The Daily Stack

Jody and Avi sit down with Adrian Morris of True North, who wrote the long research paper on Strategy's Stretch buybacks. He compares Strive's new SATS preferred (15% fixed) with Stretch, explains why his modeling found the Stretch buybacks indistinct from zero on price, and why he doesn't see MSTR common stock buybacks moving the needle either.

Then the AI question: whether AI capex and raises like Nebius are pulling capital out of bitcoin (his take is that expectations are the real risk, not a rotation), what Metaplanet needs to win back retail trust, why converts come back once bitcoin is much bigger, Vivek Ramaswamy's idea of putting part of Ohio's pensions in bitcoin, and a future where bitcoin sits at $500K and no one blinks. They close on Q4, Adrian's case that AI is about 98.5% of the way to AGI and only needs to be a genius, not a god machine, and rising above AI slop.

Timestamps:
0:00 Intro
0:14 Cold open
0:41 Welcome: Adrian Morris of True North joins
1:29 Strive's new $SATS preferred vs Strategy's Stretch
5:02 Why $MSTR common stock buybacks won't move the price
10:35 Is AI draining capital from Bitcoin? (Nebius raise)
14:49 Stretch buybacks: indistinct from zero
16:47 Metaplanet and winning back retail trust
19:30 Adapt, don't react: Saylor and retail on X
21:42 Converts are coming back
25:49 Midterms, Vivek and Ohio pensions
30:49 What moves the needle for the next 10 million Bitcoiners
33:59 Bitcoin at $500K and no one blinks
35:25 Q4 outlook: SpaceX, AI capex and Bloom Energy
41:56 How most people will actually use AI
49:53 AI is 98.5% of the way to AGI
51:29 We need a genius, not a god machine
54:24 Rising above the AI slop and wrap-up

This podcast is powered by Scanley, AI visibility for banks and credit unions. Get your 1st month free with code DAILYSTACK at https://meetscanley.com

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Not financial advice.

Jody sits down with Jeff Walton, Chief Risk Officer at Strive, to break down SATS, Strive's new fixed rate perpetual preferred that pays $15 per share a year (15% at its $100 par) and sits junior to SATA. Jeff walks through how it compares with SATA and Strategy's Stretch, why he sees capital and capital structure as Strive's moat, and what changed after the warrants expired on October 13 with about 94% of that capital, roughly $700 million, in the door.

Then British HODL joins to talk Strategy using cash to buy back Stretch and trusting management, why he says serious capital isn't going into self custody after two of his videos moved $130 to $150 million into IBIT, Grant Cardone's blend of real estate and bitcoin, and why he sees $126K as a mid-cycle top on the way to his $340K target.

Timestamps:
0:00 Intro
0:13 Cold open
0:42 Jeff Walton, Chief Risk Officer at Strive, joins
1:15 What SATS is: Strive's new fixed rate perpetual preferred
2:36 Why SATS sits junior to SATA
3:45 SATA and Stretch as a bitcoin money market
8:34 AI and the end of technological moats
9:40 Can JP Morgan or BlackRock copy Strive's capital structure?
13:06 The expired warrants and what comes next for SATS
17:57 How retail investors can get into bitcoin finance
19:12 Jeff's story of a $4 billion fraud investigation
21:33 British HODL joins
22:19 How are you going to pump my bags? Treasury company CEOs
27:08 Trusting the management team as an equity investor
29:23 From a billion to a trillion dollar company
30:28 Self custody after the Coldcard incident
34:03 Coldcard vs IBIT: two business models
34:43 Moving cold storage into IBIT for covered call income
35:46 Why real estate is finished
38:51 The Fed, rate cuts and Warsh
40:43 Bitcoin and the 200 week moving average
42:18 What the midterms mean for markets
45:50 Diversifying your bitcoin stack
47:03 British HODL's private community
49:30 Risk beyond the base layer: treasury companies then and now
54:24 The New York panel with Robert Mitchnick and $15.5 trillion in the room
56:59 Execution over spreadsheets
1:00:31 Where to find British HODL and the close

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Not financial advice.

JFDI and Father of Trades join Avi for a tech earnings preview. They cover BlackBerry's QNX royalty backlog hitting $1.25 billion, the AI infrastructure trade (Nebius, CoreWeave, IREN, AAOI, Aehr), why Father of Trades is shorting SpaceX into its earnings tonight (no profit yet, heavy spending and a 28% share unlock), Tesla's PE of 329 ahead of its report, Netflix, Texas Instruments and Meta's capex.

Then KT, CEO of Astro Intelligence, talks building Astro on multiple AI models, why he still sees Meta reaching $1,000 by early 2027 even with 900 calls capping it this year, CoreWeave getting back to about $85, the SPY levels he's watching around 770 to 772, and Alphabet into Meta's earnings.

Timestamps:
0:00 Intro
0:13 Cold open: best moments
0:38 Tech earnings week: what we are watching
1:13 BlackBerry QNX news
3:29 Is Big Tech AI capex priced in?
6:43 SpaceX IPO expectations
14:33 Netflix earnings preview
17:54 Tesla earnings: robotaxi, Uber and EVs
25:36 Meta, AI agents and the road to $1,000
30:36 Meta options flow and positioning
36:20 Texas Instruments and memory chips
39:15 KT joins: Anthropic and OpenAI IPOs
43:46 Astro Intelligence AI trading demo
51:29 Astro pricing and waitlist
53:05 SPY levels into the midterms
56:10 Meta capped at 900? CoreWeave and the $1,000 target
59:13 SpaceX and Tesla merger: 3D chess
1:02:24 Play of the week: Google calls

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Not financial advice.

Joe Consorti joins host Jody Flournoy on Macro Mondays to break down the MSCI index decision on Strategy ($MSTR), Strategy's $STRC buybacks back to par, and why he thinks bitcoin can blast through $100,000. Then Artem Ponomarev, CEO of X-Place, explains borrowing against stocks and bitcoin and why he expects the biggest bull run ever.

Joe walks through the numbers on MSCI forced selling, the Fed and $100 oil, why he treats MSTR as a trade and bitcoin as savings, what people get wrong about treasury company leverage, paper bitcoin, and Michael Burry versus the Fed backstop. Artem covers partial liquidation protection, tokenization and Robinhood, which stocks work as collateral, and how AI job losses could shape markets.

Timestamps:
0:00 Intro
0:14 Cold open: best moments
0:42 Macro Mondays with Joe Consorti
2:56 MSCI index rules and Strategy's forced selling math
4:03 Strategy repurchasing STRC back to par
7:07 Michael Saylor's reply and the subprime double standard
9:47 Fed rate cut odds, $100 oil and credit
13:30 Bull market mindset and a free Bloomberg terminal for bitcoin
16:05 Bitcoin and Nasdaq chart: can BTC blast through $100K?
21:01 STRC price, repurchases and dividend yield
26:22 Should you own MSTR or bitcoin?
27:58 Treasury company leverage misconceptions
30:23 The bitcoin debt spiral YouTuber narrative
33:21 Paper bitcoin and why most conspiracies fail
35:31 Michael Burry vs the Fed backstop
40:30 Will the macro backdrop stay supportive? Where to follow Joe
42:13 Sponsor: Ledn
42:45 Artem Ponomarev of X-Place joins
44:11 Why Artem expects the biggest bull run ever: AI and stimulus
47:51 What X-Place does: borrowing against stocks and bitcoin
50:02 Partial liquidation protection explained
51:26 Robinhood, tokenization and one-to-one backed assets
54:52 Which stocks qualify as collateral: SPX, QQQ and the top names
57:01 Selling vs borrowing against your portfolio
1:01:25 Growth in India and Thailand and the referral program
1:02:59 Outlook: AI job losses, stocks and leverage
1:05:37 Wrap up

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Not financial advice.

JFDI and Father of Trades join the show to debate whether another 25 to 50 basis points of Fed hikes would be healthy for this market, and how often the Fed has hiked back to back before. Then the DRAM beat down: SanDisk and Micron charts, China's CXMT memory push, and whether Micron looks like a bubble at about 7x forward earnings. Also covered: bank earnings from JPMorgan, Goldman and Citi, the Broadcom CEO's comments, how NASDAQ options dealers are positioned into big tech earnings, Fermi's TensorWave and AMD news, and two small-cap ideas, AirJoule (AIRJ) and ICU.

Timestamps:
0:00 Intro
0:16 Cold open
0:47 Welcome: JFDI and Father of Trades
1:04 Eyes on the Fed: would more hikes be healthy?
2:15 Back-to-back hikes in history and the O'Neil warning
3:36 Why can't rates and stocks rise together?
4:04 The DRAM beat down: SanDisk and Micron charts
4:28 China's CXMT memory push
7:07 Is Micron a bubble at a 7x forward PE?
8:15 Bank earnings: JPMorgan, Goldman, Citi
8:48 The Broadcom CEO comments
9:57 Positioning into big tech earnings and NASDAQ dealers
11:11 Fermi up 22%: TensorWave and AMD
12:33 Next trades: AirJoule (AIRJ), water from air
15:42 ICU: a $14M micro-cap dialysis play
18:19 Daily Stack stock leaderboard preview
19:22 Wrap-up and sponsor: Ledn

This podcast is powered by Scanley, AI visibility for banks and credit unions. Get your 1st month free with code DAILYSTACK at https://meetscanley.com

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Not financial advice.

Dane from Hashrate House joins the show to explain how a bitcoin miner can replace the heating element in your water heater, hot tub, radiant floor or driveway, so the heat you already pay for pays you back in sats. He walks through why he went from 80 decibel S19s to silent immersion systems, what a home install takes (a plumber and an L6-30 plug), the ROI question against a 10,000 dollar furnace, writing the gear off as a business expense, and why home miners help decentralize the network. Also covered: mining 101 and the 3.125 bitcoin block reward, home mining vs hosting, natural gas and cold climates, Airbnb hot tubs as a sunk cost, and how to reach Hashrate House.

Timestamps:
0:00 Intro
0:42 Dane from Hashrate House joins
1:24 From jet-engine S19s to immersion heating
2:54 Is it too late to mine Bitcoin at home?
5:20 Heat that costs you nothing, and decentralizing mining
6:56 Writing it off as a business expense
8:17 The ROI question vs. a $10,000 furnace
9:41 Hot tubs, driveways and any heat source
11:10 Install: a plumber, an L6-30 plug, done
13:26 Cities, big installs and going local
14:43 Make LA heat its pools with miners
16:27 Sats, not cents: you don't need a whole bitcoin
17:29 Mining 101: 3.125 BTC every 10 minutes
19:21 Home mining vs. hosting, and the security budget
21:25 $8 a month to heat water, paid back in bitcoin
22:35 How loud is it? The wife approval rating
23:22 Electricity costs, natural gas and cold climates
25:50 Where to find Hashrate House and book a consult
26:15 Installers wanted: plumbers paid in hashrate
28:05 Airbnb hot tubs as a sunk cost
28:58 Ledn and wrap-up

This podcast is powered by Scanley, AI visibility for banks and credit unions. Get your 1st month free with code DAILYSTACK at https://meetscanley.com

Taking a BTC loan? Our friends at Ledn are offering .25% off their lowest rates with our link: https://www.ledn.io/partner/dailystack

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Not financial advice.

Leon Wankum, author of Digital Real Estate, is back on the show with host Jody Flournoy, fresh from the treasury conference in New York. They get into writing a book in the age of AI, whether the four year cycle bottom is in, how store of value went from gold to real estate and why Leon thinks bitcoin takes that role next, and the hidden costs of owning property versus the power law. Then the money mechanics: fiat financing and home prices since the dollar left gold in 1971, borrowing against bitcoin instead of selling it, bitcoin as the hurdle rate every business now has to beat, Grant Cardone's bitcoin real estate funds, and Leon's pitch to real estate investors who have not looked at bitcoin yet.

Timestamps:
0:00 Intro
0:43 Leon Wankum returns to the Friday Stack
1:26 Writing a book in the age of AI
5:12 Scanley: AI visibility
5:41 Four-year cycle: is the bottom in?
10:38 From gold to real estate to Bitcoin
13:11 Real estate's hidden costs and the power law
22:36 Why own real estate at all? Individuals vs. institutions
27:13 Fiat, financing and home prices since 1971
34:14 Borrowing against Bitcoin and building wealth
40:27 Bitcoin as the hurdle rate for businesses
41:47 The pitch to real estate investors
45:47 Wrap-up and where to find the book

This podcast is powered by Scanley, AI visibility for banks and credit unions. Get your 1st month free with code DAILYSTACK at https://meetscanley.com

Taking a BTC loan? Our friends at Ledn are offering .25% off their lowest rates with our link: https://www.ledn.io/partner/dailystack

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Not financial advice.

Grain of Salt joins Treasury Talks with host Jody Flournoy and co-host Halston Valencia for a masterclass on amplification, the math behind how bitcoin treasury companies turn a bitcoin move into a bigger move for common shareholders. Grain walks through his amplification explainer, Strategy's aggregate cost of capital versus Strive's, SATA's dividend, Matt Cole's 1% allocator mandate and room for a third digital credit issuer. They also cover whether Metaplanet can become Japan's largest company, share count math for $ASST, Nakamoto and Metaplanet versus $MSTR, how Grain positions in Strive options, and why execution is what Saylor copycats missed.

This podcast is powered by Scanley, AI visibility for banks and credit unions. Get your 1st month free with code DAILYSTACK at https://meetscanley.com

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Chapters:
0:00 Cold open
0:32 Welcome: Treasury Talks with Grain of Salt on Amplification
2:02 Why Grain Built an Amplification Explainer
4:02 Bitcoin Up 30%, Common Up 34%: How Amplification Really Works
8:44 The House Analogy: a 10% Gain Becomes a 50% Return
11:24 Strategy's 2.24% Aggregate Cost of Capital
14:01 Strive's True Cost of Capital vs SATA's 13% Dividend
15:47 Matt Cole's 1% Mandate and the Dual-Vendor Strategy
20:14 Is There Room for a Third Digital Credit Issuer?
26:41 Reverse-Engineering Matt Cole's Table: Convexity Curves
29:11 2008 No-Money-Down Loans vs Strive's 50% Amplification
31:41 Can Metaplanet Become Japan's Largest Company?
39:39 Share Count Math: Metaplanet 63x Strategy, ASST 7x
48:08 Positioning in Strive Options: Delta Ramp and Full Gamma
57:00 Execution Is the Hard Part: What Saylor Copycats Missed

Key takeaways:
- Grain of Salt's house analogy: put $200,000 down on a $1,000,000 house, and if the house rises 10%, the $100,000 gain is a 50% return on the cash you put in. That is amplification.
- In Grain's worked example, bitcoin rises 30%, the preferred holders take their 13% on their $2 claim (26 cents), and the common keeps $2.74 on $8, a gain of about 34%.
- Grain puts Strategy's aggregate cost of capital at 2.24%, so bitcoin has to rise about 2.24% a year to cover it.
- On share count versus Strategy, Grain said $ASST is about 7 times after its 24 for 1 split, Nakamoto about 8 times, and Metaplanet 63 times.

Listen and follow The Daily Stack:
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Not financial advice.

Pamela Posada conversa con Steph Serrano, fundadora de Escuela Bitcoin México y parte de Unlock, sobre por qué ahorrar en pesos te empobrece. Hablan de cómo México ha perdido el valor del peso, cómo explicarle Bitcoin a alguien que nunca lo ha usado, cómo nació Escuela Bitcoin México y los eventos de Unlock para mujeres en Zacatlán, en la Sierra Norte de Puebla. También comparan el ahorro en efectivo, en el banco o en Bitcoin cuando sube la inflación, y qué hacer y qué evitar en tu primer mes en Bitcoin.

Este podcast es presentado por Scanley, visibilidad en IA para bancos y cooperativas de crédito. Obtén tu primer mes gratis con el código DAILYSTACK en https://meetscanley.com

¿Vas a sacar un préstamo con BTC? Nuestros amigos de Ledn te ofrecen .25% de descuento sobre sus tasas más bajas con nuestro enlace: https://www.ledn.io/partner/dailystack

Capítulos:
0:00 Adelanto: lo mejor del episodio
0:35 Intro: ¿por qué tu dinero en pesos te empobrece?
2:56 Steph Serrano: quién era antes de Bitcoin
8:36 Cómo México ha perdido el valor del peso
11:40 Cómo explicarle Bitcoin a alguien que nunca lo ha usado
14:19 ¿Bitcoin protege contra la pérdida de valor del peso?
16:51 Cómo nació Escuela Bitcoin México
20:59 Unlock y las mujeres en Bitcoin
23:34 Zacatlán: llevar Bitcoin a la Sierra Norte de Puebla
27:59 Estrategias para la autonomía financiera de las mujeres
30:57 El miedo a perderlo todo
33:57 Bitcoin en El Salvador: cobrar como freelancer
35:45 Efectivo, banco o Bitcoin cuando sube la inflación
39:33 Tu primer mes en Bitcoin: qué hacer y qué evitar
43:42 Dónde seguir a Steph y Escuela Bitcoin México
46:20 Cierre
47:00 Patrocinador: Ledn

Puntos clave:
- Más que la volatilidad de Bitcoin, lo que debería preocupar es el poder adquisitivo que el peso y las demás monedas latinoamericanas pierden con el tiempo.
- Su forma de explicar Bitcoin es desde la experiencia: le descargó una wallet a una amiga que le hizo el cabello y le pagó en Bitcoin.
- Con Unlock llevan tecnología y educación financiera a mujeres de Zacatlán de las Manzanas, un pueblo mágico de la Sierra Norte de Puebla.
- Pamela cuenta que aprendió Bitcoin en El Salvador para cobrar como freelancer, porque PayPal no era una opción práctica para los salvadoreños.
- Para el primer mes, Steph dice que lo primero es el compromiso de querer cambiar tu situación: los materiales sirven solo si los abres.

Escucha y sigue The Daily Stack:
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Esto no es asesoría financiera.

Avi Mash hosts Iovance ($IOVA) investor Minnesota Gopher and trader Father of Trades to discuss Iovance's IL-12 tethered TIL program, Amtagvi data in melanoma, non small cell lung cancer, endometrial cancer and sarcoma, FDA CNPV vouchers, a possible Merck buyout, and short selling in biotech. Father of Trades reviews the $IOVA chart and options chain and compares it to $SLS. Minnesota Gopher expects 18 to 22 by year end, and over 30 if a voucher basket is accepted.

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Chapters:
0:00 Intro music
4:43 Minnesota Gopher on $IOVA and biotech short selling
15:37 IL-12 tethered TIL: holy grail of cancer therapy
22:19 Amtagvi frontline push and Keytruda style expansion
24:54 Biotech lagging the market and AI in medicine
29:06 FDA timelines, China drugs and CNPV vouchers
36:08 Iovance buyout, Merck and global distribution
44:04 Lung, melanoma, endometrial and sarcoma TIL data
56:23 $IOVA chart, volume profile and key levels
1:04:10 $IOVA options chain, open interest and gamma ramp
1:14:45 $IOVA price targets and the $SLS comparison
1:24:21 Father of Trades on BlackBerry QNX and holding winners

Key takeaways:
- Minnesota Gopher calls Iovance's IL-12 tethered TIL a potential holy grail because, in his view, it could turn cold tumors hot and make them treatable.
- Minnesota Gopher cited company figures: a 64.3% response rate in EGFR non small cell lung cancer with Keytruda and a 65.2% response rate in frontline melanoma with Keytruda.
- Minnesota Gopher believes Iovance's new FDA and regulatory hires point to a basket submission for CNPV vouchers in non small cell lung cancer, endometrial cancer and sarcoma, and he named Merck as the likeliest acquirer.
- Father of Trades read the options chain as pinning $IOVA near $14 in the short term and said a move above $20 could set up a gamma squeeze, as he saw in $SLS.
- Father of Trades said scalping profits should be parked in high conviction companies and gains should be protected by taking back cost basis on 10x or 15x winners.

Listen and follow The Daily Stack:
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Not financial advice.

Jody Flournoy hosts Bitcoin and macro analyst Joe Consorti on The Daily Stack to discuss the $BTC price near $85K, BlackRock $IBIT inflows, Strait of Hormuz oil exports, FOMC rate hike odds, the 10-year Treasury yield at 5.3%, and Strategy $MSTR, Strive $ASST and $STRC. Consorti argues the bear market is over. He points to falling open interest, a rally of roughly 50% from the $58K low, and Bitcoin rising despite the Treasury market selloff.

This podcast is powered by Scanley, AI visibility for banks and credit unions. Get your 1st month free with code DAILYSTACK at https://meetscanley.com

Taking a BTC loan? Our friends at Ledn are offering .25% off their lowest rates with our link: https://www.ledn.io/partner/dailystack

Chapters:
0:00 Preview: Is the Bitcoin Bear Market Over?
0:33 Joe Consorti Joins: $BTC Near $85K, Path to $100K
2:20 Iran War, Strait of Hormuz and Saudi Oil Exports
5:07 BlackRock $IBIT Inflows and the Four Year Cycle
7:19 FOMC Rate Hike Odds and Weak US Payrolls
10:01 AI Layoffs, Data Centers and Blue Collar Jobs
13:45 Bitcoin Open Interest, Leverage and Liquidations
18:36 Bull Market Definition: $BTC From $58K to $85K
21:57 10 Year Treasury at 5.3% and Bitcoin Rising
33:02 Bond Market Leads the Fed, Michael Burry Doomerism
39:42 Strategy $MSTR, Strive $ASST, $STRC Treasury Risk
46:16 Wrap Up and Ledn Sponsor Message

Key takeaways:
- Joe Consorti said Bitcoin open interest is about 256,000 BTC, the same level as when price was $77K, which he called a very healthy market structure.
- Consorti said Bitcoin rose from $58K to $85K while the 10-year Treasury yield climbed from about 4.2% to 5.3%, which he sees as the market pricing in future monetary easing.
- Consorti said Saudi Arabia's oil exports are back to about 6.1 million barrels per day, near pre-war levels, even though Iran reports zero exports.
- Consorti said FOMC rate hike odds fell to about 20 to 25% after cool inflation and labor reports. Jody Flournoy noted payrolls came in at 29,000 versus about 90,000 expected.
- Jody Flournoy cited the Matt Cole and Robin Seyr discussion: Strategy holds no encumbered Bitcoin and about 18 months of dividend reserves. Consorti said $STRC is almost back at par.

Listen and follow The Daily Stack:
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Not financial advice.

Can you actually live on bitcoin in 2026? Prashanth Chandrashekar, founder of Bringin, joins Avi Mash and Jody Flournoy on The Daily Stack to explain how he moved from India to Estonia, got paid in bitcoin, how Bringin turns self-custody bitcoin into euros for rent and bills, and why banking is still the hardest part for bitcoin businesses in Europe. He also covers self-custody vs KYC, which wallets make sense for small vs large amounts, agentic payments, and his $200K bitcoin call for the end of 2027.

This podcast is powered by Scanley, AI visibility for banks and credit unions. Get your 1st month free with code DAILYSTACK at https://meetscanley.com

Taking a BTC loan? Our friends at Ledn are offering .25% off their lowest rates with our link: https://www.ledn.io/partner/dailystack

Chapters:
0:00 Can you live only on bitcoin?
2:04 How Prashanth Chandrashekar found bitcoin
6:11 Capital controls: India to Estonia on a bitcoin salary
10:38 How Bringin works: bitcoin to euros from self-custody
12:52 Bitcoin business banking in the EU is a nightmare
16:31 Self-custody vs KYC at Bringin
18:27 Which bitcoin wallet to use after the Coldcard incident
25:29 Getting merchants to accept bitcoin
27:38 Bitcoin price prediction: $200K by end of 2027
30:52 Bringin for businesses: bitcoin payroll and one statement
33:17 Will AI agents pay with bitcoin?

Key takeaways:
- Bringin lets you sell bitcoin from your own wallet, on-chain or over Lightning, and get euros in your account to pay rent and bills in the EU.
- Bringin never holds your bitcoin: to buy through it you need a self-custody wallet, theirs or your own.
- For bitcoin businesses in Europe, banks are the bottleneck: one transfer referenced "BTC fees" was enough to get a payment held.
- Prashanth argues convenience and security don't have to be opposites, and multisig across several hardware vendors is too hard for mass adoption.
- On agentic payments: AI agents paying in bitcoin only takes off once more merchants accept bitcoin.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
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Not financial advice.

