Onramp Bitcoin Media

Connect with Early Riders // Connect with Onramp

Presented collaboratively by Early Riders & Onramp Media…

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

00:00 – Cold open: Friday/Sunday pump banter; “the banks are here” kickoff

02:11 – JPMorgan to accept BTC/ETH as collateral by year-end

11:41 – Fortress/Prime Trust fallout: single-custodian risk and insolvency lessons

16:19 – Notable deals of the week

25:31 – FalconX to buy 21Shares: ETFs as on-ramp; options liquidity migration

26:41 – Crypto M&A surges; Q3 deal value and what 2026 might look like

32:08 – Coinbase buys Echo (and UpOnly)

38:56 – Tether roundup: AI ambitions, USAT, and the Rumble token (RUM)

46:54 – Convergence of AI and digital assets

53:53 – ETH dev flight to Tempo; centralization tradeoffs and incentive-driven pivots

58:15 – The state of the greater digital assets industry

1:08:28 – Macro week preview

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.theblock.co/post/376038/jpmorgan-to-let-institutional-clients-pledge-btc-eth-loan-collateral
https://x.com/pmarca/status/1982524567072669929
https://www.theblock.co/post/375102/ledger-nano-device-wallet-app
https://www.theblock.co/post/375791/coinbase-unveils-tool-ai-agents-claude-gemini-access-crypto-wallets
https://www.theblock.co/post/375102/ledger-nano-device-wallet-app
https://www.theblock.co/post/376037/tether-ai-open-dataset-local-app
https://www.coindesk.com/business/2025/10/24/tether-eyes-fresh-investments-to-push-usat-stablecoin-to-100m-americans-at-december-launch
https://www.theblock.co/post/376092/zelle-weighs-stablecoin-integration-expand-trillion-dollar-payments-network-abroad
https://www.bloomberg.com/news/articles/2025-10-23/crypto-m-a-surges-30-fold-as-niche-firms-shift-to-mainstream
https://www.theblock.co/post/375652/prime-broker-falconx-to-buy-21shares-amid-crypto-ma-spree-report
https://www.theblock.co/post/375689/salesforce-backed-paytech-firm-modern-treasury-acquires-beam-stablecoin-startup-40-million-all-stock-fortune
https://www.theblock.co/post/375778/kalshi-fielding-investment-offers-12-billion-valuation-after-major-funding-round-bloomberg
https://blog.kraken.com/news/q3-2025-financial-highlights
https://investor.galaxy.com/news/news-details/2025/Galaxy-Announces-Second-Quarter-2025-Financial-Results/default.aspx
https://finance.yahoo.com/news/nevada-shuts-down-fortress-trust-114729119.html
https://a16zcrypto.com/posts/article/state-of-crypto-report-2025/
https://x.com/TheOneandOmsy/status/1982219947792126246
https://finance.yahoo.com/news/coinbase-signs-375-million-deal-113014849.html

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 Business // Onramp Institutional // Gustavo Flores on X // Aureo 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 & the debasement trade

05:22 - Liquidity conditions & bitcoin’s resilience

08:38 - Bitcoin cycles: halving vs liquidity

11:43 - U.S. debt explosion & nominal distortion

14:36 - Government signals & gold’s resurgence

17:34 - Shifting incentives & institutional positioning

19:44 - Global adoption: U.S., India, & Asia-Pacific

23:07 - Latin America’s adoption landscape

25:54 - Financial institutions & ETF-driven onboarding

29:00 - Bitcoin management: custody, risk, & MIC

37:18 - Security realities in Latin America

46:29 - Gold & bitcoin as sound money

01:03:34 - Market structure, stablecoins, & centralization

01:11:42 - Closing remarks, outro, & 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 capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.

