A new company called Twenty One is making waves—with a launch strategy that echoes Strategy (formerly MicroStrategy), a cap table that includes Tether, SoftBank, and Cantor Fitzgerald, and a plan to acquire more Bitcoin than anyone else.

They’re starting with 42,000 BTC, worth nearly $4 billion, and they’ve hinted they’ll use convertible debt, equity raises, and other market mechanics to buy more.

But is this just a smarter MicroStrategy? Or a recipe for financial reflexivity gone wrong?

In this episode, Matthew Sigel, head of digital assets research at VanEck, digs into:

Sigel also shares a bold idea for “BIT Bonds” that could let the U.S. Treasury issue Bitcoin-linked government debt. Could it work?

Plus, Unchained regulatory reporter Veronica Irwin talks about her scoop that we might see a crypto market structure bill as early as this week. 

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Timestamps:

👋 0:00 Introduction

🚀 4:59 How Twenty One plans to buy more bitcoin than anyone else

⚠️ 7:23 The key risks behind the reflexive BTC acquisition strategy

📈 12:38 Why more companies are copying the MicroStrategy playbook

👔 16:17 Jack Mallers’ role and why the CFO matters even more here

💥 17:55 Could one bad move blow these companies up?

💰 22:28 The types of investors this model attracts

⏳ 25:40 Did Twenty One launch at the worst possible time?

🤔 26:58 How to think about investing in BTC vs. these BTC-heavy stocks

🇺🇸  28:23 Unchained regulatory reporter Veronica Irwin on why a market structure bill might be on its way relatively soon

📰 35:31 Crypto News Recap

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by special guest Joe Weisenthal, co-host of Bloomberg’s Odd Lots podcast, for a wide-ranging, unfiltered conversation. They dive into whether Bitcoin is becoming digital gold, why Ethereum’s value might be leaking away, and how stablecoins are quietly reshaping global finance. Joe challenges the panel on NFTs, DePIN, and whether any of crypto’s big promises have actually delivered. Plus, they debate the rise of MicroStrategy copycats, the failure of crypto social apps, and why Worldcoin’s orb-pilled vision might actually make sense.

Show highlights

🔹 Bitcoin = Safe Haven? – Why BTC is acting like gold in a crisis while ETH and altcoins are tanking

🔹 Ethereum’s Value Leak – Joe questions why ETH hasn’t captured any upside from stablecoins or NFTs

🔹 The MicroStrategy Clone Wars – Solana copycats are trying the Saylor playbook… but will it work?

🔹 Worldcoin’s Creepy Appeal – Joe is orb-pilled: privacy is dead, but proof-of-personhood might just work

🔹 The Freeport Theory of Bitcoin – Could BTC be the decentralized answer to offshore gold storage?

🔹 Are Stablecoins the Eurodollars of Crypto? – Haseeb lays out how stables quietly rewrote the financial system

🔹 Ethereum’s L2 Gamble – The panel debates if Ethereum’s scaling strategy caused value to bleed out

🔹 The DePIN Dilemma – Is decentralized infrastructure a dead-end or just early? Joe wants receipts

🔹 Crypto Social Media? – Joe’s skeptical: why decentralized comms hasn’t clicked yet

🔹 Utopia or Bust? – If crypto’s gonna be this expensive, Joe says it better deliver a better world

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly 

Guest

⭐️ Joe Weisenthal, Editor at Bloomberg

Timestamps

00:00 Intro

01:57 Bitcoin's Market Behavior

06:53 Bitcoin as a Safe Haven

15:56 Economic Value in Crypto

19:51 Stablecoins, NFTs, and Worldcoin

36:00 Blockchain's Value in Social Networks

41:20 Reality of Crypto Utopias

49:19 The Future of Stablecoins and Regulation

54:54 MicroStrategy and Bitcoin Investments

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An independent Federal Reserve has long been the cornerstone of U.S. economic stability, but what happens when that foundation is shaken?

In this week’s episode of Bits + Bips, the panel digs into one of the most dramatic threats yet to financial markets: Donald Trump’s suggestion that he could fire Fed Chair Jerome Powell. It’s not just political theater, it’s a potential major blow to the credibility of the U.S. dollar and the independence of the world’s most important central bank.

Joining the panel is Zach Pandl, Head of Research at Grayscale, who explores why a rotation away from U.S. dollar assets might already be happening and what that means for bitcoin.