Tim Kotzman of Bitcoin Treasuries joins Jody Flournoy and Halston Valencia on Treasury Talks, fresh off the Bitcoin treasury conference in New York, to compare Strategy's Stretch ($STRC) and Strive's $SATA now that both are moving to daily dividends, and why $STRC fell farther than $SATA. They also discuss whether Strategy could someday buy 10, 20 or 50 billion dollars of Bitcoin a week, Michael Saylor's "need $10M, raise $50M" advice, the Bitcoin hurdle rate, room for new digital credit issuers, tokenization, and the Digital Credit Digital Conference on October 21st.

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Chapters:
0:00 Intro and Bitcoin Treasuries conference recap
3:28 Digital Credit Digital Conference announced for Oct 21
4:07 Advice for builders: go with your gut
8:02 Can operating businesses beat the Bitcoin hurdle rate?
9:38 Saylor's advice: need $10M, raise $50M
12:21 How Strive and Smarter Web differentiate from Strategy
15:56 STRC vs SATA: daily dividends and splitting capital
18:50 Why STRC fell harder than SATA
20:02 Could Strategy buy $10B to $50B of Bitcoin a week?
22:43 Is there room for new digital credit issuers?
26:44 Tokenization, self custody and the internet of money
33:00 Bitcoin treasury, mining and AI audiences overlap

Key takeaways:
- Tim Kotzman says a narrative at the conference was that just having Bitcoin on your balance sheet isn't enough anymore.
- Tim recounts Jeff Walton's story that Michael Saylor advised: if you need $10 million for a business, raise $50 million so you still have $40 million in Bitcoin if it fails.
- Jody notes the average investor would not have expected STRC to drop farther than SATA, and points to SATA's daily dividends and no debt as reasons it held up better.
- Tim says smaller digital credit issuers would likely need to offer somewhat more than 13% to compete.
- Tim views Strategy selling some Bitcoin as a sign of a two way trade and institutional grade management.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
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Not financial advice.

Guest Tim Kotzman joins hosts Jody Flournoy and Halston Valencia on Treasury Talks to recap the second Bitcoin Treasuries Unconference in New York and announce the inaugural Digital Credit Digital Conference, streaming on X on October 21 from 10 to 2 Eastern. They compare Strive's $SATA and Strategy's Stretch ($STRC) now that both offer or propose daily dividends, and discuss how smaller Bitcoin treasury companies can differentiate. They also cover tokenization, operating businesses, and why consistency matters for builders in the space.

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Chapters:
0:00 Intro: the story of the money
4:42 Treasury Talks welcome with guest Tim Kotzman
5:43 Bitcoin Treasuries Unconference season two recap
9:54 Digital Credit Digital Conference announced for October 21
11:59 When to pivot and why it is time to build in Bitcoin media
16:37 Bitcoin hurdle rate vs operating businesses
23:14 Fastest horse: how non Strategy treasury companies differentiate
27:54 $SATA vs Stretch and daily dividends
35:13 Room for new digital credit issuers
38:18 Who are we sleeping on: Nakamoto, Twenty One, Tether
41:28 Tokenization and 7 day record dates
48:06 Consistency advice and how to follow the conference

Key takeaways:
- The inaugural Digital Credit Digital Conference streams on X on October 21 from 10 to 2 Eastern, with Joe Burnett of Strive, Andrew Webley of Smarter Web and British HODL announced.
- Tim said only three companies, Strategy, Strive and Smarter Web, will have digital credit products on major exchanges at the time of the conference.
- Jody noted Stretch fell further than $SATA in June, suggesting different risk profiles and a case for diversifying across digital credit products.
- Tim argued that just having Bitcoin on the balance sheet is no longer enough and treasury companies need to differentiate.
- Tim's advice to builders: pick a cadence you can sustain, even once a month, and commit to it for the long term.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Pamela Posada conversa con Jan Kotas, programador de origen checo y cofundador de Bitcoin Paraguay, sobre por qué Paraguay atrae a bitcoiners y expatriados que buscan residencia fiscal, libertad y una vida menos dependiente de un solo Estado. Jan explica cómo nació la comunidad Bitcoin Paraguay, sus meetups, talleres para principiantes con la billetera Blink y su curso con billeteras Trezor. También habla de la idea del "stack soberano", de por qué Bitcoin es una herramienta de libertad financiera y de la visión de Paraguay como un hub soberano.

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Capítulos:
0:00 Intro: Bitcoin en Paraguay, más allá de El Salvador
2:04 Quién era Jan Kotas antes de Bitcoin
4:13 Por qué llegó a Paraguay: residencia fiscal territorial
7:30 Anarcocapitalismo, voluntarismo y salir del sistema
11:13 ¿Se puede vivir sin sistema? El stack soberano
15:05 Cómo nació Bitcoin Paraguay: meetups y comunidad
19:55 Cómo explicar Bitcoin a un principiante
28:31 Paraguay como hub soberano para bitcoiners
31:40 Por qué importan las comunidades y las empresas Bitcoin
41:11 Talleres, onboarding con Blink y curso con Trezor
51:38 Pregunta del chat: Bitcoin, el mercado y el oro
57:14 ¿Volvería Jan a República Checa? Dónde seguirlos

Puntos clave:
- Jan llegó a Paraguay buscando residencia fiscal con tributación territorial, no por Bitcoin, y terminó quedándose por la gente y la sociedad local.
- Para Jan, vivir fuera del sistema no es vivir sin él, sino depender menos de un solo Estado: diversificar residencia, empresas, Bitcoin y herramientas como Nostr en un "stack soberano".
- Bitcoin Paraguay nació en mayo de 2024, cuenta con más de 650 personas en la comunidad y, según Jan, unas 3.500 asistencias a sus meetups y alrededor de 500 personas en sus talleres para principiantes.
- Los talleres terminan con cada asistente recibiendo sats en la billetera Blink, y el curso de tres días, dos horas por día, enseña a usar una billetera de hardware Trezor.
- Jan recomienda empezar a explicar Bitcoin con el "por qué": entender por qué el dinero actual falla antes de hablar de la tecnología.

Escucha y sigue The Daily Stack:
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Esto no es asesoría financiera.

Avi Mash returns from a wedding to an $IOVA rally of more than 30% after a guidance raise. With guest Father of Trades he breaks down BlackBerry's ($BB) earnings beat, its QNX partnership with Uber, IOVA's TIL therapy and dilution risk, a Micron ($MU) earnings preview and Nike ($NKE). In the second half, Problem Sniper joins Avi for technical setups on $IOVA, $MU, $LLY, $SNDK, $STX, $ARM and $META, plus a politician-buying name and this week's PCE data.

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Chapters:
0:00 Intro: Avi back from a wedding, IOVA up 32%
5:04 BlackBerry earnings beat and Uber QNX partnership
13:19 IOVA: TIL therapy, guidance raise and the bull case
21:36 IOVA bear cases: trial data, dilution, cash runway
30:24 Micron earnings preview and semiconductors outlook
33:48 Nike: tariffs and brand power
36:47 Break: Ledn sponsor and music
52:58 Problem Sniper joins: IOVA technicals and targets
1:00:13 Micron chart ahead of earnings, politician buying
1:04:05 Trade of the week: Eli Lilly at 1190
1:05:52 SanDisk, Seagate and memory whale flow
1:08:44 PCE, Trump announcement, ARM and Meta

Key takeaways:
- Father of Trades said BlackBerry did about $165 million in revenue and 7 cents EPS, versus analyst expectations of about $145 million and 4 cents, and announced a QNX partnership with Uber for self-driving taxis.
- IOVA raised guidance to 410 to 420 million, and the hosts named dilution as the more likely bear case for a company that is still burning cash.
- Avi decided on air to trim his IOVA January calls, which were up 263%, after Father of Trades argued for locking in profits and not round-tripping a large gain.
- Father of Trades expects Micron revenue growth to be limited near term because it is manufacturing at capacity, with new factories not online until 2028.
- Problem Sniper's trade of the week was Eli Lilly, watching for a daily close above 1190. He put IOVA's upside target around 18 to 18.50 and its downside risk near 12.50.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Brickken CEO and co-founder Edwin Mata, a former M&A lawyer, explains why Robinhood tokenizing $AMC without AMC's permission creates a synthetic product rather than real stock, and why he expects financial systems to run on blockchain by 2030. In the second segment, Erin Gambrel, known as The Blonde Broker and now VP of financial services at Corgi, talks about Corgi Invest's ETF lineup, the Bitcoin four-year cycle, and AI tools for retail traders.

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Chapters:
0:00 Intro: The Story of the Money music opener
5:02 Edwin Mata of Brickken joins: from M&A law to blockchain
8:47 SEC tokenized stock exemption and the Clarity Act
10:42 Robinhood tokenizing $AMC without permission
12:31 Synthetic vs real tokenized stock: voting and claim rights
14:12 Wall Street on blockchain by 2030 and 24/7 trading
17:29 Brickken's tokenization toolbox for all companies
19:13 AI agents, job loss and working faster with AI
29:02 Erin Gambrel, The Blonde Broker, on joining Corgi
34:02 Bitcoin four-year cycle, ETFs and volatility
37:41 AI research, trading tools and manipulation risk
46:34 Why Corgi Invest: low fees and a new ETF issuer

Key takeaways:
- Edwin Mata believes a company has the right to choose where its stock trades, and calls Robinhood's $AMC tokens synthetic instruments for speculation.
- He says if a holder cannot claim the real underlying stock, they do not have the rights and obligations of a shareholder.
- Mata says he has zero doubts all financial systems will run on blockchain technology, citing efficiency rather than belief in crypto, with 2030 as his target.
- Brickken has been live since 2020 and more than 600 million has transacted through its software, according to Mata.
- Erin says Corgi's ETF fees are the lowest she has seen across issuers, and that she reached about 250,000 subscribers across her channels as The Blonde Broker.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Alex Busarov of Heatbit joins The Daily Stack to explain how Bitcoin miners can double as home heaters and air purifiers, putting mining heat to use instead of wasting it. The conversation covers Heatbit's origin story, the new single chip Bitair purifier, how setup works, and why heat reuse miners may be the most resilient and decentralized miners as halvings squeeze margins. They also discuss product safety and custody choices, Heatbit's small AI-assisted team, and using mining as a way to introduce people to Bitcoin.

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Chapters:
0:00 Intro and Alex from Heatbit joins
0:58 Heated driveway idea and Bitcoin heat reuse
2:14 Origin story: an Antminer S9K in the bedroom
6:03 Setup process: Apple-style simplicity, default pool
9:36 Heater vs air purifier: economics of the Bitair
12:03 Home mining, data center approvals and decentralization
13:18 Why heat reuse miners are the most resilient
17:25 Halvings, stock to flow and miners selling coins
20:26 How halvings push mining toward heat reuse
23:13 Coldcard incident, custody and device safety
27:38 Heatbit team, AI and the first production run
31:39 Getting people into Bitcoin through mining, not price

Key takeaways:
- Alex says Heatbit heaters can cover anywhere from 30 to 100% of the power the device uses, running at roughly 40 to 60 terahashes.
- The Bitair air purifier uses a single mining chip so it produces no noticeable heat and earns about a dollar to a dollar and a half a month in a pool. It is meant as an introduction to mining.
- Alex argues large miners turn off machines and sell their Bitcoin when prices fall, and many are moving to AI, while home heat reuse miners have no extra energy cost and no need to sell.
- Bitcoin mined on Heatbit devices goes to the user's chosen pool or directly to them when solo mining. Heatbit does not hold it.
- Heatbit has fewer than 10 people, with Alex saying about 90% of the work is now done with AI.

Listen and follow The Daily Stack:
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Not financial advice.

Heatbit founder Alex Busarov joins The Daily Stack to explain home Bitcoin mining with devices that reuse mining heat, including Heatbit's heaters and the new Bitair air purifier with a single chip miner. The conversation covers setup, how much heater mining can offset a power bill (30 to 100% by his estimate) versus about a dollar a month from Bitair, why heat reuse miners are the most resilient, halvings and miner margins, safety and custody choices, and Heatbit's first production run. The show also covers rate hikes, the bond market and Bitcoin as a check on war funding.

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Chapters:
0:00 Intro: The Story of the Money
5:02 Welcome Alex Busarov of Heatbit, Midwest Bitcoin Summit recap
8:11 Rate hikes, national debt and Bitcoin as a check on war funding
12:37 Heated driveways and Alex's start with an Antminer S9K
16:33 Bitair air purifier miner and plug and play setup
21:02 Heater economics vs Bitair output
23:30 Anti data center politics and decentralized home mining
26:05 Why heat reuse miners are the most resilient
30:09 Halvings, stock to flow and shrinking miner margins
35:53 Coldcard incident, custody and device safety
40:18 Heatbit team, AI and the first production run
45:29 Bitair giveaway code and Ledn

Key takeaways:
- Heatbit heaters run about 40 to 60 TH/s, and Alex says the bitcoin mined can cover 30 to 100% of the power the device uses.
- Bitair uses a single mining chip so it adds no noticeable heat, earning about $1 to $1.50 a month in a pool. It is meant as an introduction to mining, not an income source.
- Alex argues heat reuse miners pay nothing extra for electricity, so they don't need to sell their bitcoin or switch off when price falls.
- Halvings squeeze margins: Alex's example is a 60% margin dropping to about 20%, and a 40% margin going into the red.
- Heatbit does not hold users' mined bitcoin: users mine to the pool of their choice or solo mine. The company has fewer than 10 people, with Alex saying about 90% of the work is now done by AI.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
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Not financial advice.

Robin Seyr returns to The Daily Stack's Treasury Talks to follow up on his MSTR to $1,000 thesis. He estimates $MSTR could reach about $250 if Bitcoin hits $100K by year end, and $1,000 per share as a baseline to slightly bullish case if Bitcoin reaches $200K to $300K over the next two to three years. The conversation also covers Stretch ($STRC) buybacks and its return to par, Strategy versus Strive ($ASST), neobank yield products built on Stretch, doing your own research on treasury companies, and lessons from the Coldcard incident.

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Chapters:
0:00 Preview: Bitcoin to $100K and Stretch buying power
1:00 Robin Seyr returns for the MSTR $1,000 follow up
3:11 Where MSTR could trade if Bitcoin hits $100K
4:50 Bull market signals and the $1,000 MSTR case
8:07 Stretch buybacks and getting back to par
13:27 Strategy and Strive: friendly competition
18:13 Stretch as institutional backbone and S&P 500 catalysts
21:30 Castle and Stretch backed high yield accounts
26:21 Global treasury companies and management risk
32:34 Why treasury stocks need ongoing research
40:31 Coldcard incident and self custody lessons
46:29 What to watch next: Q3, midterms and Bitcoin

Key takeaways:
- Robin estimates MSTR at roughly $250 per share if Bitcoin reaches $100K by year end, with a premium of around 1.4 to 1.45 and another 10,000 to 30,000 BTC bought.
- With Bitcoin at $200K to $300K, Robin sees $700 to $800 per share as a bearish conservative case and $1,000 as a baseline to slightly bullish case for MSTR.
- Robin says Strategy bought 170K Bitcoin this year despite a bear market, and that Stretch reaching $50 to $60 billion in value could enable weekly buys of 40K to 60K BTC.
- Robin describes a future where neobanks offer customers around 7% on Stretch backed accounts and keep the spread from Stretch's 12% rate.
- Robin says the Coldcard incident did not affect him and calls it a wake up call to stop trusting hardware wallets to generate entropy.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ

Not financial advice.

La doctora Cristina Llamas Rey, cofundadora de Women of Bitcoin y CEO de Bitcoin Policy UK, conversa en The Daily Stack en español sobre por qué tan pocas mujeres participan en Bitcoin y qué errores comete el ecosistema al intentar incluirlas. Cuenta su paso del derecho espacial a Google y al comercio online, cómo nacieron las comunidades de Women of Bitcoin tras Madeira 2024 y por qué el primer paso es probar una wallet y recibir los primeros sats en comunidad. También habla de la regulación de Bitcoin en el Reino Unido, la identidad digital y los riesgos de privacidad para quienes tienen Bitcoin.

Este podcast es presentado por Scanley, visibilidad en IA para bancos y cooperativas de crédito. Obtén tu primer mes gratis con el código DAILYSTACK en https://meetscanley.com

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Capítulos:
0:00 Brecha de género en Bitcoin y presentación de Cristina Llamas Rey
2:38 Del derecho espacial a Google y una tienda online
6:20 Bitcoin Corporate Day en Londres
8:34 De inversión especulativa a entender Bitcoin en comunidad
11:46 Madeira y la poca presencia de mujeres en eventos
14:00 Por qué Bitcoin no atrae a las mujeres: la casa y el hogar
19:17 Por qué existe Women of Bitcoin y cómo nació
26:27 Errores del ecosistema al intentar incluir mujeres
30:26 Primer paso realista: usar Bitcoin y recibir tus primeros sats
37:42 Bitcoin Policy UK y la regulación en el Reino Unido
43:21 Identidad digital, privacidad y ataques físicos
49:13 Cierre: tu primer sat y Bitcoin como bote salvavidas

Puntos clave:
- En el Bitcoin Corporate Day de Praga de este año hubo una sola mujer entre unos 50 ponentes, y Cristina estima que el público femenino fue de alrededor del 5%.
- Según Cristina, a muchas mujeres les interesa menos qué es Bitcoin y más cómo usarlo y cómo puede beneficiar a su familia.
- Cristina sostiene que no falta educación sobre Bitcoin, sino experiencia real: bajar una wallet, recibir el equivalente a un dólar o una libra en sats y usarlos.
- Women of Bitcoin surgió tras un encuentro de mujeres en la conferencia de Madeira 2024 y funciona como comunidades descentralizadas y voluntarias.
- Cristina describe al Reino Unido como una de las jurisdicciones menos amigables con Bitcoin, aunque destaca que Bitcoin fue reconocido como propiedad privada.

Escucha y sigue The Daily Stack:
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Esto no es asesoría financiera.

Avi Mash hosts JFDI and Father of Trades to discuss Meta's Muse launch and the $META chart, which JFDI targets near $1,000. They also cover BlackBerry ($BB) and its new QNX related contract ahead of earnings, Bitcoin after the reserve news, Viking Therapeutics ($VKTX) obesity data, and Iovance options flow. Problem Sniper then joins to share chart levels on Bitcoin, $MU, $META, $ARM, Cerebras, $MSFT, SpaceX, $QCOM and $CRDO, including a cup and handle setup he says points Bitcoin toward 100,000.

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Chapters:
0:00 Intro and the new combined show lineup
6:35 Meta's Muse rally and the $1,000 META target
13:34 Why would Google let Meta access Gmail?
17:13 Bitcoin reserve news and JFDI's Bitcoin chart
26:16 BlackBerry contract, QNX and earnings preview
37:48 Viking Therapeutics jumps on obesity data
41:07 Iovance short interest and options flow
52:28 Problem Sniper: Bitcoin cup and handle toward 100K
58:10 Micron, SanDisk and AI memory demand
1:07:45 Meta Connect preview and AI hardware
1:12:06 ARM levels and a Cerebras live trade
1:16:53 Viewer picks: SpaceX, Qualcomm and Credo

Key takeaways:
- JFDI measures Meta's breakout from a roughly 500 to 750 range and gets a target around 1,000 to 1,200. Avi cites 2.8 million Muse downloads in the first 12 days.
- Father of Trades says BlackBerry landed a contract starting at $100 million. He expects 6 to 7 cents EPS and 160 to 170 million in revenue, against analyst estimates of 4 cents and 145 million.
- Father of Trades sees BlackBerry at a $60 stock or higher by the end of 2027. He says he would only doubt the thesis if customers began migrating away from QNX.
- Problem Sniper measures a Bitcoin cup and handle from the 82,000 level to about 102,000. He expects Bitcoin to reach 100,000 this year.
- Problem Sniper sees Micron reaching 1,200 before earnings on September 30. He argues AI applications will keep memory demand from being cyclical.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Macro analyst Joe Consorti joins host Jody Flournoy to explain why he thinks the Bitcoin bear market is over after $BTC jumped from about 81,500 to 85K-86K, despite the Fed's first rate hike in about three years. They cover why "rates lead the Fed," the midterms as the remaining event risk, the failed Clarity Act, Strategy buying 950 BTC and repurchasing $174 million of $STRC, Joe's 50-week moving average signal and Bitcoin terminal, and ETF versus self-custody.

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Chapters:
0:00 Intro: Joe Consorti on rates leading the Fed
1:19 BTC pops to 85K after the Fed's 25 bps hike
4:54 Midterms as Bitcoin's last remaining event risk
8:12 Inflation base effects and cover for Fed cuts
10:30 Debasement trade: gold, Bitcoin and Treasury buybacks
11:30 Clarity Act failure and what it means for Bitcoin
18:25 Strategy buys 950 BTC and repurchases STRC
24:43 50-week moving average and the cycle low signal
29:02 Joe's vibe-coded Bitcoin terminal and AI curation
34:45 82K level, end of Q3 and the four-year cycle
44:35 Bitcoin custody: ETFs vs self-custody
50:25 What to watch: Fed meeting, midterms, October

Key takeaways:
- Joe says the Fed sets policy rates while the Treasury market sets real rates. With the two-year yield about 75 basis points above fed funds, he called the hike largely performative: rates lead the Fed.
- Joe sees the midterms as the main remaining event risk for Bitcoin, more a cap on a breakout than a downside catalyst.
- Inflation base effects starting early next year could give the Fed cover to cut rates, which Joe views as positive for Bitcoin.
- Per Joe's backtest, a close above the 50-week moving average has a 100% cyclical hit rate excluding the COVID crash, and an 88% hit rate across all instances.
- Joe argues most people will hold Bitcoin through ETFs. He says technically literate holders should self-custody.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Stephan Livera, host of the Stephan Livera Podcast and an advisor to Orange BTC, joins The Daily Stack to discuss what the Coldcard incident means for "not your keys, not your coins," why multisig and multi-vendor multisig matter, and the gap between roughly $5 to $7 billion of insurance coverage and $1.6 trillion in bitcoin assets. He also covers whether $58K was the cycle bottom, Orange BTC trading at about 0.72x its bitcoin holdings, treasury companies like Strategy ($MSTR) and Strive, and why he thinks AI productivity and abundance strengthen the case for bitcoin's 21 million cap.

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Chapters:
0:00 Cold open and introducing Stephan Livera
2:08 Not your keys, not your coins after the Coldcard incident
3:18 ETFs vs multisig: where self-custody goes next
7:06 Should podcasters be blamed for the Coldcard bug?
9:39 Government seizure risk and leaving a country with bitcoin
14:02 The bitcoin insurance gap: $5B to $7B vs $1.6T
16:38 Was $58K the bitcoin cycle bottom?
18:14 Orange BTC, mNAV discounts and treasury companies
23:33 Will Fortune 500 companies hold bitcoin?
26:11 Bringing the next wave of users to bitcoin
30:23 AI productivity, abundance and keeping your winnings in bitcoin
32:57 AI doom, job disruption and the end of civilization debate

Key takeaways:
- Livera says the Coldcard incident shows self-custody is no longer as simple as buying a hardware wallet and writing down 12 words, and he expects more people to move toward ETFs on one side and multisig on the other.
- He argues it is unfair to blame generalist podcasters like BTC Sessions, Matt Odell and Natalie Brunell, noting that even Ledger Donjon did not find the vulnerability.
- Livera says bitcoin insurance covers under 1% of bitcoin assets, but multisig and other security techniques offer protection gold can't.
- Livera thinks there is a good chance $58K was the bottom and says Orange BTC holds about 3,900 BTC, putting it roughly in the top 23 treasury companies.
- He sees AI as a disruptive but productive tool and expects the next decade to favor capital and asset holders more than wage earners.

Listen and follow The Daily Stack:
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Not financial advice.

Avi Mash hosts options trader Problem Sniper the day before FOMC to discuss a weak 20-year Treasury auction, Bitcoin and the dollar, and why he took the no rate hike side on a prediction market. They cover Meta's new Muse AI tool and personal trading bots, then chart $META, $ZS, $AMZN, $AMD, $SMH, $CVX and $MRNA, plus audience requests on $SNDK, $MU, $RKLB, $HOOD and $ALAB.

