Bits + Bips: Elon vs. Trump, Bitcoin Supply Shock Brewing, Circle’s Wild Valuation - Ep. 849

This week on Bits + Bips, the panel tackles the biggest themes driving crypto: Circle’s triumphant IPO, ETH’s institutional tailwinds, and the fast-shrinking Bitcoin supply on exchanges. Plus, what Gemini’s IPO ambitions tell us about the state of exchanges, and whether Ram’s call for a BTC breakout is about to hit.

Also on the docket:

• Is Circle really worth its sky-high valuation?

• Why exchange fees are stuck in the 1970s

• ETH: the quiet trade that might be heating up

Oh, and yes, they talk about the Trump–Elon feud too 😅

Sponsors:

• Bitwise
  

• James Seyffart, Research Analyst at Bloomberg Intelligence

• Ram Ahluwalia, CFA, CEO and Founder of Lumida

• Steve Ehrlich, Executive Editor at Unchained

Guest:

• Sal Ternullo, Managing Partner at A100x Ventures

• The Conversation: The blow-up between Elon Musk and Donald Trump has been entertaining, but how did things go so bad, so fast?

• Unchained:

• Stablecoin Giant Circle Raises $1.1 Billion in Its IPO

• Early Circle Backer Slams IPO in Expletive-Filled Letter 

• BlackRock’s IBIT Becomes Fastest-Ever ETF to Top $70B 

• Blockworks: Gemini files confidential S-1 with SEC in road to IPO

• The Block: 

• Trump’s Truth Social files S-1 with SEC for Bitcoin ETF

• 15-day streak brings Ethereum ETFs to record high cumulative inflow value

• Metaplanet unveils $5.4B equity raise plan to accelerate bitcoin accumulation

• Cointelegraph: Bitcoin supply shock? Percentage of BTC on exchanges nears 2018 levels

• CoinDesk: 

• MSTR Boosts Stack Again

• Strategy to Raise Nearly $1B With STRD Preferred Stock Offering to Accumulate BTC

• Bloomberg: Metaplanet’s shares surged 22% after unveiling a record-setting $5.4 billion stock rights program aimed at growing its bitcoin holdings.

Timestamps:

• 👋 0:00 Intro

• 🧠 1:28 Why the market is ignoring the Trump-Elon “break up” 

• 📈 16:47 Is there a reason for Circle’s eye-watering valuation? (And what it means for  crypto VC)

• 🏦 30:25 Why Circle may struggle to compete with traditional banks

• 🚀 38:34 Why exchanges should rush to go public

• 🌐 46:40 Why Ram thinks that the market is immune from more bad news

• 🔥 57:16 The secret signs of a coming bitcoin supply shock

• 🧾 1:03:58 What’s behind the bitcoin and ether ETFs’ recent momentum and if it will last

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