Galaxy Digital

📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips A firmware bug quietly introduced into Coldcard hardware wallets in 2021 has let attackers drain an estimated 1,600 to 2,000 bitcoin, over $100 million, from cold storage addresses that sat untouched for years. Galaxy Digital's Alex Thorn has been tracing the exploit in real time, and in this clip he breaks down exactly how the random number generator meant to secure private keys "failed silently" into "way too weak entropy," and lays out the wave-by-wave forensic trail he is using to track the attacker. Alex Thorn identifies three confirmed attack waves and a possible fourth, and Chris Perkins makes the case that even a "trustless, permissionless" system still requires trusting something, in this case, a hardware wallet's own firmware. Hosts: Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Guest: Alex Thorn - Head of Research at Galaxy Digital and host of Galaxy Brains This clip is from a longer conversation on the Coldcard hack, U.S. AI guardrails, and the case for self custody. Full episode here. https://youtu.be/0oYZGw2DSj0?si=TwubhLQ35L8cXyG_ We go live every Monday at 4:30pm ET. Subscribe to catch it live. 👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). Chapters 🔐 00:00 Coldcard's reputation as Bitcoin's gold standard hides a deep systemic flaw 🎲 03:42 How a 2021 firmware update let key generation fail silently into weak entropy 🕵️ 09:56 Alex Thorn traces three confirmed attack waves, and a possible fourth 🤝 14:05 'They trusted Coldcard to do the right thing': what broke when a hardware wallet failed Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Two surprise Democrat votes just rerated the entire crypto policy timeline. After the Senate Banking Committee advanced the Clarity Act on a bipartisan basis, Galaxy Digital head of research Alex Thorn moved his odds of the bill being signed this year from a coin flip to 75%. He and David map the seven-week sprint to the president's desk, the ethics-provision standoff that could still sink everything, the bank lobby's quiet obstruction game, and why the stablecoin yield compromise leaves the real fight for rulemaking. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🟦 COINBASE ONE | MEMBER MONTH https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | Get your 30-day access to Wealth Club Premier https://bankless.cc/nexo ------ TIMESTAMPS 0:00 Intro 0:39 Clarity Act Vote Reactions 5:16 What’s Next? 10:05 Trump Veto? 15:21 Stablecoin Rewards Compromise 28:14 Administration Precedence 31:02 Why is Clarity So Important? 41:01 Which Ecosystems Benefit the Most? 42:59 Clarity Act Passing Over-Under 48:17 Bitcoin Price After CLARITY 49:39 Closing & Disclaimers ------ RESOURCES Alex Thorn https://x.com/intangiblecoins Galaxy Digital https://www.galaxy.com/ Senate Banking Committee Advances Crypto CLARITY Act https://www.bankless.com/read/news/senate-banking-committee-advances-crypto-clarity-act ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Thank you to our sponsor, Mantle! In this Unchained podcast episode, guests Alex Thorn and Ryan Graham share their 2026 outlook for Bitcoin and the broader crypto market, exploring why the year looks unusually uncertain. The conversation also digs into questions around Ethereum’s long-term value, whether killer apps are enough to drive adoption, prediction markets’ push into sports betting, and why the privacy meta could continue in 2026. Hosts: Laura Shin Guests: Ryan Graham, Research Analyst at Messari Alex Thorn, Head of Firmwide Research at Galaxy Digital Links: DAT Stocks Are on Sale. Are They a Buy? Plus, Why Crypto Is Dead Ethereum’s Vitalik Buterin Says Blockchain Trilemma ‘Has Been Solved’ Solana Withstands Week-Long DDoS Attack Solana Mulls Proposal to Lower Inflation Rate Western Union Files ‘WUUSD’ Trademark After Solana Stablecoin Reveal Why the Privacy Coins Mania Is Much More Than Price Action The Chopping Block: Hyperliquid vs. Tarun, ADL Transparency & The Coming Perps Arms Race How to Trade Prediction Markets Without an Opinion on the Event Why Wall Street Banks Need to Launch Their Own Stablecoins How the GENIUS Act Creates a Built-In Advantage for Banks and Deposit Tokens Klarna Launches Stablecoin Built on Stripe’s Tempo Chain How the x402 Standard Is Enabling AI Agents to Pay Each Other Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Ryan Graham

Research Analyst

Messari

This week Mike Novogratz joins the show to reflect on his path from a successful trading career to building and running Galaxy. We deep dive into the state of markets, what defines the most successful macro traders, Galaxy's AI data center opportunity, running a public company & more. Enjoy! -- Follow Mike: https://x.com/novogratz Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Start your day with crypto news, analysis and data from David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults. Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo! -- peaq, the Machine Economy Computer, proudly sponsors the Empire podcast. peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots. It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub. For more about peaq, check out www.peaq.xyz -- Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3. Key elements for Mantle as the ""Blockchain for Banking"": - Transactions posted to the blockchain - Compatibility with TradFi rails - Integrated DeFi features Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier. Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'. -- GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries. Discover how GEODNET is changing the world: [https://geodnet.com] -- Timestamps: (00:00) Introduction (06:32) Mike's Outlook For Markets in 2025 (14:53) Are Markets Frothy, AI Capex & The Minsky Moment (24:26) Ads (Blockdaemon, Peaq) (25:36) What Will The Next Four Years For Crypto Look Like? (30:44) What Makes The Most Successful Macro Traders? (40:25) Ads (Blockdaemon, Peaq) (41:35) Hyperliquid (44:19) The AI Data Center Buildout (54:34) Ads (Mantle, Geodnet) (55:59) Galaxy's Crypto Business (59:06) Tokenizing Galaxy's Stock (01:03:14) Running A Public Company & The IPO Window (01:07:03) Final Thoughts -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Mike Novogratz

