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FOMO HOUR: Markets, Mortgages, SpaceX Tokens & More
Recorded: June 26, 2025 Duration: 1:03:31Space Recording
Short Summary
In a groundbreaking discussion, crypto enthusiasts explored significant trends and partnerships shaping the industry, including the use of crypto as collateral for housing, a new tokenized investment opportunity with SpaceX, and the impressive $2 billion valuation of Koushi following its latest funding round.
Full Transcription
Thank you. Thank you. All right, GM, GM, everyone.
Thank you for joining us here this morning.
We're going to start the show here in just a minute.
We're getting our speakers up on stage while we wait.
A couple shout-outs.
Who we got?
DJ, GM, Castro McNutt, the homie.
Always love to see you in here.
GM, GM.
Lady A.
All right.
Candace.
A couple ladies with us here today.
Spice.
Bush boy.
Cookie.
Got to give a shout-out to a few rec guys.
Always.
It's part of our daily quota.
Rad Radley.
He's here.
My friend.
A couple of bodagos out there.
Bootleg.
We can see you commonly.
GM, GM.
All right.
Looks like we've got some speakers up on stage.
Sims, whenever you're ready.
Let's kick it. Thank you. Good morning. Good morning, everyone. GM, GM, and welcome to another episode of FOMO Hour. Today is Thursday, June 26th, 2025. And folks, yesterday
was a huge day of crypto news. Crypto is going to be usable for collateral for housing. SpaceX
shares are being tokenized on Solana. We've got three unicorns minted in the past two days. It's three $1 billion
or higher crypto companies. And yet our magic internet money is chopping on the day. And we
are asking when will the summer of chop end? We're going to break it all down on today's show.
No Faroak, he's out all week. Mando will be joining us here in a bit. I've got Logan on
with me. Logan, Jim, how you doing? you doing hey good morning tyler i'm doing well uh temperatures are dropping to something a bit more
reasonable here in pa still very hot uh but a bit more reasonable so things are more tolerable down
here um yeah i'm feeling good a lot of big headlines to talk to a little less tolerable
in the tyler d house because because a couple of our AC unit
are out and had a guy come look yesterday and they're not going to be able to
fix this till middle of next week at the earliest.
And we've got another couple more 90 degree days on the horizon.
Throwback to a young Tyler, right?
Indeed.
Summer Tyler.
Well, it's funny, you know, like in college,
we didn't have AC in my, in my dorms at Purdue. So it's just
something you kind of get used to. But now a little less used to it these days. So we'll see.
We'll get the kids used to that summer heat. Folks, what are we talking about on today's show?
We're going to start with the market report. These ETF inflows have been massive. July rate cutouts
back up to 25%. White House officials teasing some Bitcoin accumulation plans.
It looks like some news out of Bloomberg here this morning. The GDP numbers from Q1 came in. Some housing numbers. We'll take a look at those as well.
Circle stock under $200. The Clemente curse is too, too strong.
As I alluded in the open, the U.S. housing director telling Fannie Mae and Freddie they had to look at crypto as collateral.
That was a big one.
This Republic investment platform offering tokenized access to SpaceX.
But is it the real deal?
Koushi, mind-boggling $2 billion valuation in its last raise.
We've got to talk about that.
The CBOE filing for that Pingu and Pudgy ETF.
You love to see it. We're going to talk
what the hell is this new Moonberg
app slash airdrop
that is all over the timeline
and we might take a look at that Myriad
board as well.
Before we dig into it, got to
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And folks, before we jump in, we got to talk about this news out of Kraken.
And they are our partner here. they're launching this crack app crack
free global payments across 160 countries spanning crypto stables and fiat up to 10 percent yield
on your holdings spending globally via their new crack credit card it's basically venmo
with crypto and better yield i think that's my interpretation of the slogan.
We were kind of going a little bit back and forth on this one.
Curious for your reactions to the news out of Kraken here.
Yeah, Venmo is sort of what I likened it to as well before I got a chance to dig in too deeply to it.
But downloaded it.
It's a separate mobile app available, I believe, in both iOS and Android stores. Downloaded it. But downloaded, it's a separate mobile app available, I believe, in both iOS and
Android stores. Downloaded it. Connected with your Kraken account. So that's nice. I think,
yeah, this is interesting to me because as we were chatting through the case here, I was like,
well, how is this really that different? But the biggest unlock, I think, actually,
as they're sort of alluding to in the teaser video here, is the ability to sort of pay people in fiat or, you know, crypto as well.
Right. From kind of an existing crypto balance.
You know, so you have you have pieces of this that are available in different ways.
You know, you can send crypto, of course, just via your crypto wallets.
You can send fiat via normal fiat things like Venmo or Cash App or whatever.
But the connection of the two of them, to my knowledge, really hasn't been done before.
And I think that's what this is kind of unlocking.
Is that how you understand it?
It is.
I think there's a, when you were chatting, you raised an interesting question of why is this a separate app?
Like why not just do all in one with Kraken, the broader platform, and making that an app?
I actually do see the distinction of why they may have chosen to do it this way.
Let's say Kraken is your crypto bank.
Let's say you hold a decent chunk of your capital in your Kraken account.
I can see a world where you don't want that as a payment app available on your phone.
And a little bit of a separation of holdings where perhaps you hold a smaller balance,
something to kind of get you through day-to-day, week-to-week in this app,
but a little bit less concern over your entire balance being exposed to this payments app.
So I totally see that use case for it.
I think what jumped out to both of us was the yield.
And I think I'll be surprised if they don't lean heavier into that
because that also feels like one of the biggest differentiators, right?