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Chapters:
0:00 Intro song and show open with Problem Sniper
4:39 20-year auction, Bitcoin, FOMC no hike bet, $MSTR calls
7:50 Meta Muse AI tool and personalized trading bots
15:44 $META chart: consolidation and breakout setup
19:22 $ZS and cybersecurity names breaking out
20:52 $AMZN falling wedge and Anthropic IPO
23:27 $AMD trendline and 600 target
24:28 FOMC impact on semis, oil and $CVX
29:38 $MRNA consolidation and whale call flow
31:12 Audience picks: $SNDK, $MU, $RKLB
35:23 $HOOD and $ALAB breakdowns, wrap up

Key takeaways:
- Problem Sniper took the no rate hike side of a prediction market bet at around 24 cents, and the no hike odds were about 83 percent during the show.
- He says Meta's Muse already runs his morning news, daily reports and pre-market scans, and he trusts Meta with data more than private AI companies.
- He sees $META in a long consolidation like past mega cap breakouts, eyeing a 700 to 720 test and a long-term view of $1,000 plus.
- He flagged $AMD breaking a trendline around 530 toward 600, and $ZS moving past 190 toward 200 and then 205 to 212.
- He noted a whale holding about 11,000 $MRNA 165 calls worth around a million dollars, and called $SNDK, $MU and $RKLB charts unclear for now.

Listen and follow The Daily Stack:
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Not financial advice.

Avi Mash and his co-host preview the September FOMC decision. The co-host takes a contrarian view that the Fed will hold rates despite markets pricing in a hike, and explains a short-term gold and Nasdaq calls trade. They also preview BlackBerry ($BB) earnings, covering QNX, Alloy Core, the bear case against Linux and Android Automotive, and the roughly $950 million royalty backlog, then discuss AI as defense spending, an Italian natural gas small cap, and StockTwits trending tickers like $QXO, $CMG and $CAVA.

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Chapters:
0:00 Intro
4:13 Welcome: FOMC tomorrow and BlackBerry on deck
7:04 Why the Fed may hold: politics, midterms, Iran, tariffs
11:02 87% hike odds, Polymarket and the gold and Nasdaq calls play
12:34 AI trade, data centers and the race with China
16:16 AI as defense: DoD contracts, cyber and drones
20:56 $BB earnings preview: estimates, QNX and Nvidia royalties
27:07 BlackBerry Alloy Core and the rerating question
28:41 Bear case: QNX vs Linux and the royalty backlog
34:30 Mini monster: Italian natural gas producer
39:05 StockTwits trending: $QXO, $CMG and $CAVA
42:28 Wrap up and JFDI joining next week

Key takeaways:
- The co-host expects the Fed to hold rates, with a hike more likely in December, even though markets were cited as pricing an 87% chance of a hike.
- His trade is short-dated calls expiring Friday on gold and Nasdaq. He says gold could drop $200 an ounce within days if rates are hiked.
- For BlackBerry, analysts were cited at 4 cents EPS and about $144 million in revenue. The co-host expects 6 to 7 cents and a double beat with raised guidance.
- Federal AI contracts were cited at $91.8 billion in 2026, with 98% from the Department of Defense. DoD AI contracts were cited as rising from 254 in 2022 to 1,300 in 2026.
- The co-host argues QNX is winning more contracts than it loses to Linux, and that the $950 million royalty backlog comes mostly from established, cash-flow-positive customers.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
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Not financial advice.

Varda Pandey, the macro writer behind Pandemonium (pandemonium.sg), returns to The Daily Stack to explain research showing Bitcoin's extreme-day tails were almost five times the S&P 500's before the ETFs and are now roughly four times smaller. They cover a near-certain FOMC hike priced at over 90 percent, AI capex and the $DRAM memory ETF, oil, pro-cyclical ETF flows versus passive index investing, gold's rising volatility, MSCI's pending decision on Strategy ($MSTR), and the midterms.

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Chapters:
0:00 Cold open and Varda returns from Pandemonium
1:40 FOMC: markets pricing a near-certain rate hike
3:49 $DRAM selloff, AI capex and higher yields
7:12 Oil outlook and Jim Rickards' Chevron call
9:29 Instinct AI tool and faster AI adoption
11:01 Bitcoin vs S&P 500 tail risk research
15:12 The four-stage life cycle of an asset class
19:48 Passive rebalancing vs pro-cyclical ETF flows
22:24 Whales, Wall Street and institutional buyers
26:29 Gold footnote, correlation and debasement trade
32:25 MSCI decision on Strategy ($MSTR)
38:53 Midterms, AI politics and market risk

Key takeaways:
- Varda found Bitcoin's worst days stood almost five times further from ordinary days than the S&P 500's before the ETFs, and today the S&P's tails are roughly four times more pronounced than Bitcoin's.
- When ETF flows started, Bitcoin's jump volatility dropped 60 percent, but heavier options and derivatives activity from 2024 onward brought jump volatility back up.
- Varda says Bitcoin's realized vol went from about 70 percent to 50 percent but will not reach S&P-like levels soon because there is no passive index investing in Bitcoin.
- ETF flows are pro-cyclical: Varda cited about $4.4 billion of outflows in June 2026 as Bitcoin fell, versus daily inflows of roughly $260 to $280 million in late August as it rose.
- Varda believes a possible MSCI exclusion of Strategy may not be as big an event as it is made out to be, since a large chunk of the impact may already have played out.

Listen and follow The Daily Stack:
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Not financial advice.

Avi Mash welcomes back Varda Pandey, the Singapore-based macro writer behind Pandemonium (pandemonium.sg), to discuss research finding that Bitcoin's extreme-day tails are now less pronounced than the S&P 500's after the ETF launch. They also cover a Fed hike priced at over 90% probability, AI capex and memory stocks, oil, ETF flow behavior, whale concentration, and the pending MSCI index decision on Strategy ($MSTR) ahead of the midterms.

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Chapters:
0:00 Intro
5:01 Varda Pandey returns, Pandemonium macro research
6:13 FOMC: markets pricing a near certain hike
8:13 Memory stocks, $DRAM and AI capex sentiment
11:11 Oil outlook and growth holding up
14:59 Bitcoin worst days now tamer than the S&P 500
19:16 Asset class life cycle and missing passive investing
24:50 ETF flows are procyclical, gold and central banks
26:19 Whale concentration and institutional buyers
30:26 Gold volatility footnote and near zero correlation
36:00 MSCI decision on Strategy $MSTR
42:46 Midterms, markets and AI policy

Key takeaways:
- Varda says markets price over 90% odds of a Fed hike, and not hiking would be a credibility challenge for the Fed.
- Before the ETFs, Bitcoin's worst days stood almost five times further from ordinary days than the S&P 500's; today the S&P's tails are roughly four times more pronounced than Bitcoin's.
- Varda argues Bitcoin's realized volatility fell from about 70% to 50%, but will not match the S&P without passive, index-style investing that buys on dips.
- ETF flows are procyclical: he cites about $4.4 billion of outflows in June 2026 when Bitcoin fell, versus daily inflows in late August when it rose.
- Funds tracking MSCI indexes hold about 13 million $MSTR shares, roughly 3.1% of shares outstanding, and Varda thinks much of any exclusion impact may already have played out.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Utkarsh Ahuja, founder and managing partner of Moon Pursuit Capital, joins Jody Flournoy on The Daily Stack to discuss where $BTC sits in the four-year cycle after its 126K high and roughly 59K low, the role of whales and global money supply, MetaPlanet and Bitcoin treasury companies, and the odds of the Clarity Act passing. He explains how his firm pulled out about 95% of its holdings in the first week of October 2025 and is now launching a pure market neutral quant fund. He gives a view of 100K to 150K by the end of 2027 and around 250K within three to three and a half years.

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Chapters:
0:00 Intro: 9/11 remembrance and Midwest Bitcoin Summit
2:48 Bitcoin volatility after CPI data
3:58 The 82K trend line, Iran war and sanctions
5:00 Utkarsh Ahuja joins: has Bitcoin bottomed?
6:16 Is the four-year cycle still alive?
11:19 Whales, cycles and institutional buyers
13:16 MetaPlanet warrants and Bitcoin treasury companies
18:46 Clarity Act Senate vote odds and midterms
23:26 Moon Pursuit Capital exits before the October 2025 top
25:33 Market neutral quant strategies and AI
31:08 How to invest, 29 strategies and crowded trades
35:36 Bitcoin price prediction for 2027 and 250K

Key takeaways:
- Ahuja is in the four-year cycle camp but credits global money supply, geopolitical events and whales as the drivers, and expects a maturing market with less extreme highs and lows, rejecting 400K to 500K calls for this cycle.
- He doubts Bitcoin revisits the roughly 59K low this cycle but expects September to stay volatile, with a more sustained uptick possibly starting in early to mid October.
- Moon Pursuit Capital pulled out around 95% of its holdings in the first week of October 2025, ahead of the cycle top and the October 10 crash.
- He sees investing in treasury companies like MetaPlanet as carrying higher volatility and risk than holding the underlying Bitcoin, even with tax advantages such as those in Japan.
- Market neutral strategies can get crowded over time, so platforms have to keep evolving their strategies to maintain returns. His firm's platform runs 29 automated strategies.

Listen and follow The Daily Stack:
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Not financial advice.

Jody Flournoy and Halston Valencia break down the Metaplanet executive compensation controversy, where the Series 10 executive stock option pool grew from 46 million to about 319 million shares as the company issued stock. They also cover why Strive ($ASST) is holding steady around $27 with trading volume up 9.7x. Guest Andrew Tilmann of the Midwest Bitcoin Summit joins to discuss trust after the Coldcard incident, AI regulation ahead of the midterms, pro-Bitcoin policymakers, and plans for the summit in Columbus and in 2027.

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Chapters:
0:00 Intro: Strive holds near $27 as Bitcoin hits 77K
2:51 Metaplanet executive stock option pool controversy
5:27 Elon Musk pay package and why timing matters
7:34 Why Strive is outperforming: transparency and trust
9:33 $ASST trading volume up 9.7x and small cap appeal
10:54 Andrew Tilmann joins: Midwest Bitcoin Summit
12:23 Coldcard, Liquid, Trezor phishing and trustless systems
17:50 AI regulation, midterms and pro-Bitcoin policymakers
22:09 Building an inaugural conference and 2027 in Cleveland
26:06 Getting a Bitcoin job and building trust in person
29:48 Andrew Tilmann on executive pay and fiat games
34:54 Closing: fiat is the true enemy, get off your phones

Key takeaways:
- Metaplanet's Series 10 executive option pool was tied to 20% of fully diluted shares and grew from 46 million to about 319 million shares before being frozen around August 18.
- $ASST trading volume reached 1.5 billion versus 161 million three weeks earlier, a 9.7x increase, which the hosts attribute to investors seeking small cap upside.
- The hosts credit Strive's Matt Cole and Jeff Walton for open communication about executive pay and say Strategy lost trust over the past three to four months.
- Andrew Tilmann says the Coldcard and Liquid incidents flew under the mainstream radar because media attention is focused on AI.
- The Midwest Bitcoin Summit has about 80 to 86 sessions across four stages, and Tilman says it will return in 2027, tentatively in Cleveland.

Listen and follow The Daily Stack:
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Not financial advice.

Pamela Posada conversa con Evelyn Lemus, cofundadora de Bitcoin Berlín, a cinco años de la ley Bitcoin en El Salvador. Hablan de cómo llegó a Bitcoin, cómo educan a comerciantes en Berlín (alrededor de 160 negocios aceptan Bitcoin) y la expansión a Bitcoin La Laguna en Chalatenango. También presentan su guía Bitcoin para Negocios, las clases gratuitas para la comunidad y cómo apoyar los proyectos.

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Capítulos:
0:00 Cinco años de la ley Bitcoin y Evelyn Lemus
2:07 Evelyn Lemus: de la educación financiera a Bitcoin
9:25 De aprender a educar: Chivo, los 30 dólares y Mi Primer Bitcoin
16:05 Un martes cualquiera pagando todo con Bitcoin en Berlín
17:13 Qué es una economía circular de Bitcoin
20:05 Cómo educar a comerciantes: cóbreme aunque sea una pupusa
28:53 Cambiar bitcoin a dólares no es una derrota
35:14 Bitcoin La Laguna: replicar el modelo en Chalatenango
44:46 La guía Bitcoin para Negocios
51:57 Inteligencia artificial para aprender Bitcoin
53:50 Clases de inglés, becas y talleres en Bitcoin Berlín
59:43 Cómo apoyar y el Festival El Salvador del 19 de septiembre

Puntos clave:
- En Berlín, El Salvador, alrededor de 160 negocios aceptan Bitcoin y se puede pagar café, pupusas, transporte y hotel con bitcoin.
- Su método con comerciantes es sin presión: empezar cobrando una sola pupusa en Bitcoin y aumentar poco a poco hasta el total.
- Evelyn no ve como una derrota que la gente cambie bitcoin a dólares: mientras todo no se mida en sats seguirán necesitando dólares, y con el tiempo la gente pierde el miedo.
- Bitcoin La Laguna cumplió un año y tiene alrededor de 30 negocios en un pueblo de unos 2,000 habitantes, donde los comerciantes usan Bitcoin entre ellos.
- La guía Bitcoin para Negocios se puede descargar en línea en español, la versión en inglés está casi lista y ayuda a comerciantes después de instalar una billetera.

Escucha y sigue The Daily Stack:
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Esto no es asesoría financiera.

The Daily Stack's post Labor Day show covers the Palantir and Nebius partnership ($PLTR, $NBIS), an Oracle ($ORCL) breakout setup, the Diageo ($DEO) short, a naked shorting explainer, Reddit ($RDDT) catalysts tied to Anthropic, and Qualcomm's ($QCOM) Amazon AI chip deal with co-host Father of Trades. In the 2:30 segment, Problem Sniper joins to chart $SPY, discuss Fed rate odds on prediction markets, and cover $INTC, $GS, $TSLA, $AMZN, $RDDT, $ZS, covered calls and $LRCX.

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Chapters:
0:00 Intro, week ahead: PCE, CPI and Fed decision
10:52 Palantir and Nebius Foundry partnership, $NBIS chart
17:03 Oracle breakout setup ahead of earnings
23:22 Rest of year outlook, dry powder, Anthropic IPO
27:19 Diageo $DEO short update
31:17 Short selling risks and naked shorting explained
41:32 Reddit chart, Anthropic lawsuit and Google catalysts
49:11 Qualcomm Amazon AI chip deal, then a music break
1:48:48 Problem Sniper joins: $SPY and Fed rate prediction markets
1:55:49 Do charts matter more with AI agents? $INTC, $GS setups
2:03:37 Tesla robotaxi, Optimus, Amazon, Reddit and $ZS
2:13:38 Covered calls into September, AppLovin and $LRCX

Key takeaways:
- Nebius will be integrated into Palantir's Foundry commercial software; the $NBIS chart was watched for resistance in the 267 to 280 area.
- Oracle gapped up to about 171; a Guggenheim note with a 400 dollar target was read on air.
- Father of Trades said his Diageo short was down 7.76 percent since entry, with a target near 80.
- Qualcomm's Amazon deal was described as up to 60 billion dollars in AI chips, compared with 44.28 billion in 2025 revenue, with Amazon warrants at 161.
- Problem Sniper argued charts become more reliable as more people and agents trade, citing Intel calls that went from about 2 to 8 dollars.

Listen and follow The Daily Stack:
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Not financial advice.

Host Jody Flournoy talks with Michael Sullivan (Sully) about Bitcoin sentiment data. Sully finds positivity rising among long-term Bitcoiners while newer holders remain apathetic and angry, and argues retail is not back yet. Earlier, Nathan Dennis and Elizabeth (Bitcoiner Liz) of Bitcoiner Talent cover the Bitcoin jobs market, hiring at Strive, and how AI is changing what companies look for, and the show also covers prediction markets, writing in the age of AI, and the long-term link between AI deflation and Bitcoin.

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Chapters:
0:00 Intro: Bitcoin jobs report day
1:01 Bitcoiner Talent: Nathan Dennis and Liz
3:39 Strive hiring Ben Workman and Jeff Walton
6:17 Bitcoin jobs market, AI and hiring
11:03 Nathan Dennis on funding through the bear
12:39 Michael Sullivan joins: sentiment read
16:24 Newer Bitcoiners apathetic, OGs more engaged
21:37 How everyday plebs can read sentiment
29:55 Prediction markets and skin in the game
36:25 Writing evergreen work and AI writing
45:57 Next research: Metaplanet and AI vs Bitcoiners
51:20 AI as a deflationary force and Bitcoin

Key takeaways:
- Sully says retail is nowhere near back yet, and newer Bitcoiners show more apathy, anger and annoyance than longer-term holders.
- His data shows long-time Bitcoiners become less emotionally volatile the longer they have been in Bitcoin.
- When Bitcoin dropped to 58K, fear was extreme, and Sully uses sentiment data to spot when the crowd may be overreacting.
- Sully sees prediction markets as a high-signal gauge because participants put money behind their views.
- Bitcoiner Talent's mission is to cut wasted recruiting effort by matching companies with the right Bitcoiners, and the guests say Bitcoin and AI skills are now closely linked.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
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Not financial advice.

On Treasury Talks, Halston Valencia and her co-host discuss $MSTR breaking $140 live on the show, the co-host's short-term $MSTR call trade, and Halston's view that Bitcoin treasury companies now need an operating business or financial products beyond simply holding BTC. They cover $ASST LEAPS and taxes, IBIT versus self-custody after the Coldcard incident, the toxic maxi debate, BTC Optioneer's case that Strive could outperform Bitcoin 2x, Bitcoin's 82k level, the power law, and their price calls for the Midwest Bitcoin Summit on September 23rd.

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Chapters:
0:00 Intro: Halston on MSTR, SATA and Stretch
1:36 Short-term MSTR 130 calls trade with Sniper
3:26 Strategy buy, Strive, OrangeBTC and the treasury playbook
8:38 ASST LEAPS, tax planning and IBIT loss harvesting
13:31 IBIT vs self-custody after the Coldcard incident
17:17 Multisig, Ledn loans, 82k and the Sept 9 bond operation
20:00 Escaping the echo chamber: Sniper and Lindsay Stamp
21:56 Halston on the toxic Bitcoin maxi environment
25:11 MSTR breaks 140, Bitcoin 81k to 82k chart
27:32 BTC Optioneer: Strive 2x thesis, STRK income and adding value
35:17 Bitcoin power law with Dan Hillery and Fred Krueger
37:21 Bitcoin price predictions for Midwest Bitcoin Summit

Key takeaways:
- Halston argues that simply buying Bitcoin for the balance sheet no longer works, and that winning treasury companies will have operating businesses or financial instruments, like Strategy, Strive and OrangeBTC.
- BTC Optioneer's view, shown on air: Strive $ASST could outperform Bitcoin 2x over the next few years, with 100% BTC yield equaling 2x outperformance as long as mNAV stays stable.
- On LEAPS, the co-host highlights choosing 2028 expiries so a sale can qualify for long-term capital gains rather than short-term rates.
- Sniper's key level is an 82k Bitcoin break, with little resistance seen until 97k, and $MSTR broke 140 during the show.
- Price calls for Midwest Bitcoin Summit (September 23rd): the co-host says about 89k, while Halston expects consolidation around 82k to 83k.

Listen and follow The Daily Stack:
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Not financial advice.

Pamela Posada conversa con Jordi, administrador de la comunidad Barcelona Bitcoin Only y cofundador de Barcelona Bitcoin Hub, sobre cómo la inteligencia artificial está llenando internet de bots, cómo los algoritmos usan la polarización para engancharnos y por qué las comunidades Bitcoin en persona siguen siendo insustituibles. También explican cómo nació Barcelona Bitcoin Hub para abogados, asesores financieros y gestores de patrimonio familiar, cómo Satlantis pasó a enfocarse en la gestión de eventos y comunidades, y por qué Jordi cree que Nostr triunfará como sistema de gestión de identidades.

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Capítulos:
0:00 Intro: Jordi, BBO y Barcelona Bitcoin Hub
2:00 De piloto de línea aérea a consultor y Bitcoin
3:27 La IA y la teoría del internet muerto
6:38 Algoritmos, dopamina y contenido polarizante
10:26 Cómo difundir Bitcoin sin el favor del algoritmo
14:50 Por qué nació Barcelona Bitcoin Hub
20:50 Por qué seguimos prefiriendo vernos en persona
22:41 El deepfake del jefe de Jordi en Telegram
25:09 Qué esperar en tu primer meetup de Bitcoin
30:08 Satlantis: de red social a gestión de eventos
38:16 Qué es Nostr y la gestión de identidades
48:56 El futuro de las comunidades Bitcoin

Puntos clave:
- Jordi cree que con la IA internet pasó de una mezcla estimada de 80% bots y 20% humanos a casi 99% bots hablando entre sí.
- Según Jordi, los algoritmos buscan la "pegajosidad" con pequeñas dosis de dopamina, y la forma más eficaz de lograrla es generar sentimientos polarizantes.
- En Barcelona hay cinco grupos de Bitcoin. Barcelona Bitcoin Hub atrae a abogados, asesores financieros y gestores de patrimonio familiar que no encajaban en grupos más cypherpunk.
- Al inscribirse a un evento en Satlantis se crea automáticamente una identidad de Nostr y una billetera Bitcoin, y la plataforma acaba de lanzar una herramienta de gestión de comunidades y membresías.
- Jordi ve a Nostr menos como sustituto de las redes sociales y más como alternativa para gestionar identidades: cada persona custodia sus propias llaves, igual que en Bitcoin.

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Esto no es asesoría financiera.

Avi Mash is joined by Father of Trades to cover oil and gold after the Iran headlines, rate hike pricing after Kevin Warsh's Jackson Hole speech, a short thesis on Diageo ($DEO), and a deep dive on Take-Two ($TTWO) ahead of the GTA 6 launch on November 19. Problem Sniper then joins to chart Bitcoin, $MSTR, $META, $TSLA, Zscaler ($ZS) into earnings, and $SPY gaps, and Father of Trades also previews Victoria's Secret ($VSCO) earnings.

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Chapters:
0:00 Intro
5:04 Iran strikes, crude oil and gold at key support
9:52 Rate hike pricing and Kevin Warsh at Jackson Hole
14:31 Diageo $DEO short: younger generations drinking less
27:08 Viewer question: when a trading edge stops working
32:41 Take-Two $TTWO: GTA 6 launch and the Roblox for adults thesis
43:09 Victoria's Secret $VSCO earnings preview
51:42 Problem Sniper joins: Bitcoin chart and $MSTR
59:55 Meta $META long term trend line setup
1:04:01 Tesla $TSLA run and SpaceX merger odds
1:06:36 Zscaler $ZS outage and earnings setup
1:09:29 SPY bull and bear gaps outlook

Key takeaways:
- Father of Trades said gold is bouncing off support near 4326 an ounce and expects a sharp move either back toward 4700 or down toward 4000.
- Father of Trades is short Diageo ($DEO) with an average around 94.30, citing falling revenue (19.6 billion last year), a profit margin down to 8.8%, tariffs, and younger people drinking less, and is watching 80 for profits.
- Avi Mash framed Take-Two ($TTWO), a $43 billion company, as a monster in the making with GTA 6 launching November 19 at $80 standard and $100 Ultimate, and the street modeling 29 to 30 million units in the launch quarter.
- Avi's AI bear, base and bull cases for Take-Two were 180, 310 and 410 versus a price around 218, and he is considering a sell the news entry after launch since online revenue may come later.
- Problem Sniper sees Bitcoin flagging around 80,000 to 85,000 before a bigger move toward 100,000 into year end, and said a gap up over 200 in Zscaler ($ZS) could run toward the 260 to 275 zone.

Listen and follow The Daily Stack:
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Not financial advice.

The host and JFDI react to a hawkish Jackson Hole, Bitcoin holding near 78,000, Nvidia's earnings, and the week's earnings slate including $DELL, $CRDO, $AVGO and $ZS, plus chart reads on $COIN and $MSTR. A guest from Stormrake, a Bitcoin brokerage, then joins to argue Bitcoin is in a new bull market driven by the debasement trade. He covers Kevin Warsh versus Scott Bessent, OTC demand at his brokerage, Bitcoin and gold, his 200K to 220K cycle target, and Bitcoin treasury companies.

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Chapters:
0:00 Intro and Jackson Hole recap
7:04 Bitcoin price check and Fed rate hike odds on Predyx
10:18 $NVDA earnings and chart levels
12:58 Earnings week: $DELL, $CRDO, $AVGO, $SNOW
17:31 $ZS five year base and $OKTA comparison
23:43 $COIN and $MSTR charts, awesome oscillator
28:36 Stormrake joins from Dallas
30:47 Debasement trade, Warsh vs Bessent, OTC demand
38:22 Bitcoin and gold correlation, Stormrake gold offering
41:27 Brokerage model vs exchanges for serious investors
44:33 New bull market and Bitcoin price targets
49:19 Bitcoin treasury companies: $MSTR, Metaplanet

Key takeaways:
- Bitcoin was around 78,000 and up 22% in the past month, with Predyx pricing about 52% odds of a Fed rate hike in 2026.
- JFDI sees Zscaler ($ZS) sitting in a five year base, comparing the setup to Okta's breakout.
- The Stormrake guest said Stormrake went from about seven inbound inquiries a day to 400 calls in a 48 hour window as Bitcoin moved from 64K to 80K.
- He called 60K the bottom or close to it, and puts the cycle top around 200K to 220K by 2029, with roughly 110K to 120K by end of 2027.
- He is not bearish on Bitcoin treasury companies but expects only a few winners, preferring real businesses like Steak n Shake holding Bitcoin on the balance sheet.

