In this episode, James Seyffart joins the show to discuss the wild success of crypto ETFs, how allocators and holders are thinking about crypto ETFs, and all the future ETF filings in the pipeline. We also delve into the impact of ETF options on the crypto market, the ETF gap risk, and much more. Enjoy!

—

Follow James Seyffart: https://x.com/JSeyff

Follow Felix: https://x.com/fejau_inc

Follow On The Margin: https://twitter.com/OnTheMarginPod

Follow Blockworks: https://twitter.com/Blockworks_

—

Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission!

https://blockworks.co/event/digital-asset-summit-2025-new-york

—

Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.

MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.

Key Features:

Built using Cosmos SDK, IBC compatible, with CosmWasm supported

Secured via a sovereign PoS validator set

Scalable up to 10k TPS

Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs

Improved User Experience to onboard non-native users and institutions to Web3

Learn more: https://www.mantrachain.io/

—

Timestamps:

(00:00) Introduction

(02:24) Bitcoin ETF Anniversary

(06:29) Evolving Allocator Perspective

(10:50) Largest ETF Buyers

(14:40) BTC Spot-Futures Arbitrage

(16:46) ETH ETFs

(19:58) Ethereum Narrative Problem

(21:13) New ETF Filings

(26:16) Ads

(27:50) Impact Of Options On Crypto

(30:52) Crypto Narratives To Drive Demand

(33:29) Potential Altcoin ETF Filings

(38:38) ETF Gap Risk

(41:12) Basket ETFs

(46:17) 2025 Outlook

(49:48) DAS 2025

—

Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Joe McCann joins the show to discuss why he’s tactically bearish, the US dollar’s implications for risk assets, and his crypto shopping list. We also delve into bottom signals, the outlook for 2025, and much more. Enjoy!

—

Follow Joe McCann: https://x.com/joemccann

Follow Felix: https://x.com/fejau_inc

Follow On The Margin: https://twitter.com/OnTheMarginPod

Follow Blockworks: https://twitter.com/Blockworks_

—

Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission!

https://blockworks.co/event/digital-asset-summit-2025-new-york

—

Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.

MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.

Key Features:

Built using Cosmos SDK, IBC compatible, with CosmWasm supported

Secured via a sovereign PoS validator set

Scalable up to 10k TPS

Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs

Improved User Experience to onboard non-native users and institutions to Web3

Learn more: https://www.mantrachain.io/

—

Timestamps:

(00:00) Introduction

(01:12) Macro & Crypto Overview

(09:19) Implications Of Hawkish Fed

(12:54) Inauguration & The US Dollar

(18:01) Ads

(19:35) Crypto Market Outlook

(23:34) Strategic Bitcoin Reserve

(26:30) Crypto Shopping List

(31:56) Bottom Signals

(35:47) 2025 Outlook

—

Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Travis Kling joins the show to discuss financial nihilism, the logistics of a Bitcoin strategic reserve, and the potential impact of the incoming administration. We also delve into the crypto market outlook, product market fit across the industry, and much more. Enjoy!

—

Follow Travis Kling: https://x.com/Travis_Kling

Follow Felix: https://x.com/fejau_inc

Follow On The Margin: https://twitter.com/OnTheMarginPod

Follow Blockworks: https://twitter.com/Blockworks_

—

Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.

MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.

Key Features:

Built using Cosmos SDK, IBC compatible, with CosmWasm supported

Secured via a sovereign PoS validator set

Scalable up to 10k TPS

Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs

Improved User Experience to onboard non-native users and institutions to Web3

Learn more: https://www.mantrachain.io/

—

Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission!

https://blockworks.co/event/digital-asset-summit-2025-new-york

—

Timestamps:

(00:00) Introduction

(01:32) Macro Outlook

(06:26) Philosophical Vibe Shift

(11:51) Financial Nihilism

(15:52) Unpacking The Next Administration

(19:24) Misaligned Incentives

(22:35) Ads

(23:59) Bitcoin Strategic Reserve

(36:51) BSR & The US Dollar

(45:42) Crypto Market Outlook

(48:40) Crypto Product Market Fit

(53:53) Fundamentals Bearish?