Founder & CEO

Galaxy DigitalGalaxy Investment Partners

The fight for Hyperliquid’s USDH stablecoin is more than a ticker battle—it’s a referendum on how crypto distribution, governance, and incentives will shape the next trillion-dollar market.  In this episode of Bits + Bips, Steve Ehrlich sits down with Delta Blockchain Fund’s Kavita Gupta, Galaxy Digital’s Alex Thorn, and Frax founder Sam Kazemian to dig into the big questions: Who will win the USDH war, and why does distribution matter more than design? Are DATs fulfilling their promises—or raising money without accountability? Why are L2s the wrong place for tokenized stocks? And where exactly is the trillion-dollar opportunity in stablecoins? Sponsors: Xapo Walrus Host: Steve Ehrlich, Executive Editor at Unchained Guests: Kavita Gupta, Founder & Managing Partner of Delta Blockchain Fund Alex Thorn, Head of Firmwide Research at Galaxy Digital Sam Kazemian, Founder of Frax Finance Links: Unchained:  The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid? Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH Sky Joins Bidding War to Launch Hyperliquid’s USDH  Timestamps: 🎬 0:00 Intro 🔥 4:17 The bidding war for Hyperliquid’s USDH 🗳️ 25:12 Whether the Hyperliquid DAO is truly decentralized ⚠️ 29:22 Are DATs already broken as a product? 🌶️ 35:00 How some DATs avoid fulfilling their promises after raising money 📈 40:27 Why yield-maximization is critical for DATs—and what risks it creates 💵 53:22 Where the trillion-dollar opportunity in stablecoins might actually be 🏛️ 55:35 Why tokenized stocks belong on L1s, not L2s Learn more about your ad choices. Visit megaphone.fm/adchoices

Kavita Gupta

Founder and General Partner

Delta Blockchain FundFINTECH.TV

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Sam Kazemian

Founder

Frax Finance

Want Sam's playbook to turn ChatGPT into your executive coach? Get it here: https://clickhubspot.com/etb Episode 722: Sam Parr ( https://x.com/theSamParr ) sits down with Mike Novogratz ( https://x.com/novogratz ) about risk tolerance and coming back from massive losses. — Show Notes: (0:00) Mike’s first million (8:37) Starting Fortress (13:55) $30M to $2.3B (25:28) Operating system for life (35:41) Being early on crypto (40:26) Risk tolerance — Links: • Fortress - https://www.fortress.com/ • Galaxy - https://www.galaxy.com/ • Business Untitled - https://www.youtube.com/@BusinessUntitled — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

Mike Novogratz

Founder & CEO

Galaxy DigitalGalaxy Investment Partners

Mike Novogratz returns to Bankless to unpack Bitcoin’s surge to new all-time highs and what it means in a world grappling with fiscal uncertainty. We dive into the unfolding bond market crisis, why the Genius Act marks a new chapter for stablecoins, the tokenization of traditional finance, and how Galaxy is uniquely positioned at the crossroads of crypto and AI. This is a front-row seat to the changing macro tides and crypto’s place in the new financial order. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🟠BINANCE | THE WORLDS #1 CRYPTO EXCHANGE https://bankless.cc/binance ------ TIMESTAMPS 0:00 Intro 0:18 Bitcoin Hitting All-Time High 1:57 Trump’s Tariffs' Effect on Bitcoin 5:56 Liz Truss Moment 2.0? 7:33 US Liz Truss’s Effect 8:49 Bitcoin, Gold, and the US Dollar 12:11 BTC as a New World Asset 15:29 Treasuries in Decline 18:05 Galaxy Going Public 21:26 The Genius Act 24:32 Anti-Crypto Army Gone? 27:03 US Consumer Crypto Market 31:22 Tokenizing Galaxy Assets on ETH 34:08 A Roadmap From SEC in the Future? 36:53 Year of Crypto IPOs? 38:30 TradFi Fades, Crypto Rises 39:46 The Terra Luna Case 44:05 Future of Galaxy and Crypto 50:48 Building and Scaling Data Centers 55:18 Closing & Disclaimers ------ RESOURCES Mike Novogratz https://x.com/novogratz Galaxy Digital https://www.galaxy.com/ Tokenization & RWAs (Galaxy Report) https://www.galaxy.com/research/insights/tokenization-and-the-future-of-finance/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Mike Novogratz

