Liz Coyne

On this episode of Blockworks&#8217; podcast &#8220;<a href="https://www.youtube.com/watch?v=N4j2op6uIo4" target="_blank" rel="noreferrer noopener">On the Margin</a>,&#8221; Michael Ippolito, co-founder, sits down with former presidential advisor and economist Dr. Pippa Malmgren. Dr. Malmgren shares insights on the effects of decentralization, creative destruction, debt restructuring, and how crypto fits into her outlook.



They covered: 



<ul class="wp-block-list"><li>Decentralized Finance (DeFi)</li><li>Centralization vs. Decentralization</li><li>Innovation&#8217;s effect on the Future</li></ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Globalization, Decentralization &amp; Innovation post COVID | Pippa Malmgren" width="1024" height="576" src="https://www.youtube.com/embed/N4j2op6uIo4?start=182&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



&#8220;On the Margin&#8221; is a two-part show.&nbsp;Once a week, Mike interviews industry experts, and then at the end of the week he is joined by co-host <a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Tyler Neville</a> where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.



Subscribe to &#8220;On the Margin&#8221; today on <a href="https://podcasts.apple.com/us/podcast/lyn-alden-explains-connection-between-inflation-bitcoin/id1558223079?i=1000513411286" target="_blank" rel="noreferrer noopener">Apple</a> or <a href="https://spoti.fi/3bTa9uw" target="_blank" rel="noreferrer noopener">Spotify</a>, or watch episodes on <a href="https://youtube.com/playlist?list=PLvER9nHSRN3xVs_p-dl7L7K_ZgL6lSudu" target="_blank" rel="noreferrer noopener">YouTube</a>.

Podcast: The Next Big Economic Disruption

Casey Wagner

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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It’s a high-stakes day for tech stocks as the grand finale to earnings season looms: Nvidia’s third quarter report, set to drop today after the bell.&nbsp;



As the world’s largest public company by market cap, Nvidia has been the <a href="https://blockworks.co/news/on-the-margin-newsletter-nvda-market-breadth">definitive winner</a> of the AI boom. Shares are up almost 200% year to date and 1,000% since September 2022.&nbsp;



Analysts are expecting big things from Nvidia tonight. Wall Street has consistently upped its predictions for the report, increasing earnings per share estimates to $2.84 (from $2.81 in September). Earnings per share from the second quarter came in at $2.70, a 148% increase year over year.&nbsp;



Revenue estimates for the third quarter come in at $33 billion, which would be an 83% increase from the prior year. Second quarter <a href="https://blockworks.co/news/nvidia-earnings-and-the-baked-in-premium">earnings</a> showed revenue was $30 billion.&nbsp;



Investors are going to be looking for signs that Nvidia’s Blackwell GPU, a high-performance chip expected to drive the next AI wave, is in high demand and functioning well. Tonight’s call comes as reports of Blackwell GPUs overheating continue to swirl. Nvidia has invested more than $2 billion in developing Blackwell, so shareholders (and the broader market) are going to want to see signs that these issues are being worked out.&nbsp;



Check back tomorrow for a full recap of Nvidia’s Q3 earnings and what will no doubt be some interesting market moves to follow.



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Nvidia heads into earnings as its star chip continues to glitch 

Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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It’s been two weeks since the US presidential election outcome that sent BTC to new highs and spurred some of the latest bullish happenings.



Let’s review what’s occurred in crypto land since Donald Trump’s political victory.



Starting with the crypto price rally, BTC rose 8.8% on Election Day (<a href="https://blockworks.co/news/btc-election-day-boost">Nov. 5</a>), Coinglass <a href="https://www.coinglass.com/today">data</a> shows. There were modest gains the next few days before BTC saw notable daily price increases of 4.8% and 10.2% on Nov. 9 and Nov. 10, respectively. Then a 4.2% rise on Nov. 14.