Plus:

Sponsors:

• Bitwise

Guest:

Trump Threatening Powell

Inconsistencies in Hard v. Soft Data

Dropping Dollar

Bitcoin Decoupling

Timestamps:

👋 0:00 Intro

👀 3:44 Could Trump really fire Powell? And what would that mean for the Fed’s credibility

👷13:01 Why the Fed is seeing conflicting signals from the economy

📈📉 20:07 If Trump keeps Powell for now, how will the market react?

🚪 24:49 Why capital is rotating out of the U.S. and how it is such a big moment for bitcoin. 

🤕 31:37 How much further the dollar could fall in this cycle?

🔗 42:43 Has bitcoin finally decoupled, and could it become a global reserve currency?

🧑‍💻 50:11 How the young age of crypto holders could reshape market dynamics

🧠 1:04:26 What specific things Ram, Alex, and Zach are watching now across macro and crypto

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The U.S. is rattled by tariffs, economic uncertainty, and political U-turns on crypto. But across Asia, the response has been … different.

In this episode of Unchained, we check in with two of the sharpest observers of Asia’s crypto landscape: Emily Parker, China and Japan advisor of the Global Blockchain Business Council, and Yat Siu, chairman of Animoca Brands. They unpack how Asia views the Trump crypto pivot, what’s actually happening inside China, why Hong Kong may be the most important jurisdiction in crypto right now, and how Japan and Korea are quietly shaping the future of regulation, stablecoins, and DeFi.

Plus:

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Bitwise

• WSJ: Crypto Is Illegal in China. Binance Does $90 Billion of Business There Anyway.

Timestamps: 

🌏 0:00 Introduction

😌 5:43 Why Chinese sentiment around tariffs is calmer than in the U.S.

🗣️ 8:24 What crypto conversations are really about in China right now

🔁 11:28 How Asia reacted to the U.S. crypto U-turn under Trump

🏦 20:13 Are Asian nations quietly building up bitcoin reserves?

📜 23:19 How Asia has more regulatory clarity than the U.S.

📈 25:13 Why crypto adoption in Asia is outpacing that of other regions 

🇰🇷 30:22 Why DeFi hasn’t taken off yet in South Korea – Don’t miss this!

🌐 38:05 The potential rise of non-USD stablecoins in Asia

👀 43:52 Is crypto actually banned in China? 

💴 55:51 Whether the digital yuan is being adopted

🔓 1:00:28 Korea potentially lifting its “shadow ban” on institutional crypto investment?

📊 1:05:15 Why some Asian companies choose to IPO in the U.S. and whether more are coming

🎮 1:10:21 What’s really happening with Web3 gaming in Asia right now

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This week on Unchained: two big stories, one episode.

First, Jesse Pollak, head of Coinbase’s L2 Base, joins to unpack the chaos behind the viral “Coined It” memecoin moment, a tweet-turned-token that hit $17M in an hour, crashed, then rebounded, igniting a firestorm on Crypto Twitter. Was it a media experiment or a botched launch? Was there insider trading? And why does Jesse think coins are the future of creator monetization?

Then, we dive into Converge, the recently announced chain backed by Ethena and Securitize, aiming to bridge TradFi and DeFi. Carlos Domingo and Guy Young explain what makes Converge technically novel, why they’re building on Arbitrum and Celestia, and how it could reshape the onchain landscape for institutions.

Also in this episode:

Jesse Pollak, Head of Base and Coinbase Wallet

On Wednesday, Coinbase’s layer 2 network Base posted a tweet that

read: “Base is for everyone,” followed by a tweet: “Coined it.” That

second tweet linked to a page where the post had already been turned

into a coin.

Within an hour, the coin hit a $17 million market cap, then dropped

to under $2 million, then went back up to over $13 million. Crypto

Twitter exploded. Some called it a rug. Others accused insiders of

sniping the launch. Coinbase later issued a statement saying that Zora

auto-tokenizes content, but Jesse Pollak, head of Base, tweeted that he

personally greenlit the post.

So what really happened?

In this episode, Jesse sits down with Laura to discuss:

Plus, he explains why he’s okay being the “punching bag.”

A month ago, Converge was announced as the new chain backed by Ethena and Securitize, aiming to become a home for tokenized assets and institutional capital.

On Thursday, the teams behind it released the full technical specs. From validator-triggered circuit breakers to 100ms block times and support for yield-generating private credit, Converge is pitching itself as the chain for both TradFi and DeFi.

In this episode, Securitize’s Carlos Domingo and Ethena’s Guy Young join Unchained to explain what’s actually novel in this architecture, why they chose Arbitrum and Celestia, and what it will take for institutions to get comfortable onchain.

