absolutely here to stay.
I do think we're going to see more competition.
Was in chats with a few friends. One thinks the DraftKings will
spin up the prediction market. Why?
Because why not? I think I've seen the other take
that Robin Hood perhaps is going to get into this game, so won't
be surprised if it becomes more crowded.
But but clearly market is seeing a whole lot of value for these
things. How many just will go after this
for sure like these these these are essentially very similar to
exchange to our businesses. I I would be super unsurprised
if you start to see finance Coinbase hyper liquid bull
consider this sort of stuff right like that.
They would be in my top ones for, for stuff like this.
And then, yeah, the, the, the gaming apps like you go on to
calci like these are just like, these are just gambling apps.
Like they, yeah, it's like a regulatory, this is, they've got
it is like a regulatory loophole.
But like people, if you go on there, you'd be like, OK, well,
I get to gamble on a sports game, right.
But it's like, because it's PvP, you're going to get it get kind
of get around a lot of that. So I think anyone that runs an
exchange or runs a sports book or casino in the US will be
interested in this product and you'll see massive competition.
I, I think calcium and and polymarket, you know, they would
be crazy not to think that they could maybe get bought as well.
Like, you know, they are probably knowing that there's
going to be so much competition. I I would always consider an
offer from somebody about getting bought.
Absolutely. And there's another prediction
market that we like around here. I know right when when $1
billion raise myriad. I heard that's what Farooq is
working on this week. Also time like Logan.
I don't know if folks know this, but Logan writes a prediction
market article once a week, I believe on Thursdays, where he
goes through some of his favorite bets.
Logie, I'm I'm pulling up the Myriad bar.
I know you haven't started the article yet, or maybe you've
started to think about it. It's not published yet.
What, what, what lines jump out to you this week?
Yeah, so as a a disclosure note, I can't recommend any bets or
anything, but I I try to share what alpha I I possibly can
based on interesting markets. So that comes out on Thursday
afternoons. The things that I'm looking at
this week. There's a handful one there at
the bottom row. Tyler, the President Trump to
swear again to the media before August.
I think this is a really this is a fun market, of course, just
spawned after the E drop the F bomb in that that little clip
that's I believe outside the White House or something.
But if you scroll through to the yeah, resolution criteria, this
includes, you know, both him on camera in those public
appearances as well as Truth Social posts.
Yeah. And that was that was like the
big flag for me. So yesterday as I was like
starting to to gather data and information, I was going through
and trying to determine how frequently, if at all he uses
excessive language. On true social.
It's not very popular. Yeah.
So he doesn't actually do it too often.
Most of the things he uses are those kind of mild words.
He uses words like stupid and, you know, like, I don't know,
think about all the things he's been calling Jerome Powell.
Like, he doesn't rise to the level of dropping the F bomb.
Like, Powell's a stupid F, You know what I mean?
He just calls him a dummy and things like that.
So those would not count. Nevertheless, it's still I think
a pretty interesting market given the volatility of Trump
and all of the things at play right now.
You know, Israel, Iran, lots of things happening all the time
that he could potentially go off about South, a fun market that
I, I was looking into. And I, I think there's some
interesting data like if you do comb through again, I think his
last 50 to 100 posts, there was not a single one.
I didn't go much far beyond that, but interesting on the
last the other two that I think I'm going to write about this
week was the one we actually we chatted about a little bit
earlier was the Etherium 2K to 3K1, which I think is is
interesting for a variety of reasons, right?
You have same sort of stuff that mark the macro overhang, you
know, potentially pushing this in One Direction or the other.
And then you have all the other headlines we chatted about in
the last few days. You have S bet, you know, buying
Etherium, you have the catalysts of analysts, you know, thinking
that these block chains, the underlying assets where there's
actually activity may start to show some price appreciation.
Those, you know, a little bit older headlines, but things like
that. And the last one, of course,
near and dear to me, but also relevant because it's coming up
is there's a Wimbledon market that we're that we're writing
about the men's Wimbledon winner, of course, Alcaraz and
center the top two there in the field.
The third option, I'm not sure where it is.
It's there is all the way to the right there on that.
There it is. Yep, yeah.
So final round of qualifying today, watching off to the side
a little bit this morning. This is another one I'll be
writing about. Alcaraz, of course, the
prohibited favorite as the, you know, the the reigning champion,
just an incredible grass core player place where Sinner has
not yet, you know, quite found his legs.
So be interesting to see. But those are the three that I'm
looking at this week. There's a lot more markets in
the in the V what are we in V3 now?
So people should definitely go check it out.
Absolutely. Well, thanks for that rundown
folks. We're at the top of the hour.
It is time to do our our giveaway didn't have a chance to
to get into Moonberg the the hottest new AirDrop that you may
be seeing on your timeline. So perhaps we'll get into that
on tomorrow's show. Mando, if you haven't seen that,
you probably have some tokens. Yeah, I'm going to go check it
out. I'm going to go check it out.
But it's just another trading app, is it?
That's what someone. Said I honestly don't know what
it is. I tried to figure out what it is
from their website. I believe it it, it's got an IAI
and a data tie in. I understand it is a they're
trying to be kind of a comprehensive AI driven app that
allows you to do things, perhaps make trades, perhaps answer
questions based on their own terminal.