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Not financial advice.

Jody Flournoy hosts Normies in Shambles (Shams) and power law analyst Sminston With to discuss the Bitcoin power law, why it has held up in out of sample testing while stock to flow broke down, and what macro indicators like PMI and the copper/gold ratio say about the current cycle. They also cover Bitcoin Twitter drama around Knots, BIP 110 and Coldcard, the power law fit near $138,000 versus a price around $78,000, Fed rate hike odds, and beginner friendly charts like the Mayer Multiple and realized price.

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Chapters:
0:00 Intro: rates, debasement and the Bitcoin power law
1:11 Normies in Shambles on PubKey and Bitcoin Twitter drama
6:25 Shambles origin story and who is big Bitcoin
12:26 Coldcard, NVK and the Knots fork debate
17:12 Sminston With joins: power law thesis and out of sample tests
23:52 Why stock to flow failed and the power law held
27:13 Recent rally, the 86K level and PMI business cycle
33:29 Bitcoin vs gold and the copper/gold ratio
38:13 Spotting hype: billion dollar Bitcoin calls
44:00 Power law fit at $138K and the AI buildout
48:18 Fed rate hike odds after Jackson Hole
50:47 Mayer Multiple, realized price and other charts

Key takeaways:
- Sminston With says an out of sample test, using only older data, would have predicted today's Bitcoin price almost on the nose for nearly 10 years.
- Stock to flow drifted off by roughly an order of magnitude by 2022 and 2023, while the power law's R squared has kept rising.
- Sminston sees Bitcoin's cycle weakening in correlation with the halving and strengthening with the business cycle, noting that bull run rates historically pick up as PMI nears 56.
- Shams wants a clean close above 86K before flipping bullish, since the 85K to 86K floor breaking led to the drawn out drop toward 60K.
- On the Mayer Multiple the reading was about 1.18, and Shams treats anything under 2.4 as a stacking zone. Sminston notes this is the first cycle where price has not broken below realized price.

Listen and follow The Daily Stack:
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Not financial advice.

Brandon Keys of Green Candle joins co-host Halston Valencia to discuss Bitcoin's move back to 80K, what drove it, Strive ($ASST) and Bitcoin treasury companies like Strategy ($MSTR), and his work helping Bitcoin podcasts and companies grow on YouTube. Ben Bear, founder and CEO of TurboHome and BuildCasa, then explains how his companies tackle housing supply and high buyer fees in California, and covers Prop 13, rental property investing and interest rates.

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Chapters:
0:00 Intro
3:23 Welcome: Brandon Keys and Halston Valencia
4:52 Why Bitcoin pumped to 80K: shorts, Treasury buybacks, China
8:12 Brandon Keys on YouTube growth and Bitcoin's marketing problem
13:41 Keynote: why 0.01 BTC is the new million dollars
18:48 Treasury companies, sentiment and Saylor's 32 BTC sale
26:59 Ben Bear joins: TurboHome and BuildCasa
33:11 California housing supply and Prop 13
37:50 Home ownership, politics and birth rates
42:08 Building wealth with rental properties
48:36 Interest rates, Warsh and the housing market
51:51 Where to find TurboHome and Brandon Keys

Key takeaways:
- Brandon Keys pointed to a large short liquidation, Trump's comments on the strategic reserve and, mainly, the Treasury doubling its bond buybacks as drivers of Bitcoin's move back to 80K.
- Keys' keynote argued 1 million sats is the new million dollars, citing about 12.8 million wallets holding a million sats versus about 62 million millionaires worldwide.
- Ben Bear said TurboHome charges a flat fee averaging about $10,000, so on a million dollar home buyers get back roughly $20,000 compared with a $30,000 broker fee.
- Bear described Prop 13's effect in California: he pays about $18,000 a year in property taxes on his Oakland home while a neighbor pays about $1,000, which discourages people from selling.
- Bear said higher rates seem more likely than lower ones 6 to 12 months out, with 30-year mortgage rates hovering around 7%.

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Not financial advice.

Pamela conversa con Fernando, creador de The Bitcoin Libertarian, un economista argentino que vive en Asia desde 2016. Fernando cuenta cómo llegó a Bitcoin por la inflación y los controles de cambio en Argentina, y explica por qué considera a Bitcoin superior al oro y al sistema fiat. También hablan de la preferencia temporal, del DCA como estrategia para empezar y del papel de las treasury companies como Strategy y de ETFs como $IBIT en la adopción.

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Capítulos:
0:00 Introducción: Fernando de The Bitcoin Libertarian
3:27 Argentina, inflación y controles de cambio
8:03 Pandemia, Michael Saylor y la píldora naranja
12:24 Por qué Bitcoin y no otras criptos: energía monetaria
17:16 Bitcoin frente al oro
24:41 Educación financiera y el sistema fiat
28:02 Preferencia temporal, ahorro y retiro
31:36 Reserva fraccionaria y volatilidad de Bitcoin
34:52 Cómo empezar en Bitcoin: comprar poco y hacer DCA
42:03 Treasury companies como Strategy y los ETFs
49:26 Institucionalización y descentralización de Bitcoin
55:32 Dónde seguir a Fernando y el Bitcoin BMF Club

Puntos clave:
- Fernando dice que en sus 45 años de vida Argentina cambió cinco monedas y tuvo dos hiperinflaciones, y que por eso llegó a Bitcoin.
- Al principio usaba Bitcoin como un nuevo PayPal para mover dinero fuera de Argentina. Entendió su valor durante la pandemia escuchando a Michael Saylor.
- Según Fernando, a diferencia del oro, no se puede crear más Bitcoin aunque se use más energía, porque el ajuste de dificultad mantiene un bloque cada 10 minutos en promedio.
- Para él, el concepto financiero más importante que no se enseña es la preferencia temporal: ahorrar pensando en el largo plazo.
- Fernando ve a las treasury companies y a los ETFs como un puente que da exposición a Bitcoin a personas que de otra forma no habrían entrado.

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Esto no es asesoría financiera.

The Daily Stack previews Nvidia ($NVDA) earnings with Father of Trades, who covers Nvidia's chart and volume profile, his slightly bullish options spread, and sympathy plays like $MRVL, $IREN, $IWM and $SOXL. The episode also covers Bitcoin tagging 80K for the first time in about three months, Canada tariffs, and robotics names $BB, $INDI and $SOUN. In the Mini Monsters segment, Father of Trades breaks down $QXO and Brad Jacobs, then talks $IREN, Fermi, and a genomics thesis around Twist ($TWST), $ARKG and CRISPR.

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Chapters:
0:00 Intro
5:29 Nvidia earnings countdown and Bitcoin tags 80K
7:45 Canada tariffs: hockey equipment, alcohol, lumber, energy
17:27 Nvidia earnings preview and volume profile chart
22:03 Father of Trades' NVDA spread and sympathy plays
25:52 Robot Olympics and robotics picks: BlackBerry, indie, SoundHound
32:58 Mini Monsters: QXO and Brad Jacobs' roll up track record
42:28 Natural disasters and El Nino as a QXO catalyst
50:19 Iris Energy bull case, RSUs and Warriors deal
56:41 Fermi, Bank of Nova Scotia stake and Project Matador
1:00:01 Genomics thesis: Twist, ARKG and CRISPR
1:07:22 Robotics timeline poll and wrap up

Key takeaways:
- Bitcoin tagged 80K for the first time since the middle of May, just over three months.
- The new Canada tariffs discussed cover about $20 billion of roughly $280 billion in annual trade, including a 50% rate on hockey equipment.
- Nvidia has beaten earnings in 21 of the past 23 reports, and Father of Trades described a slightly bullish October options spread into the print.
- Father of Trades said Brad Jacobs has taken eight businesses past a billion dollar valuation and is running the same consolidation playbook with QXO; the host bought a January 2028 $15 QXO call for $4.30.
- Father of Trades said he thinks Iris Energy could be a $100 stock in a year or two and is not concerned about the $800 million RSU package.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
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Not financial advice.

Avi Mash hosts guest JFDI on a red Monday for chips, with $MU down 5% ahead of $NVDA earnings while Bitcoin trades near $79,652 after a 23% weekly rally. They break down Bitcoin's weekly breakout, $MSTR and Strategy's preferreds like $STRC, $ASST, and altcoins. They also cover the Nvidia earnings week, biotech and genomics names including $HIMS, $IOVA, $OSCR and $HNGE, JFDI's $PLTR and $DASH positions, and fintech names like $XYZ.

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Chapters:
0:00 Intro: Nasdaq dip, chips slide, gold record, Nvidia week
7:34 Bitcoin weekly breakout and measured move to highs
14:55 Coldcard incident and altcoins: ETH, XRP, Hype, Zcash
17:37 Gold vs Bitcoin, Ledn adds gold, tokenization
21:06 MSTR chart and Strategy preferreds explained (STRC)
27:19 ASST, Matt Cole and the SATA preferred
31:35 Earnings week: Nvidia preview, CRM, CRWD, OKTA
35:42 Biotech and genomics: IBB, XBI, Twist, CRISPR, ARKG
49:23 HIMS, Eli Lilly and Iovance (IOVA)
55:52 Oscar Health and Hinge Health near highs
58:03 JFDI's trades: PLTR, DASH and Airbnb
1:05:40 Fintech wrap: Visa, Mastercard, XYZ and cashless payments

Key takeaways:
- JFDI sees Bitcoin's weekly breakout from a long descending channel as an igniter, with the pattern's origin pointing back toward prior highs as a measured move target.
- Avi noted Nvidia beat estimates in 21 of its last 23 reported quarters; JFDI said he would be a buyer above 195 if earnings gap the stock higher.
- JFDI said the IBB is at all-time highs and the XBI sits just under them, with genomics names like Twist breaking out of stage one bases; Avi's thesis is that genomics companies get acquired by big pharma for their data.
- JFDI said $PLTR and $DASH are the two biggest positions in his concentrated account, with PLTR putting in a three-week tight.

Listen and follow The Daily Stack:
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Not financial advice.

Robin Seyr joins Avi Mash and Jody Flournoy on The Daily Stack to explain why he believes Strategy ($MSTR) could reach $1,000 per share, split adjusted, within the next two to three years if the four-year cycle holds, driven by its Stretch digital credit program and amplified Bitcoin exposure. The conversation also covers the Coldcard self-custody fiasco and single points of failure, Treasury buybacks, his view that 58K was the bear market bottom, institutional versus retail adoption, Bitcoin as the base layer of a great capital shift, and why Strategy's transparency helps the stock.

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Chapters:
0:00 Intro: Robin Seyr on $MSTR to $1,000
2:51 Stretch and digital credit as a Bitcoin accumulation machine
4:22 Backtest: how Strategy amplifies Bitcoin moves
6:56 Bitcoin purity tests, self-custody and owning $MSTR
11:08 Coldcard fiasco: avoiding a single point of failure
15:45 Treasury buybacks and what really drives Bitcoin
19:15 Four-year cycle and the 58K bottom call
23:14 Great capital shift: Bitcoin as the financial base layer
29:06 AI IPOs and Nvidia vs Strategy market cap
34:39 Retail vs institutional Bitcoin adoption
39:16 Why Strategy's transparency creates attention
45:41 Lyn Alden on Treasury buybacks and the fiscal train

Key takeaways:
- Robin believes Strategy reaches $1,000 per share, split adjusted, within two to three years if the four-year cycle plays out, likely after a stock split.
- He says Strategy amplified Bitcoin in his backtest: it falls more when Bitcoin falls, struggles when Bitcoin is flat, and outperformed by roughly 2.5x to 3.5x in strong Bitcoin rallies.
- On Coldcard, he argues users with dice rolls or a multi-signature, multi-vendor setup would not have been affected, and that self-custody means taking responsibility.
- He considers 58K his personal bear market bottom but would welcome lower prices to stack more Bitcoin.
- His one-line thesis: the company with the most Bitcoin should become one of the most valuable companies if Bitcoin becomes the most valuable asset, noting Nvidia is more than 100x Strategy's roughly 47 billion market cap.

Listen and follow The Daily Stack:
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Not financial advice.

Sam Callahan, Director of Bitcoin Strategy at OrangeBTC, joins hosts Jody Flournoy and Halston Valencia on The Daily Stack to discuss $SATA returning to par, $STRC recovering toward 96, and Bitcoin moving back above 70K. He explains DIGY11, OrangeBTC's first financial product in Brazil: an ETF holding variable rate perpetual preferreds from public Bitcoin companies, with an FX hedge for BRL denominated monthly income. The conversation also covers Fed and Treasury liquidity actions, Metaplanet's US expansion, whether the Bitcoin bottom is in near 60K, and Sam's reading and book recommendations.

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Chapters:
0:00 Intro: Sam Callahan joins as Bitcoin tops 70K
2:03 $SATA hits par and $STRC recovers toward 96
2:48 Fed liquidity moves, Bessent and the currency
5:48 OrangeBTC in Brazil and the DIGY11 ETF launch
8:59 Educating investors on digital credit and dividends
17:22 DIGY11 index methodology and $STRC weighting
19:06 Metaplanet's US entity and new perpetual preferreds
21:21 OrangeBTC's future products and education push
24:21 Leverage, ETF complexity and the SpaceX 2x ETF
28:08 Is the Bitcoin bottom in? The 60K floor
34:53 Orange Juice private equity firm and Bitcoin treasuries
36:47 High signal sources, book picks and Bitcoin history

Key takeaways:
- DIGY11 was announced at Blockchain Rio and holds variable rate perpetual preferreds, currently $STRC and $SATA, with an FX hedge to deliver BRL denominated monthly income. It is expected to list on B3 likely next month.
- Sam says DIGY11 targets an estimated yield of CDI plus 3 to 5%, supported by issuer Bitcoin balance sheets rather than Brazilian real estate or bank risk.
- The index, built with MarketVector, screens for Bitcoin holdings, market cap, liquidity and volatility. Strategy dominates the initial weighting because of its size and liquidity.
- Sam's base case is that the 60K area likely marked the Bitcoin bottom, barring a major macro shock, after heavy coin transfer and consolidation there.
- OrangeBTC reports gross BTC yield above 17% this year and says its mandate is to increase Bitcoin per share.

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Not financial advice.

Pamela Posada conversa con el salvadoreño Nelson Inno, radicado en Alemania, cuyo equipo diseñó el diplomado de Bitcoin para las escuelas públicas de El Salvador, que hoy se prueba en un número pequeño de escuelas piloto. Hablan de por qué lo más difícil de aprender Bitcoin es la filosofía y el ego, de la retroalimentación de maestros y alumnos, de su libro Innovación Inestable (Unstable Innovation) y de cómo usa la inteligencia artificial para construir su negocio everybodyknowsyou.com.

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Capítulos:
0:00 Intro: Bitcoin en Latinoamérica y El Salvador
0:55 Nelson Inno: de El Salvador a Alemania y a Bitcoin
3:57 El diplomado de Bitcoin para El Salvador
6:55 Lo más difícil de Bitcoin: filosofía, humildad y ego
14:16 Prueba piloto: retroalimentación de maestros y alumnos
24:14 De apuesta a ahorro: cómo usa Bitcoin hoy
28:06 Libros de Bitcoin y su libro Innovación Inestable
34:10 Bitcoin como tecnología y como estilo de vida
43:42 Escasez, descentralización y dejar las redes sociales
46:37 Inteligencia artificial para aprender Bitcoin
52:53 Cómo construyó everybodyknowsyou.com con IA
1:04:15 Filosofía, negocios y sats: qué da estabilidad

Puntos clave:
- Para Nelson Inno, lo más difícil de aprender Bitcoin no es la parte técnica sino la prueba de ego y humildad de reaprender cómo funciona el dinero.
- El diplomado empieza con educación financiera personal y sistema monetario antes de introducir Bitcoin, y en el piloto a los maestros les ha costado más que a los alumnos.
- Nelson dice llevar unas 1.200 horas aprendiendo IA. Su negocio everybodyknowsyou.com facturó los primeros 500 dólares al tercer día y se acerca a 10.000 en 10 semanas.
- Según Nelson, mantener sus páginas web le costaba 2.100 dólares al mes y ahora unos 70, tras construir su propia infraestructura.
- Su orden de prioridades para la estabilidad: primero filosofía, luego aprender a hacer negocios y agregar valor, y tercero acumular sats.

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Esto no es asesoría financiera.

Ophelia Snyder, co-founder of 21Shares, joins The Daily Stack to discuss how she and her co-founder built the first crypto exchange traded products, grew to more than $11 billion across 55 listed products in roughly eight years, and sold to FalconX. She argues Bitcoin is still painfully early and could become a reserve asset in a fragmenting world. She also explains why tokenization infrastructure is nowhere near ready, why altcoins are going corporate, and why AI looks overheated but likely transformative over the long run.

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Chapters:
0:00 Intro: Ophelia Snyder, 21Shares co-founder
1:44 Life for a founder after a big exit
2:37 How 21Shares started and 27 regulators
5:53 Where Bitcoin and the US are in the cycle
9:17 Is Bitcoin's decentralization a feature or a bug
13:37 Building to $11B and selling to FalconX
19:39 Tokenized stocks and private vs public markets
25:46 Will altcoins have another season
31:03 Hot take: tokenization is further off than people think
34:49 Is AI a bubble, and can AI think originally
43:46 AI, jobs, UBI and slow technology transitions
47:50 Where to find Ophelia Snyder

Key takeaways:
- Snyder says Bitcoin is still early and its likely fate is some kind of reserve asset, used more for large governmental transactions than peer to peer payments.
- She says crypto ETFs shifted institutional managers from ignoring Bitcoin to needing a reason not to own it.
- She argues tokenization infrastructure is not ready at scale, citing bank risk models built for five day weeks that would need years to rewrite for weekend repo.
- She sees altcoins with real use cases going corporate, serving back and middle office functions for financial firms rather than retail narratives.
- She thinks AI is likely overvalued right now but is building physical infrastructure and will probably deliver long term, with job transitions taking 10 to 20 years.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Avi Mash, who is sick with a fever, hosts trader Father of Trades for a last-minute options education session on a slow, down day in the markets. They cover options myths, weeklies versus LEAPS, trading around earnings and IV crush, delta and theta, and liquidity on small caps, with examples including $QQQ, $RKLB and $DELL. They also discuss how Trump's comments on South Korea, Oman and Iran hit markets, the guest's current positions in $QXO and BlackBerry, and Citadel's stance on the SEC proposal to scrap Rule 611 of Regulation NMS.

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Chapters:
0:00 Intro: Avi under the weather, Father of Trades joins
6:05 Father of Trades' background: 13.5 years trading options
8:31 Weeklies vs long-term swings, scalping $QQQ puts
9:54 Myth: options are riskier than stocks, covered calls
13:23 Myth: you must be right on direction, volatility plays
18:42 Trading into earnings and IV crush
21:36 Options Greeks 101: delta and theta
26:42 LEAPS, the Rocket Lab story and $DELL earnings IV
31:01 Trump on South Korea, Oman and Iran rattles markets
39:01 Current positions: SpaceX, $QXO, BlackBerry
40:48 Citadel, SEC and Rule 611: internalization explained
52:03 Situational Awareness, narratives and exit liquidity

Key takeaways:
- Father of Trades focuses on long-term swings in undervalued small and mid caps, where he says a 40% accuracy rate can still be very profitable.
- On weeklies and 0DTE, theta is what you fight against. The underlying has to move your way faster than time value burns off.
- He says implied volatility gets crushed by earnings most of the time, so he prefers to buy after earnings when options get cheaper.
- Low open interest on a strike, such as about 30 contracts, signals poor liquidity for entering with size and for exiting.
- Rule 611 of Regulation NMS has required since 2005 that orders fill at the best displayed price. Citadel says eliminating it would reduce liquidity, weaken price discovery and leave retail worse off.

Listen and follow The Daily Stack:
Spotify: https://open.spotify.com/show/0JQzqfVmkKiXuwSA6hyoDs
Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Scott Ellam, CEO of UK-listed XCE (Connecting Excellence Group), joins hosts Joe and Jody to explain how his executive recruitment business pairs a roll-up acquisition strategy with an integrated Bitcoin treasury. The conversation covers the MSCI proposal that could remove Strategy ($MSTR) and Metaplanet from global indexes, Lyn Alden's Orange Juice, UK politics and capital gains tax, the 1.5 trillion trapped in UK ISAs and SIPPs, and why more small businesses holding Bitcoin matters. The episode closes with the Friday stack giveaway and a Predyx market on whether Bitcoin hits 50,000 or 70,000 first.

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Chapters:
0:00 Cold open and pre-show chat
2:23 Joe introduces Scott Ellam and the UK treasury scene
4:08 MSCI proposal on Strategy ($MSTR) and Metaplanet
6:23 What is XCE: Spencer Riley plus a Bitcoin treasury
11:38 Small businesses with no exit strategy
13:47 Lyn Alden's Orange Juice vs the XCE model
20:22 UK politics: Starmer out, Burnham in, capital gains tax
24:44 1.5 trillion trapped in UK ISAs and SIPPs
31:28 Roll-up deals that move cash reserves into Bitcoin
34:19 McDonald's analogy and fractional chief Bitcoin officers
38:42 Friday stack giveaway and Predyx 50K vs 70K market
42:39 Where to follow Scott Ellam and XCE

Key takeaways:
- Scott founded executive recruitment firm Spencer Riley in 2014, started stacking Bitcoin on the balance sheet in 2021, and took XCE public to integrate the operating business with the Bitcoin treasury.
- XCE's acquisition model buys small recruitment firms for little cash up front, with earn-outs over three to five years, and moves acquired cash reserves into Bitcoin so that part of a deal is cash neutral.
- Scott said that if he were negotiating with the UK government, he would not flinch from asking for zero capital gains tax, because once that is unlocked everything else follows.
- He estimated 1.5 trillion is trapped in UK ISAs and SIPPs, where savers cannot access Bitcoin directly.
- Scott expects demand for fractional chief Bitcoin officers or Bitcoin strategists placed into private equity firms and traditional businesses over the next four to eight years.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Maurizio Pedrazzoli Grazioli, Mr. M of the Mr. M Podcast, joins The Daily Stack to discuss the Coldcard incident, which he says compromised almost 8,000 people, and what it means for self custody, trust and community sentiment. They cover British HODL's critique of Bitcoin purity tests, ETFs like $IBIT and Strategy ($MSTR), conspiracy theories around the bug, and the silence from NVK. Maurizio also demos his open source Bitcoin dashboard and shares his market view, including a $48K base case if price goes lower.

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Chapters:
0:00 Intro
5:56 Welcome Maurizio Pedrazzoli Grazioli of the Mr. M Podcast
7:09 How the Coldcard incident hit the community
12:41 What to tell someone who just lost their stack
18:08 Stay focused and avoid panic when moving bitcoin
20:51 British HODL, purity tests, ETFs and self custody
25:24 Are Bitcoiners Bitcoin's biggest enemy?
32:52 Coldcard conspiracy theories vs Hanlon's razor
38:06 NVK's silence and possible legal concerns
40:33 Disagreeing well: Peter Schiff and toxicity
52:29 Maurizio's open source dashboard and vibe coding
1:02:25 MVRV, $48K base case and a sideways outlook

Key takeaways:
- Maurizio says almost 8,000 people were compromised in the Coldcard incident, which he calls a deep cut because Coldcard was the most trusted option for hardcore Bitcoiners.
- Having lost his own stack in 2013, he offered to talk with victims and stresses staying calm, since panic leads to more mistakes when moving coins.
- He argues self custody is not for everyone, that holding $IBIT is better than no bitcoin, and that toxicity makes Bitcoiners Bitcoin's biggest enemy.
- He believes the Coldcard bug was most likely a mistake rather than a conspiracy, and suggests NVK may have been legally advised to stay quiet.
- He built an open source dashboard at the Mr. M Podcast site and says a $48K level, where the ETFs started, is his base case if price goes lower, while he expects sideways trading.