Plus: 

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew dives into the drama surrounding the OM token crash, the murky world of fake market caps, and Binance’s role in fueling questionable projects. They unpack Trump’s tariff chaos and whether Bitcoin could emerge as the real winner in a broken economic order. Plus, Vitalik stirs the pot by calling out “bad apps” like Pump.fun—igniting a moral war over what crypto should be building.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 OM Token Implodes – How a top-25 token collapsed 90% in 90 minutes and why it exposed deeper issues with fake float

🔹 Market Cap Manipulation – Haseeb breaks down how teams game CoinGecko, and why circulating supply might be mostly fiction

🔹 Binance Listings = Domain Squatting? – The crew explores how projects “reverse-merge” into dead tokens to skip the line

🔹 Coffeezilla Strikes Again – The panel reacts to OM founder’s bizarre interview and what it reveals about crypto’s accountability gap

🔹 Should Exchanges Demand Disclosures? – A fiery debate on whether market making agreements should be public

🔹 Tarun Goes Full Macro – Why Trump’s tariffs could actually boost Bitcoin—and what capital flight means for crypto

🔹 Vitalik’s App Morality Test – Did he go too far calling Pump.fun a “bad” app? The panel isn’t so sure

🔹 Ethereum’s Vibe Crisis – Solana and Base push back as Vitalik gets philosophical about the soul of crypto

🔹 Is Railgun the Real Hero? – Tarun questions Vitalik’s taste in apps and whether ideological projects matter if no one uses them

🔹 Regulation Without Regulators – Can the industry police itself, or is it time for a new kind of crypto SRO?

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly 

Use Code CHOPINNOVATE, for tickets to the U.S. Innovation in Crypto conference at Cornell Tech on Roosevelt Island (NYC): cbc25.eventbrite.com

Timestamps 

00:00 Intro

02:47 Trump's Tariff Turmoil

15:48 Mantra's OM Token Controversy

29:42 Crypto Disclosures & Market Making Agreements

31:49 Debate on Exchange Incentives & Market Maker Costs

33:57 The Role of Self-Regulation in Crypto Exchanges

44:15 Vitalik's Views on Blockchain Ethics

56:33 Upcoming Live Event Announcement

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Markets are nervous, liquidity is drying up, and political messaging is inconsistent at best.

In this week’s Bits + Bips, the crew unpacks the shifting mood across capital markets and what it will take to bring back the risk-on energy. From Trump’s high-stakes tariff strategy to whispers of deregulation, tax cuts, and even capital flooding, the stakes are rising.

Plus:

Sponsors:

 Timestamps:

👋0:00 Intro

🥊 1:54 Who won the All-In Sacks vs. Summers debate?

🌍 8:01 Why Trump’s 130-country strategy might reshape global trade

💧 18:32 Does the market have a creeping liquidity crisis?

📈 26:15 What might actually make Trump pivot before the midterms

📉 32:18 How hedge funds are quietly bracing for more chaos

🥇 36:52 Why gold and crypto are standing out in this macro mess

🎭 40:15 How Trump’s love of media attention impacts his strategy

🚀 48:02 What might finally reignite serious crypto interest

🧠 53:01 Can investor confidence return without real economic momentum?

💣 1:08:27 Why the yuan’s devaluation could be a major crypto inflection point

🐉 1:14:02 Ram’s strategy to disrupt China’s power plays

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The crypto markets are at a crossroads. While macro chaos — tariff whiplash, rising yields, and inflation fears — continues to dominate headlines, bitcoin has barely budged. And some say that’s exactly the signal.

In this episode, Matt Hougan of Bitwise and Matthew Sheffield of FalconX join Laura to unpack the tension between short-term volatility and long-term conviction. They explore why this cycle may look very different from previous ones, how institutional capital is navigating crypto, and whether we’re entering a new era defined by fundamentals, not just narratives.

Plus: Why bitcoin might hit $200K, what Ethereum needs to reclaim momentum, and the real potential of DeFi under this new administration.

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe

Recent coverage of Unchained on the economy and tariffs: 

Recession incoming?

• Ray Dalio’s remarks on Meet the Press

Timestamps:

📍 0:00 Introduction

🧠 3:48 “An extraordinary moment to live in,” says Matt

⚖️ 5:21 The growing disconnect between long-term belief and short-term pain

🔍 7:40 Why fundamentals are finally taking center stage in investor analysis

🐻 12:34 Solana’s memecoin reputation… can it shake the stigma?