Founder & CEO

Galaxy DigitalGalaxy Investment Partners

This week, Alex Thorn joins us to unpack Trump's shocking tariff announcement that sent markets plunging and investors scrambling. Circle files for its IPO, revealing surprising financials, while the FDIC gives banks the crypto green light. CoreWeave debuts with a blockbuster IPO, and Eric Trump dives deeper into Bitcoin mining. We cover all this chaos and more in this week’s Weekly Rollup. Follow Alex on X & check out his Galaxy Brains podcast: https://x.com/intangiblecoins https://www.galaxy.com/insights/podcasts/galaxy-brains/ ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐CELO | BUILD TOGETHER AND PROSPER https://bankless.cc/Celo 🏦INFINEX | THE CRYPTO-EVERYTHING APP https://bankless.cc/Infinex ------ TIMESTAMPS & RESOURCES 0:00 Intro 0:29 Trump’s Reciprocal Tariffs https://x.com/kobeissiletter/status/1907556839686054240 https://x.com/WhiteHouse/status/1907533090559324204 https://x.com/CalltoActivism/status/1907549193650188469 https://x.com/notlouisck/status/1907657906117554278 https://x.com/JamesSurowiecki/status/1907559189234196942 https://x.com/KushDesai47/status/1907618136444067901 https://x.com/TrustlessState/status/1907769359621067017 36:53 Circle Files for IPO https://x.com/Cointelegraph/status/1907172102353924269 https://x.com/g_djuric/status/1907200843289370910 https://x.com/Nick_van_Eck/status/1907181670504993026 https://x.com/TheOneandOmsy/status/1907229821043626100 https://polymarket.com/event/circle-ipo-in-2025?tid=1743435443834 54:32 Eric Trump & Bitcoin Mining https://x.com/EricBalchunas/status/1906689372142915712 https://x.com/FDICgov/status/1905662427783467111 58:07 CoreWeave IPO https://www.galaxy.com/transactions/coreweave-growth-financing 1:04:47 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Joining us this week is Alex Thorn to break down why crypto markets are taking a hit. Major hacks, bearish macro signals, and fresh tariffs from the U.S. all played a role. But it’s not all bad news: the SEC is backing off from lawsuits against Coinbase, OpenSea, and Uniswap, signaling a potential shift in regulatory pressure. Plus, Bybit suffered the biggest crypto hack ever, losing $1.5B—how did it happen, and who’s behind it? Follow Alex: https://x.com/intangiblecoins ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax  🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain  ⚖️ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle  🌐CELO | BUILD TOGETHER AND PROSPER https://bankless.cc/Celo  🦋MORPHO | CRYPTO-BACKED LOANS  https://bankless.cc/Morpho  ----- ✨ Mint the episode on Zora ✨ https://zora.co/coin/base:0xca607e1fcbdf83f893891742bf2f4933a609a9a2?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E  ------ TIMESTAMPS & RESOURCES   00:00:00 Intro To Alex 00:01:21 Market Breakdown https://www.cnbc.com/2025/02/25/how-trumps-tariffs-on-mexico-and-canada-will-sweep-across-us-states.html  00:09:43 Treasuries vs Equities 00:22:12 The Largest Hack In History https://x.com/Bybit_Official/status/1892965292931702929  https://x.com/smyyguy/status/1893007399687958586/photo/1  https://x.com/benbybit/status/1892969284587966869  https://x.com/benbybit/status/1893102137711960486  https://www.chainalysis.com/blog/bybit-exchange-hack-february-2025-crypto-security-dprk/  https://x.com/StefanDGeorge/status/1894781521803858353  https://x.com/hasufl/status/1894772256179405158  https://x.com/arkham/status/1893033424224411885?s=46&t=v4MeJk18PFydz-g2BpdAVg  https://x.com/Jesseeckel/status/1893047605133037905  https://x.com/mudit__gupta/status/1893290720603050121  https://x.com/Bybit_Official/status/1893687749229563958  https://x.com/benbybit/status/1893865556840775758  https://x.com/lookonchain/status/1893840256342040727  https://x.com/TimBeiko/status/1893412457567383559  https://x.com/ethena_labs/status/1892971552565805309  00:34:12 Ethereum Hard Fork Backlash 00:43:03 SEC Drops Lawsuits https://x.com/coinbase/status/1892923603814936896  https://x.com/dfinzer/status/1893086281300582772  https://x.com/Uniswap/status/1894452298698358989  https://x.com/econoar/status/1894501626209271973  00:48:32 Hester Peirce Update 00:54:46 Bullish Or Bearish? 01:04:48 A16Z’s Newest Hire https://x.com/patrickmchenry/status/1894735546213171378  01:06:30 Stablecoin Issues 01:12:31 US Treasury Updates https://x.com/Bitcoin_Laws/status/1893399549454229690  https://bitcoinlaws.io/  01:15:58 Find Alex on Twitter https://x.com/intangiblecoins  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Alex Thorn, Head of Research at Galaxy Digital, joins us to unpack all the craziness that's gone down this week around the inauguration. Alex had the opportunity to attend the Crypto Ball and spend the weekend in DC so he gives us the inside scoop among all the other exciting developments. Alex on X - https://x.com/intangiblecoins   ------ BANKLESS SPONSOR TOOLS: 🪙 FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax  🦄UNISWAP | BUG BOUNTY PROGRAM https://bankless.cc/Uniswap-Bug-Bounty  ⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle  🌐 CELO | BUILD TOGETHER AND PROSPER https://bankless.cc/Celo  🎮RONIN | THE FUTURE OF WEB3 GAMING https://bankless.cc/Ronin  ----- TIMESTAMPS 00:00 Inaugration Recap 04:23 Ross Ulbricht Is Free 20:42 TRUMP Token Launch 37:27 The Crypto Ball 44:00 Pro Crypto SEC 50:05 Tornado Cash Updates ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

