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okay so crypto markets are
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uh definitely buzzing again bitcoin just
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punched through $100,000 again yeah saw
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that hit pretty high too didn't it like
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$111,500 or something exactly before
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kind of settling back around $100,800
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midday first time we've been back up
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here since what February sounds about
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right and it's not just Bitcoin right
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ether and Cardano are moving too yeah
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they've seen some serious jumps and
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interestingly President Trump announced
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that UK trade deal around the same time
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that's a bit fuzzy but some people are
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talking about it well yeah trying to
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link those directly is always tricky
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it's probably more about general
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positive economic news you know creates
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a better mood for riskier assets makes
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sense investors feel a bit more
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confident maybe exactly plus just
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breaking that $100,000 level again
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psychologically that can trigger its own
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momentum people see it moving and jump
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in right and Ether Cardano they often
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sort of tag along with Bitcoin
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suggesting it's a broader positive
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feeling in the market pretty much yeah a
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rising tide lifts many boats in crypto
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sometimes okay but let's pivot to
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something that feels uh maybe more
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structural groundbreaking even david
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Bailey he's a key crypto adviser to
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President Trump CEO of BTC Inc he's
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launching a publicly traded Bitcoin
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investment firm oh Nakamoto right yeah
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Nakamoto great name obviously a nod to
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the creator and the funding is pretty
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substantial how much did they raise $300
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million it's uh $200 million in equity
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and another $100 million in convertible
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debt wow okay and what's their angle
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just holding Bitcoin no that's the
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interesting part the strategy seems to
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be buying companies globally and then
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investing Nakamoto's Bitcoin into them
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hm so a much more active strategy not
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just a treasury asset play like say
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Micro Strategy although they're still
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the biggest corporate holder right right
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nakamoto wants to actively deploy that
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capital within acquired businesses and
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they're aiming for a NASDAQ listing
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probably by summer using a spa a spa
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okay so going public quicker than a
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traditional IPO we've seen that route
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before in crypto exactly the information
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reported it and a source confirmed it it
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feels different from just holding
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Bitcoin and you know there's still that
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talk about Jack Mers and his potential
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holding company 21 yeah it definitely
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feels like an evolution in how
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institutions are thinking about
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interacting with Bitcoin not just
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holding but uh actively using it within
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a corporate structure and going public
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via NASDAQ that really opens the door
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for traditional investors doesn't it
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institutions retail absolutely it gives
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them a familiar regulated way to get
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exposure instead of dealing directly
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with exchanges or custody you buy a
2:42
share just like any other company that
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could be a big deal for adoption okay
2:46
switching gears a bit some legal news
2:48
from the FTX fallout ah yes the
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celebrity endorsements that's the one a
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federal judge in Florida basically
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dismissed the claims against most of
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them you know Tom Brady Kevin Olirri
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Steph Curry bunch of influencers too
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interesting what was the reasoning there
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seems like the judge felt the plaintiffs
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just didn't show that the celebrities
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knew enough about the alleged misconduct
3:09
at FTX right so it comes down to proving
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knowledge of the fraud just promoting
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something isn't enough legally speaking
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unless you can demonstrate they were
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actually aware of the wrongdoing it sets
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a kind of standard I suppose yeah that
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seems to be the key takeaway
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demonstrable knowledge is required for
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liability in these cases okay now for a
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really big one m&a news gone Coinbase
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they're acquiring Garabit that crypto
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options exchange based in Dubai wow
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darabit they're huge in derivatives how
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much 2.9 billion cash and stock
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apparently the largest crypto M&A deal
3:46
ever 2.9 billion okay that is
3:49
significant what's the strategy for
3:51
Coinbase here well they want to offer
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everything on one platform it seems spot
3:55
trading futures perpetual futures and
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options bringing Darabit in gives them
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that huge options piece that makes a lot
4:01
of sense a single comprehensive global
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platform darabit did massive volume last
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year right over a trillion dollars in
4:07
trading volume yeah it's clear Coinbase
4:09
sees a massive opportunity to expand
4:11
globally and capture that derivatives
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market no kidding and investors seem to
4:15
like it yep coinbase shares climbed
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about 5% on the announcement it really
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strengthens their position against
4:20
competitors giving them that full
