Bits + Bips: Why Gold Price Discovery Happened on Hyperliquid
Listen to the episode on Apple Podcasts, Spotify, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
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In this episode of Bits + Bips, Austin Campbell and Chris Perkins sit down with Cosmo Jiang to unpack what gold’s volatility shock revealed about market structure, why onchain venues like Hyperliquid are increasingly where price discovery happens, and how digital asset treasuries are being blamed for stress they did not create.
The conversation also turns to Kevin Warsh’s nomination as Fed chair and why it represents a deeper shift in institutional power, not just personnel.
Hosts:
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Christopher Perkins, Managing Partner and President of CoinFund
Guest:
Cosmo Jiang, General Partner at Pantera Capital
Links:
Crypto at a Crossroads: Winter Fatigue Meets the Risk of Lower Lows
Weekend Drama Rekindles Debate Over What Really Caused the October 10 Crash
Crypto’s Weekend Washout Tests Conviction After a Brutal Week
Bitcoin Sinks as Markets Price In a More Hawkish Fed
Why HYPE Is Up While Every Other Crypto, Including Bitcoin, Is Down
Hyperliquid Prepares Prediction-Style Markets With HIP-4 Upgrade
Hyperliquid Sees Record Trading as Commodities Drive New Interest
Crypto Market Structure Bill Clears Senate Committee — But the Hard Part Is Still Ahead
Silver and gold extend losses after last week's historic plunge
Gold Volatility Tops Bitcoin in Wildest Price Swings Since 2008
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What Liquid Funds Are Buying Featuring Seth Ginns & Cosmo Jiang
Gm! This week, Seth Ginns, from CoinFund, and Cosmo Jian, of Pantera Capital, join Yano to dive into the funds’ mandates, the overall outlook of the market, whether narratives or fundamentals drive price, how DATs play a role in the investor ecosystem and why sometimes non-consensus trades pay off!
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Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts
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Follow Seth: https://x.com/sethginns
Follow Cosmo: https://x.com/cosmo_jiang
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
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Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
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Chapters:
(00:00) Intro
(02:34) Liquid Funds
(05:35) CoinFund’s Mandate
(06:40) Pantera Capital’s Mandate
(15:22) Portfolio Construction
(20:17) Ads (Skale, Katana)
(21:48) Token Picking Strategy
(29:20) Narrative Driven Markets
(35:42) Acquiring, Trading & Selling Tokens
(50:25) Ads (Skale, Katana)
(51:56) Investor Relations Advice For Founders
(55:03) DATs Explored
(01:12:29) Ads (LEDN)
(01:13:39) Convergence
(01:17:58) What Sectors Benefit Most From DATs
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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.
Bits + Bips: Stablecoins Just Went Legit, but That’s Only the First Step - Ep. 873
Last week, the U.S. passed its first major piece of crypto legislation. Stablecoins now have a legal home, and that could open the floodgates for adoption, disruption, and regulation.
But is this just the beginning?
In this episode of Bits + Bips, Ram Ahluwalia, Noelle Acheson, Steve Ehrlich, and guest Cosmo Jiang of Pantera dive into what the stablecoin law actually means, who it helps, who it threatens, and why Wall Street and crypto startups alike are positioning fast.
They also cover Ethereum’s rally, what’s fueling it, and whether the boom in digital asset treasury companies is sustainable. Plus, they unpack Trump’s latest threats against the Fed and what it means for markets, inflation, and interest rates.
Sponsors:
Bitwise
Mantle
Hosts:
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Steve Ehrlich, Executive Editor at Unchained
Guest:
Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital
Links
Stablecoins
Unchained:
GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next?