🏛️ 14:29 How ETFs permanently changed crypto market dynamics

📉 15:27 What the 10-year treasury is telling us about bitcoin’s next move

📊 20:28 What crypto options are revealing about investor sentiment

📈 22:33 Whether Ray Dalio is right about where the U.S. economy is headed

💵 28:16 What a weaker dollar means for bitcoin’s value

🚀 31:17 Is $200K bitcoin coming? And who will drive it there?

🌊 38:55 What has to happen for alt season to actually return

🔄 44:40 What light ETF outflows since “Liberation Day” mean

📈 51:10 Why crypto IPO demand is heating up

⚖️ 54:37 DeFi’s big regulatory moment and why the market might be missing it

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Tariffs were back on the table, and then they weren’t. Last week, the Trump administration stunned markets with an announcement of sweeping new tariffs, including a 10% blanket rate and a 125% tariff on Chinese imports. But within days, most of those tariffs were put on a 90-day pause. 

The result? A rollercoaster in equities, credit, and crypto… and plenty of questions about what’s really next.

Seth Ginns, managing partner at CoinFund, is watching all of this closely. He says the data is flashing stress, but underneath, something else is building.

In this episode, Seth breaks down:

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe

Recent coverage of Unchained on the economy and tariffs: 

Bitcoin Tops $83,000 as Tariff Pause Sends Markets Soaring

Crypto Traders See Another $1B Liquidated Amid Tariff Turbulence 

Timestamps:

👋 0:00 Intro

🔁 3:23 Why Trump reversed course on the sweeping tariff announcement

📉 6:33 How tariffs ripple through crypto harder than most expect

🔍 8:38 What CoinFund is watching in macro — and where the silver linings might be

⚖️ 13:48 Why Seth urges short-term caution but sees long-term tailwinds

🚀 16:14 Could altcoins actually run? Here’s how Seth defines a real “alt season”

🏦 19:13 Is this the moment Bitcoin becomes a true safe haven asset?

💰 21:56 Will new stimulus hinge on tariffs — or something else entirely?

✅ 25:11 Why Seth is surprisingly optimistic about Trump’s crypto policy so far

📰 28:27 News Recap

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by Jeff Park, Alpha Liaison at Bitwise, for a deep dive into the chaos gripping global markets and what it all means for crypto. With tariffs ripping through equities and whispers of stagflation on the rise, Jeff breaks down why Bitcoin might still be headed for $200K – and why MicroStrategy might be the new altcoin. They also unpack Circle’s delayed IPO, Ripple’s $1.25B acquisition, and whether capital markets are finally warming up to crypto.

Show highlights

🔹 Bitcoin’s $200K Endgame? – Bitwise’s Jeff Park explains why BTC could thrive even in stagflation or full-on macro chaos

🔹 Tariffs, Stagflation & the Dollar – Why Trump’s “Liberation Day” tariffs might mark the end of U.S. stock market dominance

🔹 Bitcoin vs. Gold – Jeff breaks down how BTC is winning over the next-gen investor as the ultimate store of value

🔹 Altcoins Are Just Leverage – Why institutions may abandon alts for Bitcoin ETF options and MicroStrategy exposure

🔹 Circle’s IPO Delay – What Circle’s numbers really show, and why Coinbase is eating half their yield

🔹 Ripple Buys Hidden Road – The biggest crypto M&A ever? What it means for prime brokerage and TradFi on-chain

🔹 The Return of the Bitcoin Wolves – Jeff’s theory on “positive vs. negative rho” Bitcoin and how both narratives can win

🔹 The Impossible Trinity – Jeff connects the dots between FX regimes, U.S. dollar hegemony, and Bitcoin’s global role

🔹 Crypto’s Macro Decoupling – The panel debates whether Bitcoin is finally unhooking from traditional risk assets

🔹 The “Altcoin of TradFi” – MicroStrategy’s secret sauce, and why it’s become Wall Street’s favorite crypto casino

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tom Schmidt, General Partner at Dragonfly 

Guest

⭐️ Jeff Park, Head of Alpha Strategies & PM at Bitwise Asset Management

Circle S-1 Filing https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521ds1.htm 

Ripple Acquires Prime Broker Hidden Road for $1.25B in One of the Largest Deals in the Digital Assets Space

https://ripple.com/ripple-press/ripple-acquires-prime-broker-hidden-road/ 

Timestamps - 

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