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product suite definitely it lets them
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cater to more sophisticated traders and
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just grab a bigger slice of that
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derivatives pie which is growing fast
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okay let's dive into our main story now
4:31
because this one feels like it could
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genuinely you know shift things in the
4:36
market structure world superstate ah
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Robert Lesner's company what are they up
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to they've just announced a new product
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called opening bell the idea is
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basically to let companies issue and
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trade their actual SEC registered shares
4:49
directly on blockchains directly on
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chain like public company stock exactly
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starting with a company called Soul
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Strategies lesser has been talking about
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this framing it as a potential
5:00
fundamental change for public markets so
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the big questions really are why now and
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what could this actually mean well
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Lesnar's argument as I understand it is
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basically that the tech is finally ready
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blockchains like uh Salana and Ethereum
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have matured matured to how scalability
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yeah scalability speed he believes they
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can now handle millions of users offer
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near instant settlement and importantly
5:24
operate 2347 that wasn't really feasible
5:27
before at the scale needed for public
5:28
equities so the tech capability unlocks
5:31
the possibility of bringing this huge
5:33
asset class stocks onto the same rails
5:35
yeah that have mostly just handled
5:37
crypto stuff so far precisely taking
5:39
something mainstream and putting it onto
5:41
this new infrastructure so
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hypothetically if this gets regulatory
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approval I could use my crypto wallet
5:47
like Phantom or something to buy shares
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in Soul Strategies that's the vision and
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would it be like a token representing
5:55
the share or the actual share lesnar's
5:57
been very clear it's the actual
5:58
underlying stock registered with the SEC
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it's just represented as a token on the
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blockchain so legally you own the share
6:05
but trading it would feel just like
6:07
trading a crypto token potentially yeah
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seamless accessible through existing
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crypto wallets and exchanges that
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support it and Soul Strategies is just
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the first one apparently Superstate says
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they have a pipeline of other companies
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interested in this kind of dual listing
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dual listing meaning they trade on say
6:24
Nasdich and on Salana or Ethereum at the
6:27
same time that's the idea makes sense
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for Soul Strategies to be first given
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you know their deep involvement in the
6:34
Salana ecosystem already right they
6:35
understand that tech what about the
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potential size of this is this niche or
6:39
could it be big lesser points to the
6:42
massive volumes on NASDAQ right billions
6:45
trillions traded then you look at crypto
6:48
volumes and even just Salana's volume
6:50
the idea is that some crypto volume
6:52
could naturally flow into these
6:54
tokenized stocks offering companies a
6:56
whole new pool of capital to tap into
6:58
exactly and maybe giving those first
7:00
companies the early adopters a real
7:02
advantage in accessing investors so what
7:04
are the actual benefits for an investor
7:06
why would I buy a tokenized stock
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instead of just calling my broker well
7:10
several things first access if you're
7:12
already in crypto using wallets this
7:14
makes buying traditional stocks
7:15
potentially way easier it opens it up
7:18
globally okay access is one anything
7:20
else proficiency maybe we've already
7:23
seen institutions get interested in
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tokenized tea bills right mhm because of
7:28
faster settlement easier integration
7:30
with digital systems programmability too
7:32
I suppose programmability yeah plus
7:34
potentially it could allow earlier stage
7:37
companies to go public directly on chain
7:40
maybe sooner than they could through a
7:41
traditional IPO more opportunities for
7:44
investors interesting so when might we
7:46
actually see this happen what's the
7:48
timeline for Opening Bell they're aiming
7:50
to launch Opening Bell and get that
7:52
first onchain public equity trade done
7:54
sometime this summer this summer wow
7:56
that's ambitious but uh the elephant in
7:59
the room regulators the SEC absolutely
8:02
critical you can't just put SEC
8:04
registered securities on a blockchain
8:06
without their blessing so how is
8:08
Superstate handling that are they just
8:09
hoping for the best no they seem to be
8:11
proactive apparently the Salana Policy
8:14
Institute Superstate and even a Salana
8:16
based DEEX have already submitted a
8:18
proposal to the SEC a proposal detailing
8:21
how this could work even on
8:23
decentralized exchanges exactly laying
8:25
out a framework lesnar seems you know
8:27
cautiously optimistic that the SEC might
8:29
be open to new approaches for market
8:31
structure they understand things evolve
8:33
that engagement is definitely key so
8:36
scupping back what's the grand vision
8:38
here for Superstate just stocks on chain
8:41
oh it's much bigger than that their
8:43
long-term goal is well basically all
8:45
asset classes eventually being issued
8:46
and traded on chain all assets bonds
8:50
real estate equities fixed income
8:52
potentially others down the line
8:54
they see blockchain as just a
8:56
fundamentally better file format for
8:58
assets a better file format how so think
9:01
about it instant global movement near
9:04
zero transaction costs 24/7 availability
9:07
programmability baked in advantages
9:10
traditional systems struggle with right
9:11
i remember Vlad 10 from Robin Hood
9:13
talking about tokenizing private equity
9:14
too but superstate starting with liquid
9:16
stuff first yeah public stocks maybe
9:18
bonds next focus on the most liquid
9:20
markets first prove the model then maybe
9:22
look at less liquid things later okay so
9:24
let's just quickly recap the core of
9:26
this superstate's opening bell bringing
9:29
traditional public stocks onto
9:31
blockchains like Salana and Ethereum
9:33
right letting them trade simultaneously
9:35
on places like NASDAQ and on crypto
9:38
exchanges or directly via wallets and
9:41
the claim is the tech is ready now
9:43
millions of users real-time settlement
9:46
24/7 trading a way to bring a massive
9:49
traditional asset class into the crypto
9:51
world which is currently dominated by
9:53
you know meme coins and native tokens
9:55
this adds a whole different dimension
9:56
and for you the investor it means owning
9:59
a real share represented as a token
10:01
traded maybe as easily as Bitcoin right
10:04
right the promise soul Strategies is the
10:06
first mover leveraging their Salana
10:08
expertise but the expectation is more
10:10
companies will want this dual listing to
10:12
access new capital and the potential
10:14
market size is huge just thinking about
10:15
existing stock market volumes combined
10:17
with crypto volumes a potential flow of
10:19
capital and big benefits for those early
10:21
issuers and don't forget the
10:23
institutional angle they liked tokenized
10:25
T bills for the efficiency faster
10:27
settlement easy integration
10:29
programmability those same benefits
10:31
apply here plus the potential for
10:33
earlier stage companies to access public
10:35
markets this way regulatory hurdles are
10:37
real but that proactive proposal to the
10:39
SEC is a positive sign definitely
10:42
Superstate believes this is the future
10:44
all assets on chain eventually because
10:45
it's just a better system instant global
10:49
cheap always on programmable liquid
10:52
assets first but the vision is broad it
10:54
really makes you think doesn't it if
10:56
this takes off if more assets move onto
10:58
these blockchain rails what does that
11:00
mean for the old financial
11:02
infrastructure for exchanges for brokers
11:04
for how we all invest yeah what is the
11:07
future of interacting with financial
11:08
markets if the underlying tech
11:10
fundamentally changes definitely
11:11
something to mle over