Four to 10%. I was scrolling through the announcement here just
before the show. I didn't have a chance to do a super deep dive because this was fairly breaking
news. All right. So as I see this, so you can send, I wonder if you send Bitcoin if it gets
converted to USD or if the other person gets into Bitcoin. I'll have to take
a look at that. Earn up to 10% rewards automatically. I thought I saw a table breaking that down.
Let's see. Yeah, here they are, 4% to 10%. They compare it to Venmo, Cash App,
and others. So significantly higher yield than some of these other payment apps. So that's a pretty big differentiator for them.
All these, we're getting a lot of credit cards coming down the pipe
for your crypto tokens.
Bear with me, folks.
Looks like my connection went out there for a second.
We'll have it back very, very soon here. But these crypto credit cards are the
differentiator or are the hot new thing rather. And it looks like Kraken is betting on those
as well. So payments app, yield, credit card. Love to see that out of our partner Kraken.
So we'll be following that along. I was talking with Farouk ahead of the show.
He jumped in the chat.
Hopefully we get someone from the Kraken team on the show,
and we can dig deeper into all this here in the next week or so.
So stay tuned for that.
Well, let's just get right into the market report.
I'm sure Mando will be joining us shortly.
I'll do my best Mando impression here for us this morning.
Bitcoin holding up at 107K.
There we are.
Sorry, didn't mean to cut you off there.
Much cleaner with the intro music, certainly.
Thank you for that, Sims.
Bitcoin down 1% on the day at 107 K ETH,
25 down a percent or so.
Solana down 4%,
142 is lagging here.
Memes.
I checked the mean board this morning.
It's actually a bit of a bloodbath.
So memes down three to 5% kind of across the board.
Rough day for memes and alts kind of broadly.
Still a bit of chop after some recent rebound.
On more macro news, there were a few data points that came in.
So one, we had USQ1 final GDP numbers came in.
I think originally they came out minus 0.2%, now minus 0.5%.
So those were revised down.
Of course, now all eyes will be on Q2, which is ending here in four days.
If Q2 is negative, that would mean recession.
I think most are projecting that we will be positive in Q2.
Let's actually take a look at that recession market.
That has caught a decent roller coaster.
So this was up to 65% in early May, coming out of the back of Liberation Day, back at 28% now.
So folks are expecting us to be positive here for Q2.
We will certainly see in the days and weeks to come. Jobless claims last week came in slightly under. So that's positive. I thought
this was, I saw an interesting one on housing. Just scrolling through the list here. U.S. 5 to
30 yield curve steepest since 2021. That's not great.
Trump commenting on the Iran uranium and where that is.
I think we've seen some conflicting reports on that.
Pending home sales in May, 1.8% versus 0.1%. That was a bit of a surprise just because in general,
we've seen more chatter about the housing market being fairly soft right now,
which lines up to what I've been seeing anecdotally as well.
With all that said, stocks are green again.
Stocks are green just about every day, it seems.
Let's take a look at the S&P.
I think it's nearing all-time highs here.
That's 61.17.
We are now green on the year up 12%. Yeah, basically hanging out at all-time highs here. That's 61.17. We are now green on the year up 12%. Yeah, basically hanging
out at all-time highs. So stocks are at all-time highs. Bitcoins, 5%, 4% off all-time high,
basically hanging out there as well. But our beloved alts are far, far, far from all-time
high. So we will see if indeed an alt scene ever comes back.
The ETFs, I think, were one of the macro stories of the day
in the crypto space.
Over a billion in inflows in the last two sessions.
I bet driving a huge majority of that.
I added up just this board,
just the DGEN's board from June 9th till today, 3.9 billion in net inflows into those
Bitcoin ETFs. So the daily buys are piling in from the ETS and Ethereum. A solid stretch here as well.
130 million in the last two sessions, 230 million across the last three. So the size of the inflows from the ETH ETFs has
been increasing. It certainly has been a noticeable uptick from me, but it is not really,
it's not impacting the price of our beloved ETH token, to say the least. I haven't gone through and looked at the June numbers,
but I would guess that June,
I mean, let's just do a ballpark here.
Where was my,
so 230 million, 250, 280, 400, 640.
So we're talking about a billion most likely
in net inflows for the ETFs in the month of June.
And this is the monthly chart?
It's not great.
Logan, any reactions?
I don't even know what to say.
You can't say anything nice.
Don't say anything at all, I guess.
Indifference, almost.
At this point, we've. Indifference, almost.
At this point, we've become accustomed to this, right?
Which is unfortunate, I guess,
especially if you're an Ethereum holder.
The thing that comes to mind, actually,
I was looking at the Myriad board this morning as I write my weekly piece on Thursdays.
There's a newer piece that's the same
as we talked about the Bitcoin one, 115 versus 95.
There's one now for Ethereum,
which is 3000 or 2000 first.
All I can think about when you talk about,
you know,
just those competing narratives about,
you know,
of course plenty of inflows,
but price doesn't move.
I mean,
take a look at that chart.
Nobody can make up their mind.
It feels like it might just stay at 2400 forever.
2K ETH would be
fairly jolting
at this point.
I mean, with Bitcoin at 107.
So even if Bitcoin goes back
to like 98k,
man, ETH at 2000 is going to be...
It doesn't even... I mean,
I don't know. It doesn't feel jolting to me.
You're used to it.
At this point, again, there's this level of indifference, apathy.
I don't know what to say about the price of Ethereum.
I was listening to you folks talk with Joe Lubin.
We talked about this yesterday on the show as well, the SBET stuff.
The sovereign nations considering
building on Ethereum like it feels like there's so many potential catalysts yet inflows right you
just talk about almost a billion dollars in inflows yet nothing happens price-wise it's that it's the
like every single day is that meme with the stick figure you know the little round guy poking the
thing and it's like do something yes that's ETH guy poking the thing and is like, do something. Yes. That's ETH.