(55:42) Learn More About Travis’ Work

—

Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this special crossover episode with Forward Guidance, Joseph Wang joins the show to discuss the latest Fed decision, its December economic projections, and what to expect from markets going into 2025. We also delve into why he expects way more than two rate cuts next year, why he’s bearish on US equities in 2025, and much more. Enjoy!

__

Follow Joseph Wang: https://x.com/FedGuy12

Follow Felix: https://x.com/fejau_inc

Follow On The Margin: https://twitter.com/OnTheMarginPod

Follow Blockworks: https://twitter.com/Blockworks_

—

Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission!

https://blockworks.co/event/digital-asset-summit-2025-new-york

—

Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.

MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.

Key Features:

Built using Cosmos SDK, IBC compatible, with CosmWasm supported

Secured via a sovereign PoS validator set

Scalable up to 10k TPS

Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs

Improved User Experience to onboard non-native users and institutions to Web3

Learn more: https://www.mantrachain.io/

—

Timestamps:

(00:00) Introduction

(02:26) Hawkish FOMC Conference

(06:03) Immigration Impact

(09:32) 2025 Surprises

(12:16) Trump, Trade, & Tariffs

(14:43) What Is The Fed Thinking?

(20:07) Peak Hawkishness

(21:41) Long-Term Rates

(23:07) SEP As A Psychological Tool

(25:16) Ads

(26:41) Fed Surveys & Politics

(28:29) The Neutral Rate

(30:27) How The Fed Gauges Restrictiveness

(32:11) Reverse Repo

(37:52) Treasury Coupon Issuance

(39:38) Equities & The Dollar

(43:15) Gold & Crypto

(45:07) Long Bonds, Commodities, & Inflation

(49:42) Main Takeaways

—

Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Richard Byworth joins the show to discuss MicroStrategy’s convertible bond strategy, the biggest MicroStrategy misconceptions, and why he thinks the premium to NAV should expand over time. We also delve into MicroStrategy's concept of Bitcoin Yield, the risks and opportunities of Saylor’s strategy, and much more. Enjoy!

—

Follow Richard Byworth: https://x.com/RichardByworth

Follow Felix: https://x.com/fejau_inc

Follow On The Margin: https://twitter.com/OnTheMarginPod

Follow Blockworks: https://twitter.com/Blockworks_

—

Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.

MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.

Key Features:

Built using Cosmos SDK, IBC compatible, with CosmWasm supported

Secured via a sovereign PoS validator set

Scalable up to 10k TPS

Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs

Improved User Experience to onboard non-native users and institutions to Web3

Learn more: https://www.mantrachain.io/

—

Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission!

https://blockworks.co/event/digital-asset-summit-2025-new-york

—

Timestamps:

(00:00) Introduction

(01:50) Richard Byworth And Convertible Bonds

(09:45) MicroStrategy’s Convertible Bond Strategy

(15:28) Accretive Dilution & The Value Of A Convertible Bond

(21:13) Breaking Down The Convertible Bond Trade

(27:07) Ads

(28:42) Risks & Opportunities In MicroStrategy’s Strategy

(36:55) Bitcoin Yield & Bitcoin Per Share

(38:28) Leveraged Upside And Downside

(42:47) MicroStrategy Index Inclusion

(44:06) Biggest MicroStrategy Misconceptions

(49:09) Impact Of Levered MSTR ETFs

(51:52) The Changing Market Paradigm

—

Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Raoul Pal joins the show to discuss the new revolutionary economic regime, how AI is driving the economic singularity, and the younger generation’s changing perception of markets. We also delve into geopolitics, the banana zone, and much more. Enjoy!

—

Follow Raoul Pal: https://x.com/RaoulGMI

Follow Felix: https://x.com/fejau_inc

Follow On The Margin: https://twitter.com/OnTheMarginPod

Follow Blockworks: https://twitter.com/Blockworks_

Join Real Vision and learn more from Raoul here: http://realvision.com/join

—

Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.

MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.