00:00 – Intro & welcoming Gustavo Flores

01:17 – UK opens retail BTC/ETH ETPs

04:13 – Japan stablecoins & productization

07:49 – LATAM stablecoin wave; Brazil in focus

11:27 – Coinbase x CoinDCX (India/APAC)

15:47 – Stablecoin plumbing: BlackRock & Stripe

20:27 – BTC credit vs high LATAM rates; Bolivia case

23:31 – Nubank pursues U.S. bank charter

29:11 – 2026 custody (Citi/Schwab) & cycle timing

33:25 – Aureo announced (Swapido → Aureo)

35:03 – Aureo MIC thesis & team

42:21 – Storage-first: MIC + localized service

56:40 – Debasement trade & BTC hurdle rate

1:04:23 – Onramp Business controls; wrap & disclaimer

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.aureobitcoin.com/en
https://www.earlyriders.com/news/early-riders-acts-as-exclusive-investor-in-aureos-pre-seed-round-to-build-latam-native-bitcoin-financial-services-infrastructure
https://bitcoin.docsend.com/view/2dj7n3sjr5uyrsr4
https://blockworks.co/news/tempo-series-a-raise
https://www.lightspark.com/news/lightspark/introducing-lightspark-grid
https://www.theblock.co/post/374924/blackrock-to-launch-genius-compliant-money-market-fund-tailored-for-stablecoin-issuers-report?utm_source=telegram1&utm_medium=social
https://www.cnbc.com/2025/10/13/citi-aims-to-launch-crypto-custody-in-2026-exploring-stablecoin.html
https://www.theblock.co/post/375228/japan-fsa-local-banks-crypto
https://www.theblock.co/post/375250/21shares-bitwise-blackrock-wisdomtree-uk-retail-bitcoin-ethereum-etps-fca
https://www.coinbase.com/en-in/blog/Coinbase-makes-investment-in-CoinDCX-expanding-our-commitment-to-India-and-the-Middle-Easts-crypto-future
https://www.theblock.co/post/374870/paxos-mistakenly-mints-300-trillion
https://www.theblock.co/post/375083/japans-big-banks-join-forces-on-stablecoins-to-speed-corporate-payments-nikkei
https://www.theblock.co/post/374643/stripe-stablecoin-unit-bridge-applies-for-national-bank-trust-charter-co-founder-zach-abrams-says

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/

Keep up with Gustavo:

https://x.com/gustavojfe
https://www.linkedin.com/in/gustavo-j-flores-echaiz/

~ BITCOIN FOR BUSINESSES EP. 3~

Connect with Onramp // Connect with Acropolis // Connect with Early Riders

Presented by Onramp Media in collaboration with Acropolis & Early Riders...

Bitcoin for Businesses is a bi-weekly podcast for operators. We turn headlines into a playbook, covering custody architecture, board approvals, accounting, financing, and real-world implementation.

00:00 - Introduction to Bitcoin for Businesses Podcast

01:24 - Square’s Integration of Bitcoin Payments

05:34 - The Future of Bitcoin in Business

13:11 - Inflation and the Gold-Bitcoin Relationship

19:08 - Counterparty Risk in Bitcoin Holdings

25:11 - Emerging Multinational Banks and Bitcoin

32:07 - Tax Considerations for Bitcoin-accepting Businesses

If you found this valuable, please subscribe to Onramp Media.

Analyst James Check (Checkmate) joins to unpack the current state of bitcoin and gold markets, the impact of shifting liquidity conditions, the relevance of four-year cycles, the future of bitcoin treasury companies, and why understanding market structure, capital flows, and the debasement trade is key to anticipating bitcoin’s next major move.

Connect with Onramp // Onramp Business // Onramp Institutional⁠ // ⁠⁠⁠James Check 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 — Market Overview & Sentiment

03:39 — Are 4-Year Cycles Dead?

06:26 — Liquidity & Macro Regime

09:24 — Gold vs Bitcoin: Signals & Sovereign Bid

11:39 — Institutions vs Retail Demand

13:44 — Onchain: Retail, OG Supply, Smart Money

19:59 — Treasury Companies: MNAV, Risks, Reality

32:15 — Who Buys Next? ETFs, WM, Sovereigns

37:44 — Retail Reflexivity & Hardware Tell

41:42 — Real Inflation & BTC vs Traditional Assets

56:33 — BTC Dominance, Altcoins & Valuation

01:05:40 — Liquidations, Tokenomics & Value Capture

01:13:29 — Barbell: Gold + BTC, Cycles & Leverage

01:24:44 — Outro

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 capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.