By Bitfinex analysts’ count, BTC rose roughly 40% (from the pre-election selloff point of about $66,880 to a then-peak $93,300) — marking the largest nine-day <a href="https://blockworks.co/news/btc-surge-above-86k-analysis">price increase</a> for BTC since January 2021.&nbsp;&nbsp;



Bitcoin surged to a new high over $94,900 early Wednesday. It was hovering around $93,800 at 2 pm ET — up 1.5% from 24 hours prior.&nbsp;



Outside of price, everyone was reminded of some of Trump’s crypto-related <a href="https://blockworks.co/news/revisiting-trumps-crypto-promises-after-his-election-win">pledges</a>. Given the Republicans’ majority in the House and Senate too, hope around the US creating a <a href="https://blockworks.co/newsletter/daily/issue/post_a86f70e8-2026-4c78-821e-c99cc7fd3a4b">strategic bitcoin reserve</a> (via a <a href="https://blockworks.co/news/senator-lummis-bitcoin-reserve-bill-crypto-policy">bill proposed</a> by Sen. Cynthia Lummis) is aplenty.&nbsp;&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE 🇺🇸 🇺🇸 🇺🇸&mdash; Senator Cynthia Lummis (@SenLummis) <a href="https://twitter.com/SenLummis/status/1854208373740458432?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In an X space yesterday, Lummis said she hopes “we can tee this up for adoption in 2025.” She noted that after Trump is sworn in, the US could get a headstart by converting gold certificates to bitcoin (even before the bill’s potential passage).



“The advantage of having legislation is it sets up the functional basis for the government holding bitcoin in a variety of locations, and then helping states hold their bitcoin as well,” she said.&nbsp;



On the latter point, a notable post-election crypto headline was <a href="https://www.foxbusiness.com/money/pennsylvania-house-introduces-bill-implement-strategic-bitcoin-reserve">Pennsylvania lawmakers </a>introducing a bill that would allow the state’s treasury to keep BTC on its balance sheet.



Then there are the companies following MicroStrategy’s lead in buying bitcoin <a href="https://blockworks.co/news/company-treasuries-btc-reserve-asset">for their treasuries</a> (or planning to). MicroStrategy founder Michael Saylor said on the same X space with Lummis that if the US creates a strategic bitcoin reserve, others will “stampede to keep up” — namely the EU, Asia and Brazil.



“This is all about laying in place a power infrastructure to build the 21st century economy that’s so incredibly compelling that it attracts the capital from the rest of the world into the United States and into US values and US politics,” Saylor added.



As for US spot bitcoin ETF demand during the trading days after the election (from Nov. 6 to Nov. 19), those products have seen net <a href="https://farside.co.uk/btc/">inflows</a> of about $5 billion.



Bitwise CIO Matt Hougan <a href="https://blockworks.co/news/matt-hougan-crypto-reputational-risk">told me</a> the election outcome “removes the last vestige of reputational risk from crypto” — noting he expects institutional ownership to follow “an exponential curve from Q1 onwards.”&nbsp;



And Jersey City’s mayor and business administrator <a href="https://blockworks.co/news/jersey-city-pension-funds-btc-exposure">told me last week</a> the city’s pension fund was just about ready to allocate to bitcoin ETFs — undeterred even given the latest price increase.&nbsp;



Ether products saw an uptick in demand as well, reeling in $796 million in the six trading days after the election. Despite <a href="https://farside.co.uk/eth/">net outflows</a> over the past four trading days, the category’s flows <a href="https://x.com/JSeyff/status/1858568816865014242">remain slightly positive</a> since those launched in July.&nbsp;



Positive sentiment around the space has shown up in more ways than buying-fueled price increases and fund flows.



Robinhood appeared to ride the wave of regulatory optimism by adding solana, cardano, XRP and pepe <a href="https://blockworks.co/news/hood-cashes-in-on-crypto-rally">to its platform</a>. ETF issuers are also perhaps betting on a <a href="https://blockworks.co/news/crypto-etfs-filings-to-test-sec">more lenient SEC</a>, with Bitwise, for example, proposing after the election to convert its crypto index fund into an ETF.&nbsp;



A more recent amended ETF <a href="https://www.sec.gov/Archives/edgar/data/1976672/000168035924000410/gsbtcncvrclsetf485apos112024.htm">filing</a> for a Grayscale Bitcoin Covered Call ETF came as options on the US spot bitcoin ETFs got the <a href="https://blockworks.co/news/bitcoin-etf-options-trading-begins">final regulatory OK</a>.&nbsp;&nbsp;&nbsp;



What am I forgetting?