Well, eventually the Ethereum Foundation is going to be tire selling,
and maybe this thing will go back up.
I like the 3K side of this.
I would not bet the house on it, to say the least.
I've been burned betting on Ethereum in the past,
but I like 3K before 2K.
So interesting market. I think we might chat through some of the other markets as well here later on
in the show.
Another quick macro one from yesterday that I didn't actually see catch a whole
lot of attention on the timeline.
I'm looking for it now.
I might just play the clip.
I think folks, I don't know if folks will be able to hear it.
Just bear with me.
I'll repeat what he says here.
For everybody, you know, working on digital assets in the White House, you know, there
will be the forthcoming report on the interagency activities.
We've already taken some steps with the SBR.
You know, how do we follow that up with the, you know, accumulation plan? So there some stats with the SBR. How do we follow that up with the
accumulation plan? So there's no short. SBR. How do we follow that up with the accumulation plan?
So I think this is one of the first times we've actually heard explicitly a White House official
talk about a Bitcoin accumulation plan.
Who's the official here?
I'm actually not familiar.
And I didn't do a ton of digging on this.
That was how,
that was the title that watcher guru gave this person.
So I'll have to dig in.
Yeah.
I didn't see this on my timeline at all, Tyler.
Do you think the U.S. will accumulate Bitcoin in 2025?
In 2025 feels, I don't know.
I mean, we're already almost halfway through.
It just seems like, I don't know what other things this administration can do in a really, really quick manner.
He can't just sign an executive order to buy Bitcoin, can he?
I don't think so. I don't know.
We're past the executive order days, it feels like,
so I'm definitely out of the loop there in terms of what the capabilities are.
It just feels like too much of a process.
It's going to require a lot more work to get done.
So I'd say no for 2025, but I fully expect that it accumulates at some point during the Trump administration.
I don't think anybody's really expecting otherwise, are they?
Well, I think it's still been...
I think some folks may be on the fence.
I think a lot of folks don't think we'll buy it.
I would say consensus is the U.S. will not market buy Bitcoin
in the Trump administration.
And I would probably be on the no side of that as well,
though it feels like a coin flip to me.
But with accumulation plan, mining comes into play, right?
So the U.S. spins up a mining operation, accumulates Bitcoin that way.
That counts.
I think, hey, for the Myriad team listening, I think we need a market on this.
Will the U.S. accumulate Bitcoin in 2025 in any capacity beyond their current holdings?
And I would be on the yes side of that.
With six months to go, feels like a long time plus
the the clock has been ticking on those 90-day plans or 100 even the 180-day plans right so the
executive orders executive orders came out like jan 25th roughly so july we're about a month out
from those maybe it takes a few months to get operational,
but I feel like this admin also moves pretty quickly.
So I kind of like the,
the yes side for accumulation in 2025.
And it wouldn't be all,
it wouldn't be all that shocking to me if they've already been covertly
doing it in some capacity,
which is that if that comes out as true, be all that shocking to me if they've already been covertly doing it in some capacity.
Which, if that comes out as true, I think that's a 10%, 15% Bitcoin candle in one day if we get that.
Another headline that we had from yesterday that I think folks thought might move markets
more than it did, this US housing chief comes out and says,
hey, we ordered Fannie Mae, Freddie Mac. You now have to look at crypto as collateral
when evaluating mortgage applications. This is from Director William Pulte.
He's framing a broader move aligned with the Trump administration vision.
Order sparks mixed reactions.
I actually haven't seen a whole lot of mixed reactions.
I guess the criticism I have seen, as I understand it,
this is just crypto assets that are custodied.
I don't know if you've got to the fine details of this,
but I'm trying to scan through this article now to see what qualifies.
I don't believe self-custody Bitcoin held in cold storage, for instance,
counts as this.
So perhaps it's evaluating Coinbase assets.
I think it would certainly count your IBIT held in a banking account
or investment account.
Not sure if you have any more details or just broader reactions to that one.
No. Well, this is a really interesting one to me.
I said this to my fiance yesterday.
I, of course, am not a home owner.
I never have been, never really even started the process,
but it's an interesting one just in terms of preparation.
That's actually an important bullet point for me, right? To potentially have in our holster if and when we start to look for
a house. So I don't know too much about the actual process, just because I'm so new to,
you know, never have done it. I don't know what else to say. The things that I was thinking about,
given my lack of experience here, the things that I was thinking about, given my lack of experience here, the things that I was thinking about about this in its entirety is like something like this feels like one of those big moments to
me where we start to intertwine crypto with traditional finance so much that you can't walk
it back. You know what I mean? We've talked about from time to time, like some of the political
stuff potentially being walked back because of the disdain for Trump and the personal enrichment. This feels like one of those big things and
continued adoption with banks, right? You know, just embracing crypto as well. Like this feels
like one of those big things that you just, if it gets too far down the road, no one can really
stop it from continuing moving forward. That's how I was thinking about this from my really
limited perspective on exactly the mortgage process. I was thinking about this from my really limited perspective
on exactly the mortgage process.
I was kind of thinking,
you know, bigger picture,
like, hey, this feels like
a really big win for crypto
and less so about like,
how will my Farcoin help me buy out?
One quick takeaway.
Farcoin was referenced the most
in all of the jokes,
in all of the shit posts.
It's like, now I can use Farcoin as collateral.
I think Mando went viral, actually.
I went viral for that.
That's my
second time going viral in a month.
I was
surprised. But yeah, it's
Fartcoin. Fartcoin
collateralized houses. Feels like
the next move.
