Alex Thorn is joined by Jason Urban, Global Head of Trading at Galaxy, to break down the rise of crypto treasury companies and the evolving institutional crypto landscape. They discuss the explosion of publicly traded firms holding crypto assets, questions around systemic risk, and what sets these new vehicles apart from legacy players like MicroStrategy.

Jason also shares insights on the growth of Galaxy’s trading and lending businesses, the role of tokenized securities in future capital markets, and how institutional demand is accelerating the integration of DeFi and onchain finance.

Plus, Michael Harvey, Head of Franchise Trading at Galaxy, joins to unpack a market that feels “priced to perfection,” with equities near highs, easing macro data, and retail activity driving risk-on sentiment.

This episode was recorded on Wednesday, July 9, 2025.

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