Listen and follow The Daily Stack:
Spotify: https://open.spotify.com/show/0JQzqfVmkKiXuwSA6hyoDs
Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Binance US CEO Steve Gregory joins The Daily Stack to explain how Binance US, a separate entity from Binance.com, is rebuilding in the U.S. after the regulatory issues tied to CZ. He also discusses its newly filed CFTC designated contract market application for crypto derivatives and future prediction markets, the state-by-state money transmitter patchwork, and stablecoins. Also covered: the Coldcard bug and centralized exchange security, whether the 4-year cycle points to a Bitcoin bottom, MSCI and $MSTR, and the November elections.

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Chapters:
0:00 Intro: Steve Gregory, CEO of Binance US
1:55 Binance US vs Binance.com and rebuilding in the U.S.
4:02 Treasury reporting rules and 50 state regulators
6:36 Stablecoins, net interest margin, USDC and Tron
8:40 CFTC DCM filing, onshore perps, prediction markets
10:35 Embracing the Binance brand
12:10 Coldcard bug and centralized exchange security
15:23 Deposit inflows and record DEX volume ratio
16:50 Is the 4-year cycle intact? Bitcoin bottoming
19:49 ETFs and milder bear markets
20:06 MSCI, Strategy and Metaplanet
20:58 November elections, Clarity Act and crypto policy

Key takeaways:
- Binance US is a separate entity from Binance.com with its own governance and licenses, and Steve Gregory says it held roughly 24% U.S. market share before Binance.com's legal issues.
- Binance US filed its designated contract market application with the CFTC. The initial product will be margined crypto derivatives, prediction markets will follow, and a DCO filing is planned in about a month.
- Steve says Binance.com does about 10% more daily volume than the NASDAQ, and that at one point 70% of stablecoins in circulation were held on Binance.com.
- Binance US has seen an inflow of crypto deposits recently, though the DEX to centralized exchange volume ratio was the highest ever last month.
- Steve says it feels like Bitcoin is bottoming, citing positive ETF inflows, and believes ETFs have made bear markets less severe.

Listen and follow The Daily Stack:
Spotify: https://open.spotify.com/show/0JQzqfVmkKiXuwSA6hyoDs
Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Lev of the Jersey City Bitcoin Meetup and Mauricio Di Bartolomeo of Ledn join The Daily Stack, with co-host Halston, to discuss the Coldcard incident, broken trust, and why spreading bitcoin across multisig, single sig, and custodial options avoids a single point of failure. Mauricio explains why liquidations exist in collateralized lending, how Ledn holds client bitcoin in BitGo cold storage, and why he sees short squeeze risk as larger than liquidation cascade risk with bitcoin hovering around 60K. The conversation also covers the plebs vs. BIP 110 fracture, the value of local meetups, and Lev's take on Andreas Antonopoulos's The Internet of Money.

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Chapters:
0:00 Intro and welcome Lev from Jersey City Bitcoin Meetup
1:50 Coldcard fallout: who should plebs trust
3:16 Lev's diversified bitcoin custody setup
9:33 Plebs vs. treasuries and the BIP 110 fracture
13:25 Jersey City Bitcoin Meetup and meeting Bitcoiners
17:13 Mauricio Di Bartolomeo joins: Ledn loan tips
19:21 COVID crash calls and why liquidations exist
23:21 The risk behind no-liquidation loan offers
25:05 Why Americans understand credit and borrowing
30:34 Ledn, BitGo and qualified custody vs. self custody
44:09 Bitcoin outlook: forced sellers and short squeeze risk
52:03 Lev on The Internet of Money and running nodes

Key takeaways:
- Lev spreads his bitcoin across a Ledger and Trezor multisig, an Unchained multisig, single sig, Strike, and Ledn so no single failure can wipe him out.
- Mauricio said risk is like energy: it can be moved but not eliminated, so no-liquidation loans shift that risk onto the lender.
- Mauricio noted that one-year put option hedges cost about 8 to 10%, so a lower-priced protected loan should raise questions about how the risk is hedged.
- Bitcoin sent to a Ledn transaction account goes straight to BitGo cold storage, and auto top-up is now used on 40% of Ledn's loan book.
- Mauricio views leverage as healthy at current levels and sees the risk of a short squeeze as larger than the risk of a liquidation cascade.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Maurizio Pedrazzoli Grazioli of the Mr. M Podcast joins The Daily Stack to discuss the Coldcard incident, which he says compromised almost 8,000 people, many of them hardcore Bitcoiners. He and the host cover self-custody, British HODL's case for ETFs like $IBIT and Strategy ($MSTR), Coldcard conspiracy theories, toxicity and purity tests among Bitcoiners, and why better custody UX may matter. Maurizio also walks through the open source indicator dashboard he built with AI vibe coding at mrmpodcast.com and shares his view that price may trade sideways.

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Chapters:
0:00 Intro and cold open
0:53 Welcome Maurizio Pedrazzoli Grazioli of the Mr. M Podcast
1:36 The Coldcard incident and how it hit the community
7:40 What to tell someone who just lost their stack
13:06 Transaction safety: put the phone down and focus
15:50 British HODL, ETFs, $MSTR and Bitcoin purity tests
27:15 Coldcard conspiracy theories vs an honest mistake
32:39 NVK's silence, apologies and possible legal concerns
35:06 Peter Schiff interview, toxicity and Bitcoin growing up
46:52 Mr. M Podcast dashboard built with vibe coding
56:48 MVRV, price levels and the sideways case
1:01:09 Wrap up

Key takeaways:
- Maurizio says almost 8,000 people were compromised in the Coldcard incident, which he calls a deep cut because Coldcard was the most trusted option for hardcore Bitcoiners.
- He argues Bitcoin is never fully trustless: you trust the network plus any wallet or custody company you use, so the goal is to reduce how many companies you trust.
- His safety tip: when moving coins, stay calm, avoid panic moves, flip your phone over and double check the address. He says he once lost about $25,000 to a distracted mistake.
- He agrees with British HODL that self-custody is not for everyone and says the biggest enemy of Bitcoin is Bitcoiners attacking newcomers who buy an ETF.
- He expects self-custody's share to shrink unless custody UX improves, citing Casa's work on UX after talking with its CEO Nick.

Listen and follow The Daily Stack:
Spotify: https://open.spotify.com/show/0JQzqfVmkKiXuwSA6hyoDs
Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Pamela conversa con Gustavo Flores Echaiz, cofundador de Aureo, una plataforma enfocada en Bitcoin en México. Hablan de la adopción real de Bitcoin en México y Latinoamérica, de la desconfianza por las estafas, de la traba contable de la factura fiscal para comercios, del papel de Banxico y Bitso, de la educación en La Casa de Satoshi y de las oportunidades en pagos transfronterizos y préstamos con Bitcoin como colateral. Gustavo también comparte lecciones para emprendedores y la visión de Aureo para Latinoamérica.

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Capítulos:
0:00 Malos hábitos financieros en Latam y presentación
1:32 Gustavo Flores: de Lima a Montreal y su camino en Bitcoin
4:09 Mudanza a México y el origen de Swapido, hoy Aureo
8:19 Cómo recibe México a Bitcoin: estafas y riesgo de gobierno
14:28 Comercios, factura fiscal y la postura de Banxico
20:03 El público de Aureo: ahorro, autocustodia y empresas
24:05 Bitso en México: efecto positivo y negativo
26:07 Regulación, autoridad fiscal y economía informal
31:08 Educación: La Casa de Satoshi y comunidades Bitcoin
42:50 Oportunidades: pagos transfronterizos y préstamos
48:38 Lecciones para emprendedores que empiezan
56:16 Visión de Aureo para Latinoamérica y dónde encontrarlos

Puntos clave:
- Según Gustavo, una encuesta indica que alrededor del 20% de la población mexicana cree que Bitcoin es una estafa, por fraudes hechos en su nombre.
- La principal traba para que los comercios acepten Bitcoin en México es contable: no existe un marco para emitir factura fiscal cuando se paga en Bitcoin.
- Un informe de Aureo encontró que el 75% de la riqueza de los hogares mexicanos está en bienes raíces, lo que Gustavo describe como un problema de diversificación.
- Las remesas rondan los 60,000 millones de dólares al año, pero los pagos transfronterizos entre México y Estados Unidos suman unos 900,000 millones.
- Para Gustavo, el error más común de los emprendedores es abandonar demasiado rápido. Su consejo es empezar pequeño y dejar que el mercado indique qué construir.

Escucha y sigue The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Sitio web: https://dailystackhq.com
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Esto no es asesoría financiera.

Avi Mash brings back the Mini Monsters segment with Father of Trades, covering Fermi's first TensorWave data center lease ($FRMI), Ondas and the drone defense space ($ONDS), SoundHound's earnings and voice AI thesis ($SOUN), and Brad Jacobs' QXO ($QXO). Options trader Problem Sniper then joins to walk through charts on $MU, $DELL, $TGT, $MDB, $DDOG, $CRWV, $NBIS and $CSCO ahead of CPI.

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Chapters:
0:00 Intro and Mini Monsters return
6:43 $FRMI: first tenant TensorWave signs lease
8:40 Riot lease and sustained data center demand
12:16 $ONDS: Eric Brock and drone consolidation
17:38 Ondas political connections and policy tailwinds
20:47 Ondas bear case, backlog and military budgets
28:28 $SOUN: double beat, short interest, LivePerson deal
31:13 SoundHound robotics and voice AI thesis
46:52 $QXO: Brad Jacobs and building materials rollup
51:17 Problem Sniper joins: $MU chart ahead of CPI
1:00:38 $DELL, $TGT, $MDB and $DDOG setups
1:10:03 $CRWV, $NBIS, $CSCO and Lumentum earnings

Key takeaways:
- Fermi's TensorWave lease covers 222 megawatts and is expected to generate about $6.5 billion over 15 years, with expansion rights up to 650 megawatts.
- Father of Trades expects Fermi earnings to focus on Project Matador construction updates rather than a new tenant announcement.
- Father of Trades is bullish on Ondas because of CEO Eric Brock, its drone and counter drone acquisitions, and expected growth in drone spending in the military budget.
- SoundHound posted a double beat with raised guidance, has about $200 million in cash, and had short interest around 46% on the last report.
- QXO CEO Brad Jacobs previously built United Rentals, and the company is targeting $50 billion in annual revenue by 2030.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Avi Mash is joined by Joey and JFDI to react to Michael Burry saying AI chips are near a major top, preview $NBIS (Nebius) earnings with 27% of shares sold short, and look ahead to CPI. They cover the cybersecurity rally in $CRWD, $ZS and $RBRK, Meta and WhatsApp after the Telegram app store removal, SpaceX lockup expirations, and the collapse of $TTD. The episode also covers IO Biotech, Eli Lilly's retatrutide, and Palantir, Oracle and Robinhood setups.

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Chapters:
0:00 Cold open: the story of the money
4:40 Burry top call, Nebius short interest, CPI week
8:05 Meta, Telegram removal and WhatsApp users
9:40 CrowdStrike and the cybersecurity rally
13:02 $RBRK and $ZS chart setups
15:40 Earnings week: On, Rocket Lab, Hims, Sea Limited
21:23 CPI expectations and Michael Burry's AI chip call
22:37 SpaceX sell off and lockup calendar
26:31 Nebius earnings preview, Vinland and share vote
39:02 The Trade Desk drawdown
41:19 IO Biotech catalysts and Eli Lilly retatrutide
52:02 Zscaler, Palantir, Oracle and Robinhood

Key takeaways:
- Joey said CrowdStrike is up 99.2% on his position and has grown to 37.74% of his portfolio from an original position of about 6%.
- Avi said Nebius options carry about 100% implied volatility and that Goldman raised its 2030 revenue model from 22 billion to 35 billion.
- Joey described Nebius as a vibe trade with no fundamental valuation. He said he trimmed it, while Avi expects a strong earnings reaction followed by a possible share offering.
- The hosts noted SpaceX's 92% revenue growth and walked through a lockup calendar with multiple 7% unlocks running into 2026 and 2027.
- Joey said The Trade Desk is in a roughly 91% drawdown and called it one of the most hated stocks, now trading around 13.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Avi Mash and Jody Flournoy host UK Bitcoin accountant Robin Thatcher and Eric Yakes, author of The 7th Property and founder of Bitcoin only VC Epoch Ventures. Robin explains UK tax rules for self custody, why ISAs and pensions push people toward Bitcoin treasury company proxies like Strategy ($MSTR), Smarter Web and B HODL, and why he likes Saylor's $STRC. Eric discusses the Coldcard incident and inside job theories, whether the four year cycle is dead, how open source AI is changing software security, and where Epoch Ventures sees the next wave of Bitcoin adoption.

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Chapters:
0:00 Intro and cold open
1:04 Robin Thatcher joins: UK Bitcoin scene and Coldcard tax
4:59 ISAs, pensions and treasury company proxies in the UK
9:43 Saylor, $MSTR, $STRC and treasury company survival
12:39 UK property affordability and money as stored time
17:02 Eric Yakes joins: running vs strength training
20:09 Coldcard incident and the grave dancing backlash
27:30 Theory or conspiracy: was Coldcard an inside job?
32:04 Is the four year cycle dead? 50% drawdown and AI trade
38:48 Epoch Ventures themes: regulated fintech and freedom tech
42:41 Open source, AI bug hunting and Kimi K3 vs Mythos
48:19 Bitcoin price targets and Predyx 100K odds

Key takeaways:
- Robin Thatcher: UK ISAs allow 20,000 a year tax free, but you cannot hold Bitcoin or ETFs like IBIT in them, so people use proxies like Strategy, Smarter Web or B HODL.
- Robin Thatcher: in the UK, moving Bitcoin between your own wallets or an exchange is not taxable. Only a change in beneficial ownership is a taxable event.
- Robin Thatcher: a company with over 40% of its balance sheet in Bitcoin can become an investment company under accounting rules without realizing it.
- Eric Yakes: an inside job at Coldcard is a plausible suspicion worth investigating, but blaming podcasters who ran ads is grave dancing, since they do not audit random number generation.
- Eric Yakes: if a roughly 50% drawdown marks the bottom after prior 70 to 90% drops, it signals structural change. He sees Bitcoin reaching the 500k to a million range within five years.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Avi Mash, Halston Valencia and Jody Flournoy cover Strategy's $STRC preferred, which is up more than 30% from its $71 June low on buybacks. They also discuss what that means for $MSTR common holders and react to Michael Saylor's Diary of a CEO clip on selling bitcoin to fund dividends. The second half covers the Clarity Act ahead of a possible Senate vote, including Elizabeth Warren's opposition, bank endorsements and Josh Hawley's reported no vote, plus fallout from roughly 100 million in drained self-custody funds and quick hits on $IOVA and the new Daily Stack en Español show.

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Chapters:
0:00 Cold open and intro: STRC and the Clarity Act
1:41 STRC up 30% from June lows, buybacks, 12% dividend
4:17 Strategy earnings call lessons and $MSTR outlook
5:54 Adam Livingston on MSTR dilution math
8:08 Michael Saylor on Diary of a CEO: selling bitcoin
10:38 Trust in Saylor and changing guidance
12:58 Self-custody fallout, 100M drained, REIT analogy
18:36 Clarity Act: Elizabeth Warren clip
21:11 Clarity Act odds, bank support, Josh Hawley
23:52 Derek Jeter gift basket rumor
25:47 Lilly, $IOVA earnings, Daily Stack en Español
29:51 Closing thoughts: long-term bitcoin and self-custody

Key takeaways:
- Halston said $STRC is up more than 30% from its $71 June low, trading around 94.50, driven by Strategy's repurchase program.
- Strategy kept the $STRC dividend at 12% in August, and CEO Phong Le said the objective is for it to trade at 99 to 100.
- In the Diary of a CEO clip, Saylor said the break-even is about 3.2% bitcoin appreciation to pay dividends by selling bitcoin, and he expects bitcoin to appreciate about 30% a year for 20 years.
- A prediction market showed 41% odds that the Clarity Act is approved by the Senate in 2026. BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi were cited as endorsing it, with JPMorgan's Jamie Dimon as the holdout.
- Jody's closing lesson after roughly 100 million in drained funds: self-custody is not dead, but avoid a single point of failure.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Varda Pandey, a former economist and sales trader based in Singapore and the founder of the education platform Pandemonium, analyzes Strategy ($MSTR) the way a fixed income or derivatives professional would. She covers its convertibles, its preferreds ($STRC, $STRD, $STRK), mNAV dilution, and the Bitcoin price she thinks is needed for confidence to return. The conversation also covers dollar debasement, the liquidity cycle versus the four year Bitcoin cycle, Michael Burry's bet against $NVDA and $MU, and why she calls the AI trade an earnings bubble.

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Chapters:
0:00 Cold open and guest introduction
0:55 Varda's background and the Pandemonium platform
6:03 Why buy MSTR instead of Bitcoin: capital structure
10:52 Common stock, convertibles, preferreds and BTC yield
15:08 mNAV, dilution and the accretion threshold
18:26 Inflation, tight liquidity and the cost of leverage
20:51 Does MSTR blow up? Bitcoin level needed for confidence
31:09 Is dollar debasement a five to ten year trade?
40:14 How Varda would fix Strategy: cycles and cash buffer
47:23 Michael Burry, Nvidia, Micron and the AI earnings bubble
55:48 Rapid fire: Bitcoin year end and STRC par
57:58 Optionality misunderstood and Pandemonium wrap up

Key takeaways:
- Varda argues that constantly issuing equity to buy Bitcoin structurally pushes mNAV back toward 1 over the long term, especially as more treasury companies compete away the premium.
- The switch from collateralized debt to preferreds moved risk from an acute, price specific unwind to a chronic risk carried by preferred holders across all Bitcoin prices.
- She estimates Bitcoin needs to be in the mid to high 100Ks for confidence in Strategy to return. Her year end guess is 75K to 80K, with a possible dip toward 50K to 55K first.
- She sees STRC trading below par as a vote of no confidence and doubts it gets back to par this year.
- She calls the AI trade an earnings bubble, driven partly by suppliers booking chip price inflation as revenue while hyperscalers capitalize the spend.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
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Not financial advice.

Pamela Posada conversa con Lorena Almada, profesora de Bitcoin desde 2018 que vive en Paraguay, en el primer episodio en español de The Daily Stack. Hablan de por qué el dinero sigue siendo un tabú en Latinoamérica, de la inflación, la devaluación y la cultura del crédito, y de qué es y qué no es Bitcoin. También cubren el DCA, las remesas, los errores comunes de principiantes como las estafas, las shitcoins y el FOMO, y la pregunta más frecuente: ¿compro ahora o espero?

Este podcast es presentado por Scanley, visibilidad en IA para bancos y cooperativas de crédito. Obtén tu primer mes gratis con el código DAILYSTACK en https://meetscanley.com

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Capítulos:
0:00 Intro: Bitcoin y dinero, tabúes en Latinoamérica
4:38 Inflación, devaluación y la cultura del crédito
10:51 Hábitos a desaprender y tasas de crédito en Paraguay
13:47 Qué no es Bitcoin: trading y la historia de la tía
25:41 Qué es el DCA y cómo atravesar la volatilidad
28:14 Remesas, Western Union y Bitcoin sin fronteras
33:25 Errores de principiantes: estafas, shitcoins y FOMO
42:26 Bitcoin sin tecnicismos: una alternativa de ahorro
46:21 Págate a ti primero: el hábito de ahorrar
53:34 Cómo empezar con Bitcoin desde Latinoamérica
56:41 ¿Compro ahora o espero? La psicología del precio
1:04:20 La Madriguera y dónde seguir a Lorena Almada

Puntos clave:
- Lorena explica que en Latinoamérica se enfrentan dos problemas a la vez: la inflación y la devaluación de la moneda frente al dólar.
- En Paraguay las tasas de crédito van del 30 al 40%, y para Lorena eso refleja la inflación real que el banco central no reconoce.
- Bitcoin no es trading ni una forma fácil de hacer dinero. Lorena lo presenta como una alternativa de ahorro a largo plazo, fuera del sistema tradicional.
- Según Lorena, en el último ciclo muchas personas perdieron dinero por endeudarse o colateralizar sus bitcoins cuando el precio cayó alrededor de un 50%.
- Ante la pregunta de si es buen momento para comprar, Lorena responde que si te lo estás preguntando, probablemente todavía no has entendido Bitcoin.

Escucha y sigue The Daily Stack:
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Esto no es asesoría financiera.

Avi and Father of Trades break down Amazon ($AMZN) beyond AWS and ecommerce, covering its Trainium chips, the Amazon Leo satellite network, Zoox robotaxis, its roughly $80 billion a year ad business, and Rufus. They also recap Father of Trades' Microsoft ($MSFT) earnings calls and Nebius ($NBIS) share issuance plans. Steve Neamtz, president of Yorkville America, the firm behind the Truth Social ETFs, then discusses the MAGA and YALL tickers, its 40 Act crypto filings, Kevin Warsh, yields, AI, and a planned Mangoes Plus ETF.

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Chapters:
0:00 Intro and Amazon deep dive preview
6:07 Father of Trades' $MSFT earnings calls recap
8:28 Nebius $NBIS annual meeting and share issuance
15:43 Amazon Trainium chips vs Nvidia, AMD earnings
19:35 Amazon Leo satellite network vs Starlink
25:08 Zoox robotaxis and the Uber partnership
31:52 Amazon's ad business, Alexa and Rufus
37:20 Steve Neamtz joins: Yorkville America background
43:43 Coldcard exploit and Bitcoin custody trust
53:09 Bitcoin ETFs: 33 Act vs 40 Act strategies
57:37 Kevin Warsh, inflation and rising yields
1:02:42 AI early innings and the Mangoes Plus ETF

Key takeaways:
- Father of Trades said his October $MSFT $400 calls were up about 900% and his overall trade across three strikes netted about 380%.
- Avi said Amazon's ad business is on pace for $80 billion a year and is growing faster than Google's and Meta's ad businesses.
- Amazon bought Zoox in 2020 for $1.3 billion, and it is currently giving free rides in San Francisco and Las Vegas.
- Steve Neamtz said Yorkville America pulled its 33 Act crypto filings to pursue actively managed strategies under the 40 Act, starting with a Bitcoin and Ethereum momentum index product.
- Neamtz described 'Mangoes Plus' (Meta, Anthropic, Nvidia, Google, OpenAI, SpaceX plus infrastructure names) as the next theme after the Mag 7, with ETF filings under the tickers FRUT and RIPE.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

On this Monday, August 3 episode of The Daily Stack, the host and Jody react to Trump calling off strikes in Iran, oil falling 5%, Amazon ($AMZN) reaching a $3 trillion valuation, and reported $400 billion merger talks between AstraZeneca ($AZN) and Bristol Myers Squibb ($BMY). They preview earnings week, including Palantir ($PLTR), Eli Lilly ($LLY) and DraftKings ($DKNG), discuss Flock surveillance cameras, and cover the Coldcard hack fallout, with Jody recommending diversifying Bitcoin custody providers and introducing new sponsor Ledn.

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Chapters:
0:00 Intro: The story of the money
3:02 Iran strikes called off, oil down 5%, Amazon hits $3T
3:40 Coldcard hack fallout and Bitcoin custody
8:43 Amazon and the Mag 7 rally on Market Monday
9:15 AstraZeneca and Bristol Myers $400B merger talks, $LLY
11:56 Earnings week: $PLTR, $AMD, SpaceX, $DKNG, $LLY options
18:46 Palantir earnings preview and recent deals
20:52 Flock cameras and the surveillance state
24:25 Why Bitcoin barely reacted to the Coldcard hack
31:56 Hacker odds and Mike Belshe's 100 BTC challenge
35:06 Diversifying custody providers and new sponsor Ledn
39:20 Tomorrow's guests and Ledn ad

Key takeaways:
- Jody said losses from the Coldcard hack were around 80 million and still growing, and the host noted River added about 3,000 BTC afterward.
- Jody urged diversifying Bitcoin custody across providers and account types, and planning for inheritance by naming beneficiaries.
- A reported AstraZeneca and Bristol Myers Squibb merger would be a $400 billion deal, the largest in industry history, creating the fourth largest pharma company.
- Weekly $LLY calls at the 1,200 strike were priced around $14, about 1,400 dollars per contract, which Jody called very rich ahead of earnings.
- The host said DraftKings is now available in all 50 states, using a Kalshi style prediction market format where traditional sports betting is not legal.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Justin Doochin, Head of Events at BTC Inc. (Bitcoin Inc.), joins Jody Flournoy to discuss the Coldcard hardware wallet exploit, which Coldcard models and firmware versions are most at risk, and what it means for the self-custody message. The episode also touches on the exploit landing on $MSTR earnings day and what that could mean for the ETFs, then turns to Bitcoin Asia in Hong Kong, Bitcoin 2027 in Nashville, how BTC Inc. books speakers, and why in-person conferences matter for onboarding newcomers.

