May was a breakout month for crypto deals, with $3.5 billion in activity signaling a shift from stagnation to strategic consolidation. NLW breaks down the Robinhood–Bitstamp acquisition, Jump’s bet on tokenization, and Circle’s suddenly hot IPO—backed by BlackRock and poised to reshape the stablecoin landscape.

Brought to you by:

Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal.

To learn more, visit ⁠⁠Grayscale.com⁠⁠ -- ⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠

Enjoying this content?

Bitcoin treasury companies are multiplying fast—some with billions in backing, others chasing quick gains. Today’s episode examines who’s funding these firms, how the Michael Saylor playbook is evolving, and whether we’re watching the rise of a sustainable trend or the start of a new crypto bubble.

Enjoying this content?

Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal.

To learn more, visit Grayscale.com -- https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)

Recorded live on Friday May 30th, 2025.

Enjoying this content?

The Bitcoin Conference returned to Las Vegas bigger than ever, drawing over 30,000 Bitcoiners and showcasing political heavyweights championing crypto’s future. Vice President JD Vance outlined the administration’s bold crypto agenda, emphasizing Bitcoin’s role as a bulwark against financial tyranny, inflation, and elite control. David Sacks updated progress on the Strategic Bitcoin Reserve, while Eric and Don Jr. Trump discussed their family’s deep dive into Bitcoin, predicting record highs. Plus, embattled NYC Mayor Eric Adams pitched "bit bonds," hoping to restore the city as a crypto hub.

Enjoying this content?

Trump Media, GameStop, Joe Lubin, and a growing list of others are embracing the Michael Saylor playbook—raising massive capital to load up on Bitcoin. Today on The Breakdown, NLW unpacks the explosion of MicroStrategy-style public vehicles, the reflexive loop driving investor FOMO, and whether this leverage injection is a new frontier for Bitcoin-based finance—or a looming gray swan.

Enjoying this content?

America’s biggest banks are planning a joint stablecoin, signaling a new phase of institutional crypto adoption — but it’s happening just as political backlash intensifies. NLW breaks down the Wall Street consortium’s ambitions, the implications for the U.S. financial system, and how Trump’s meme coin controversy is complicating stablecoin legislation in Washington.

Enjoying this content?

Bitcoin just notched a new all-time high, but this time, there’s no mania, no frenzy—just a shrug. NLW breaks down the weirdest ATH in Bitcoin’s history, why it happened without a clear catalyst, and what it says about BTC’s shifting role in the global financial system. Plus, a look at Japan’s spiraling bond market, rising U.S. fiscal fears, and what it all means for safe haven assets. Is Bitcoin finally decoupling—or are we just seeing the early signs of a bigger credit event?

Enjoying this content?

Bitcoin hovers just below a new all-time high, with traders bracing for a potential liquidation cascade and analysts divided on what comes next. NLW explores whether upcoming catalysts—ranging from a Trump meme coin gala to SEC regulatory shifts—could break the stalemate. Plus: Robinhood’s big tokenization push, Kraken’s global derivatives expansion, and political fallout from meme coins in Washington and Buenos Aires.

Enjoying this content?

In a major breakthrough for crypto legislation, the U.S. Senate voted 66-32 to advance the Genius Act—marking the most significant step yet toward stablecoin regulation. NLW breaks down what flipped Democratic support, why Elizabeth Warren fought to the bitter end, and what’s next as the bill moves toward a final vote. Plus, Circle is reportedly exploring a $5B sale instead of going public, raising new questions about the future of USDC, its partnership with Coinbase, and the impact of looming regulation.

Enjoying this content?

Moody’s has officially downgraded the U.S. credit rating, joining S&P and Fitch in knocking the government off its AAA pedestal. NLW breaks down the political reaction, the muted market response, and why institutional investors still seem bullish on Bitcoin despite fiscal dysfunction. Plus, what rising transaction fees and ETF flows reveal about the next phase of the Bitcoin cycle.

Enjoying this content?