Connect with Early Riders // Connect with Onramp

Presented collaboratively by Early Riders & Onramp Media...

Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology.

00:00 - Bitcoin Market Dynamics and Volatility

03:01 - Understanding SEC's New Leadership and Its Implications

05:44 - The Future of Custody and Regulation in Crypto

09:07 - The Conflation of Bitcoin and Other Cryptos

11:48 - The Sound Money Thesis: Bitcoin vs. Other Assets

14:46 - The Role of ETFs in Bitcoin Trading

17:56 - Institutional Adoption and Market Maturity

34:16 - Institutional Adoption of Bitcoin

40:02 - The Future of Stablecoins

48:51 - Mainstream Reporting on Bitcoin

50:31 - Tim Draper's Bitcoin Fund

01:00:07 - The Changing Landscape of Wealth

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://drive.google.com/file/d/1HmS513cXBKR1jLq1KfQSlKmcLg4Zrf9M/view
https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125
https://x.com/EricBalchunas/status/1950913303623905601
https://archive.ph/wRLV6
https://x.com/NatHalberstadt/status/1951635776900415724
https://x.com/gregisenberg/status/1952129553213571390
https://murmurationstwo.substack.com/p/the-last-word-on-stablecoins-and?selection
https://x.com/nic__carter/status/1952002119717818782

Keep up with Michael: X and LinkedIn 

Keep up with Brian: X and LinkedIn 

Keep up with Liam: X and LinkedIn

Connect with Onramp // Onramp Terminal // Arch Lending // Dhruv Patel on X // Himanshu Sahay on X // Bitcoin Backed Loans: Expensive, or Misunderstood?

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.

00:00 - Introduction to Dhruv Patel and Himanshu Sahay

01:41 - Breaking Down the White House Digital Assets Report

07:29 - Bitcoin’s Growing Distinction from the Broader Crypto Space

10:28 - How Bitcoin Went from Fringe to Treasury Strategy

13:32 - The Rise of Bitcoin-Backed Public Companies

16:47 - Strategic Bitcoin Adoption and Economic Incentives

20:07 - Custody Risk and the MicroStrategy Blind Spot

21:43 - Major Banks Partner with Coinbase: What's at Stake

27:05 - Coinbase as a Systemic Risk and Industry Bottleneck

32:20 - Kraken’s IPO and Institutional Capital in Bitcoin

35:15 - Fed Dissent, Interest Rates, and Political Pressure

42:03 - Abra Halts Withdrawals: Lending Risk Is Back

47:00 - Custody, Collateral, and Counterparty Due Diligence

54:08 - Behind the Scenes of Arch’s Lending Infrastructure

58:29 - Private Credit, Rate Arbitrage, and Institutional Capital

01:03:42 - Bankruptcy Remoteness and Custodial Risk Management

01:11:02 - Product Innovation: Tax, Retirement, and Income Lending

01:17:36 - Final Thoughts, Outro, and Disclaimer

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with Onramp

Presented collaboratively by Early Riders & Onramp Media…

Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology.