I think this is just natural
though right like this is great but i would say that the majority of my net wealth is in crypto
and i would say that that's going to be it it may just be in in stable points right like
uh so the idea that that wouldn't be counted i think is missing the point so i do think
I think is missing the point.
So I do think it's naturally going to happen.
It's naturally going to happen as all these Gen X people,
millennials start to grow up and a lot of their wealth is in crypto
or crypto adjacent, let's say.
I think this is going to need to happen, right?
Like I've had conversations with banks around this in Europe,
and it feels like Europe is quite a way off.
But yeah, the US doing this is definitely a good thing.
Yeah, a couple of thoughts on my end.
One, I think some folks may be confusing
about exactly what this means.
And I think the word collateral was thrown around.
So this is not directing them to actually
take your FARC coin as collateral. For a mortgage, the primary collateral is the house itself. So
that's how mortgages work. But what this actually means is they were going to evaluate crypto as a
part of your overall net wealth when evaluating your readiness to be lent to.
Yes or no.
So when a bank makes the binary decision,
are we going to lend to you?
Yes or no.
And then the next decision,
what kind of rate should we offer you?
How high up are we going to approve you to go in purchasing a house?
That's where this comes into play.
So I think that is a key differentiator.
I personally just went through this process and I said on the show and I want to be a dead horse. I didn't look at crypto at all
in evaluating our net worth. I think the Cyrus example is even more telling. So Cyrus is a guy
who I think has been pretty public. He's had some very good success in the crypto market. That is
his kind of primary net worth, I think, is fair to say.
He's been talking about going through buying a house and didn't even look at it, even though he had
crypto holdings, per him, worth multiples of the house
that he was looking to buy. That is just an obvious problem,
especially as Mando's point, if he's holding some of that in stables, he's holding some of that
in more stable crypto assets like Bitcoin.
So that's going to be fixed.
We are correcting that horse.
I think a lot of folks thought this would be perhaps a catalyst for near-term price action.
It clearly wasn't, but I do think it's one of those that just makes it easier to hold on a longer term
time horizon. So, still bullish,
but doesn't mean we're going to jump to
$110K, $120K
overnight. Well,
Mando, we kind of just, we jumped into the market
rapport, but love having you on with us.
If anything jumped out
to you at a high level,
big takeaways from the
past 24 hours or so?'s it kind of reminds me
of what i said i thought would happen which is that the next leg of this was probably that
we we drop a little bit and the the better stuff would kind of rise and i think that's what we've
kind of seen like a lot of do you look through altcoins a lot of stuff that had that short squeeze, feeling about it, has dropped.
And the majors feel okay.
Bitcoin feels fine.
ETH feels fine.
Hype feels fine.
Even Solana hasn't really fallen out of bed, so to speak.
But a lot of the other stuff has dipped that lower.
And that's kind of across the board for memes and for altcoins.
So Bitcoin dominance, despite Bitcoin ETH outperforming today.
So ETH has outperformed, but Bitcoin dominance is higher again
because it's all the other alts that have kind of underperformed here so which is it's
interesting to say this is kind of what i've been saying that i think that i don't know if we count
eth as an alt but i feel like we could have like a season here where bitcoin and eth do well not
just bitcoin this time but i'm very unsure about the rest of the altcoins.
The others index, I think, is a dangerous one to assume will go higher because ETH does okay.
Man, this Bitcoin dominance chart does not look like it wants to slow down.
I guess I haven't looked at this in a few days. How crazy is that?
In a day where ETH is outperforming. Yeah. That it's going hard.
That tells you that alts are getting destroyed.
I think Solana is a big one.
I don't know if we really talked about Solana as a trade that much in the last
week,
couple of weeks.
It's been pretty heavy,
right?
And I feel like we've had a lot of positive news.
So meme coin season clearly has cooled off significantly, right?
But I think we've seen a whole lot of news for Solana
with respect to tokenization,
that the SpaceX announcement, which we'll get into,
they're going to be tokenizing on Solana.
Yet, we're not really seeing much in the way of the eye pressure.
Do you have a read on that?
Do you think news is the important thing now?
I've been looking at Artemis for the flows,
and Solana's been continuing to see outflows, right?
Yeah.
And that is a medium-term trend, it feels like.
I think if you go on to – I'll put it into Austin.
Yeah, so on us, net outflows the last three months.
Right, exactly right. That's what i'd be paying
attention to and then i i i think that the important thing there is is is honestly um
is is also like the pump fund token like if pump fund comes out and it indicates it's going to be its own chain and like there's a path here for
the pump chain i do think that's like a bad headline for sol um which despite and i i have massive respect for solana and and like it's proven itself to be incredible in terms of user adoption
and stuff that goes on there but But sometimes these narratives can shift.
And I think you can still think that Solana
should be the number three chain,
but know that it just goes through periods
of it doesn't have to always outperform
or be the main chain.
That's kind of what my view was on ETH.
I'm not like some massive ETH maxi.
Not even in any way. I feel like there's massive deficiencies with it. But I just felt like the time and the place was that of what my view was on e like i'm not unlike some massive maxi like got like not even anyway like i
feel like there's massive deficiencies with it but it's not like the time and the place was that
you're going to see inflows into the etf and and um you're going to have the staking and there was
like there's gonna be a treasuries companies kind of build the treasury stuff is has erred with what
happened with sharp link but the rest of the stuff I still think is pretty strong. Whereas for Solana, I feel like if you're bullish on Solana in January,
you have to be intellectually honest and be like,
that stuff is not happening as much right now.
So, and it's not just like not happening a little bit.
It's collapsed a lot of the volumes there.