Key Features:

Built using Cosmos SDK, IBC compatible, with CosmWasm supported

Secured via a sovereign PoS validator set

Scalable up to 10k TPS

Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs

Improved User Experience to onboard non-native users and institutions to Web3

Learn more: https://www.mantrachain.io/

—

Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission!

https://blockworks.co/event/digital-asset-summit-2025-new-york

—

Timestamps:

(00:00) Introduction

(01:19) Regime Shift

(05:55) Labor Vs Debt

(10:53) Setup For The New Conflict

(14:19) Rethinking Business Cycles

(16:42) No More Cowbell?

(19:55) Scott Bessent

(23:16) Geopolitics

(29:27) Ads

(30:43) Inflation Trend

(34:15) Finding Treasury Buyers

(36:42) Cynicism Vs Optimism

(38:28) Macro-Crypto Intersection

(45:46) Crypto's Addressable Market

(49:52) Changing Perception Of Markets

(54:53) The Banana Zone

—

Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Michael Millerman joins the show to discuss Peter Thiel’s philosophical framework, the Straussian Moment, and the post-liberalism era. We also delve into Bitcoin’s role in a multipolar world, the great awakening, and much more. Enjoy!

—

Follo Michael Millerman: https://x.com/M_Millerman

Follow Tyler: https://twitter.com/Tyler_Neville_Follow On The Margin: https://twitter.com/OnTheMarginPod

Follow Blockworks: https://twitter.com/Blockworks_

—

Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started

Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.

MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.

Key Features:

Built using Cosmos SDK, IBC compatible, with CosmWasm supported

Secured via a sovereign PoS validator set

Scalable up to 10k TPS

Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs

Improved User Experience to onboard non-native users and institutions to Web3

Learn more: https://www.mantrachain.io/

—

Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission!

https://blockworks.co/event/digital-asset-summit-2025-new-york

—

Timestamps:

(00:00) Introduction

(01:47) Incorporating Political Philosophy Into Investing

(03:44) Michael's Background

(05:06) Peter Thiel & The Straussian Moment

(11:00) The Friend-Enemy Distinction

(19:39) The Vulgar Vs The Wise

(23:08) The Post-Liberalism Era

(26:27) Ads

(28:18) Interview Continues

(37:32) Multipolarity & Decentralization

(41:58) The Fourth Political Theory

(46:16) Looking Where Others Are Not

(49:48) The Great Awakening

(55:01) Learn More About Michael's Work

—

Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Jeff Park joins the show to discuss how the new Bitcoin ETF options will impact the market, what the options trading is already telling us, and whether a gamma squeeze is likely. We also delve into the arbitrage opportunities for retail traders, how to follow the new market landscape, and much more. Enjoy!

—

Follow Jeff Park: https://x.com/dgt10011

Follow Felix: https://x.com/fejau_inc

Follow On The Margin: https://twitter.com/OnTheMarginPod

Follow Blockworks: https://twitter.com/Blockworks_

—

Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started

Ledger, the global leader in digital asset security, proudly sponsors On The Margin.

As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.

MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.

Key Features:

Built using Cosmos SDK, IBC compatible, with CosmWasm supported

Secured via a sovereign PoS validator set

Scalable up to 10k TPS

Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs

Improved User Experience to onboard non-native users and institutions to Web3

Learn more: https://www.mantrachain.io/

—

Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission!

https://blockworks.co/event/digital-asset-summit-2025-new-york

—

Timestamps:

(00:00) Introduction

(01:50) Bitcoin ETF Options Expectations

(06:14) Bitcoin's Volatility Skew

(10:52) Bitcoin's Unique Supply Dynamics

(14:22) Corporates Rewarded For Having Bitcoin

(16:02) Biggest Options Trading Takeaways

(27:30) Ads

(29:20) Interview Continues

(31:26) Implications On Dealers & Gamma

(37:18) Impact Of Synthetic Bitcoin Through Derivatives

(41:56) How Options Will Impact Market Structure

(45:16) Following The New Options Landscape

(48:52) The New Risk Model

(52:35) Retail Opportunities

—

Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Josh Solesbury joins the show to discuss the bitcoin mining landscape, the ongoing transition to AI/HPC, and the future of the industry. We also delve into industry bottlenecks, the risks of transitioning to AI, and much more. Enjoy!