Well, Trump’s <a href="https://blockworks.co/news/trump-nominates-commerce-dept-leader">nomination</a> of Cantor Fitzgerald CEO Howard Lutnick to lead the Department of Commerce sets the stage for another <a href="https://blockworks.co/news/on-the-margin-newsletter-tradfi-btc-transacting">crypto-friendly person</a> in a powerful position (if confirmed).&nbsp;



And then there’s the <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-11-18-2024/card/exclusive-trump-to-meet-privately-with-coinbase-ceo-brian-armstrong-DDkgF0xW1BW242rVeuqx">conversation</a> between Trump and Coinbase CEO Brian Armstrong — reportedly in part about personnel appointments.



The biggest thing to watch for now? Blockchain Association CEO Kristin Smith has a thought on that:&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">The next SEC chair is the most critical position for crypto <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realdonaldtrump</a> will appoint. The chair must be a known quantity committed to undoing the damage of the last 4 years, have expertise on crypto–and share Trump’s vision of making the US the crypto capital of the world.&mdash; Kristin Smith (@KMSmithDC) <a href="https://twitter.com/KMSmithDC/status/1858933820457631930?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Industry watchers have labeled SEC Commissioner <a href="https://fortune.com/crypto/2024/11/19/mark-uyeda-securities-exchange-commission-trump-gary-gensler-transition/">Mark Uyeda</a> and former Coinbase chief legal officer <a href="https://cryptoslate.com/krakens-founder-jesse-powell-backs-brian-brooks-for-sec-chair/">Brian Brooks</a> as potential candidates to replace Gary Gensler as SEC chair, but we don’t yet know Trump’s thoughts on the matter.



So we’ve been busy writing. And it doesn’t appear there will be a shortage of things to report on going forward. Galaxy CEO Mike Novogratz’s <a href="https://blockworks.co/news/mike-novogratz-on-trump-presidency">prediction</a> was perhaps an understatement.



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What the US election outcome spurred in crypto land  

Donovan Choy

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



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Running an Ethereum L2 was historically very expensive. L2s had to pay millions in data availability costs to the L1.



All that changed with the <a href="https://blockworks.co/news/ethereum-dencun-upgrade-mainnet">Dencun hardfork</a> (EIP-4844) in March 2024. It introduced an expansion of blockspace called “blobs” for L2s to post batched data extremely cheaply to the L1. Blob space sits in a separate fee market from the L1. It’s about an order of a magnitude cheaper than L1 blockspace, making it a critical aspect of Ethereum’s <a href="https://blockworks.co/news/devcon-panelists-talk-fragmentation">rollup-centric</a> roadmap.



To illustrate that point, Base paid $9.34 million in expenses for Q1 2024, which saw a sharp drop to $699k in Q2 2024 and $42k in Q3 2024, based on <a href="https://tokenterminal.com/explorer/financial-statements/base">TokenTerminal</a> data.



The bad news (or good?) is that blobspace is getting somewhat pricey again as onchain activity picks up in the bull market.



Blobs today are limited to six per mainnet block. When blob usage hits a target limit of 50%, or three, a base fee is introduced to regulate demand usage by hundreds of L2s. When usage hits four blobs, base fees are further increased by up to 12.5% for the next block.



That is exactly what is starting to take place over the past several weeks (see chart below).



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf9vvpx_wQ5S6nFIpTs9c8a2B2O4oJNfGFRrSzCBBfzANUpKlb-GmDJeFjOY_fRqeVQDJEFczgryZAZlgYw_QLT72DyrtGsOpFtXjhK7Xvj5lYiUDK5TEXlbm9Rdj71sXwJKFR7KA?key=q09Uf3Dp2Kx_a_xE7tOXk70k" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://dune.com/hildobby/blobs">Dune</a></figcaption></figure>



In short, blobs aren&#8217;t free anymore and L2s need to start paying “rent.” Based on <a href="https://ultrasound.money/">ultrasound.money</a>, blob fee burn is coming up to about <a href="https://ultrasound.money/">212 ETH</a> in the last 30 days, and has generated substantial blob fees to Ethereum mainnet.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeZcrKoAuAbdD6XRrkebT7g2zGhhLufUouEF6If4iHNnqLCZIP7Rw-bFwZaMyxq3Ryk6Torfv1BuJ-WUPM-ClcFyfU_ucgjM6GLwYBcMhAVLAPKugUR3vK8Z-8Q_o5qtyEoH_SYIg?key=q09Uf3Dp2Kx_a_xE7tOXk70k" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/eth?dashboard=ethereum-blobs">Blockworks Research</a></figcaption></figure>



So blobs are generally great. L2s are cheaper to operate, and that’s nice for L2 users.