So like the it does have to rebuild itself on more of the trad fi slash payments rail idea than just like the gambling chain and um i actually think that that that sphere of influence
is is a bit more competitive if i'm honest like whereas I think Solana is like obviously miles ahead for meme coins and and gambling essentially like on-chain
gambling essentially it's not miles ahead when it comes to tradfire adoption
of of crypto RWA's or payments it's just not so and I think that that's kind of
what what's happened here is It's like, yeah, look at that, right?
It makes sense.
I see trenches.
Sorry.
Yeah.
That's just my view.
I think Solana is better than any other ETH killer.
Let's put it that way.
Any of the other changes, like this is going to be the next thing i think solana will be around like it's proven that it's going to be around like i
think other things look very expensive versus solana like other competing l1s for example but
i do think that um with the trenches gone it's now relying on this like TradFi tokenization payments pitch.
And that one I think is a bit,
they don't have the dominance that they had basically.
Yeah, it's not as strong.
And I think that's very fair to say.
Sol does have the ETF catalyst coming.
We don't know when.
I think consensus is still probably Q4,
though maybe a little higher likely to be approved sooner than that.
But even with the ETF, we've seen how Eve pointed out.
That's a good question.
Let me see.
Still 50-50.
Sol ETF to be approved by July 31st, 50-50.
Wow.
50% by the end of next month.
That's higher than I would have expected.
Yeah, same here.
Clearly, it's shot up tremendously in the last two weeks.
So yeah, it was down to 15%.
Just massive time decay on that.
Now back to 50, I think because of some of the recent rhetoric.
I think I'm on the no side of July 31st,
if I have to bet on that market right now.
On the yes side, clearly by December 31st,
which is 90% in line with the Eric Balconis odds that they shared.
But even with that approval,
you're going to have those early hiccup days
and still broader questions of what those flows will look like.
I do think it is somewhat promising
if you are looking to the Ethereum ETFs
as a perhaps signal for what
the salon ETF flows may look like
in 6 months, 12 months,
they finally started to see some size.
It was a shaky start
for Ethereum. It was a lot of net outflows
as the grayscale
shuffle was taking place.
Then there was periods
of time where it was just crickets.
I think there was a lot of zero days out there.
But now that has flipped.
So I do think there's been a lot of progress in TradFi
with respect to the ETFs.
Go ahead.
There has been, but BlackRock has decided they're not.
I mean, look at this for ETH.
How much of this is BlackRock?
It's all of it.
Actually, basically, if you look at the net across everything,
it's actually everything.
And BlackRock have decided not to do a Sol ETH.
Oh, yeah, okay.
It tells you a lot.
I think they're telling, and that's not that they don't like Sol,
in my opinion.
I think what they're saying is we've probably got a bit of momentum here in eve let's drive that home and we'll do
a solid yet but maybe like once we have a bit more time um to go through it so i think fidelity did apply for a solana etf so they're like the number two so that like
you can imagine fidelity will do well here but um and i think invest go yeah invest go filed
yesterday i think bitwise have filed so like some of the other players have filed but like blackrock
is the is is the daddy. They've decided not to.
I'm going to
read into that more of an indication
of do they see demand
for it from their
fund managers at the moment.
Yeah, very fair. I think
it's going to take time to get the
wealth managers out there who are already
starting to say 1% to 2% of portfolios
into Bitcoin, maybe Bitcoin plus Ethereum, to get them to open one to 2% of portfolios in the Bitcoin,
maybe Bitcoin plus Ethereum to get them to open up to slot.
And it's going to take time.
I do think there is a path to it,
but not immediately quick folks.
The code for today,
we are doing need action today and it is pudgy.
And there's a reason for that folks on this ETF topic.
News at Igloo and the CBOE, the CBOE has filed for that Canary Pingu ETF.
That is going to be an ETF that covers the Pingu token along with Pudgy Penguin NFTs,
which is the first of its kind to have this hybrid meme coin plus NFT bag.
This comes after we had the Penguin mascot ring the bell at NASDAQ on Monday
and the proliferation continues.
Any reactions to this one?
A, just the fact that they were able to pull this off.
B, perhaps what do we think with respect to inflows?
I think this is really
good as a headline. I'm not sure
if you'll see massive inflows
into it. I
think
you don't really see a big move on the back of this, right?
I remember when
initially
there was indication, in fact, Pengu's down.
Wow.
I was not expecting that.
Yeah, I have a lot of respect for Luka
and what they're building over there.
I think he's proving that Pengu is around for the long haul, basically.
I think if i'm honest the thing i think would really send
pengu would be a flywheel of some sort rather than this sort of stuff because i think people
are like yeah this is really bullish but like we're probably seeing flows of like
a few million like not not like hundreds of millions for this.
I think the real thing would be like, right, Davey Tyler business
somehow. That's what I'd love to see
if Pengu was like
sore, it'd be around that.
I feel like that's on their radar, 100%.
Yeah, they know what they're doing.
It is shocking though.
You get a headline like this.
I know this was somewhat telegraphed. I think they announced that this could be coming a few months back.
So this is just the next step in that.
But we didn't even see any NFTs get bought on the back of this.
It is a hard game in the NFT streets these days.
But the budget is still a very comfy hold, I think, to say the least.
Wow, we've only got 20 minutes left in the show.
There's a few other big headlines that I want to get into.
I want to talk, I want to talk, Kaushu.
We'll get there in a second.
But we got to talk about the SpaceX news.
So I saw this from Nick Dukoff yesterday.
yesterday. He is the head of institutional growth at the Solana Foundation
He is the head of institutional growth at the Solana Foundation,
sharing that our SpaceX token is going to be
minted on Solana using this Republic app.