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Chapters:
0:00 Intro: Coldcard exploit, MSTR earnings, Justin Doochin
2:28 Coldcard exploit: affected models and firmware
3:17 AI code review and weak random number generation
4:12 Self-custody narrative, ETFs and MSTR earnings timing
6:40 Justin Doochin on onboarding newcomers after the exploit
8:15 Bitcoin 2027 in Nashville
10:11 Bitcoin Asia in Hong Kong: programming and culture
11:50 South Korea, leverage and sound money in Asia
14:46 Nakamoto ownership and BTC Inc.
16:41 Booking speakers and moving from Vegas to Nashville
20:44 British Hodl on Bitcoiner arrogance and in-person meetups
24:38 Bitcoin Asia dates and closing

Key takeaways:
- Per the rundown shared on the show, Coldcard Mk2 and Mk3 seeds generated on firmware 4.0.1 or later (March 2021 onward) are the most at risk. Mk4 and Mk5 seeds generated before 5.6.0 and certain Coldcard Q seeds are also flagged.
- Jody says the flaw involved computer-generated random numbers. Seeds not created with dice rolls could be exploited, and AI code review has made finding such flaws much cheaper.
- Justin says Bitcoin itself is not affected and the hardware wallet is the problem, but newcomers are likely to associate the two.
- Bitcoin 2027 will be held in Nashville next July. Bitcoin Asia is August 27 and 28 at the Hong Kong Convention Center.
- Justin says BTC Inc.'s team and organization have not changed under Nakamoto ownership, and execution has only gotten easier.

Listen and follow The Daily Stack:
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Not financial advice.

Jody, Halston Valencia and Avi Mash preview Strategy's ($MSTR) earnings. They cover the first Stretch ($STRC) buyback of over 288,000 shares for about $25 million, with $975 million left in the program, plus rumors about Leopold Aschenbrenner's leveraged AI fund and expectations for $COIN. Jordan of GenZBTC joins to discuss Matthew Kratter's critique of Saylor, Strategy's changing mNAV metrics, BIP 110, and his job moving Bitcoin mining machines.

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Chapters:
0:00 Intro and market recap
1:39 Leopold Aschenbrenner leverage rumor and Ken Griffin
7:10 Strategy's Stretch ($STRC) buyback explained
11:12 Stretch vs Strive's preferred: why stability differs
12:14 Earnings call guests: Lyn Alden, Matt Hogan, Samson Mow
18:40 Coinbase ($COIN) earnings expectations and Circle
22:12 Introducing guest Jordan of GenZBTC
24:30 Guest's MSTR earnings expectations and dividend outlook
27:26 Matthew Kratter's critique of Saylor and MSTR
33:57 Mr. Bitcoin at work: shipping Bitcoin mining machines
39:02 What to hear on the call: controlled burn, dividend cadence
44:30 Strategy's three mNAVs: too complicated?
49:21 BIP 110, Midwest Bitcoin Summit and closing thoughts

Key takeaways:
- Strategy repurchased over 288,000 shares of Stretch for about $25 million at an average price of roughly $86, leaving $975 million in the $1 billion program.
- Strategy's USD reserve grew to $3.75 billion, covering about 25 months of preferred dividends and interest, with no Bitcoin sales or purchases that week.
- Halston argued $25 million was not enough to move Stretch's price and expects larger buys at deeper discounts to push it toward par.
- Jordan argued MSTR and Stretch are not sovereign like self-custodied Bitcoin but serve a different function, and disagreed with Matthew Kratter's view that they take value away from Bitcoin.
- The guests said frequently changing how mNAV is calculated is not a good look for investors, and compared it to changing how CPI is calculated.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
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Not financial advice.

Avi talks with trader Caleb about the AI sell-off. They ask whether big tech capex, Iran or a possible rate hike is behind it, then cover a Fermi ($FRMI) COO stock award tied to signing a first tenant by July 31 and Caleb's case for Microsoft ($MSFT) ahead of earnings. In the afternoon session, Problem Sniper joins Avi to discuss Eli Lilly ($LLY), GE, Tesla ($TSLA), Amazon ($AMZN), Reddit ($RDDT), $IWM, Micron ($MU) and Nebius ($NBIS).

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Chapters:
0:00 Intro: AI trade sell-off, Micron, SanDisk, Korea
7:04 Is the sell-off about Iran, oil or a rate hike?
18:56 AI vs the dot-com bubble and money printing
23:12 Fermi $FRMI COO award tied to first tenant
32:36 Project Matador: water, natural gas and site
42:04 Toby, the proxy fight and REIT divestment rules
53:28 Defending $MSFT: valuation, Azure, Copilot
1:09:16 Humanoid robots and AI replacing jobs
1:51:05 Problem Sniper joins: buying fear in the AI trade
2:01:38 Eli Lilly $LLY, retatrutide and GE breakout
2:10:41 Tesla $TSLA and a possible SpaceX merger
2:15:57 Amazon $AMZN, Reddit $RDDT, $IWM, $MU, Nebius

Key takeaways:
- Caleb said interest rate swaps were pricing in about a 40% chance of a rate hike and that big tech capex, not Iran, looks like the main driver of the sell-off.
- A Fermi filing showed half of the new COO's RSUs are forfeited if a first tenant is not signed by July 31. Caleb called this highly unusual and speculated, as his own opinion, that a deal may already be done.
- Caleb pointed to Microsoft trading under 20 times forward earnings and Azure growing over 40% as his reasons for liking $MSFT.
- Problem Sniper said the drop in AI names, with SMH down 23% to 25% from highs, looks to him like an opportunity rather than the end of the AI trade.
- Problem Sniper said his gastroenterologist cousin expects retatrutide FDA approval in Q1 2027, and he called $LLY a long-term hold.

Listen and follow The Daily Stack:
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Not financial advice.

The Daily Stack previews a big earnings week for $AMZN, $META, $MSFT and $AAPL, with Nick (JFDI) and Jody discussing capex expectations, the $RDDT and Google contract leak, memory stocks like $MU and $SNDK, $CELH, and the FOMC and GDP calendar. Varda Pandey, founder of Pandemonium, then breaks down Strategy ($MSTR): its capital structure, mNAV, convertibles and preferreds like $STRC, dollar debasement, the AI earnings bubble, and where she sees Bitcoin by year end.

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Chapters:
0:00 Intro and Amazon, Meta, Microsoft, Apple earnings week
7:37 Reddit selloff on Google contract leak
11:56 Big tech capex and memory stock multiples
22:12 Trump, FOMC, GDP and earnings week risks
30:03 Marvell, VICR, capitulation lows and Burry on Micron
43:33 Celsius valuation vs Monster
55:47 Guest Varda Pandey of Pandemonium joins
1:03:38 Strategy MSTR capital structure explained
1:13:53 mNAV, macro backdrop and cost of leverage
1:27:33 Dollar debasement and the dollar's dominance
1:44:08 AI bubble, chipflation and accounting nuance
1:52:38 Rapid fire: Bitcoin year end, STRC, optionality

Key takeaways:
- Jody said capex numbers from Meta, Microsoft and Amazon are what matter most this week, while Apple does not really play that game.
- Varda Pandey said much of Strategy's convertible debt was bought by funds trading volatility arbitrage, which is why coupons were close to zero.
- She argued the switch from collateralized debt to preferreds moved risk from an acute Bitcoin price level to chronic risk carried by preferred holders.
- Pande said Bitcoin likely needs to be in the mid to high 100Ks for confidence in Strategy to return, and sees roughly 75K to 80K by year end after a possible dip toward 50K to 55K.
- She called $STRC trading below par a vote of no confidence and said it was marketed as a digital money market instrument, which it is not.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Investor Constantin Kogan joins Avi and a co-host on The Daily Stack to walk through a Bitcoin power law model projecting bear market floors of roughly $61,000 in 2026, $188,000 by 2030 and $582,000 by 2035. He also covers his fund's delta neutral and algorithmic trading approach, tokenization, the Clarity Act, CBDCs, and how Circle's $USDC and Tether's $USDT work and where their risks lie. The episode closes with the political outlook for crypto, his interview with Bitcoin logo designer Joby Weeks, and a Predyx market on whether $BTC hits $75,000 by the end of 2026.

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Chapters:
0:00 Intro and Constantin Kogan's background
1:55 Power law floors: $61K, $188K and $582K by 2035
5:51 The Bitcoin power law explained simply
8:52 Macro noise: Iran war, new Fed chair, AI trade
10:49 Clarity Act and delta neutral fund strategy
15:01 Avoiding midcurve: algorithms vs human traders
18:46 Tokenization and 24/7 settlement arbitrage
20:15 The dollar, CBDCs and stablecoins buying Treasuries
28:33 Circle trust bank charter and $USDC vs $USDT
33:55 How Tether makes money and its risks
44:33 Political risk, crypto voters and Stand With Crypto
49:22 Joby Weeks, the Bitcoin logo and Predyx market

Key takeaways:
- Kogan says a $60,000 current bear market floor compares with $16,000 in the 2022 bear market, consistent with each cycle bottoming higher.
- He describes the power law as a fit to six historical bear market lows. He notes it ignores macro factors and does not guarantee any price.
- He expects the Clarity Act around September or October and calls it one of the most important bullish catalysts for institutional certainty.
- He says his fund's delta neutral strategy targets 2 to 3% a month. He contrasts Bitcoin's 2 to 4% average volatility with under 1% for the S&P 500.
- He argues stablecoin issuers reinvest reserves into US Treasuries, supporting the dollar. He also says he opposes a CBDC and welcomes its restriction until 2030.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Andrew Tilmann, CEO of the Midwest Bitcoin Summit, joins hosts Jody and Avi Mash to discuss whether Bitcoin treasury companies will eventually have to sell BTC. He argues the treasury model is an arbitrage on the fiat system that cannot work long term, and the conversation compares perpetual preferreds at Strive ($ASST) and Strategy. They also cover a new Bitcoin security consortium focused on quantum computing, the Clarity Act, Vivek Ramaswamy, why the Midwest needs a Bitcoin conference, the summit's Bitcoin only policy and cannabis industry partnership, and whether the Bitcoin bottom is in.

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Chapters:
0:00 Intro: treasury companies, fiat and Andrew Tilmann
1:12 News: Bitcoin security consortium, quantum and Kalshi
3:55 Vivek Ramaswamy, Ohio governor race and Strive $ASST
5:13 Clarity Act momentum and the ethics provision
8:49 Why the Midwest needs its own Bitcoin conference
14:08 Will Bitcoin treasury companies be forced to sell BTC?
15:54 Perpetual preferreds: Strive vs Strategy
17:58 Bitcoin price, digital gold vs currency
21:47 Keeping the Midwest Bitcoin Summit Bitcoin only
26:14 Speaker lineup and Joe Bryan
28:25 After parties and the cannabis industry partnership
40:30 Is the Bitcoin bottom in?

Key takeaways:
- Andrew Tilmann says treasury companies only work as an arbitrage on the fiat system, and that most will probably have to sell Bitcoin at some point to service perpetual dividend payouts.
- He describes the treasury company race as winner take most, with the best treasury managers coming out ahead.
- Nine firms, including BlackRock, Coinbase, Strategy, Fidelity and Blockstream, pledged $15 million over three years for Bitcoin security research focused on quantum computing. Tilmann is not too concerned about quantum risk.
- The Midwest Bitcoin Summit bans explicit altcoin sponsors and has a zero tolerance policy on shilling other cryptos from the stage.
- Tilmann sees 58K as strong support and thinks the bottom is in, barring a black swan event.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
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Not financial advice.

Host Jody Flournoy and Jordan break down Buzz, Jack Dorsey's new AI native Slack alternative that uses Nostr keys, covering its built in agents, agent harnesses and self-hosting limits. Guest Grain of Salt then explains how he uses AI with structured data to analyze Strategy ($MSTR), digital credit such as $STRC, amplification, net leverage and cash reserves. He also discusses Strive, Satsuma and Jack Mallers, and gives his view on whether the Bitcoin bottom is in.

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Chapters:
0:00 Intro and welcome with Jody and Jordan
4:53 Jack Dorsey's Buzz: a Slack alternative on Nostr
8:03 Buzz walkthrough: agents Fizz, Honey and Bumble
18:14 Company brains and self-hosted Git on Buzz
27:31 Agent mix: Fable, OpenAI models and Kimi K3
36:54 Grain of Salt joins: taking profits and trophies
46:29 Grain of Salt on prompting AI with precise context
55:04 Structured data: TradingView CSVs for AI analysis
1:15:35 Amplification explained: Strategy vs Strive
1:19:07 Strategy's cash reserve and Phong Le's view
1:31:31 Satsuma, Jack Mallers and treasury efficiency
1:49:00 Is the Bitcoin bottom in? Strive options

Key takeaways:
- Buzz lets you log in with a Nostr key, but at signup Jordan could only use a Block-hosted relay, not his own.
- Jody suggested testing Buzz with just you and your agents first rather than moving a whole team over.
- Grain of Salt downloads CSV data from TradingView so the AI works from a known, timestamped source instead of cached data.
- Grain of Salt explained that amplification falls as Bitcoin rises, citing about 40% for Strategy and 60% for Strive, which has no debt.
- Grain of Salt said Strategy's net debt leverage is about 6% and its dividend coverage is back to 22 months.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Trader Problem Sniper joins The Daily Stack to chart $SPY, $QQQ, $IWM, $MU, $MRVL, $NBIS and $META ahead of a heavy big tech earnings stretch. He walks through a Marvell target of 218, a possible Micron squeeze above 1050 tied to Michael Burry's short, and why he thinks Bitcoin has bottomed, with a year end range of 90K to 100K. The host also covers Circle and crowded trades driven by social media sentiment.

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Chapters:
0:00 Intro: the story of money music video
5:02 Problem Sniper joins, Nebius and AWS headlines
7:04 $SPY daily and 65 minute chart levels
8:51 $NBIS bounce from the 165 target
11:00 $MU and $MRVL, buying dips to the 20 MA
12:01 Earnings week: Tesla, Google, Intel, Google as an ETF
17:30 Bitcoin bottom and the 2022 bullish divergence
22:42 $CRCL drawdown and a Visa, Mastercard stablecoin
23:28 Play of the week: $MRVL 218 and $IWM setup
24:39 $META consolidation into earnings
25:28 Bitcoin prediction markets
28:18 $QQQ, Micron squeeze, Burry short, crowded trades

Key takeaways:
- Problem Sniper says $SPY breaking the 750 to 754 region could lead to all time highs, with a bear gap filling at 751.
- He is watching 218 on $MRVL this week, and a break could run toward the 230 to 244 zone.
- He sees the same bullish divergence on Bitcoin as in 2022, says reclaiming 72,000 to 75,000 could lead back to all time highs, and expects a year end close around 90K to 100K.
- $META has an 8 to 10 month consolidation, and the 9 crossing over the 20 is a setup he is watching for a run into earnings.
- He notes Michael Burry is short $MU around 1050 and thinks a break of that level could trigger a squeeze.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

On this Monday markets episode of The Daily Stack, the host, Joey and chart analyst JFDI break down the semiconductor and neocloud selloff, Joey's $MRVL trade, and JFDI's technical read that Bitcoin may be putting in a bottom on lighter selling volume. They preview a megacap earnings week with $GOOGL, $TSLA and $INTC. They also cover $MSTR, Metaplanet, Google's 14% Anthropic stake, Tesla self-driving and Waymo, the $ISRG selloff, and a Bitcoin price market on a Bitcoin-denominated prediction market.

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Chapters:
0:00 Intro: The story of the money
5:03 Monday markets, megacap earnings week ahead
8:04 Joey's $MRVL trade after the semiconductor selloff
12:49 $NVDA, Meta and Anthropic compute deal, neoclouds
15:57 Is Bitcoin back? JFDI's chart read, $COIN and $CRCL
23:24 Clarity Act, government bitcoin moved, $MSTR and Metaplanet
27:55 $GOOGL earnings preview and Anthropic stake
32:57 $TSLA setup, camp mode, FSD, Cybercab and Waymo
42:32 $INTC earnings setup and price targets
45:10 $ISRG selloff and medical device stocks
49:34 IBM, Rivian and buying after big down days
53:46 Bitcoin price predictions and Stocktoberfest

Key takeaways:
- Joey said he started buying $MRVL in the mid 180s and added in the 190s after it fell from around 325, citing expected revenue growth of 41%, 45% and 39% over the next three years.
- JFDI said Bitcoin's retests of its capitulation low came on lighter volume while his oscillator failed to make new lows, and that a move above 83 would be a strong sign.
- Joey said he trimmed $GOOGL after its multiple expanded and rotated into Meta, which he described as his second largest position.
- The panel noted Google holds about 14% of Anthropic, according to its antitrust case.
- JFDI said he sees Bitcoin reaching 110K before year end, with the caveat that the current low holds. The host created a market on whether Bitcoin hits 75K by December 31, 2026.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

David Marulli, author of Bitcoin Consolidated Volume 1 and a 31-year commercial real estate veteran with over $1 billion in transactions, joins The Daily Stack with host Jody and a co-host to explain how understanding Bitcoin changed his view of money, inflation and wealth. They compare Bitcoin and digital credit instruments like Stretch ($STRC) and $SATA to cash-flowing real estate, discuss Stretch trading below par, inflation data, the US government moving seized Bitcoin to Coinbase Prime, and BIP 110. The episode closes with a quote guessing game and a preview of David's talk at the Midwest Bitcoin Summit in Columbus.

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Chapters:
0:00 Cold open: Bitcoin vs inflation and real estate
1:09 Introducing David Marulli and Bitcoin Consolidated
2:23 Why Bitcoin clicked after 31 years in real estate
4:58 Understanding Bitcoin is like martial arts
9:21 Digital credit: Stretch and SATA vs a building
13:22 Stretch trading below par and daily dividends
20:27 Why Bitcoin rallied on a soft inflation report
24:23 US government moves seized Bitcoin to Coinbase Prime
32:24 Talking Bitcoin with real estate investors
39:38 Game: did David write this quote?
47:13 BIP 110 prediction market and OP_RETURN debate
49:52 Wrap up: Midwest Bitcoin Summit and David's book

Key takeaways:
- David still sees commercial real estate as a superior way to store capital and generate cash flow, but says understanding Bitcoin changed how he views inflation and the economy.
- He compares Bitcoin to an appreciating building without cash flow, and says digital credit like Stretch and SATA, paying between 12 and 13% according to him, adds the cash flow piece without insurance, underwriting or tenants.
- He suggests Stretch could mirror SATA's daily dividend to avoid ex-dividend dates knocking value off the share price.
- He argues the number of US dollars grows about 8% per year, so a bond earning 4% or 5% still loses ground.
- He no longer orange pills people. Instead he tells them to study Bitcoin through books and videos from people like Andreas Antonopoulos, Michael Saylor, Lyn Alden and Jeff Booth and decide for themselves.

Listen and follow The Daily Stack:
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Not financial advice.

Guest Nate Sharp of Sharp on Sats, a Bitcoiner since 2013 with a background in software sales, joins Halston Valencia and a co-host on The Daily Stack to discuss why he thinks many Bitcoiners misunderstand digital credit products like Stretch and SATA, how he came around on Michael Saylor and $MSTR, and Saylor's stance on BIP 110. The episode also covers $TSM earnings and AI bubble talk, AI agents and the x402 payment protocol, and the advice to find your edge, get paid for it, and store that value in bitcoin.

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Chapters:
0:00 Intro: TSM earnings and digital credit Thursday
2:25 Nate on going from Saylor skeptic to $MSTR holder
3:38 Finding bitcoin in 2013 during a Microsoft course
6:39 Early lessons: scarcity and bitcoin's monetary role
9:56 Michael Saylor on BIP 110, Core vs Knots
14:18 Personal approach to $MSTR, Stretch and SATA
17:17 Where Bitcoiners get digital credit wrong
25:17 Bitcoin at Microsoft and meeting people where they are
27:37 TSMC earnings, IBM and the AI bubble debate
30:48 AI agents, distribution and building the tracks
37:35 The x402 protocol and agent payments
41:27 Find your edge, Second Order Brief, Midwest Bitcoin Summit

Key takeaways:
- Nate says digital credit has only existed in this form for six to nine months, while most large pools of capital need a minimum of three years of performance before considering it.
- He argues products like Stretch and SATA are an easier way to start conversations with treasurers and boards than going straight to bitcoin, which they see as volatile.
- He suggests flipping the $MSTR question from how much bitcoin your shares are worth to how many shares equal one bitcoin.
- On Bitcoin improvement proposals he takes a less is more stance because of second and third order consequences.
- His career advice: you don't need a job in Bitcoin; find your edge, get paid for it, and store the value you create in bitcoin.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

A solo Daily Stack episode covering New York Governor Kathy Hochul's executive order pausing new hyperscale AI data centers. The host explains why that order could favor legacy Bitcoin miners that have shifted to AI compute, such as Hut 8, TeraWulf and Cipher. He then walks through building a custom CRM for 21rates.com with Fable on top of a GBrain style company brain stored in GitHub, and closes on prediction market sentiment around the Bitcoin Core versus Knots debate.

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Chapters:
0:00 Pre-show music and intro
45:53 Welcome back and episode overview
46:20 Hochul order pausing hyperscale AI data centers in NY
48:05 Bitcoin miners pivoting to AI: Hut 8, TeraWulf, Cipher
49:58 Data center politics, midterms and hyperscaler deals
51:05 Lightning Labs MCP servers and agent Bitcoin payments
53:00 21rates.com company brain and Garry Tan's GBrain
54:40 How a GBrain works: markdown knowledge in GitHub
58:29 Designing a custom CRM with Fable from the brain
1:02:39 CRM demo, frontier models vs coding models
1:06:07 Agent first business operations
1:10:40 Prediction markets and the Core vs Knots debate

Key takeaways:
- New York Governor Kathy Hochul signed an executive order establishing a statewide temporary pause on new hyperscale AI data centers.
- The host argues companies that already have data centers and power access, especially legacy Bitcoin miners like Hut 8, may benefit as data center buildouts become a political issue heading into midterms.
- A GBrain stores compact company knowledge as markdown files in GitHub so agents get condensed truths plus an index to raw data, which avoids context bloat.
- The 21rates.com CRM was built on an existing Supabase Postgres database, a Hermes agent on a 4 GB RAM VPS, and a web app with Google OAuth.
- Suggested workflow: use frontier models like Fable or GPT 5.6 Sol for strategy and planning, then hand implementation to a coding model like GLM 5.2.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

This Daily Stack episode recaps the June CPI print, IBM's drop and New York's moratorium on new large data centers. Guest Father of Trades makes the case for Goldman Sachs, Nebius ($NBIS), Aleanna ($ANNA) and Fermi ($FRMI), then discusses ASML and TSMC earnings, Netflix ($NFLX) and Microsoft ($MSFT). Problem Sniper joins in the second half to chart $SPY, chip stocks like $AMD, $MU and $NVDA, and a weekly bullish divergence on Bitcoin.

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Chapters:
0:00 Intro: CPI print, IBM drop, NY data center moratorium
7:26 Father of Trades on bank earnings and Goldman Sachs
11:13 Nebius bear case: will hyperscalers build their own?
14:06 Data center site selection, water and Texas
18:45 Aleanna $ANNA bull case vs devil's advocate
34:45 Fermi $FRMI: Rick Perry, Amarillo campus, proxy fight
56:10 ASML and TSMC earnings, IV crush strategy
1:12:52 Netflix debate: hit shows, pricing, user growth
1:30:10 Microsoft as a long term hold
2:03:47 Problem Sniper: SPY compression and trend line
2:16:52 Chip stocks: AMD, ASML, Micron, SanDisk, Reddit
2:25:25 Bitcoin weekly bullish divergence

Key takeaways:
- Father of Trades said his Goldman Sachs thesis rested on its diverse business, large arbitrage desk and skill at handling volatility.
- He argued hyperscalers will keep renting from neoclouds like Nebius because building in-house is costly and slow, and outsourcing shifts liability to a third party.
- His Fermi thesis centers on co-founder Rick Perry's Texas connections, the Amarillo campus sitting on a large aquifer, and an expected anchor tenant announcement.
- On ASML, he suggested waiting for implied volatility to be crushed after earnings, since strong results may already be priced in.
- Problem Sniper pointed to a weekly bullish divergence on Bitcoin, a lower low in price with a higher low on RSI, similar to setups he saw on SPY in 2020 and 2022.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

This Daily Stack episode, streamed from Minnesota on July 13, features trader JFDI breaking down the QQQ weekly range, the dollar ($UUP, DXY), energy ($XLE), $NBIS, SanDisk, $RDDT and his cybersecurity ($HACK) and software ($IGV) setups. The conversation also covers Iran headlines, AI as a tool, red tape and CBDCs, a run of conspiracy rabbit holes, trading psychology and segregating capital by strategy.