In this episode of Bits + Bips, hosts James Seyffart, Noelle Acheson, and Ram Ahluwalia are joined by Alex Thorn, head of research at Galaxy Digital, to discuss the surprising mainstream buzz around XRP’s latest rally, dubbed the “most hated rally in crypto.”  They also analyze the new Treasury Secretary’s ambitious economic plan and what it could mean for inflation, fiscal discipline, and market stability. Meanwhile, Ethereum struggles to reclaim its narrative as the go-to blockchain, even as its ETH/BTC ratio shows signs of life. And in a moment that captures the personal side of crypto’s rise, the team reflects on Thanksgiving table conversations, where bitcoin and digital assets became unexpected stars.  Show highlights: Why the newly appointed Treasury Secretary might be the right person for the job Whether the December rates cut is unnecessary How Marc Andreessen brought Operation Chokepoint 2.0 to the spotlight How Facebook’s project Libra would have benefited the US Dollar hegemony Whether the U.S. Congress will pass stablecoin legislation in 2025 Why Ram believes Ryan Selkis would be a good Crypto Czar How people have been asking more about bitcoin during Thanksgiving Whether the XRP rally is a negative indicator What James thinks about the filings for news ETFs, such as WisdomTree’s XRP Why Alex thinks that ETH could continue its recent rally The impact of MicroStrategy being added to the Nasdaq-100, aka the QQQ ETF Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Guest: Alex Thorn, Head of Firmwide Research at Galaxy Digital Links Politics Unchained:  Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary The Trump-Connected Brad Bondi Is A New SEC Chair Contender and Pro-Crypto Investing: How Scott Bessent Plans to Reshape the US Economy with His 3-3-3 Rule Macro Investing: US manufacturing improves in November as orders rebound, input price gains slow Operation Chokepoint 2.0 Forbes: How ‘Debanking’ Tech And Crypto Companies Could Kill Businesses Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law?  Unchained: Killed By Politics, Ex-Diem Boss Says of Meta’s Stablecoin XRP Unchained:  XRP Becomes the Top Traded Token on Binance and Coinbase, Hits Almost 7-Year High XRP Rallies 70% in a Week to Top Solana, Tether Market Cap The Block: WisdomTree files with SEC for spot XRP ETF Ethereum Unchained: Ether Gains 19% Against Bitcoin in a Week After Months of Underperformance  Timestamps: 00:00 Intro 02:15 Why the new Treasury Secretary could reshape the economy 06:28 Is a December rate cut unnecessary? 15:18 How Marc Andreessen spotlighted Operation Chokepoint 2.0 19:54 The missed opportunity of Facebook’s Libra for USD dominance 26:48 Will stablecoin legislation finally pass in 2025? 31:28 Why Ram thinks Ryan Selkis should be the “Crypto Czar” 34:45 Bitcoin conversations taking over Thanksgiving dinner 39:48 Is the XRP rally a red flag for the market? 48:15 James’s take on new ETF filings like WisdomTree’s XRP 55:48 Why Alex believes ETH could extend its recent gains 1:01:37 What MicroStrategy’s NASDAQ addition means for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Alex Thorn, Head of Research at Galaxy Digital, joins us to unpack the impact of last night’s sweeping Republican victory on the crypto landscape.  We dive into record-breaking price action, potential shifts in crypto legislation, and the role Polymarket played in election coverage. Tune in for insights on what lies ahead for crypto in this new political climate. Alex on X - https://x.com/intangiblecoins  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠  🐧 CARTESI | LINUX-POWERED ROLLUPS https://bankless.cc/CartesiSimple  ⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle    🦄UNISWAP | BROWSER EXTENSION https://bankless.cc/uniswap  🤖 dYdX | UNLIMITED LAUNCHING SOON https://bankless.cc/dYdXUnlimited ------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/90?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. This week, Robert Leshner welcomes two special guests: Mike Novogratz, CEO of Galaxy, and Shaun Maguire, general partner at Sequoia Capital, for a one-of-a-kind debate on how the upcoming 2024 U.S. presidential election could shape the future of crypto. With the stakes higher than ever, they explore what a Harris or Trump presidency could mean for crypto regulation, market infrastructure, and the populist undercurrents driving the industry forward. From blockchain voting possibilities to the macroeconomic forces impacting Bitcoin and stablecoins, the conversation pushes beyond policy to the heart of crypto's role in tomorrow's world. This episode delivers crucial insights on the political forces that could redefine crypto’s trajectory in the U.S. and beyond. Show highlights 🔹 Crypto in the Election Crosshairs: Mike Novogratz and Shaun Maguire debate how a Trump or Harris presidency could reshape the U.S. crypto landscape. 🔹 Deregulation vs. Innovation: Trump’s pro-deregulation stance meets Harris’s pro-innovation campaign promises. Which path is better for crypto growth? 🔹 Crypto's Populist Appeal: How Trump’s base connects with crypto’s populist movement and why that resonates with “the people at the bottom” of the income bracket. 🔹 Deep State and Political Jaywalking: Shaun Maguire dives into the concept of “political jaywalking” and its impact on trust in U.S. elections. 🔹 The Future of Blockchain Voting: Could blockchain-based voting bring transparency to elections? The crew weighs in on the feasibility and timing of decentralized voting. 🔹 Bitcoin's Role in Macro Trends: With U.S. debt surging, Mike and Shaun share their thoughts on Bitcoin as a hedge, whether Trump or Harris takes office. 🔹 The Crypto Political Machine: A look at how crypto insiders engage with political campaigns and the industry’s impact on down-ballot races. 🔹 Wildcard Assets: How a national Bitcoin reserve might impact U.S. fiscal policy – could it ever happen under Harris? Hosts ⭐️Robert Leshner, CEO & Co-founder of Superstate Guests ⭐️Mike Novogratz, CEO of Galaxy ⭐️Shaun Maguire, general partner at Sequoia Capital Disclosures Timestamps  00:00 Introduction 02:03 Shaun’s Argument for Trump 05:10 Mike's Argument for Harris 11:10 Political Bias and Prediction Markets 18:25 Flynn & Political Jaywalking 24:26 Macroeconomic Implications for Crypto 30:29 Bitcoin Price Predictions Post-Election 32:38 Gold & Central Bank Dynamics 34:41 Nation States & Bitcoin Reserves 37:35 Military Technology & Future Dominance 39:10 Presidential Campaign Issues & AI 47:44 Election Integrity & Blockchain Voting 53:17 Crypto's Influence in Politics 56:42 $WLFI Endeavors 01:00:17 Closing Thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices

Mike Novogratz

Founder & CEO

Galaxy DigitalGalaxy Investment Partners

Shaun Maguire

Partner

Sequoia Capital

Steve Kurz is the Global Digital Head of Asset Management at Galaxy Digital. In this episode, Kurz and Chaparro discuss the current state and future of crypto asset management, including the challenges and opportunities in the industry. OUTLINE 00:00 Introduction 01:53 Refining Market Structure 03:36 Galaxy Strategy 06:31 TradFi Capital Allocators 09:17 Future Products 13:26 Galaxy PMF 15:05 Crypto Lending 17:11 Regulatory Climate 19:40 Closing Thoughts This episode is brought to you by our sponsor Polkadot Polkadot is the blockspace ecosystem for boundless innovation. To discover more, head to polkadot.network The Block Community The Block is launching a new community experience for fans of The Scoop! Follow us on Lens to stay in the loop: hey.xyz/u/theblockcommunity The Block Newsletters The Block's newsletters bring you the latest news and analysis of the fast-moving crypto and DeFi markets. To subscribe, visit theblock.co/newsletters

Steve Kurz

Global Head of Asset Management

Galaxy Digital

The herd is coming, or is it already here? Mike Novogratz needs no introduction for long-time crypto natives. For those that are newer? Mike is a fund manager who was early to bitcoin, very early to ethereum, built an entire digital assets empire called Galaxy Digital and spent the last 10 years evangelizing crypto to Wall Street and more recently, to DC. We cover how Crypto has evolved from 2014 to 2024, what’s Wall Street’s current perception of our industry, the recent ETH ETF launch, Politics and Macro. Mike also ends the episode giving extremely important advice for young investors so stay tuned. ------ 📣 SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠  🦄UNISWAP | BROWSER EXTENSION https://bankless.cc/uniswap  ⚡️ FUEL | EARN FUEL POINTS https://bankless.cc/fuel  🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle    ⚖️ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  🗣️TOKU | CRYPTO EMPLOYMENT  https://bankless.cc/toku  ------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/38?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E  ------ TIMESTAMPS 0:00 Intro 4:46 The Herd is Here 14:49 What Changed 20:07 Crypto on Wall Street 32:39 ETH ETF 39:39 Politics 51:27 Macro Outlook 58:10 ETH Narratives 1:03:34 Advice for Youngsters 1:08:20 Galaxy 1:10:24 Closing & Disclaimers ------ RESOURCES Mike Novogratz https://x.com/novogratz   Galaxy https://www.galaxy.com/   ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Mike Novogratz