00:00 - Introduction and Overview of Recent Events

02:53 - Texas Capital Markets and Blockchain Summit Insights

05:59 - Understanding the Debasement Trade and Fiscal Policies

08:40 - Market Reactions to Recent Economic Announcements

12:07 - The Fragility of the Crypto Ecosystem

14:53 - Lessons from Recent Market Volatility

17:44 - The Role of Bitcoin in a Volatile Market

20:55 - The Future of Prediction Markets and Information Discovery

30:35 - The Nuances of Prediction Markets

32:45 - Square's AI Voice Ordering and Bitcoin Integration

37:55 - Traditional Finance Meets Digital Assets

42:17 - Sovereign Adoption of Bitcoin

49:42 - The Risks in Capital Markets and First Brands

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.theblock.co/post/374266/crypto-liquidations-near-10-billion-in-historic-drawdown-following-trumps-100-tariffs-on-china
https://www.cnbc.com/2025/10/10/morgan-stanley-drops-crypto-fund-restrictions-for-wealth-clients.html
https://blockworks.co/news/bank-of-russia-limited-crypto
https://www.theblock.co/post/374286/rwa-giant-securitize-eyeing-public-listing-via-cantor-fitzgerald-spac-at-unicorn-valuation-bloomberg
https://techcrunch.com/2025/10/10/kalshi-hits-5b-valuation-days-after-rival-polymarket-gets-2b-nyse-backing-at-8b/
https://techcrunch.com/2025/10/08/square-launches-ai-voice-ordering-and-an-integrated-bitcoin-solution-for-merchants/
https://www.theblock.co/post/373957/paypay-acquires-40-stake-in-binance-japan?utm_source=rss&utm_medium=rss
https://www.prnewswire.com/news-releases/galaxy-announces-460-million-strategic-investment-from-a-leading-asset-management-firm-302581126.html
https://x.com/unusual_whales/status/1977710157766307970
https://x.com/matthew_sigel/status/1976251057421647886
https://x.com/gladstein/status/1976684360754684366
https://x.com/nextfckingthing/status/1977072040227045729
https://x.com/kaledora/status/1977138503382413777
https://x.com/web4O/status/1977109201311908304
https://x.com/_Checkmatey_/status/1977112327704268833
https://finance.yahoo.com/news/wall-street-pivots-morgan-stanley-114628117.html
https://blockworks.co/news/morgan-stanley-crypto-access
https://x.com/HighyieldHarry/status/1976107853695107382

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/

From the Onramp Media Archives..

Lyn Alden traces the arc of monetary technology—from shells and tobacco to gold and Bitcoin—and how each leap reshaped who controls money. She explains why Bitcoin represents the end of financialization and the first true form of digital settlement, closing a 150-year gap between transactions and finality. Alden unpacks the forces driving fiscal dominance, the coming liquidity cycle, and why sound, scarce assets like Bitcoin are positioned to lead in a macro-heavy decade defined by debt, geopolitics, and technological change. Originally recorded in February 2024.

00:00 – Bitcoin as the Reversal of Financialization

04:20 – Money as a Ledger & the Question of Control

07:10 – Tobacco & Wampum: Lessons in Early American Money

11:40 – Two Technological Paths in the Evolution of Money

15:30 – Telegraph to Bitcoin: Closing the Settlement Gap

21:00 – Technological Determinism & Monetary Centralization

25:10 – Fiscal Dominance, Liquidity Cycles, & Bitcoin’s Tailwinds

29:10 – Hard Assets, Portfolio Strategy, & the Macro-Heavy Decade

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 // Onramp Institutional

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 — The Debasement "Trade" is Here

08:13 — Institutional Voices Join the Chorus

11:21 — The Dollar’s Decline & Asset Inflation

17:06 — The Fastest Horse Returns

20:06 — Store of Value: Bitcoin’s Core Use Case

23:21 — ETFs, Custody, & Counterparty Risk

26:06 — Hard Money in Modern Portfolios

29:10 — The Custody Dilemma

42:59 — Risk, Trust, & Peace of Mind

44:34 — Sovereign Shifts & Monetary Strategy

49:56 — Tether as a Digital Nation-State

58:17 — IBIT Dominance & the Future of BTC Ownership

01:08:49 — Central Banks & Bitcoin’s Next Era

01:19:26 — Closing, Outro, & 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 - Market Breakthroughs: Gold and Bitcoin Surge