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Chapters:
0:00 Intro song: the story of the money
5:05 Live from Minnesota and Pokemon Go Fest
7:41 Iran, war headlines and why narratives matter
14:28 QQQ weekly range, timing tool and the dollar
16:45 XLE energy setup and momentum reset
21:34 Nebius chop, trimming and Anthropic demand
25:41 High flyer corrections and where SanDisk bottoms
27:02 AI as a tool, HyperShell and Neuralink
33:24 Red tape, AI limits, CBDCs and rabbit holes
49:00 Controlling your behavior in markets
51:00 HACK, IGV and Reddit setups
54:46 Segregating capital and staying rich

Key takeaways:
- JFDI said QQQ is in week 11 of a weekly range. If it does not break out next week, he would expect a drop through the floor, possibly to 650 to 680, before resuming higher.
- JFDI said XLE looks like a pause before continuing higher, and his momentum indicator shows the overbought readings fully reset.
- On Reddit, JFDI said above 210 he thinks it rips, and below 210 it is check and chill.
- JFDI said he would not want to hold Nebius back to 150, but would be interested in starting a position near 150 if he were not already in it.
- JFDI pounds the table on segregating capital by strategy. The host shared that his hands-off account for his dad is up about 150% in two years while his active account swings much more.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
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Not financial advice.

Austrian economist and former Citibank banker Hubertus Hofkirchner, founder of the open source Bitcredit Protocol, argues that Bitcoin must become a medium of exchange, not just digital gold, or it will eventually fade. He explains how electronic bills of exchange and non-custodial Chaumian e-cash mints could move real supply chains, such as cocoa and coffee, onto Bitcoin without fiat banks. The conversation also covers Bitcoin near 63k, ETF outflows, Michael Saylor's Strategy, CBDCs, AI and inflation, housing affordability, and the BIP 110 spam debate, with Jody joining at the close.

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Chapters:
0:00 Did Wall Street get Bitcoin wrong?
1:20 Bitcoin at 63k, ETF outflows and guest intro
2:40 Hubertus Hofkirchner on Greece 2015 and why trade runs on credit
9:37 Why a Bitcoin economy still needs commercial banks
13:57 Kevin Warsh, AI productivity and Baumol's cost disease
20:45 Housing affordability, birth rates and fixing the money
31:15 CBDCs, the digital euro and stopping them
33:41 Cocoa supply chains on Bitcoin with bills of exchange
40:18 Michael Saylor, Strategy and Bitcoin's monetary premium
45:23 BIP 110, spam, SegWit discount and the fee market
48:58 How Bitcredit works: e-bills, Chaumian e-cash and Wildcat mints
56:46 Bitcredit mainnet launch and closing thoughts

Key takeaways:
- Hofkirchner argues that if Bitcoin only remains a financial asset and never becomes a medium of exchange, it will eventually fade, calling it potentially the last meme coin to disappear.
- He says banks should never be allowed to create money, but a Bitcoin economy will still need commercial banks to collect Bitcoin savings and lend them to sound businesses.
- He rejects the idea that AI productivity will contain inflation, citing Baumol's cost disease and noting that AI cannot fight scarcity, for example beachfront housing.
- Bitcredit uses electronic bills of exchange and non-custodial Chaumian e-cash mints so each stage of a supply chain can pay workers in Bitcoin, aiming at a 2.5 trillion trade finance gap, about 120 billion of it in Africa.
- On spam, he says the fee market and proof of work handle it, suggests the SegWit discount formula needs slight tweaking, and expects BIP 110 to prove a nothing burger once Bitcoin monetizes.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

GoMining CEO Mark Zalan joins The Daily Stack, with hosts Jody and Halston, to discuss Michael Saylor's 'let the fees decide' stance on BIP 110 and the Core vs Knots debate. He also covers the challenges facing Bitcoin miners, including competition from AI data centers. Mark explains how GoMining tokenizes hash rate so retail users can earn daily $BTC mining rewards, and how its new Go BTC Pay protocol aims to enable instant layer 1 Bitcoin payments.

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Chapters:
0:00 Intro: Mark Zalan, CEO of GoMining
3:26 Saylor, BIP 110 and the Core vs Knots debate
7:37 Biggest challenges and tailwinds for Bitcoin mining
11:55 AI data centers competing for power and infrastructure
14:26 GoMining super app and the small business angle
15:48 Tokenized hash rate and daily mining rewards
18:34 Go BTC Pay: instant layer 1 Bitcoin payments
24:36 Lightning adoption and Jack Dorsey's impact
27:21 Mining vs buying and holding for new Bitcoiners
31:03 Borrowing against Bitcoin and hash power
33:33 Wisdom of crowds and the BIP 110 decision

Key takeaways:
- Mark says that historically, mining Bitcoin has been at least 2x more profitable than buying and holding.
- GoMining manages about 18 exahash of hash power. Retail users own about 15.5 exahash of it through the app, and the ecosystem has over 5 million people.
- Go BTC Pay was rolled out at Consensus in Miami in May and reached general availability on June 19. It uses GoMining's ability to prioritize transactions into its own blocks to enable instant layer 1 payments.
- Mark sees AI and mining demand profiles as complementary. AI compute demand drops at night, which is when capacity could switch to mining.
- Mark is ambivalent about the Core vs Knots outcome and credits the Bitcoin community's adaptability, citing the book The Wisdom of Crowds.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
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Not financial advice.

Jody and Jordan Urbs of AI Captains compare two ways to build an AI company brain: Jordan's simple markdown knowledge base with CLAUDE.md routing rules, and Jody's Garry Tan GBrain setup shared through a GitHub repo. Jake Lewis, co-founder and managing partner of ATX Logic, then explains his layered agent stack, getting the data layer right with Postgres, orphan page cleanup, moving from OpenClaw to Hermes agents, and avoiding vendor lock-in. The episode closes with a discussion of whether Bitcoin can reach 100K in 2026.

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Chapters:
0:00 Jordan's AI Captains knowledge base and CLAUDE.md routing
5:20 Jody on Garry Tan's GBrain as a shared GitHub brain
9:25 21 Rates outbound engine plugged into the brain
14:36 Jake Lewis joins: ATX Logic and the layered agent stack
18:13 Six levels of a company brain and a three question test
25:18 Getting the data layer right: Neon Postgres and schema
28:35 How Jake sets up projects with Hermes and multiple models
32:37 Obsidian graph views and cleaning up orphan pages
39:03 Jake's data science background and finding the right clients
47:46 Vendor lock-in, open source and backing up your data
57:13 OpenClaw vs Hermes agents and Nous Portal for compute
59:33 Bitcoin outlook: can it reach 100K in 2026?

Key takeaways:
- Jordan keeps large files like a brand guide out of every new session and uses CLAUDE.md routing rules so the agent reads only the files relevant to the prompt.
- Jake Lewis describes his stack as humans above agents, agents above skills, skills above tools, and tools above data, with a thin harness and fast skills.
- Jake's test: ask your agent where an answer came from, which source wins when sources conflict, and what changed after the last human correction.
- Jake recommends mapping your data and designing the schema before ingestion, and prefers Neon as a Postgres server.
- Jake warns that relying on subsidized frontier model platforms risks vendor lock-in and advises backing up your own database.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Swan Bitcoin founder and CEO Cory Klippsten joins The Daily Stack, with co-host Jody among the hosts, to explain Swan's Real Bitcoin Exchange (RBX). RBX lets ETF holders, especially long-time $GBTC holders paying a 1.5% fee, convert shares into real on-chain bitcoin while carrying their cost basis forward. The conversation also covers Saylor's $216 million bitcoin sale and leveraged treasury models, the Strategic Bitcoin Reserve and stablecoin and Clarity legislation, the Bitcoin Season documentary with the Cleveland Cavaliers and Klutch Sports Group, and Cory's view that bitcoin's next all-time high comes in 2027 rather than this calendar year.

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Chapters:
0:00 Cory Klippsten intro, Bitcoin Season and Cavs partnership
2:06 Swan's Real Bitcoin Exchange (RBX) for ETF holders
3:44 GBTC fees and the capital gains trap
8:27 Saylor's bitcoin sale and leveraged treasury models
12:01 Family offices, volatility and sleeping well at night
13:54 Strategic Bitcoin Reserve, stablecoins and Clarity
20:00 The long war: Bitcoin vs the dollar network effect
22:57 Bitcoin Season, Klutch and why NBA players need Bitcoin
28:43 How the Bitcoin Season documentary came together
32:57 Iren's Warriors deal, CEO pay and promoting the ticker
38:43 When bitcoin returns to all-time highs
41:36 What's next for Swan: Generations and Vigil Protocol

Key takeaways:
- Cory says RBX lets ETF holders exchange shares for on-chain bitcoin in a structured broker-dealer setup, carrying cost basis forward. He notes it matters most for $GBTC holders, since $IBIT and $FBTC are currently underwater.
- He calls $GBTC's 1.5% fee roughly 10x Morgan Stanley's and 6x BlackRock's and Fidelity's, and estimates about $10 billion of bitcoin sits in the product.
- On leveraged bitcoin treasury companies, he says perpetual leverage must be actively managed and will show tracking error over time. His general rule is to keep at least 80% of bitcoin price exposure in real on-chain bitcoin.
- He frames the current era as a long war between Bitcoin's network effect and the dollar's network effect, now that the Bitcoin versus altcoins fight is over.
- Cory expects no new all-time high this calendar year but sees one in 2027, and argues that narrative follows price rather than causing it.

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Website: https://dailystackhq.com
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Not financial advice.

Lightspark chief business officer Davi Strazza, formerly president of North America at Adyen, joins Avi to discuss the OpenUSD stablecoin consortium of more than 140 companies, how it differs from Libra, competition with Circle and Tether, agentic payments, and the Clarity Act. He also covers Lightspark's role in SoFi's international P2P transfers, which run over Bitcoin behind the scenes. In the StockTwits segment, Avi, Joey and Nick cover $RDDT, $NBIS, $AMZN, $HOOD, $RIVN, $BB, $TENB, $NOW and $PLTR.

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Chapters:
0:00 Intro and Daily Stack theme song
4:50 Guest Davi Strazza of Lightspark and the OpenUSD consortium
8:34 Libra vs OpenUSD, regulation and CBDC concerns
20:13 AI agents, stablecoins and Lightspark bonded delegation
28:55 World Cup payments and Bitcoin behind SoFi transfers
38:56 Clarity Act outlook and where to find Davi
58:50 StockTwits segment: July 4th and green markets
1:06:35 Reddit $RDDT: LLM licensing deals and chart setup
1:22:50 Nebius $NBIS, trimming and Amazon $AMZN
1:32:11 Robinhood $HOOD as the finance super app
1:37:49 Rivian $RIVN base and R2 deliveries
1:43:08 BlackBerry, Tenable, ServiceNow and Palantir

Key takeaways:
- Davi Strazza says Lightspark is part of the 140 plus company OpenUSD consortium and will accept OpenUSD across Lightspark and Spark.
- He says Genius and Clarity give stablecoins a regulatory path that Libra never had.
- Lightspark lets users give AI agents limited, permissioned access to funds through what it calls bonded delegation.
- Lightspark powers SoFi's international P2P transfers, which flow over Bitcoin without SoFi or users touching Bitcoin directly.
- On the stock segment, Wells Fargo was cited forecasting Reddit's Google and OpenAI licensing deals could reach a combined $550 million annually from a $130 million run rate.

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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Metaplanet community member Bitcoin Pharaoh joins Avi Mash and Jody Flournoy on The Daily Stack to discuss Metaplanet trading at roughly 80 cents per dollar of bitcoin it holds, and what management can do next, including buybacks, its options income book, and the $MPJPY sponsored ADR versus $MTPLF. The conversation also covers yen debasement and low Japanese borrowing costs as tailwinds, Strategy's ($MSTR) digital credit framework for Stretch, and Strategy's small bitcoin sale aimed at rating agencies. It closes with the guest's case for contrarian, concentrated investing.

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Chapters:
0:00 Preview and intro with Bitcoin Pharaoh
2:25 What Metaplanet is doing after the drawdown
5:06 Discount to bitcoin holdings and $MTPLF vs $MPJPY
7:39 Hotel business vs Metaplanet's options income
12:09 Short stack post: the case for buybacks
15:44 Buying when a stock is out of favor
18:43 Yen debasement and cheap borrowing in Japan
20:41 Strategy's digital credit framework and Stretch
29:50 Next treasury company to sell bitcoin
32:51 World Cup predictions and soccer in the US
37:09 Closing thoughts on contrarian investing

Key takeaways:
- Bitcoin Pharaoh argues that when a company is growing bitcoin per share, buying back stock at a discount can add more value than selling equity at a premium.
- He says roughly 97% of Metaplanet's revenue now comes from its options book, which scales with the treasury in a way a hotel business could not.
- $MPJPY is a sponsored Level 1 ADR launched in December, and he expects liquidity to concentrate there over time rather than in the unsponsored $MTPLF listing.
- He views Japan as out of options and expects continued yen debasement, with low borrowing costs acting as a structural tailwind for Metaplanet.
- He sees Strategy's sale of 32 bitcoin as signaling and expects gradually larger sales aimed at proving liquidity to rating agencies.

Listen and follow The Daily Stack:
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Not financial advice.

Fold founder and CEO Will Reeves joins The Daily Stack to explain why Fold ($FLD) sold about $45 million of Bitcoin near $71,000, and how its treasury approach differs from Michael Saylor's never sell stance at $MSTR. He also covers Fold's origins in 2019, the new Fold Bitcoin rewards credit card, life as a public company on Nasdaq, the 86% stock decline, his Bitcoin outlook for 2026, the Clarity Act, and upcoming summer product launches.

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Chapters:
0:00 Intro and highlights
1:08 Will Reeves and Fold introduced
2:42 Fold's 2019 origins: from spending to earning Bitcoin
5:27 The new Fold Bitcoin rewards credit card
7:09 Taking Fold public on Nasdaq as $FLD
9:40 Why Fold sold $45M in Bitcoin vs Saylor's approach
14:04 Kevin Warsh's Fed and deciding when to sell
17:31 $FLD down 86% and the attention economy
21:10 AI and tech IPO liquidity flowing into Bitcoin
22:23 Bitcoin at $150K by end of 2026 on Predyx
24:44 Clarity Act odds ahead of the midterms
27:01 Fold's summer rewards platform teaser and wrap

Key takeaways:
- Fold sold about $45 million of Bitcoin around $71,000. Reeves says selling Bitcoin represents conviction in the underlying business and was about de-risking ahead of summer launches.
- Reeves says Fold is not a net accumulator of Bitcoin. He places Saylor on one end of the treasury spectrum and Fold on the other, buying and selling to support the operating business.
- The Fold card offers flat rewards with no caps or categories and no need to lock up Bitcoin on the platform. It is still in early access.
- Reeves says being publicly listed brings a halo that opens partnerships and doors for a Bitcoin company.
- Reeves would take no on Bitcoin reaching $150,000 by end of 2026. He calls reclaiming the mid 80s a strong position.

Listen and follow The Daily Stack:
Spotify: https://open.spotify.com/show/0JQzqfVmkKiXuwSA6hyoDs
Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Rashan Colbert, US policy director at the Crypto Council for Innovation, joins Avi Mash to explain where the Clarity Act stands. He covers the Senate Banking and Agriculture bills, what Democrats want on the CFTC and ethics, the stablecoin yield fight, self custody, Bitcoin's commodity status and lessons for AI policy. In the second half, Avi launches a new stock show with Joey from Stocktwits and Nick (JFDI) covering $CRWD, $NBIS, $AMZN, $RDDT, $TSLA, $HOOD, $ORCL, $CSCO and more.

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Chapters:
0:00 Intro: Rashan Colbert of the Crypto Council for Innovation
1:25 Prediction market odds: is the Clarity Act slipping?
4:39 Clarity Act vs Digital Commodity Intermediaries Act
8:28 Midterms, the July deadline and what Democrats need
17:17 Stablecoin yield vs rewards fight with the banks
22:15 Self custody and developer protections in the bill
28:00 How the Clarity Act treats Bitcoin as a commodity
34:07 What AI policy can learn from crypto
1:01:27 New stock show with Joey and Nick (JFDI)
1:04:24 Cybersecurity breakout: $CRWD, $PANW, $NET, $DDOG
1:20:11 $AMZN, $MSFT and $RDDT fundamentals and charts
1:34:04 SpaceX, $TSLA, $HOOD, $ORCL, $CSCO and $TOST

Key takeaways:
- Prediction market odds for the Clarity Act passing this year fell from 70% to roughly 40%, but Colbert says the process is far from dead.
- The goal is to get the bill through the Senate by the end of July, before the August recess when members go home to campaign.
- Democrats' two big political concerns are a CFTC with only one commissioner and ethics rules for elected officials, including the president.
- A stablecoin rewards compromise ties rewards to usage rather than bank-style interest, though some in banking still challenge it.
- The bill affirms the right to self custody, includes Blockchain Regulatory Certainty Act protections for developers and would clarify Bitcoin as a commodity.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Dr. Owen Vaughan, founder of BitRoots, joins The Daily Stack from London to explain Bitcoin provenance: certifying freshly mined coins by miner, facility, energy source and location, similar to fair trade or ethically sourced diamond and gold certification. The conversation covers Michael Saylor's talk at Bitcoin Corporate Day in Prague, the Stretch preferred stock trading below par, Vaughan's mining operation at Ethiopia's Grand Renaissance Dam, Bitcoin mining versus AI for access to power, institutional compliance and fungibility, and BIP 110.

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Chapters:
0:00 Intro: Dr. Owen Vaughan of BitRoots joins from London
2:23 Bitcoin Corporate Day Prague, Saylor and treasury companies
5:16 Stretch preferred stock, transparency and the par debate
10:06 Bitcoin provenance explained: a fair trade mark for BTC
12:52 Why Owen Vaughan founded BitRoots
14:37 Mining Bitcoin at Ethiopia's Grand Renaissance Dam
19:03 Access to power: Bitcoin mining vs AI and HPC
23:44 Elon Musk, energy based currency and SpaceX bitcoin
34:10 Institutional demand, Bitwise and compliance by design
36:23 Fungibility, rare sats and OFAC sanctioned UTXOs
43:08 BIP 110, Core vs Knots and protocol changes
49:37 How to reach BitRoots, and the World Cup

Key takeaways:
- BitRoots traces coins past the block reward to the specific miner, facility, energy source and location, then issues a separate certificate. It writes no data to the chain.
- Vaughan says Ethiopia earned 200 million US dollars in 2025 by selling otherwise unused dam electricity to Bitcoin miners and is using the money to connect rural villages to the grid.
- Chainalysis style screening is probabilistic. Vaughan calls freshly mined coins from vetted miners "compliance by design" because they carry no prior ownership risk.
- Vaughan argues that coins are technically fungible but are priced differently in practice: OFAC listed UTXOs are harder to sell, while some institutions prefer lower risk coins.
- Vaughan recounts Saylor's point in Prague that small treasury companies can double their holdings more easily than Strategy can.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Yves Andre Graf of One Chair Pod joins Jody and Halston on The Daily Stack to recap BTC Prague, debate the online civil war between Bitcoin treasury supporters and self custody maximalists, and dig into $STRC trading around 75 and falling $MSTR sentiment. They cover the 32 BTC sale as a signal to credit agencies, the USD reserve, tension between $MSTR and $STRC holders, European treasury companies like Smarter Web and Capital B, and why Cern Basher is worth following.

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Chapters:
0:00 Intro: Yves Andre Graf of One Chair Pod joins
1:07 BTC Prague recap: Saylor keynote vs Bitcoin Wave talk
9:52 Who should debate Bitcoin treasuries live
15:11 Who to follow: Cern Basher, SpaceX and Elon
22:04 STRC drops to 75 before Yves's first presentation
27:07 Prediction market odds of an MSTR missed dividend
30:44 European treasury companies and community fandom
36:06 The 32 BTC sale and the S&P credit rating
38:01 MSTR vs STRC holders and the USD reserve debate
46:53 Rosen Law Firm probe and reading SEC filings
50:36 What still excites the panel
56:25 MSTR options question, fondue and World Cup

Key takeaways:
- Yves said BTC Prague felt far more Bitcoin centric and friendly in person than the treasury vs maximalist infighting on X.
- STRC was trading around 75 during the show, and Yves had to build backup slides explaining why Strategy's balance sheet is robust.
- A Lightning based prediction market showed odds of MSTR missing a 2026 dividend jumping to about 27% in June, which the hosts read as a sentiment gauge rather than a fundamental signal.
- Yves sees the 32 BTC sale as a signal to credit agencies that Strategy is willing to sell Bitcoin, not the cause of the price drop.
- Yves expects a dividend increase for STRC, likely 50 bips, if the VWAP stays under 99.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

21Shares co-founder Ophelia Snyder explains how she and her co-founder spoke with 27 regulators, launched the first crypto exchange traded products in Switzerland, and grew 21Shares to more than $11 billion across 55 listed products before selling to FalconX. She also discusses Bitcoin's path toward becoming a reserve asset, why decentralization is probably a feature, the blurring line between private and public markets, why tokenization infrastructure is not ready, altcoins going corporate, and whether AI is a bubble.

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Chapters:
0:00 Intro: Ophelia Snyder, co-founder of 21Shares
1:19 Life after the exit and starting a Substack
2:24 What Wall Street missed and her mom's 2013 Bitcoin thesis
4:05 Talking to 27 regulators and launching in Switzerland
8:25 Bitcoin's next leg: becoming a reserve asset
11:09 Is Bitcoin's decentralization a feature or a bug?
15:19 Scaling 21Shares to $11B and selling to FalconX
21:41 Private vs public markets, perps and tokenized stocks
28:46 Altcoins going corporate: Chainlink and financial plumbing
34:17 Hot take: tokenization is further off than people think
38:16 Is AI a bubble? Pattern matching vs original thought
47:40 The tollbooth effect: AI, jobs and slow adoption

Key takeaways:
- Snyder says her mom introduced her to Bitcoin in 2013 but had no way to buy it through her existing bank or brokerage, which led to 21Shares.
- Crossing the first $100 million was when she knew the product category would work, because that is the milestone where platforms can start to add you.
- She left after the US Bitcoin ETF launches shifted the investor base toward pension plans and endowments, a different skill set from finding the first $100 million.
- Her contrarian view: tokenization is much further off than people think because the connective tissue, risk models and operations at traditional finance scale are not ready.
- She thinks AI is likely overheated right now but will probably deliver long term, while current LLMs pattern match rather than produce truly original thought.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Avi Mash talks with Willie Bass, a former EY, KPMG and BNY Mellon consultant who now runs the WC Group, about what corporations are actually doing with AI. They cover hallucinations, delegation versus ownership, job displacement, the junior analyst pipeline, and forward deployed engineering. After a break and a clip of President Trump's Department of War remarks, options trader Problem Sniper joins to discuss $GOOGL, $AAPL, $CRWD, SPCX puts and $MU LEAPS.

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Chapters:
0:00 Intro: Willie Bass and the WC Group
2:04 Mortgage crisis consulting at EY and manual review
5:05 BNY Mellon maturity scores and SIPOC models with GPT
10:32 AI hallucinations, Deloitte and getting data right
16:03 AI as cost cutting versus revenue growth
18:45 WC Group, the silver tsunami and AI startups
32:09 AI, robotics, jobs and UBI
45:00 AI costs and forward deployed engineering
1:30:00 Clip: Trump Department of War signing
1:51:17 Problem Sniper on Google, Apple fines and $CRWD
1:55:31 SPCX puts used as a hedge
2:11:00 $MU LEAPS story and market check

Key takeaways:
- Bass says that during the mortgage crisis, EY teams manually reviewed hundreds of transactions a day for months, work he says AI now handles easily.
- At BNY Mellon, building a SIPOC model from a working session took four to eight hours manually, versus 30 minutes or less with GPT.
- Bass argues that companies treating AI only as a headcount reduction tool struggle, compared with those using it to cut busy work and do more.
- He worries AI is shrinking demand for junior analysts, which disrupts the mentorship pipeline that produced today's senior leaders.
- Bass sees opportunity in forward deployed engineering, noting that large PE firms have signed deals with Anthropic and OpenAI.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

The Daily Stack hosts cover the five new Nasdaq 100 additions ($CRWV, $ALAB, $NBIS, $RKLB, $TER) and a buy the rumor, sell the news pullback. They also discuss Intel as a politically backed domestic foundry, Bitcoin sitting in extreme fear at a reading of 23, and the stalled Iran peace negotiations in Switzerland involving JD Vance. Other topics include Leopold Aschenbrenner's access to power thesis and a new Texas grid framework that could favor $RIOT, $CORZ and $CIFR, local pushback on data centers in Alabama, the $MU, $SNDK and $DRAM memory trade, and Bitcoin backed lending with sponsor Arch.