It is an investment app. I wasn't familiar with Republic before yesterday.
Effectively, how this is going to work
is that it'll be, they're calling it a mirror token.
is that it'll be...
They're calling it a mirror token.
So Republic has exposure to SpaceX on the private market.
They are tokenizing that exposure.
And then they are minting and selling those tokens on Solana.
As I understand it, it is possible under US crowdfunding laws. So this is
kind of falling under that crowdfunding bucket. Minimum of $50, maximum of $5,000 per person. So
I thought that was an interesting cap. It looks like they've also got future plans to go after
OpenAI and Anthropropic for future offerings.
So again, the way it works,
Republic gets access to SpaceX equity on the print markets.
They tokenize it.
Investors buy in via the Republic app.
And then you have to wait for some type of event,
liquidity event, to be able to cash out. So if SpaceX IPOs, if there's an additional raise,
if Republic receives a payout, they will then pass it on to holders.
It looks like there's going to be a 12-month lockup,
but then it will be tradable on a secondary market.
So I thought this was a big one.
Very clearly a splashy headline.
I think there was a bit of confusion.
I also saw the take that this isn't real access to SpaceX.
You're effectively buying a meme coin of SpaceX.
Not sure I agree with that, but Logan, curious for your reaction.
And Amanda as well.
Yeah, that's why I actually had used Republic before.
Not for crypto related things, but just, you know, it offers people the opportunity to invest in like, like startups, right? Like smaller startup stuff that's trying to get money via safes.
token like literally you're just gaining basically exposure to the price of the the current their
understanding of the current um private share price correct right um so i mean i guess if you
really want access to spacex this is awesome i don't understand exactly why it matters so much
for solana uh i don't know like i don't necessarily see this as a major, major bullish
event for Solana, but I think for investors that want to have new access to different
investment vehicles, this is definitely super cool. I don't see it as a major catalyst for
Solana personally.
Well, I think that's fair, especially if Republic's already been around. Right. I do think tokenized access to private markets is very interesting.
This is not my area of expertise.
I was talking with Jeeves and other VCs,
and they think that there will be other and better ways to do this in the near future.
All I know is I don't have a path to investing in SpaceX right now on June 26, 2025.
And now, thanks to Republic, I will, as I understand it.
And I actually think that is very interesting.
And SpaceX is the type of company that I would like to have some exposure to, as long as it is legitimate.
Mando, curious for your thoughts.
So I think there are some websites,
including Republic,
which have kind of explored this with Trap5 before, right?
This isn't necessarily a new concept.
It's kind of like trading that we have,
like trading stuff pre-market for random tokens.
Like AVO does that, right?
And a couple of other firms have done that. Good comp. market for random tokens like evo does that right and yeah good calm i think this is this probably
a good use case i don't know if it'll be like as liquid necessarily as people think it will be
but i do think it will be an interesting use case and um and yeah let's see let's see how it does. I think this has been a continual desire from Silicon Valley for this sort of product.
The idea of the way for founders and seed slash Series A investors to trade out of their positions slightly early.
So naturally there's like quite a lot of supply from there.
Maybe they think that crypto is going to be the buyer of all of this.
And maybe that is the case.
Maybe we are going to find a world where the exit liquidity
for founders in Silicon valley is actually via
crypto markets and maybe there is a product market fit here like that's i'm not going to say no too
early because i do think that the valuation for this will be much higher than i think i i was
and i don't know this because i haven't looked in the last 24 hours but i thought like
people have spoken about space spacex really being valued around 300 billion, something like that.
Wow, 350 billion.
I didn't realize it was that high.
Have you just looked at that?
Yes.
Okay, yeah, yeah.
No, I think that's how it was valued at its last round
or something along those lines.
But they could value this thing at trillion,
you know, or maybe even
higher right so and that will attract more people to come in and do this and then you know like i'm
trying to think who the what are the biggest firms that haven't i tried strike would be another
example like yeah that's less sexy than spacex though, I guess. Maybe, you know, XAI, Twitter.
These are companies that aren't public.
That, you know, people could tokenize part of their stock.
Again, I'm trying to think about it.
I'm sure there'll be others, but, like, I guess Twitter.
Anthropic, OpenAI, yeah. Anthropic, OpenAI.
Anthropic would be another good one.
OpenAI would be a good one.
Maybe we see this.
I'm more bullish on this as a concept than I am for Solana, though.
I very much agree with what Logan was saying.
I don't think this is going to be something like,
but I think it could be a new use case for crypto.
I think it could be a new use case for crypto.
PCs and Silicon Valley founders dumping on crypto people.
Licking their chops.
Internet capital markets.
It is.
This is the real internet capital markets.
I mean, I see it as a win-win, right?
Like crypto native investors who want access to these and don't have other paths.
That's a win.
People who are invested in these private markets now have more liquidity options.
That is a win for them as well.
I think it's going to take more than just Republic launching on salon for us to have truly liquid private secondary markets.
I'm not naive about
that, but this is a step in the right direction. So I thought this was an exciting one. The other
one that you have to be excited by, Koushi, $2 billion valuation, twice the amount that we saw
Polymarket raise for just a day, just a day before. That was fairly eye-opening for me.
$185 million raise.
I believe it was led by Paradigm.
Yeah, so this is a Series C valued them at $2 billion.
I saw their CEO, the Calci CEO, came out and said
they've been doing about a billion dollars of volume a month,
which is also higher than my expectations
because that's right in line with what Polymarket
is doing. I think Polymarket's a touch
under a billion a month right now.
I'll be honest, I thought Polymarket
was seeing more volume than Koushi,
so that does surprise me, but perhaps it is
because they are
more regulated
in the US and they are open for business
versus Polymarket. That US thing is the big one.