So it is kind of like an AIXPT perhaps meets Prime is the
vision. I understand it, but they've
been fairly secretive about what the product is.
So we'll look for more to come. We also, we saw the flashy
dollar amounts that various influencers, creators are
receiving. We have no idea how that will
actually be executed and how if that's tied to a token, if it's
tied to TG, we're not really sure.
But as NTQD says, don't know what it is, but provocative.
It is provocative indeed and people do like that free money
so I'm sure you'll see more Moonberg on on your timeline.
I think it already jumped to 5th and Kaido in like 12 hours so.
You remember Boop? I do remember boop is a very
painful memory. Good time.
Yes, it it the AirDrop feels a little boop like indeed, as they
they flash you a number, but we'll see how how that number
comes to life. Well, since if you're ready,
let's get into the the giveaway just one today.
The code again is pudgy. Last chance to get in on that
year. Board a little note for people
as well as of next week will continue as normal this week,
but from next week we'll have weekly leaderboards.
So there will be a minimum amount that you have to spend
per week because there's quite a lot of people who are putting up
some good volume. There's quite a lot of people
who have done a dollar day one and nothing since.
And we are giving a lot away, a lot of cash and we want active
people on you and on the show. So as of next week, they'll
probably be a small minimum amount, but it will be based on
a weekly leaderboard rather than just the all time.
And we will pick winners, active people who are actively placing
bets and active on you rather than just sitting there and
waiting for the spins. So be aware of that small
change. But for now it will be just the
normal spin. So we'll see what we get dollar
minimum and away we. Go.
All right, we're spinning. Who's going to win today?
He won the other day today, so I need to do a quick check on that
because, well, he did. He did win the other day, so
that won't be in unfortunately. Sorry, space bar.
You're hot though, my friend. Yeah, let me just remove the
screen for one second and reset it.
And don't worry Mitzi, it was too past you.
But we're going to spin again, so you've got one more shot.
It'll be gutted. We'll space bar.
Sorry mate, we have a, we have a four week lockout.
Four week lockout got to be fair.
We're on the 28th. There we go.
Space Bar was definitely in that yes, he was.
So we'll go again with another winner.
Re roll. I actually really like the kick.
Like I just like. Great set up.
Yeah, when we did the radio yesterday, like it's, it's just
a good, it's good to interact with the audience.
It does seem better. Proud Deep Web 3.
Let's get to check Pretty Web 3. I will close and get his kick
name as well just to be sure. Have a quick look.
I don't think I remember pretty. I don't have that down as a
winner all. Right, pretty.
You won. Come on.
Up here as well, either on the space or in the side chat, we
can do either. Yeah, either jump up on the
space or chat with us in the comments.
Regardless, I believe today we're going to play Plinko, is
that right? So we won't.
We won't need interaction. It's up to you.
We can either do that or what we could do is because after what I
saw the disaster on Reg radio last night of the farm all the
way at the end. What happened?
There was coop didn't go all the way, I think he cashed it with
it 3 grand. But the casino on lamb chop was
clear all the way. The entire Rd. was clear and
they had 1500. Wow.
Everyone 15103 of you won 1500 but he could have been all the
way all the way to the barn. All right, I see.
Pretty in the space. He's here.
All right, All right. He's still connecting.
What do I do? Do I do a lamb chop or do I do
plain Co? Your choice, boys.
To do a lamb chop. Yeah, we're gone because you've
got a you've got an event on for Lamb Chop at the moment, right?
There's an event. Yeah, it's a Lamb Chop.
Let's. Let's let's win some.
Let's do it, pretty Jim. You won, my friend.
How you feeling? You're speechless.
We can play for him, otherwise we.
Can play for him all. Right.
Hi, Pretty. But we're happy for you.
You won. I think we we've kind of talked
about playing this a new way where we we go at least to the
halfway point and then give the winner the chance to choose if
they want to go all the way. So we've done we've just been
doing one shot 500 spins, but we've been doing 1000 on on
wrecks. But they already won 500, right
or how much did they win? Yeah, they.
Already won 500. Yeah, he's already bought 500.
Why? Don't we just do 500 and see see
how far we can? See how far we can get.
We'll be we'll be more risk averse.
Can't tell you properly. All right, pretty bunch.
You go on mute. I think we'll play for you.
We'll play for you. You've.
Won $500 already and you may win more.
OK. Thank you of the circuit.
All right. Are we doing 1?
Then? Are we going for it?
I'm 505 hundred. Let's see.
Let's do. It all right boys, let's get the
music come as well set the tone oh there we.
Are all right. Who wants to drive?
I click it.
OK, Particle. Drive not the first time.
Don't do me first time. Come on all right, we go in
again. Yes or no, it's.
No. Again, yes.
Oh. My.
Goodness, I hate when they get taken.
The second one. All right.
Well, pretty, you still walk away with 500 bucks today.
We'll coordinate with you after the show here.
Congrats. Nice little win still for for
tuning in this morning. And folks, that is going to be
it. That is our show.
I want to thank our listeners as always.
I want to make my Co host want to thank our partners.
Shout out to Kraken with that new crack app as well.
Go check that out folks. We'll be back tomorrow at 10:00
AM Eastern. Until then, go make it a
beautiful day. Bye.