House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills
Trump to Unblock Crypto Access in America’s $9 Trillion 401(k) Market: Report
The Block: GENIUS Act is helping Ethereum ‘have its moment,’ Bernstein says
WSJ: Why Banks Are on High Alert About Stablecoins
Digital Asset Treasuries
WSJ: Blank-Check Company Strikes Cryptocurrency Deal
Unchained: SBET to Raise Additional $5B to Grow ETH Position
Bloomberg: Trump Media Buys $2 Billion in Bitcoin for Crypto Treasury Plan
CoinDesk: DeFi Development Nears $200M Solana Treasury
DeFi Dev Corp Press release: DeFi Dev Corp. Announces Global Expansion Through Strategic Treasury Franchising Model
TLGY Acquisition Corp Press release: TLGY Acquisition Corp. Announces Business Combination and Approximately $360 Million PIPE Financing to Form StablecoinX, an Ethena Stablecoin-Focused Treasury Company
The Block: Nasdaq-listed Sonnet BioTherapeutics agrees to $888 million merger to become Hyperliquid Strategies, launch HYPE treasury
Timestamps:
🎬 0:00 Intro
🚀 3:01 Why Noelle believes the stablecoin law is just the beginning
😒 5:25 How Ram explains his disappointment with the market’s reaction
💳 11:31 Whether Visa and Mastercard survive the stablecoin disruption
🏆 17:00 Who stands to gain the most from the new stablecoin law
🏦 20:08 How tokenization could hurt investment banking
📉 22:26 Whether regional banks are on the brink
📈 27:42 What’s fueling ETH’s latest rally
🧠 31:08 Why Cosmo credits the Ethereum Foundation’s leadership for the momentum
💥 36:14 Where markets are heading as retail FOMO ramps up
💼 37:56 How Cosmo is evaluating the surge in digital asset treasury companies
🥱 43:52 Why Ram is spotting signs of market fatigue
📊 45:15 Whether upcoming crypto IPOs can match early successes
💸 47:21 Why VC activity is still lagging despite bullish narratives
🧨 51:03 How Trump’s threat to fire Powell is shaking macro sentiment
🧃 58:08 Everyone’s unexpected or contrarian take this week
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Bitcoin Treasury Companies Are Taking Off. Could They Eventually Crash? - Ep. 843
Public crypto treasury companies are in the news right now.
Just this week, Sharplink Gaming announced a $425 million raise to create an Ethereum treasury vehicle, backed by Consensys. Meanwhile, Trump Media said it will buy $2.5 billion worth of bitcoin. And in a headline grab, GameStop revealed a $500 million Bitcoin purchase. There’s even a newly launched XRP treasury company backed by Saudi royal capital.
But why are these vehicles suddenly the structure of choice for accessing crypto exposure? What kinds of assets are best suited for them? And are they safe or a ticking time bomb?
Pantera Capital’s Cosmo Jiang joins Unchained to unpack:
The structures and strategies behind these companies
Why Solana is appearing more than Ethereum (and what that says)
How XRP’s brand power could matter more than its adoption
The risks these vehicles pose to investors and to markets
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Bitkey: Use code UNCHAINED for 20% off
Focal by FalconX
Guest
Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital
Links
Previous coverage of Unchained on bitcoin treasury companies:
Why Twenty One Capital Is More About Volatility Than Bitcoin
Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed?
Unchained:
Trump Media Confirms $2.5B Capital Raise to Buy Bitcoin
Consensys Leads $425M Raise for SharpLink Gaming’s ETH Treasury Plans
The Block: GameStop buys 4,710 bitcoin for corporate treasury: filing
CoinDesk: VivoPower Raises $121M to Launch XRP Treasury Strategy With Saudi Royal Backing
Bloomberg:
Cantor’s $2 Billion Bitcoin-Backed Lending Arm Makes First Deals
The Stock Market Loves Bitcoin
Timestamps:
👋 0:00 Intro
📈 1:57 Why crypto treasury companies are suddenly everywhere
🏗️ 5:03 How these vehicles are structured to raise and deploy capital
🎲 8:36 Which strategies carry more risk for investors
🔍 9:57 Pure-play crypto vs. operational businesses: what works better
💰 12:40 Why these companies often trade at a premium to their crypto
🔥 16:56 Why there’s more buzz around SOL than ETH in these structures
📣 19:44 How XRP treasury plays are unique … but tied to marketing, not tech
🙋♂️ 21:31 Why some investors prefer these stocks over holding actual tokens
⚠️ 24:12 Could these companies pose systemic risks to crypto markets?
📊 27:58 The key metrics to watch when valuing crypto treasury companies
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