—

Follow Josh Solesbury: https://x.com/joshsolesbury

Follow Quinn: https://x.com/qthomp

Follow On The Margin: https://twitter.com/OnTheMarginPod

Follow Blockworks: https://twitter.com/Blockworks_

—

Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started

Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.

MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.

Key Features:

Built using Cosmos SDK, IBC compatible, with CosmWasm supported

Secured via a sovereign PoS validator set

Scalable up to 10k TPS

Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs

Improved User Experience to onboard non-native users and institutions to Web3

Learn more: https://www.mantrachain.io/

—

Timestamps:

(00:00) Introduction

(02:32) Josh's Background

(03:52) Overview Of The Bitcoin Mining Landscape

(10:44) Bitcoin Mining Cyclicality

(12:55) Industry Consolidation

(16:18) Differentiating Miners

(22:39) Miner Transition To AI/HPC

(36:44) Ads

(38:53) Miner Transition To AI/HPC (Continued)

(42:09) Chips & Bottlenecks

(49:18) Why Don't Miners Abandon Bitcoin For AI?

(59:18) CoreWeave & Core Scientific

(01:04:30) Risks To Transition To AI/HPC

(01:07:55) The Future Of The Mining Industry

—

Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Dylan LeClair joins the show to discuss MicroStrategy’s Bitcoin strategy, the insane performance of its convertible notes, and its $42 billion capital plan. We also discuss how to value MicroStrategy, the company’s liquidation risk, how other companies can replicate its strategy, and much more. Enjoy!

—

Follow Dylan LeClair: https://x.com/DylanLeClair_

Follow Felix: https://x.com/fejau_inc

Follow On The Margin: https://twitter.com/OnTheMarginPod

Follow Blockworks: https://twitter.com/Blockworks_

—

Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started

Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.

MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.

Key Features:

Built using Cosmos SDK, IBC compatible, with CosmWasm supported

Secured via a sovereign PoS validator set

Scalable up to 10k TPS

Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs

Improved User Experience to onboard non-native users and institutions to Web3

—

Timestamps:

(00:00) Introduction

(03:19) MicroStrategy’s Bitcoin Strategy

(09:41) Who Is Buying MicroStrategy?

(14:24) How To Value MicroStrategy

(16:02) FASB Regulation Change

(19:05) MicroStrategy’s Dilution & NAV Premium

(21:49) MicroStrategy’s Convertible Notes

(24:14) MicroStrategy’s $42 Billion Capital Plan

(27:14) Why Is This Strategy Accretive to Shareholders?

(30:48) Advertisements

(32:45) Impact Of The Capital Plan

(36:11) MicroStrategy Risks

(44:07) Replicating MicroStrategy’s Strategy

(49:09) Crypto Market Outlook

—

Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Matt Hougan joins the show to discuss BTC vs ETH ETF flows, the biggest ETF misconceptions, and the importance of regulatory clarity. We also delve into the value of incorporating BTC in a portfolio, future crypto ETF strategies, and much more. Enjoy!

—

Follow Matt Hougan: https://x.com/Matt_Hougan

Follow Felix: https://x.com/fejau_inc

Follow On The Margin: https://twitter.com/OnTheMarginPod

Follow Blockworks: https://twitter.com/Blockworks_

—

Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join.

Start your journey today at polkadot.com/get-started

MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.

Learn more: https://www.mantrachain.io/

—

Timestamps:

(00:00) Introduction

(01:51) BTC vs ETH ETFs

(03:18) Success of BTC ETFs

(04:28) Marginal Buyers of Crypto ETFs

(06:49) Lackluster ETH ETF Flows

(08:45) Surprise ETH ETF Approval

(09:56) Value Proposition of Ethereum

(12:41) Sacrificing ETH Utility in ETF Wrapper

(13:55) Crypto ETF Options

(18:38) The Future of Crypto ETFs

(21:51) Bitwise Filing Process

(23:27) Biggest ETF Misconceptions

(26:17) Advertisements

(27:32) Compliance Process

(29:43) Election & Regulation

(33:18) Regulatory Clarity

(36:03) Incorporating Bitcoin Into A Portfolio

(40:00) Gold vs BTC

(42:10) Crypto Market Forecasts

(44:29) Learn More About Matt & Bitwise

—

Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.