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Chapters:
0:00 Intro: peace deal falls apart, bond markets swing
1:11 Nasdaq 100 adds: CoreWeave, Astera, Nebius, Rocket Lab, Teradyne
2:33 Intel and domestic chip foundries heading into midterms
3:46 Bitcoin chop, extreme fear at 23 and DCA plans
5:04 Anthropic and SpaceX IPO capital rotating into Bitcoin
6:10 Iran talks stall: JD Vance, Rubio and war costs
8:33 2028 field: Newsom, AOC and a Jamie Dimon run
11:12 Aschenbrenner's power thesis and ERCOT grid access
13:06 Alabama pushback on data centers
16:03 Micron, SanDisk and the DRAM memory trade
19:44 Small cap copycats, ATM risk and a mini monster teaser
21:05 Arch Bitcoin backed loans and liquidity for holders

Key takeaways:
- The five new Nasdaq 100 names ran up after the announcement and sold off on the day they were added, a buy the rumor, sell the news move. The hosts remain bullish on them long term.
- Leopold Aschenbrenner's thesis holds that access to power is the bottleneck you cannot simply build more of. A new Texas grid allocation framework could give miners with existing grid hookups, such as Riot, Core Scientific and Cipher, a defensible moat.
- Conservative communities in Alabama are pushing back on data centers over noise and energy use, which shows opposition is not only coming from the left.
- The hosts said early Anthropic employees and investors could sell at IPO, and some of that capital could flow into Bitcoin, especially from tech native investors.
- Memory demand is tied to AI context. The hosts noted DRAM was around 35 when first discussed on the show and is now around 80, and that Micron's market cap is 1.35 trillion.

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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

The Daily Stack covers the five companies added to the Nasdaq 100 on Monday, June 22: $CRWV, $ALAB, $NBIS, $RKLB and a fifth name. The hosts describe their first day as a buy the rumor, sell the news move. They also discuss Intel ($INTC) as a domestic chip foundry play, Bitcoin sitting in extreme fear, and the stalled Iran peace talks in Switzerland involving JD Vance. Later segments cover 2028 election odds, the power access thesis for neoclouds and bitcoin miners, Alabama pushback on data centers, and the memory trade in $MU, $SNDK and the DRAM ETF.

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Chapters:
0:00 Intro: five new Nasdaq 100 names sell the news
1:45 Intel and domestic chip foundries into midterms
3:16 Bitcoin price, extreme fear and IPO capital rotation
5:21 Iran peace talks stall: JD Vance, Rubio in Switzerland
7:06 2028 odds: Vance, Rubio, Newsom, AOC, Jamie Dimon
8:56 Nasdaq 100 rebalancing and the Nebius bull case
9:51 Neoclouds, Aschenbrenner power thesis and ERCOT
12:12 Alabama residents push back on data centers
15:04 Micron, SanDisk and the DRAM memory trade
18:56 Small cap copycat risk and mini monster teaser
20:43 Arch Bitcoin backed loans and upcoming guests

Key takeaways:
- CoreWeave, Astera Labs, Nebius, Rocket Lab and a fifth name joined the Nasdaq 100 before the open. Most traded lower in a buy the rumor, sell the news move after passive funds front ran the inclusion.
- One host sees Intel staying strong for at least a couple of months into the midterms as a domestic chip foundry the administration can support. Intel futures opened 5% up.
- Bitcoin's sentiment reading was 23, which is extreme fear. One host has been doing DCA and is tempted to add more, while the other expects chop and sees attention pulled toward AI.
- ERCOT's new Texas power allocation framework could benefit Bitcoin miners that are becoming data center operators, such as Riot, Core Scientific and Cipher, because they already have grid connections.
- The hosts credited Smarter Trader's Sam for calling $1,200 on Micron when it was around $200. They noted the DRAM ETF moved from the 30s to about 80.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Roxom CEO Borja Martel joins hosts Jody Flournoy and Halston Valencia to debate Mike Alfred's "short SpaceX, long BTC" call, with Martel saying he is long SpaceX in bitcoin terms and expects the bitcoin bear market to bottom between now and October. The group discusses why $STRC (Stretch) and $SATA have traded below par. Martel explains Roxom's daily bitcoin-paid digital credit dividends, its 7.25% bitcoin line of credit, and a "Bitcoin fixed income" carry trade using digital credit and corporate or sovereign bonds.

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Chapters:
0:00 Intro: Roxom CEO Borja Martel joins Jody and Halston
1:01 Mike Alfred's short SpaceX, long BTC tweet
3:21 Borja's chart: SpaceX priced in sats
4:55 Cycle view: bear market until October
8:47 SpaceX valuation and avoiding overextended trades
10:39 $STRC and $SATA trading below par
18:08 Digital credit on Roxom and daily bitcoin dividends
27:13 Roxom bitcoin line of credit at 7.25%
30:41 The carry trade and "Bitcoin fixed income"
34:19 Bitcoin yield via corporate and sovereign bonds
41:18 Credit, Africa Bitcoin Corporation and broken money
45:24 Closing: think and track performance in bitcoin terms

Key takeaways:
- Borja Martel said SpaceX IPO'd at roughly 230,000 to 240,000 sats per share. He took the opposite side of Mike Alfred, saying he is long SpaceX in bitcoin terms.
- Martel expects bitcoin to bottom between now and October, based on repeating cycle timing around the halving.
- Halston said capital appears to be moving from $STRC to $SATA. She expects Strategy may need to raise Stretch's yield to get it back to par.
- Martel said Stretch fell to about 82 to 85 and $SATA dropped about 5% in a day with no fundamental reason. He called it a sign that digital credit is still small and maturing.
- Roxom lends against bitcoin at 7.25% with no extra fees. Martel said customers borrow against BTC to buy Stretch or $SATA, or bonds such as Barclays or Santander, to earn transparent bitcoin yield.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Avi Mash hosts Stocktwits' Joey Solitro and Jonathan Morgan to discuss the SpaceX IPO and its Cursor deal, $INTC call flow, the Reddit ($RDDT) AI licensing case, BlackRock's Bitcoin income ETF versus Strategy ($MSTR), the new Fed chair, Netflix ($NFLX) and the yen chart. A replayed interview follows, in which Halston Valencia and Jody Flournoy talk with Stafford Masie of Africa Bitcoin Corporation about using bitcoin as collateral for SME lending across Africa. The show closes with Problem Sniper (KT) on SpaceX lockups, oil and charts for $RDDT, $INTC, $GOOGL, $BE, $CSCO and $NBIS.

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Chapters:
0:00 Stocktwits guests Joey and Jonathan Morgan, Ichimoku intro
3:46 SpaceX IPO pricing, valuation and Elon effect
8:29 Intel call trade and data center risks
14:09 Reddit bull case: AI licensing renewals and Anthropic suit
25:17 BlackRock Bitcoin income ETF vs Strategy $MSTR
36:37 New Fed chair Warsh and rate expectations
38:32 Netflix and mega caps $AMZN, $MSFT, $META
42:48 Jonathan Morgan on the yen index chart risk
50:03 Stafford Masie: when payments fail in Africa
1:13:34 Africa Bitcoin Corporation: harvesting yield with bitcoin
1:51:13 Problem Sniper on SpaceX lockups, Iran and oil
2:09:10 Charts: $RDDT, $INTC, $GOOGL, $BE, $NOK, $CSCO

Key takeaways:
- Joey noted SpaceX priced at 135 and said it could have priced higher, calling it roughly 93 to 94 times sales.
- Joey said Reddit trades at 24.8 times next 12 months earnings while growing 56%, with an RBC note suggesting data deals could renew from about $60 million to $300 to $500 million a year.
- Jonathan Morgan called the yen index (JXY) monthly chart the one that makes him most nervous, citing failed intervention.
- Stafford Masie said Africa Bitcoin Corporation lends to SMEs at 18 to low 20% with a default rate under 1%, and estimates one bitcoin equals five to eight African jobs.
- KT said the first wave of SpaceX unlocks comes August 11 and expects oil to fall ahead of the midterms.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

Avi Mash and Jody Flournoy, back from Prague, cover the market rally after both Trump and Iran publicly confirmed a deal and a 60-day extended ceasefire. They also discuss Strive's $SATA preferred returning to par, Strategy's $STRC, and Bitcoin's bounce. Guest Sam (Smarter Trader) explains why he read the Iran deal as real and breaks down his views and trades on $MU, $SNDK, $ASML, $MSTR and same-day SPX puts.

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Chapters:
0:00 Intro: Jody back from Prague
2:46 Iran deal, 60-day ceasefire and Strait of Hormuz
4:05 AI capex trade and a cautious market
5:40 Strive $SATA back to par, Strategy $STRC
8:19 Bitcoin up 4.8%, fear and greed recovers
10:22 Smarter Trader Sam joins on the Iran deal logic
14:06 Sam on $MU, $SNDK and $ASML memory demand
18:02 $MSTR as the risk-on trade
23:23 Same-day SPX puts and the intraday reversal pattern
26:09 Concentrated bets, Elon Musk and risk management
30:14 Roxom and moving to a Bitcoin standard
35:48 Skepticism on the timing of the Iran deal

Key takeaways:
- An extended ceasefire with Iran was announced for about 60 days, and both Trump and Iran publicly said there was a deal. Sam argued Iran's confirmation is what made this one different from previous announcements.
- Strive's $SATA preferred returned to its $100 par after the Bitcoin selloff. Jody noted its 13% annual yield and the move to daily dividends.
- Sam said $MU went from about 400 to nearly 1,100 since his last appearance and repeated his view that memory demand is not a commodity story.
- Sam described $MSTR as the simplest risk-on Bitcoin play if rates and inflation fall, and said his group bought the 130 calls at 2 and they reached 9.
- Jody questioned what the US may have given up to get the Iran deal done around Trump's birthday and America 250.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.

This live episode covers the SpaceX IPO, including the Nasdaq opening ceremony, Gwynne Shotwell's remarks and Elon Musk's speech from Starbase, Texas, followed by a replayed Bloomberg Businessweek Daily segment with AI skeptic Ed Zitron and Peter Atwater on the K-shaped economy. Avi Mash then hosts The Daily Stack with guest Alistair, a tech YouTuber turned investor, discussing $NBIS Nasdaq 100 inclusion, Micron ($MU) and the memory trade, SK Square, space stocks and why Avi still holds bitcoin.

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Chapters:
0:00 Intro and SpaceX IPO coverage begins
5:01 Nasdaq welcomes SpaceX to the public markets
6:02 Gwynne Shotwell opening remarks
12:29 Elon Musk speaks from Starbase, Texas
23:23 Bloomberg: Ed Zitron on AI ROI and bubble risk
34:35 Bloomberg: Peter Atwater on the K-shaped economy
46:29 Bloomberg Businessweek Daily open and markets
1:00:05 Daily Stack live with guest Alistair
1:07:57 Nebius Nasdaq 100 inclusion and Anthropic talk
1:19:06 Micron and the high bandwidth memory trade
1:22:07 SK Square NAV discount and Korean memory stocks
1:33:07 Why Avi still holds bitcoin

Key takeaways:
- Gwynne Shotwell said SpaceX launched Falcon 9 with Starlink satellites the morning it opened on the public market, flew 165 launches last year, and over half of its roughly 22,000 employees bought additional stock in the offering.
- Elon Musk said he originally gave SpaceX less than a 10% chance of succeeding, and that SpaceX wants to be able to take anyone to the moon and Mars.
- Ed Zitron argued companies cannot measure AI costs or ROI and said OpenAI and Anthropic should not be allowed to go public.
- Peter Atwater said credit card delinquencies look set to come in around 13% this month and warned of growing despair at the bottom of the K-shaped economy.
- Alistair said Nebius is about 75% of his portfolio and that Nasdaq 100 inclusion could lower volatility and improve its capital raising terms. He also said SK Square trades at above a 45% NAV discount to its SK Hynix stake.

Listen and follow The Daily Stack:
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Not financial advice.

Stafford Masie, executive director and former chairman of Africa Bitcoin Corporation (ABC), joins Halston Valencia and Jody Flournoy to explain why he says Bitcoin was made for Africa. He covers broken payments, Africa's informal economy, and circular economies, then describes how ABC borrows against Bitcoin at low rates to fund small and medium enterprise loans at 18 to low 20% per annum. He also discusses ABC's JSE main board listing, its sub 1% loan default rate, and Bitcoin miners as grid buffers for AI inference compute.

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Chapters:
0:00 Stafford Masie on raising Bitcoin native daughters
2:41 Why Africans understand Bitcoin in five minutes
5:04 When payments fail in Africa, people die
8:08 Africa's informal economy and community lending
11:39 Circular economies: less waste, less crime, more hope
17:55 Machankura SMS Bitcoin and AI plus Bitcoin for Africa
23:52 Harvesting yield vs Saylor's treasury model
27:39 Bitcoin as globally recognized collateral for SME loans
29:56 Continental play: JSE main board and new listings
31:34 Private credit in Africa and a sub 1% default rate
51:27 Bitcoin mining as a grid buffer for AI inference
53:19 Where to follow Africa Bitcoin Corporation and closing

Key takeaways:
- Stafford Masie says Bitcoin was made for Africa because Africans experience debasement, confiscation and broken payments directly.
- Africa Bitcoin Corporation borrows fiat against Bitcoin at under 5% and lends to small and medium enterprises at 18 to low 20% per annum. He said SME loans in Zimbabwe can cost 20% per month.
- ABC says its loan book has a default rate under 1% after three years as a publicly traded company, and it measures impact as roughly five to eight African jobs per bitcoin.
- ABC moved to the main board of the Johannesburg Stock Exchange and plans listings on Aquis and other African exchanges.
- Masie describes Bitcoin miners in South Africa acting as demand response buffers so that AI inference compute can connect to the grid more stably.

Listen and follow The Daily Stack:
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Not financial advice.

Avi Mash, subbing for Jody, interviews Sarah, founder of Dear Sarah (dearsarah.ai), a female-focused AI confidant app. They cover why women lag in AI adoption, data skew in large language models, Apple App Store review of vibe-coded apps, and Sarah's case for AI optimism. Avi also shares first impressions of the Fable launch, including prediction markets that gave a 94% chance it would ship before June 30th.

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Chapters:
0:00 Intro: Avi subs for Jody, Fable launch, guest Sarah
2:34 Sarah's path: Yahoo, Harvard MBA, consumer startups
7:32 What a female-focused AI confidant means: Grok vs Dear Sarah
10:56 Building on OpenAI and male skew in Reddit and Wikipedia data
15:49 Encouraging girls in STEM and community for women in tech
19:57 Dear Sarah launch and Apple's App Store rules for vibe-coded apps
25:37 Fable launch: prediction markets and first impressions vs Opus
28:51 Why Sarah is an AI optimist: lessons from past tech revolutions
34:14 Google investing in Claude and the Yahoo search deal
40:35 AI, jobs and UBI: atoms vs bits and new job creation
47:40 Hollywood, Suno, AI content disclosure and deepfakes
58:20 AI in healthcare, longevity and personalized medicine

Key takeaways:
- Sarah says Dear Sarah is already live on the web with a free trial, and an Apple App Store launch is coming soon.
- Sarah argues large language models are skewed male: she says Reddit is about 60% male-driven data and Wikipedia about 90% male writers.
- Sarah says Apple has stopped accepting vibe-coded apps and has expanded its review checklist because of a flood of AI-built submissions.
- Avi says prediction markets gave a 94% chance that Fable would launch before June 30th, and his one-shot apps on Fable were significantly better than on Opus.
- Sarah cites research from her Harvard professor that putting three women on a corporate board at once works better than adding one.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
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Not financial advice.

The Daily Stack hosts the 25-year-old investor known as Thematic Trader. He makes his case for three stocks he says make up 80% of his portfolio: FuelCell Energy ($FCEL), Vishay Precision Group ($VPG) and Penguin Solutions ($PENG). He also covers lidar names $OUST, $AEVA and $HSAI, the photonics trade, his view that small caps can lead for the next three to six months, and the risks of overleveraging.

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Chapters:
0:00 Intro: Thematic Trader joins The Daily Stack
1:02 How he got into trading and built his process
3:01 AI super cycle and the market backdrop
7:48 $FCEL: the baby Bloom thesis
10:16 FuelCell pipeline, T5 filing and 500 MW expansion
13:52 FuelCell bear case and carbon capture
18:59 $VPG: precision sensing for humanoid robots
30:00 VPG bear case, customers and laser opportunity
33:48 $PENG: enterprise and sovereign AI factories
45:04 Ouster, Aeva, Hesai and the photonics trade
51:09 Macro outlook, small caps and leverage risk

Key takeaways:
- FuelCell Energy has a 5.5 gigawatt pipeline of sales proposals against 100 megawatts of current capacity. It plans to expand to 500 megawatts within 24 months.
- The guest says he is 99% certain VPG is designed into Tesla Optimus and Figure. He also notes Q1 growth of 18% and a company book to bill of 1.21.
- Penguin Solutions is pivoting from hyperscaler servers to enterprise and sovereign AI factories. The guest says it trades around 25 times fiscal year 26 earnings.
- The guest's stated bear case for FuelCell is a sizable at the money offering, or failing to convert a data center customer before fiscal year end.
- He expects small caps to outperform for the next three to six months. He warns that losing half an account on an 8% Nasdaq pullback signals too much leverage.

Listen and follow The Daily Stack:
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Not financial advice.

Avi Mash and Jody Flournoy, joining from Prague, discuss the SpaceX IPO, which they put at roughly a $1.75 trillion valuation with a 30% retail allocation. They weigh it against Bitcoin near $63K with a market cap of about $1.27 trillion and ask whether the four year cycle still applies. They also cover Jensen Huang's Marvell call, Strive's $SATA preferred moving to daily dividends, the Coinbase and kimchi premiums, Fannie Mae's first Bitcoin backed mortgage with Coinbase and Better, and Kyle Huber's tweet about government confiscation and self custody.

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Chapters:
0:00 Intro: SpaceX IPO week and a Bitcoin bottom?
1:21 SpaceX IPO at $1.75T: why Jody prefers Bitcoin
3:34 SpaceX's 18,712 BTC, Musk control and Starlink
8:07 Jensen Huang calls Marvell the next trillion dollar stock
9:11 SpaceX 30% retail allocation vs 5 to 10% norm
11:13 Is the four year cycle over? Bitcoin declared dead again
16:00 Where SpaceX and AI IPO liquidity goes in Q3
19:04 Fannie Mae, Coinbase and Better close first Bitcoin backed mortgage
21:42 Strive $SATA vs $STRC: 13% daily dividends
27:41 Coinbase premium, kimchi premium and SK Hynix
30:48 Kyle Huber on 6102, $MSTR and self custody
35:08 BTC Prague and wrap up

Key takeaways:
- Jody called SpaceX a very rich valuation without near term revenue to support it. He said it feels like exit liquidity for early investors and VCs.
- SpaceX holds 18,712 BTC. Musk holds 93.6% of the Class B shares, and the retail allocation is 30% against an industry norm of 5 to 10%.
- Bitcoin's market cap of about $1.27 trillion is smaller than the roughly $1.7 trillion SpaceX IPO. Jody argued AI capex competition makes this cycle different from past four year cycles.
- Strive is debt free, and its $SATA preferred pays about 13% annually, moving to daily dividends beginning June 16.
- A returning Coinbase premium and kimchi premium were described as indicators that Bitcoin demand is coming back, possibly from Korean AI stock wealth rotating into Bitcoin.

Listen and follow The Daily Stack:
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X: https://x.com/dailystackHQ
Not financial advice.

Avi Mash interviews Sheldon Weisfeld, who launched the first registered Bitcoin ATM network in the US in 2013 and now runs Ramp ATM Merchant Services. They discuss why stablecoins act as a safe haven in down markets, the Genius Act and Clarity Act, and cross-border remittances with the Philippines as Ramp ATM's first market. They also cover why Sheldon says AI agents will not pay with Visa and Mastercard, the merchant 'good enough problem', a 2026 to 2030 stablecoin adoption roadmap, and a possible bitcoin spike bottom as low as $38,000.

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Chapters:
0:00 Intro: Sheldon Weisfeld, Bitcoin ATM pioneer, joins
3:03 Stablecoins as the safe haven in a bleeding market
4:39 Clarity Act, Genius Act and why Ramp ATM was founded
7:23 CoinVault ATM history and Bitcoin ATM compliance
10:33 Stablecoin market size and the crypto trading use case
11:49 Global remittances and the Philippines as first market
14:15 The global tax on commerce: Visa and Mastercard fees
15:12 AI agents, microtransactions and stablecoin rails
18:56 Genius Pay Me and merchant point of sale integration
23:48 The good enough problem: Venmo, Zelle and Apple Pay
29:55 Stablecoin adoption roadmap from 2026 to 2030
42:07 Bitcoin outlook, DCA and a possible $38,000 spike bottom

Key takeaways:
- Sheldon says Ramp ATM was formed July 21, 2025, three days after the Genius Act was signed on July 18.
- He cites about a trillion dollars a year in global remittances and says 8.7% of Philippine GDP comes from cross-border remittance, making it Ramp ATM's first market.
- Merchants pay 2.5% to 4% on card transactions. Sheldon says stablecoin payments can cost as low as half a percent, with no chargeback risk and near real-time settlement.
- His roadmap: 2026 is for infrastructure and regulation, 2027 brings bank-issued stablecoins, 2028 mainstream awareness, 2029 a retail tipping point, and 2030 ubiquity.
- He says his firm's trade desk sees a possible sharp spike bottom for bitcoin as low as $38,000, and he describes his own approach as dollar cost averaging.

Listen and follow The Daily Stack:
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Website: https://dailystackhq.com
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Not financial advice.

Halston Valencia hosts Roy Kashi, CEO of UK listed Bitcoin treasury and yield company Falconedge, while co-host Jody is away. They discuss why Bitcoin is falling, Strive's SATA moving to daily dividends, Strategy's ($MSTR) Stretch trading below par, and Falconedge's 6.34% Bitcoin denominated yield over its first five months. Roy also calls $61K to $62K a critical support level, sees Bitcoin back to at least $100K by the end of 2026, and talks about AI, jobs and young people's finances.

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Chapters:
0:00 Intro: Halston Valencia welcomes Roy Kashi of Falconedge
1:37 UK treasury unconference and the Bitcoin yield panel
3:44 Why Bitcoin is down: Strategy sale vs AI and IPO rotation
6:23 Geopolitics, oil near $100 and the macro backdrop
9:58 Strive SATA daily dividends and Stretch below par
13:40 Metaplanet, Smarter Web, Capital B and UK preferred rules
15:31 Falconedge's 6.34% Bitcoin yield in five months
20:02 TradFi and Bitcoin convergence over the next five years
23:51 Bitcoin Well and Falconedge's AI fintech platform
29:07 AI-proof jobs and the shifting value of university
34:17 Young people, housing costs and falling birth rates
38:27 Bitcoin outlook: the $61K to $62K level and end of 2026
41:38 Where to find Roy, Falconedge and Bitcoin Prague

Key takeaways:
- Roy dismisses the idea that Strategy selling 32 bitcoin caused the drop. He points instead to rotation into AI and chip stocks, the SpaceX, OpenAI and Anthropic IPO hype, and geopolitical pressure on oil and rates.
- Strive's SATA pays a 13% annual dividend and moves to daily dividends around June 16th. Stretch pays 11.5% but trades near $95, with an effective yield of about 12.15% back to par.
- Falconedge generated 6.34% Bitcoin yield over its first five months, paid back in Bitcoin, with custody at Fidelity and Kraken.
- Roy calls $61K to $62K a major support level. He says a break could open the mid-40s, but he expects at least $100K by the end of 2026.
- Roy tells his daughters to look for AI-proof jobs and says university and grades matter less than they used to.

Listen and follow The Daily Stack:
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Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653
Website: https://dailystackhq.com
X: https://x.com/dailystackHQ
Not financial advice.