02:55 - The Debasement Trade: Shifting Sentiments in Finance

05:43 - Institutional Adoption: The Role of TradFi in Digital Assets

08:51 - Galaxy One Launch: Bridging TradFi and Crypto

11:43 - Yield Products: Evaluating Risks and Opportunities

14:54 - The Future of Financial Metrics: Nominal vs. Real Returns

17:55 - The Wild West of Finance: Embracing Change

20:39 - Bridging the Gap: Crypto Services for TradFi

23:53 - Incumbents Entering Crypto: Walmart and Stripe's Moves

39:51 - The Future of Stablecoins

43:50 - Interoperability and User Experience in Finance

45:33 - Walmart's Role in Financial Inclusion

48:10 - Risks of Stablecoins and Financial Systems

49:44 - The Evolving Landscape of Stablecoin Competition

53:23 - Credit Market Risks and Financial Distortions

01:03:18 - AI's Impact on Venture Capital and Market Dynamics

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/QTRResearch/status/1974204995273654475
https://www.bloomberg.com/news/articles/2025-10-01/nyc-pilot-funded-by-coinbase-tries-basic-income-payments-in-crypto
https://www.theblock.co/post/373468/galaxy-launches-galaxyone
https://finance.yahoo.com/news/wall-street-pivots-morgan-stanley-114628117.html
https://fortune.com/crypto/2025/10/01/stripe-crypto-stablecoins-open-issuance-bridge-blockchain-tempo/
https://www.theblock.co/post/373510/standard-chartered-estimates-1-trillion-could-exit-emerging-market-bank-deposits-for-us-stablecoins
https://murmurationstwo.substack.com/p/the-stablecoin-duopoly-is-ending
https://www.cnbc.com/2025/10/06/openai-amd-chip-deal-ai.html
https://www.reuters.com/business/ai-venture-funding-continued-surge-third-quarter-data-shows-2025-10-06/
https://www.bestbrokers.com/forex-brokers/the-state-of-ai-venture-capital-in-2025-ai-boom-slows-with-fewer-startups-but-bigger-bets/
https://x.com/exec_sum/status/1974120982614061197
https://bitcoinmagazine.com/markets/wall-street-takes-the-lead-in-bitcoin-options-as-blackrocks-ishares-overtakes-coinbases-deribit
https://ca.finance.yahoo.com/news/blackrocks-ibit-enters-top-20-102855648.html
https://www.theblock.co/post/372763/binance-offers-turn-key-crypto-as-a-service-solution-for-trad-institutions-looking-to-offer-trading-custody-compliance-services
https://www.cnbc.com/2025/10/06/who-is-sanae-takaichi-the-first-woman-set-to-helm-japanese-government.html
https://x.com/LukeGromen/status/1974184554782220583
https://x.com/TimmerFidelity/status/1974112204271296790
https://www.cnbc.com/2025/10/03/walmart-onepay-is-rolling-out-crypto-to-mobile-banking-app.html
https://x.com/calleymeans/status/1608618928561074177?lang=en

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 // Tyler Neville on X // Forward Guidance

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 Tyler Neville

03:56 — Wartime Finance: Acronym Rescue Playbook

12:17 — 60/40’s Sunset: A Generational Shift

21:29 — Saving vs. Investing in a Debasing World

31:45 — Future of Money: Bitcoin vs. Fiat Rails

35:42 — Bitcoin as SoV; Treasury Cos—Bridge or Blowup?

42:35 — ETFs & Access: Gatekeepers, Flows, Plumbing

01:02:20 — Gold & Bitcoin Gain Share in Reserves

01:07:54 — Reserve Flip: Gold vs. U.S. Treasuries

01:13:56 — Sound Assets & Resilience

01:23:44 — Wrap-Up, Disclaimer, & Outro

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