Founder & CEO

Galaxy DigitalGalaxy Investment Partners

Is the Ethereum ETF Bullish for ETH? Matt Hougan and Alex Thorn put together their own analysis of inflows for the ETH ETF. Remarkably, their numbers came in somewhere close to the same place. We discussed how much demand there will be for the ETH ETF, whether or not it will overperform or underperform expectations and the overall state of the Crypto Market today. ------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/24?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E  ------ TIMESTAMPS 0:00 Intro 2:18 When ETH ETF? 7:16 Data Gathering Process 13:59 The BTC ETF Datapoint 24:17 Estimating ETH ETF Inflows 42:19 Price Impact 52:36 The ETH ETF Bear Case 1:03:14 Solana ETF? 1:05:44 The State of the Market 1:13:53 Closing & Disclaimers ------ RESOURCES Matt Hougan https://x.com/matt_hougan   Alex Thorn https://x.com/intangiblecoins   Bitwise https://bitwiseinvestments.com/   Galaxy Digital https://www.galaxy.com/   ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Matt Hougan

Chief Investment Officer

Bitwise Asset ManagementBitwise

Ten and a half years after filing for bankruptcy, Mt. Gox is finally set to disburse 142,000 Bitcoin worth nearly $9 billion to creditors between July and October.  Market concern has been growing over the potential impact on Bitcoin prices, but Alex Thorn, head of research at Galaxy, explains why only a small fraction of those bitcoins will be sold. He also discusses the implications of this redistribution on the market, the potential success of Ethereum ETFs, and the chances of a Solana ETF approval. Show highlights: 00:00 Intro 02:04 Why Alex estimates the amount of bitcoins that creditors sell will be a tiny fraction of the 142,000 to be repaid  13:35 What market shocks could arise from Mt. Gox creditors receiving billions in Bitcoin, and why he believes Bitcoin Cash is the real wild card 18:18 Whether Ethereum ETFs could be as successful as Bitcoin ETFs in attracting investors 23:06 Whether potential outflows from Grayscale's Ethereum Trust will dampen the excitement around Ethereum ETFs 25:07 How the combination of Mt. Gox repayments, Ethereum ETFs, and German and American government Bitcoin sales might affect crypto prices 27:32 The chances the SEC approves a spot Solana ETF Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Guest Alex Thorn, head of research at Galaxy Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Links Mt. Gox. Unchained: Crypto Market Sees $300 Million Liquidated as Bitcoin Briefly Drops Below $59,000 CoinDesk: Mt. Gox to Begin Repayments in July Governments selling: Unchained: US Government Sends $241 Million in Bitcoin to Coinbase: Arkham Cointelegraph: German gov’t offloads 900 Bitcoin, 400 BTC sent to Coinbase and Kraken Solana ETF Reuters: Investment manager VanEck files to list first spot Solana ETF in US | Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

A few weeks after its launch, Iggy Azalea's MOTHER memecoin is still in the spotlight. Host Joe McCann, who recently had dinner with her in New York, gives the inside scoop on how Iggy’s $MOTHER came to be, plus her plans.  Also, Joe says Iggy is so bullish on Solana because it’s fast and cheap… but James Seyffart counters… nothing can be fast, cheap, and good. Except ETFs. Guests Phil Bonello and Kelly Greer delve into the role of venture capital in crypto, and more particularly into dynamics between liquid hedge funds and massive token generation events. And James tells a mind-blowing story about how one ETF and obscure SEC rules could cause whiplash to the prices of Apple and Nvidia stock over the next few months.  Plus, after SEC head enforcer David Hirsch resigned from the SEC this week, everyone gave their takes on why. Is Hirsch going to BlackRock, or was he scared about a potential lawsuit? Show highlights: 00:51 The real story behind Iggy Azalea's MOTHER memecoin and the controversy between Joe and Haseeb Qureshi 07:26 Why Iggy is bullish on Solana, and whether MOTHER is a hopeful case for crypto, reflecting the evolving relationship between entertainment and Web3 12:35 Whether the market has already topped, given the involvement of celebrities in the industry 15:32 Whether VCs are extractive to the overall space, and how liquid funds and token unlocks impact the performance of assets 21:17 Why venture funds and hedge funds have different approaches to liquid crypto investments, and how memecoins are changing the game for allocators 33:18 Why there’s a 0% chance that SOL gets an ETF this year 34:19 What the recent macro trends point to, whether inflation going down is sustainable, and whether rate cuts are coming 43:32 Why Nvidia's rapid growth is about to trigger a multi-billion dollar rebalance in tech ETFs, and how both $NVDA’s and $AAPL’s stock prices might soon seesaw  54:35 The theories about why the SEC’s chief crypto enforcer David Hirsch resigned from the agency (hint: it might have to do with the election) 59:52 Why James believes Ethereum ETFs will launch on July 2 and what amount of inflows the ETH ETFs might garner, esp. considering potential ETHE outflows Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Guests: Kelly Greer, Vice President of Trading at Galaxy Philip Bonello, Founding Partner at Plaintext Capital Learn more about your ad choices. Visit megaphone.fm/adchoices