00:00 - Bitcoin Market Dynamics and Institutional Interest

07:56 - Banking Partnerships and Crypto Services

13:53 - Stablecoin Developments and Competition

24:24 - Innovations in Financial Products and Bitcoin Economy

28:27 - The Financialization of Bitcoin

30:39 - Market Dynamics and Company Acquisitions

32:44 - The Rise of Bitcoin Treasuries

35:36 - The Evolution of Investment Strategies

38:22 - Texas and the Shift Towards Hard Assets

43:09 - The Future of Alternative Investments

46:02 - The Changing Landscape of Crypto Funds

51:16 - Big Week Ahead

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://x.com/MacroScope17/status/1949111802282864838
https://x.com/coinbureau/status/1949350139576897580
https://x.com/matthew_sigel/status/1949806670307102983
https://www.theblock.co/post/351325/crypto-liquid-funds-down-bad-shifting-to-quality-tokens
https://altgoesmainstream.substack.com/p/agm-alts-weekly-72725-alts-are-actually?utm_source=substack&publication_id=236897&post_id=169344488&utm_medium=email&utm_content=share&utm_campaign=email-share&triggerShare=true&isFreemail=true&r=fn53&triedRedirect=true
https://www.dallasnews.com/business/2025/07/21/money-moves-why-texas-is-all-in-on-precious-metals-and-surging-bitcoin/
https://x.com/real_vijay/status/1949713070789464212
https://www.theblock.co/post/364402/paypal-unveils-payment-option-enabling-small-businesses-to-accept-over-100-cryptocurrencies-using-pyusd?utm_source=telegram1&utm_medium=social
https://x.com/DylanLeClair_/status/1948424150671855740
https://www.aba.com/-/media/documents/letters-to-congress-and-regulators/jointltrtrustcharter20250717.pdf?rev=ce8489ef41574e91822393ad04c3cb62
https://ca.finance.yahoo.com/news/jpmorgan-plans-launch-crypto-backed-045505486.html?utm_medium=email&_hsenc=p2ANqtz-8aez6hjaP09EKP4NFfC7TwWbJQpoErM-WV5hd7UQd4Xybr0twEH7uTxtFv0BjdDDFz14SuzZivWpDqbep_i4W6UxL3aHDarf2AVWgnTHgoub25MMo&_hsmi=2&utm_content=2&utm_source=hs_email
https://pnc.mediaroom.com/2025-07-22-PNC-Bank,-Coinbase-Announce-Strategic-Partnership-to-Advance-Digital-Asset-Solutions-and-Expand-Banking-Services?utm_medium=email&_hsenc=p2ANqtz-8YeeCLaQSpobqWg6Tm9YHFGKk-ocdmEcV-AmeeMptP6eMXryzd4_00tEceLd9LYa1EfRcGISNzFvXEr-Zl1383QQjn1ioRxRlANpooLpt5bTVkloE&_hsmi=2&utm_content=2&utm_source=hs_email

Keep up with Michael:

https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/

Keep up with Brian:

https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

Keep up with Liam:

https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/

Connect with Onramp // Onramp Terminal // Eric Balchunas on X

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.

00:00 - Introduction to Eric Balchunas of Bloomberg

08:58 - The Evolution of Bitcoin and ETF Coverage

16:33 - Understanding Bitcoin: Insights and Misconceptions

22:26 - The Correlation Between Knowledge and Investment

26:52 - The Future of Bitcoin and ETF Dynamics

29:23 - Potential Risks and Black Swan Events

35:19 - Trust in Custodians and the Evolution of ETFs

41:28 - The Meteoric Rise of Bitcoin ETFs

47:53 - The Dichotomy of Traditional Finance and Bitcoin

55:27 - The Role of Bitcoin in Modern Portfolios

01:06:27 - The Future of Bitcoin as a Currency

01:09:40 - Security and Custody in Digital Assets

01:13:31 - The Role of ETFs in Bitcoin Adoption

01:20:36 - Navigating the Complexities of Bitcoin Custody

01:24:49 - Outro and Disclaimer

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Onramp // Jackson Mikalic on X // Josh Phair on LinkedIn

Scarce Assets: a biweekly podcast presented by Onramp which delves into the emergent role of bitcoin in finance professionals' strategies and outlooks. Hosted by Jackson Mikalic, Scarce Assets provides invaluable insights for wealth managers aiming to outperform their peers in the decades ahead. Finance professionals everywhere know about stocks and bonds, but the macroeconomic outlook requires that serious investors pay close attention to another category: Scarce Assets.

00:00 - Intro to Josh Phair, CEO of Scottsdale Mint

09:18 - Josh's Journey in Precious Metals

19:40 - The Current State of Gold and Bitcoin

21:52 - Revaluation of Gold and Strategic Advantages

31:41 - The Future of Stablecoins and Digital Assets

37:05 - The Control of Capital in Financial Systems

40:13 - Historical Context of Monetary Systems

42:49 - Gold and Bitcoin: The Future of Hard Assets

52:01 - Jurisdictional Risks and Asset Security

58:45 - The Evolution of Investment Strategies

01:03:48 - The Future of State-Level Financial Systems

01:11:14 - Outro and Disclaimer

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with Onramp

Presented collaboratively by Early Riders & Onramp Media...