Yeah. If Polymarket gets that,
I'm sure with the money that they're raising,
that'll be their number one focus.
Yeah. Then
I think Polymarket would
be worth a lot more. It's also got to be
some of the fiat connection
here, right, too? It's like way easier to use
Calci. Polymarket's all
on-chain. I've never used it, so
that is hard for me to say
i'm pretty sure i'm pretty sure you can just like yeah use usd on calci like i'm almost yeah
yeah so it's like so it's like a betting app yeah so it's probably easier to get deposits and it's
and it's mobile and stuff i mean i assume polymarket as man i was just mentioning like
those are the things that they would be working on.
Those are the easiest slam dunks to potential onboarding ever.
You get a mobile app in people's hands,
and you let them use Venmo money or whatever.
Yeah.
It's a big one.
The prediction market proliferation continues.
I think they are absolutely here to stay.
I do think we're going to see more competition I was in chats with a few friends
One thinks that DraftKings will spin up
A prediction market
Because why not
I think I've seen the other take that Robinhood
Perhaps is going to get into this game
So I won't be surprised if it becomes more crowded
But clearly
The market is seeing a whole lot of value
For these things
I think exchanges
will go after this for sure like this these these are essentially very similar to exchange style
businesses i would be super unsurprised if you start to see finance coinbase hyper liquid all
consider this sort of stuff right like that they would be in my top ones for stuff like this
and then yeah the the the gambling apps like
you go on to calci like these are just like these are just gambling apps like yeah it's like a
regulatory this is they've got it is like a regulatory loophole but like people if you go
on there you'll be like okay well i get to gamble on a sports game right but it's like because it's
pvp you're gonna get it you get kind of get around a lot of that so i think anyone that runs an exchange or runs a sports book or casino in the
u.s will be interested in this product and you'll see massive competition i think calci and and um
and polymarket you know they would be crazy not to think that they could maybe get bought as well. Like, you know,
they are probably knowing that there's going to be so much competition.
I would always consider an offer from somebody about getting bought.
Absolutely.
And there's another prediction market that we like around here.
I know,
right?
When,
when $1 billion raise,
I heard that's what Farouk is working on this week. around here. I know, right? When $1 billion raise, period.
I heard that's what Farouk is working on this week.
Also, timely, Logan.
I don't know if folks know this,
but Logan writes a prediction market article once a week,
I believe on Thursdays, where he goes through some of his favorite bets.
Logie, I'm pulling up the Myriad board.
I know you haven't started the article yet,
or maybe you've started to think about it.
It's not published yet.
What lines jump out to you this week?
Yeah, so as a disclosure note,
I can't recommend any bets or anything,
but I try to share what alpha I possibly can
based on interesting markets.
So that comes out on Thursday afternoons.
The things that I'm looking at this week,
there's a handful. One there at the bottom row, Tyler, the President Trump to swear again to the
media before August. I think this is a fun market. Of course, this spawned after he dropped the F-bomb
in that little clip, I believe outside the White House or something. But if you scroll through to
the resolution criteria,
this includes,
you know,
both him on camera in those public appearances as well as truth,
social posts.
Wow.
Yeah.
And that was,
that was like the big flag for me.
So yesterday as I was like starting to gather data and information,
I was going through and trying to determine how frequently,
if at all,
he uses excessive language.
It's pretty rare, right? It's not very popular.
Just the F word?
Those are those kind of mild words. He uses words like
stupid and, you know, like, I don't know. Think about all the things he's been calling Jerome Powell.
Like, he doesn't rise to the level of dropping the F-bomb like Powell's a stupid F.
You know what I mean? He just calls him a dummy and things like that.
So those would not count.
Nevertheless, it's still, I think, a pretty interesting market given the volatility of Trump.
And all of the things at play right now, you know, Israel, Iran, lots of things happening all the time that he could potentially go off about.
So a fun market that I was looking into,
and I think there's some interesting data.
If you do come through, again, I think his last 50 to 100 posts,
there was not a single one.
I didn't go much far beyond that, but interesting nonetheless.
The other two that I think I'm going to write about this week
was the one we actually chatted about a little bit earlier,
was the Ethereum 2K to 3K one,
which I think is interesting for a variety of reasons.
You have the same sort of stuff, the macro overhang,
potentially pushing this in one direction or the other.
And then you have all the other headlines we chatted about in the last few days.
You have SBET buying Ethereum.
You have the catalysts of analysts, you know, thinking that these blockchains, the underlying assets where there's actually activity may start to show some price appreciation.
You know, a little bit older headlines, but things like that.
And the last one, of course, near and dear to me, but also relevant because it's coming up is there's a Wimbledon market that we're writing about.
The men's Wimbledon winner, of course, Alcaraz and Sinner,
the top two there in the field, the third option.
I'm not sure where it is.
There it is.
All the way to the right there.
Oh, there it is.
Yep.
Yeah, so final round of qualifying today.
Watching off to the side a little bit this morning.
This is another one I'll be writing about.
Alcaraz, of course, the prohibited
favorite as the reigning champion, just an incredible grass court player, a place where
Sinner has not yet quite found his legs. So it'll be interesting to see. But those are the three
that I'm looking at this week. There's a lot more markets in the V3 now. So people should
definitely go check it out. Absolutely. Thanks for that, Rundo.
Folks, we're at the top of the hour.
It is time to do our giveaway. I didn't have a chance to get
into Moonberg,
the hottest new airdrop
that you may be seeing on your timeline.
So perhaps we'll get
into that on tomorrow's
show. Mando, if you haven't
seen that, you probably have some tokens.