Phil Bonello

Director of Research

Grayscale Investments

Kelly Greer

VP of Business Development

Galaxy Digital

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. After a week in which Bitcoin nearly hit its all-time high, Alex Thorn, head of firmwide research at Galaxy, joins Unchained to discuss the pivotal role of ETF inflows in Bitcoin's recent price surge, the nuanced behaviors of long-term versus short-term holders, and the potential impacts of upcoming halvings and institutional involvement on the market's future trajectory.  Alex offers deep insights into the market value to realized value Z-score, explaining its relevance in assessing Bitcoin's valuation. He also delves into the implications of major financial institutions like Merrill and Wells Fargo embracing Bitcoin ETFs for their clients. Furthermore, Thorn speculates on the timing and conditions for an "altcoin season" and shares his price predictions for Bitcoin by the end of the year. Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work? Show highlights: The main drivers for Bitcoin's recent surge, according to Alex Whether long-term Bitcoin holders are selling due to the recent surge in price What the MVRV (market value to realized value) Z-score is and how Alex uses this metric to assess the Bitcoin market Why Alex believes this period in Bitcoin's history is distinct What the implications of Merrill and Wells Fargo offering Bitcoin ETFs to their customers are, and how this expands Bitcoin's institutional appeal How the upcoming halving could affect the price, especially since Bitcoin is already closer to all-time highs than previous times ahead of the halving Why Alex thinks this might be the first time that highs in bitcoin and ether do not lead to an "altcoin season" Alex's price prediction for Bitcoin by the end of the year Thank you to our sponsors! Uniswap iTrustCapital Polkadot Guest Alex Thorn, Head of Firmwide Research at Galaxy Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Links Recent coverage on Unchained of Bitcoin’s surge:  Should You Sell Bitcoin Now That It’s Nearing Its All-Time High? Bitcoin Watchers React to BTC Returning to the $60,000 Mark Coinbase App Crashes Amid Bitcoin’s Massive Rally Bitcoin Price Surges Past $61,000 Others: The Block: JPMorgan says bitcoin price could drop towards $42,000 after April halving Bloomberg: BofA’s Merrill, Wells Fargo Offer Bitcoin ETFs to Wealth Clients Previous coverage on Unchained of spot Bitcoin ETFs: Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday  Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Will a Spot Bitcoin ETF Finally Get Approved? The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

Alex Thorn is head of Research at Galaxy Digital, leading a team of researchers focused on unpacking the market developments in crypto, producing information for both internal and external audiences. Before Galaxy, Alex was Director of Blockchain Research at Fidelity, so he’s a veteran of straddling TradWorld and Crypto.  Today we talked to Alex about the bull vs. bear case for the BTC ETF.  ----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT  ----- 🔐 Get a Free Trial of Doppel https://bankless.cc/doppel  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE ⁠https://k.xyz/bankless-pod-q2 ⁠  🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING ⁠https://bankless.cc/MetaMask  ⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum ⁠  🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/Toku  🦄UNISWAP | ON-CHAIN MARKETPLACE ⁠https://bankless.cc/uniswap  🔗 CELO | CEL2 COMING SOON https://bankless.cc/Celo  ------ TIMESTAMPS 0:00 Intro 7:25 Spot BTC Interests 9:15 Breaking Down Alex's Thread 18:20 Spot BTC Pipeline & Next Steps 28:00 Inflows Into Bitcoin ETF 30:00 Predicting How Investors Will Invest  32:30 BTC Price Impact  42:20 Estimated BTC Price Prediction  46:15 Predicting Timeline 49:40 BTC ETF Marketing  52:00 The Bear Case for BTC ETF 1:02:30 Marijuana Analogy  1:04:30 ETH ETF Argument  1:09:50 Galaxy Brains  1:11:30 Closing & Disclaimers  ------ RESOURCES Alex https://twitter.com/intangiblecoins  Galaxy Brains Podcast https://www.galaxy.com/insights/podcasts/galaxy-brains/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

In a recent report, Alex Thorn, head of research at Galaxy, predicted that inflows to spot bitcoin ETFs would rise above $14 billion in the first year following the potential approval by the Securities and Exchange Commission of multiple applications the agency is considering. Thorn called the availability of this product significant because it will give financial advisors and wealth managers accessibility to digital assets in a way that will be acceptable to clients seeking exposure to crypto. He also believes approval of a spot BTC ETF could occur this year before the holidays, and draws comparisons between bitcoin and gold as investment products.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: why Alex believes this is a significant moment for Bitcoin how, in Bitcoin, retail had access to this asset before institutions why Alex expects the spot Bitcoin ETF approved this year what the capital inflows Galaxy expects to be in the first years and how they arrived at those numbers  whether the addressable market will increase significantly for Bitcoin what will be the average percentage of assets adding BTC exposure why Alex compares Bitcoin to gold, and what he learned after comparing both types of assets how much the price of Bitcoin will increase after the first year of the ETF approval, according to Galaxy's report how the several spot Bitcoin ETFs will be differentiated  Thank you to our sponsors! Crypto.com Arbitrum Foundation Popcorn Network Guest Alex Thorn, head of firmwide research at Galaxy Links Previous coverage of Unchained on spot Bitcoin ETFs: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The 'Low IQ' Response to the Potential Spot Bitcoin ETF Unchained:  Bitcoin Soars Past $35,000 Amid Spot ETF Optimism Bitcoin ETFs Explained: What Are They & How Do They Work? CoinDesk: BlackRock Bitcoin ETF in August Got on DTCC Site That Just Belatedly Moved Markets 12 spot bitcoin ETFs in consideration by the SEC Galaxy: Sizing the Market for a Bitcoin ETF Alex’s thread drawing out highlights from the report Alex’s thread on the potential for a “gamma squeeze” CoinShares Digital Asset Funds Flow Weekly Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Thorn

Head of Research

Galaxy DigitalGalaxy

In today's episode of 1000x, we are joined by Mike Novogratz, legendary trader and founder of Galaxy Digital. We talk about how Mike built an intuition for markets, how to synthesize trades, crypto's outlook, macro policy expectations, Mike's favorite trade and more! We'll drop a new 1000x episode on Empire's RSS feed and the 1000x YouTube channel every two weeks. Hit the links below and give us a follow! - - Timestamps: (00:00) Introduction (00:55) Developing an Intuition for Markets (03:25) How to Synthesize Trading Opportunities (07:17) Trading Crypto vs Macro: Similarities and Differences (11:42) Maintaining Conviction in Crypto (18:27) Crypto’s Most Interesting Opportunities (20:51) The Relationship Between BTC and Monetary/Fiscal Policy (30:41) Retail Adoption: Crypto Needs More Storytellers (37:19) Why Mike Started Galaxy (39:40) Favorite Trade of All Time (42:37) When to Sell vs Hold (48:22) Investing in Your Community and Making an Impact - - Follow Mike: https://twitter.com/novogratz Follow Jonah: https://twitter.com/jvb_xyz Follow 1000x: https://twitter.com/1000xPod Subscribe on YouTube: https://bit.ly/3FuSarX Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources: Golden Tree https://www.goldentree.com/ Cumberland https://cumberland.io/ https://twitter.com/CumberlandSays DRW https://drw.com/ https://twitter.com/DRWTrading - - Disclaimer: Nothing said on 1000x is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Avi, Jonah and our guests may hold positions in the companies, funds, or projects discussed.