Final Settlement is a weekly podcast covering bitcoin applications, protocol development, broader capital markets and early-stage venture.

00:00 - Introduction and Current Events in Crypto

02:56 - Regulatory Developments and Their Impact

05:50 - Stablecoins and The Shift in Market Structure

08:49 - The Role of Banks in the Crypto Ecosystem

11:46 - Disintermediation and the Future of Banking

14:54 - Insurance and Security in Crypto Assets

18:02 - The Rise of Custodians and Market Dynamics

20:42 - Public Market Interest in Crypto Firms

23:41 - Future Trends and Predictions in Crypto

36:21 - The Rise of Crypto Custody and Public Awareness

37:25 - Market Dynamics: Bitcoin's Role and Institutional Interest

39:12 - Navigating Risks in Digital Asset Management

40:10 - The Future of Financial Services: Bitcoin as a Hurdle Rate

43:45 - Conflation of Crypto Assets and Regulatory Impacts

45:56 - Investment Strategies: Smart Money vs. Speculation

50:37 - Yield Generation: Risks and Opportunities in Bitcoin Investments

55:28 - Emerging Trends: Bitcoin Treasury Companies and Market Structure

01:00:18 - Innovative Banking Solutions for the Digital Age

01:05:17 - The Importance of Multi-Institutional Control in Crypto

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly

Links discussed:
https://www.newsweek.com/donald-trump-changing-401-k-what-know-2100628
https://www.businesswire.com/news/home/20250715691388/en/MARA-Leads-%2420-Million-Investment-in-Two-Prime-to-Advance-Institutional-Bitcoin-Yield-Strategies-and-Expands-SMA-to-2000-BTC
https://www.youtube.com/watch?v=OWhrlHO_1Vc
https://www.coindesk.com/business/2025/07/15/function-raises-10m-to-bring-yield-to-bitcoin-gets-backing-from-galaxy-digital-antalpha-and-mantle
https://www.bloomberg.com/news/articles/2025-07-18/crypto-market-cap-tops-4-trillion-as-us-stablecoin-bill-passes?cmpid=071825_marketsdaily&utm_medium=email&utm_source=newsletter&utm_term=250718&utm_campaign=marketsdaily
https://fortune.com/2025/07/16/jpmorgan-chase-fees-fintechs-plaid-finicity-crypto-wall-street-citigroup-bank-of-america-wells-fargo/
https://x.com/MTanguma/status/1946636253249851478

Keep up with Michael: X and LinkedIn 

Keep up with Brian: X and LinkedIn 

Keep up with Liam: X and LinkedIn 

Connect with Onramp // Onramp Terminal // Vijay Boyapati on X // The Bullish Case for Bitcoin

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.

00:00 - Introduction to Vijay Boyapati

03:32 - Revisiting the Bullish Case for Bitcoin

04:22 - Understanding the Gartner Hype Cycle

07:13 - Nation State Adoption of Bitcoin

10:33 - Political Capture and Bitcoin's Future

14:12 - Institutional Interest and Bitcoin ETFs

18:22 - Market Structure Changes and Future Cycles

27:59 - Bitcoin Treasury Companies and Market Bubbles

36:43 - The Importance of Risk Management

40:16 - Concerns Over Asset Accumulation in ETFs

43:38 - Understanding Bitcoin's Adoption Curve

47:04 - The Macro Environment's Impact on Bitcoin

51:04 - Bitcoin as a De Facto Savings Account

54:25 - The Future of Stablecoins and Bitcoin

58:29 - The Evolving Risk Profile of Bitcoin

01:04:18 - Quantum Computing Considerations

01:05:52 - Outro and Disclaimer

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with Onramp

Presented collaboratively by Early Riders & Onramp Media...

Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology.

00:00 - Bitcoin's All-Time Highs and Market Dynamics

14:53 - The Role of ETFs and Retail Interest in Bitcoin

21:52 - Venture Capital and Strategic Capital Allocation

29:47 - Counterparty Risks and Market Stability

31:38 - The Gambling Nature of Crypto Markets

33:43 - Market Structure and Bitcoin Dominance

36:01 - Retail vs. Institutional Demand in Crypto

40:12 - Privacy and Decentralization in the Age of AI

44:41 - Wages, Inflation, and Bitcoin Accumulation

47:44 - The Evolution of Bitcoin Mining

52:35 - Convergence of AI and Bitcoin

57:57 - Historical Perspectives on Capital and Control

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://x.com/MTanguma/status/1944718183509664170
https://x.com/matthew_pines/status/1944465838448525806
https://x.com/anilsaidso/status/1943662915745350084
https://www.theblock.co/post/362357/next-crypto-ipos-vcs?utm_source=twitter&utm_medium=social
https://x.com/EricBalchunas/status/1943664470032576876
https://thedefiant.io/news/markets/pump-fun-raises-500-million-minutes-pump-token-sale-fc226b29
https://www.nbcboston.com/news/business/money-report/trump-certainly-can-fire-fed-chair-powell-if-theres-cause-hassett/3765586/
https://blockworks.co/news/coreweave-pending-buy-ai
https://www.nbcboston.com/news/business/money-report/trump-certainly-can-fire-fed-chair-powell-if-theres-cause-hassett/3765586/

Keep up with Michael: X and LinkedIn

Keep up with Brian: X and LinkedIn

Keep up with Liam: X and LinkedIn

From the Onramp Media archives: Michael Saylor on bitcoin as digital capital, the $100 trillion idea reshaping markets, and why bitcoin sets the true hurdle rate for capital allocation. Originally recorded in October 2024.

00:00 – Viral Adoption & Exponential Growth

02:25 – Bitcoin as Digital Capital

04:30 – 24/7 Global Markets & Capital Efficiency

11:30 – Bitcoin as the True Hurdle Rate

16:15 – Institutional Yield & Counterparty Risk

25:25 – Strategic Leverage & Capital Allocation

29:55 – The Three Planks of Institutional Adoption

34:30 – Custody, Competition & Market Dynamics

43:50 – BTC Yield as a Corporate KPI

50:55 – Operating Companies vs. Trusts & ETFs

53:20 – There Is No Second Best

58:05 – Focus, Execution & the Bitcoin Era

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Onramp // Onramp Terminal // Bitcoin Policy Institute // Zack Shapiro on X // Zack Cohen on X // State-Level SBR Toolkit

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.

00:00:00 – Intro + Why This Episode Matters

00:02:42 – BPI’s Strategic Reserve Toolkit: Origin Story

00:05:05 – Toolkit Design Philosophy: Modular, Open Source, Comprehensive

00:07:05 – Why States (Not Just Feds) Should Lead

00:09:14 – Execution Challenges: Buying, Custody, and Governance

00:16:15 – The Case for Multi-Institution Custody

00:19:05 – Custody Standards, QCs, and Onramp’s Role

00:25:30 – How States Can Actually Buy Bitcoin

00:29:15 – Funding Sources: Taxes, Pensions, Bit Bonds

00:35:15 – Toolkit as an Educational Resource

00:54:15 – Bitcoin Opportunity Zones & Energy Development

00:57:45 – Property Rights & Custody Protections

01:01:45 – Why Self-Custody Is Non-Negotiable

01:05:45 – Toolkit Implementation & State-Level Game Theory

01:10:15 – Federal Landscape: Clarity Act, Bitcoin Act, Executive Path

01:14:15 – Macro Backdrop: Debt Spiral & Fiscal Dominance

01:21:37 – Outro + Where to Find the Toolkit

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.