Might be worth
looking to. Yeah, I'm going to go check it out.
But it's just another trading app, is it?
I honestly don't know what it is.
I tried to figure out what
it is from their website.
I believe it's got an AI
and a data tie-in. I understand it is
a, they're trying to be kind of a comprehensive AI driven app that allows you
to do things, perhaps make trades,
perhaps answer questions based on their own terminal.
So it is kind of like an AI XBT perhaps meets prime is the vision.
I understand it,
but they've been fairly secretive about what the product is.
So we'll look for more to come.
We saw the flashy dollar amounts that various influencers, creators are receiving.
We have no idea how that will actually be executed.
And how that's tied to a token.
If it's tied to TGE, we're not really sure.
But as NFT Cutie says, don't know what it is, but it's provocative.
It is provocative indeed.
And people do like free money.
So I'm sure you'll see more Moonberg on your timeline.
I think it already jumped to fifth in Kaido in like 12 hours.
Do you remember Boop?
I do remember Boop.
It's a very painful memory.
Good time.
Yes. boop i do remember boop it's a very painful memory good time yes um the airdrop feels a little boop like indeed as they flash you a number but we'll see how that number comes to life
um well sims if you're ready let's get into the the giveaway just one today the code again is
pudgy uh last chance to get in on that Yeater board.
A little note for people as well as of next week.
We'll continue as normal this week, but from next week we'll have weekly leaderboards.
So there will be a minimum amount that you have to spend per week.
There's quite a lot of people who are putting up some good volume.
There's quite a lot of people who have done a dollar day or nothing since.
And we are giving away a lot of cash.
And we want active people on Yeet and on the show.
So as of next week, there will probably be a small minimum amount.
But it will be based on a weekly leaderboard rather than just the all-time.
And we will pick winners.
Active people who are actively placing bets and active on Yeet rather than just sitting there and waiting for the spins.
So be aware of that small change.
But for now, it will be just the normal spin.
So we'll see what we get.
Dollar minimum.
And away we go.
All right.
We're spinning.
Who's going to win today?
Spacebar 6-9.
So I need to do a quick check
on that
well he did win the other day
that won't be in unfortunately
sorry spacebar you're hot though my friend
yeah let me just
remove the screen for one second and reset it
and don't worry midsy
it was two past you but we're going to spin again
so you've got one more shot.
It'll be gutted.
We'll spare a spot.
Sorry, mate.
We have a four-week lockout.
Four-week lockout.
Got to be fair.
We're on the 28.
There we go.
Baseball was definitely in that.
Yes, he was.
So we'll go again with another winner.
Reroll.
I actually really like the kick.
Like,
I just like the back.
Good setup.
Yeah.
When we did radio yesterday,
it's just
a good,
it's good to interact with the audience.
It does seem better.
Pradeep Web 3.
Let's get the check.
Pradeep Web 3. Let's get to check. Pradeep Web 3.
I will close and get his kick name as well,
just to be sure.
Have a quick look.
I don't think I remember Pradeep Web 3.
I don't have that down as a winner.
All right, Pradeep, if you want.
Come on up here if you want.
Either on the space or in the side chat, we can do either.
Yeah, either jump up on the space or chat with us in the comments.
Regardless, I believe today we're going to play Plinko, is that right?
So we won't need interaction.
It's up to you.
We can either do that or what we could do is,
because after what I saw, the disaster on radio last night of
the farm
all the way at the end.
What happened?
There was, Cook didn't go all the way. I think he
cashed it with three grand.
But the casino
on Landshop was clear
all the way. The entire road was clear and they had
$1,500.
Everyone won $1,500. Three people they had 1,500. Everyone won 1,500.
Three people won 1,500.
That's huge.
All the way to the barn.
All right.
I see Brady in the space. He's here.
All right.
All right. He's still connecting.
What do I do? Do I do Lamp Chop
or do I do Plinko?
Your choice, boys.
Should we do Lamb Chop?
Yeah, we're going.
You've got an event on for Lamb Chop at the moment, right?
There's an event on social.
Yeah, let's do Lamb Chop. Let's win some...
Let's do it. Pradeep, Jim, you won, my friend.
How are you feeling?
You speechless.
We can play four otherwise.
Okay.
That's all.
All right.
Hi, pretty.
We're happy for you, Juan.
I think we've kind of talked about playing this a new way where we go at least to the halfway point
and then give the winner the chance
to choose if they want to go all the way.
So we've just been doing one shot 500 spins.
We've been doing 1,000 on Rax.
They already won 500, right?
Or how much did they win?
Yeah, he's already banked 500.
Why don't we just do 500 and see how far we can get?
See how far we can get?
Alright, we'll be more risk-based.
And share you properly.
Alright, pretty much you go on mute.
We'll play for you.
You've won $500 already and you may win more.
Okay, thank you.
Alright, are we doing one then? we going for it on 500 let's
see let's do it all right boys let's get the music on as well set the tone
all right who wants to drive we're on easy mode all right click it
okay not the first time don't do me first time come on all right we like
that go in again yes or no let's go again yes knock him out oh no I hate
when they get taken the second one all right well – you still walk away with $500 today.
We'll coordinate with you after the show here.
Congrats.
Nice little win still for tuning in this morning.
And, folks, that is going to be it.
That is our show.
I want to thank our listeners as always.
I want to thank my co-hosts.
I want to thank our partners.
Shout out to Kraken with that new Kraken app as well.
Go check that out.
Folks, we'll be back tomorrow at 10 a.m. Eastern.
Until then, go make it a beautiful day.
Goodbye. I'm I'm I'm
I'm Thank you.
Host
Degenz Live
from
Degenz