Mike Novogratz

Founder & CEO

Galaxy DigitalGalaxy Investment Partners

This week on Prof G Markets, Scott speaks with Mike Novogratz, the founder and CEO of Galaxy Investment Partners, about crypto sociopaths and what it was like to look Sam Bankman-Fried in the eye just weeks before FTX’s collapse. They also discuss what’s next for Binance, government regulations, and why Mike doesn’t want Bitcoin to go to $1 million any time soon. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Mike Novogratz

Founder & CEO

Galaxy DigitalGalaxy Investment Partners

ETH staking began in December 2020. With Ethereum’s Shanghai upgrade, which could happen as early as mid-April, withdrawals of staked ETH will finally be enabled. Will validators rush to cash out? Or will Shanghai bring more institutional stakers into the fold? Christine Kim, VP of research at Galaxy Digital, joins the show to discuss how Etheruem’s latest upgrade will affect the network, and maybe even ETH’s price. Show highlights: how Christine became an Ethereum expert what you need to know about Ethereum’s Shanghai upgrade when Shanghai is expected to go live on mainnet what the difference is between Shanghai and Capella possible outcomes following the activation of staked ETH withdrawals whether Shanghai makes ETH staking more attractive to institutions why Christine thinks there won’t be much impact on ETH’s price how Shanghai will impact liquid staking providers upgrades that are coming to Lido and Rocket Pool what will happen in Ethereum’s subsequent upgrade: Cancun what “proto-danksharding” is and how it will help Ethereum scale what New York Attorney General Letitia James got wrong when she said ETH is a security how Ethereum development has become more and more decentralized over the years the next steps in Ethereum’s roadmap  why Christine is still concerned about Lido and staking centralization what zkEVMs are and why they play a key role in the future of Ethereum scaling Thank you to our sponsors! Crypto.com FTSE Halborn Guest: Christine Kim, Vice president of research at Galaxy Digital Twitter Links Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum? In the Recent Crypto Market Meltdown, What Role Did Lido’s stETH Play? Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake ETHDenver presentation: Staked ETH Withdrawals: A Step-By-Step Overview with Christine Kim Learn more about your ad choices. Visit megaphone.fm/adchoices

Christine Kim

VP of Research

Galaxy Digital

For years, it's been on the Ethereum roadmap to transition its blockchain from proof-of-work to proof-of-stake. Well, it's finally happened. This means that there are no more "miners" validating blocks on the Ethereum network. Instead, they've been replaced with "stakers" or "validators" who manage the network's rules by posting coins as a type of bond or security deposit. Why is that such a big deal for the industry? And what does it say about the future of crypto? On this episode, we speak with Christine Kim, a research associate at Galaxy Digital, who walks us through the significance of "the merge," how validation works and what's next for Ethereum. See omnystudio.com/listener for privacy information.

Christine Kim

VP of Research

Galaxy Digital

In this episode of Empire, Jason is joined by two experts in the Bitcoin mining industry, Cassie Clifton (Galaxy Digital) and Kevin Zhang (Foundry). Since the start of the bear market in November 2021, we've seen prices crash and contagion run through DeFi. But it wasn't until May 2022 that rumors started to spread of pain in the Bitcoin mining industry. Profit margins are collapsing, debt obligations are coming due, and miners are fighting to stay solvent. Tune in for a complete breakdown of the state of bitcoin mining! Highlights include: - Miner economics - Understanding the ASICs market - How debt-fueled insane growth - What China's ban meant for the industry - Why Miners hodl their Bitcoin - What led to today's pain - Consolidation and M&A - Bitcoin Mining pools - What to expect next - - Follow Cassie: https://twitter.com/bitcoincass Follow Kevin: https://twitter.com/SinoCrypto Follow Jason: https://twitter.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw -- Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- (00:00) Introduction  (01:45) Starting in March 2020 (07:10) The inputs to miner profitability (10:42) How miners procure ASICs (17:34) Miners prefer to HODL (21:58) How miners reacted to macro volatility (24:26) Avalanche Core Ad (25:54) Second Order Effects of the China ban (36:30) The State of Bitcoin Miners Today (45:40) Are manufactures in trouble? (47:08) Will miners flood the market with BTC? (48:25) The end of ASIC backed loans? (51:30) Consolidation and M&A (54:30) Will Miners form an OPEC like committee? (57:03) Renewable energy (59:36) Changes in the energy market (1:03:54) Bitcoin mining pools (1:08:10) When will we hit rock bottom? -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Cassie Clifton

Galaxy Digital

Kevin Zhang

Vice President of Business Development

FoundryUpfront Ventures

Mike Novogratz, the founder and CEO of Galaxy Digital, an investment firm focused on cryptocurrencies, blockchain technology, and digital assets, joins Scott to give us a macro view of the crypto space. He tells us about the various use cases of Bitcoin, Ethereum, and NFTs as well as how to think about investing in them. Follow Mike on Twitter, @novogratz.  Scott opens with his thoughts on conglomerates and offers a prediction for 2022. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Mike Novogratz

