Unchained

Bits + Bips: Elon vs. Trump, Bitcoin Supply Shock Brewing, Circle’s Wild Valuation - Ep. 849

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This week on Bits + Bips, the panel tackles the biggest themes driving crypto: Circle’s triumphant IPO, ETH’s institutional tailwinds, and the fast-shrinking Bitcoin supply on exchanges. Plus, what Gemini’s IPO ambitions tell us about the state of exchanges, and whether Ram’s call for a BTC breakout is about to hit.

Also on the docket:

  • Is Circle really worth its sky-high valuation?

  • Why exchange fees are stuck in the 1970s

  • ETH: the quiet trade that might be heating up

    Oh, and yes, they talk about the Trump–Elon feud too 😅

    Sponsors:

    • Bitwise

      • James Seyffart, Research Analyst at Bloomberg Intelligence

      • Ram Ahluwalia, CFA, CEO and Founder of Lumida

      • Steve Ehrlich, Executive Editor at Unchained

        Guest:

        • Sal Ternullo, Managing Partner at A100x Ventures

          • The Conversation: The blow-up between Elon Musk and Donald Trump has been entertaining, but how did things go so bad, so fast?

          • Unchained:

            • Stablecoin Giant Circle Raises $1.1 Billion in Its IPO

            • Early Circle Backer Slams IPO in Expletive-Filled Letter 

            • BlackRock’s IBIT Becomes Fastest-Ever ETF to Top $70B 

            • Blockworks: Gemini files confidential S-1 with SEC in road to IPO

            • The Block: 

              • Trump’s Truth Social files S-1 with SEC for Bitcoin ETF

              • 15-day streak brings Ethereum ETFs to record high cumulative inflow value

              • Metaplanet unveils $5.4B equity raise plan to accelerate bitcoin accumulation

              • Cointelegraph: Bitcoin supply shock? Percentage of BTC on exchanges nears 2018 levels

              • CoinDesk: 

                • MSTR Boosts Stack Again

                • Strategy to Raise Nearly $1B With STRD Preferred Stock Offering to Accumulate BTC

                • Bloomberg: Metaplanet’s shares surged 22% after unveiling a record-setting $5.4 billion stock rights program aimed at growing its bitcoin holdings.


                  Timestamps:

                  • 👋 0:00 Intro

                  • 🧠 1:28 Why the market is ignoring the Trump-Elon “break up” 

                  • 📈 16:47 Is there a reason for Circle’s eye-watering valuation? (And what it means for  crypto VC)

                  • 🏦 30:25 Why Circle may struggle to compete with traditional banks

                  • 🚀 38:34 Why exchanges should rush to go public

                  • 🌐 46:40 Why Ram thinks that the market is immune from more bad news

                  • 🔥 57:16 The secret signs of a coming bitcoin supply shock

                  • 🧾 1:03:58 What’s behind the bitcoin and ether ETFs’ recent momentum and if it will last


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                    UnchainedBy Laura Shin