Founder & CEO

Galaxy DigitalGalaxy Investment Partners

Bitcoin mining continues to make headlines this week as China ramps up its clampdown on the long-running — and once-dominant — sector. In the latest episode of The Scoop podcast, Amanda Fabiano — who leads Galaxy Digital’s mining business — explained exactly what is happening in China, noting that authorities there recently ordered bitcoin mining projects to close in the southwest province of Sichuan. However, this could provide a bull case for North American mining, as miners are pushed out of China in search of areas with cheaper sources of energy like Kazhakstan. “A lot of people have built lives there on Bitcoin mining. They were the first people who dove into how to set up these large mining facilities. They have been holding the Bitcoin network up and running it forever. So I genuinely feel for the groups that have been working on that... On the other side, I think it's really bullish for North American mining. And I also think it's a testament to how the Bitcoin network is so resilient. An entire country just banned Bitcoin mining that is supposedly accounting for the largest hash distribution in the world. And yet the Bitcoin network continues on.” Rising concerns about curbing the energy consumption in bitcoin mining in China have also lead to ESG initiatives in the hopes of producing sustainable mining solutions. But the promise of a sustainable coin seems like one too good to be true. Fabiano dispels some of the misconceptions around bitcoin mining and what it really looks like for a coin to be mined with renewable energy. “So when we think about the amounts of electricity, for example, that's lost in energy end transmission and distribution it's 19 times that of the Bitcoin network. And the energy footprint of always-on electrical devices in America is 12.1 times that of the Bitcoin network," Fabiano said, adding: "But what we always hear is how Bitcoin is ruining the world. We don't care about how your toaster being left on is ruining the world because people don't care that much about it. I think it's really easy to pick on bitcoin’s energy consumption because it is so transparent." This episode is brought to you by our sponsors Eventus, Kraken, and Exodus Eventus is the leading global provider of multi-asset class trade surveillance, transaction monitoring and market risk solutions. Eventus offers a powerful, award-winning trade surveillance platform that is easy to deploy, customize and operate. Eventus is proven in the most complex, high-volume and real-time environments and supports many of the industry’s leading crypto exchanges including Coinbase, Gemini, ErisX and OSL. The company’s rapidly growing client base relies on Eventus’ responsive support and product development teams to overcome its most pressing regulatory challenges. About Kraken Whether you’re an experienced crypto trader or just starting out, Kraken has the tools to help you achieve financial freedom. With 50+ cryptocurrencies to choose from, industry-leading security and a wide variety of features to suit any investing strategy, Kraken puts the power in your hands to buy, sell and trade digital assets. Visit Kraken.com to get started today. About Exodus Exodus is leading the world out of traditional finance by building beautiful and user-friendly crypto products. Forget having to learn the nuances of different cryptocurrencies. Exodus is designed for everyone and hides the complex details behind a beautiful and intuitive interface. Buy and sell one cryptocurrency for another from the comfort of your wallet, in seconds. Funds remain under your full control.  Secure, manage, stake, and exchange all of your favorite cryptocurrencies from one wallet. No account registration is required. Download Exodus at Exodus.com or directly from Google Play and the iOS App Store and you’re ready to go.

Amanda Fabiano

Director of Bitcoin Mining

Fidelity Center for Applied TechnologyGalaxy Digital

Mike Novogratz, founder, CEO, and chairman of Galaxy Digital, digs into the drivers behind this week’s market selloff. Show highlights: the five factors Mike believes led to this week’s dip  what Mike thinks about the environmental concerns surrounding Bitcoin how Ethereum will perform in 2021 whether centralized blockchains will survive regulatory scrutiny why Galaxy Digital made its $1 billion acquisition of BitGo what sort of projects Galaxy Digital is mulling in the DeFi space when Mike thinks a bitcoin ETF could be approved Mike’s 2021 bitcoin price prediction   Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021  Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero  NEAR: https://near.org    Episode Links   Mike Novogratz: https://twitter.com/novogratz    Galaxy Digital: https://www.galaxydigital.io    Recommend Reads:  Galaxy Digital BitGo purchase https://www.coindesk.com/galaxy-digital-to-buy-bitgo-for-about-1-2-billion-in-stock-cash SEC skepticism regarding bitcoin ETF https://www.coindesk.com/sec-warns-mutual-fund-investors-of-bitcoin-futures-risks Galaxy Digital 2021 Q1 results https://www.coindesk.com/galaxy-digital-q1-aum-rose-58-net-comprehensive-income-more-than-doubles Galaxy Digital bitcoin ETF https://www.coindesk.com/galaxy-digital-files-for-us-bitcoin-etf  Youtube energy consumption https://www.iea.org/commentaries/the-carbon-footprint-of-streaming-video-fact-checking-the-headlines  https://thefactsource.com/how-much-electricity-does-youtube-use/ Dapper Labs lawsuit https://www.forbes.com/sites/andreatinianow/2021/05/17/no-slam-dunk-for-plaintiffs-in-nba-top-shot-moments-class-action-lawsuit/?sh=be89ec3df3da Learn more about your ad choices. Visit megaphone.fm/adchoices

Mike Novogratz

Founder & CEO

Galaxy DigitalGalaxy Investment Partners

In this week’s episode we speak with Mike Novogratz, the CEO of Galaxy Digital. He started his career at Goldman Sachs and then led a macro hedge fund at Fortress, which was shuttered in 2015. He then went all-in on crypto, in part thanks to convincing from his college roommate Joe Lubin, and founded Galaxy Digital, an investment bank for digital assets. After grinding through the 2018 and 2019 bear market, Mike says he can finally breathe. He is convinced that Bitcoin is finally derisked. While Bitcoin is firmly established as digital gold, to him, Ethereum is a venture bet because it’s not totally finished yet. It's getting there, and so the bet is it's going to happen, not that it's happened. Novo is wildly bullish DeFi. He says the threat to the banking system and payments is DeFi, not Bitcoin. But that also means the big guys are going to fight back with lobbying and regulation because protocols like Uniswap and Aave are going after their business. About the hype and rally in the crypto market, Novo says this time it’s different. Unlike in 2017, he doesn’t believe we’re in a bubble. He says we’re in a movement. Big thanks to our sponsors: Zerion, a simple interface to access and use decentralized finance Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at https://balancer.finance/! Casper, an enterprise-focused blockchain which aims to introduce unprecedented security, speed and scale for businesses Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi

Mike Novogratz

Founder & CEO

Galaxy DigitalGalaxy Investment Partners