But people (read: ETH holders) aren’t happy because it looks like L2s are getting away with paying barely any expenses to the L1, which thereby accrues less value to ETH the asset.



This complaint centers around pessimism that blob usage will be high enough to return value to the L1 for two key reasons:



<ol class="wp-block-list">
<li>L2s are fundamentally a business. They will opt for a cheaper data availability provider like Celestia or EigenDA, or worse still, a centralized data availability committee (DAC) with weaker security properties.</li>



<li>L2s will simply delay posting data back to the L1 when blob markets get expensive, as we have seen <a href="https://x.com/0xBreadguy/status/1823463041155129594">Scroll and Taiko</a> do in the past.</li>
</ol>



In a debate around blobs at <a href="https://youtu.be/JMZcRMy-Oow?t=19530">Devcon</a>, Ethereum researcher Ansgar Dietrichs acknowledged the misaligned incentives of L2s but counter-argued that Ethereum’s DA would matter more in the long term with more L2 networks coalescing around it as trust bottlenecks emerge around bridging.



There was also the “blobs is a loss leader” argument by Blueyard’s <a href="https://x.com/timjrobinson/status/1851222337787740425">Tim Robinson</a>. He notes that while blobs do not generate much revenue at present, they would do so very quickly due to the economics of blob design, and pay massive dividends for Ethereum in the future. According to Robinson’s blob simulator, a hypothetical Ethereum L1 processing 10,000 TPS with a 16 MB blob size (blob sizes are 125 KB today) would burn 6.5% of ETH a year.&nbsp;



This potential value accrual for ETH is why blobs would be fundamentally good for Ethereum in the long run. Throttling blob limits or raising blob fees to extract more value from L2s in the short run would basically be a bad “rent-seeking” idea.



And Ethereum researchers are putting their money where their mouth is. In an Ethereum Research post published two days ago, Toni Wahrstätter <a href="https://x.com/nero_eth/status/1858460235377336773">called for</a> either a conservative increase to 4/6 blobs or a higher 6/9 blob count.



In ACDE #197, Vitalik also <a href="https://youtu.be/Sq0ooAOaLpE">proposed</a> a 33% increment of blob space in the next Pectra <a href="https://blockworks.co/news/testing-bottleneck-next-ethereum-upgrade">hard fork</a>, which he cautioned was essential. Otherwise, users would leave to other chains.



In sum, the complex debate around blobs boils down to the question of whether Ethereum wants to prioritize the average L2 user and its “Ethereum-aligned” L2 ecosystems, or prioritize value accrual to ETH the asset.



Ethereum researchers believe that prioritizing the latter may cause an exodus of users and developers to cheaper chains, and are doubling down accordingly on scaling blob space for the long term. However, that damages the perception of ETH as an economic asset, which in turn angers ETH token holders in the short run.



It’s a tricky situation for Ethereum either way, one which requires the mammoth task of crystal-balling into the future and accounting for a myriad of “what-ifs.” Time will tell which path is correct.



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The blobs conundrum: Ethereum’s balancing act

Former top FTX executive Gary Wang was sentenced to time served with three years of supervised release Wednesday for his role in the $8 billion fraud that preceded the exchange&#8217;s collapse. Wang is the final cooperating member of FTX founder Sam Bankman-Fried’s inner circle to be sentenced.&nbsp;



Wang, co-founder and former chief technology officer of <a href="https://blockworks.co/tag/ftx">FTX</a>, served as a government witness in Bankman-Fried’s <a href="https://blockworks.co/tag/sbf-trial">criminal trial</a> last fall. He was the first co-conspirator to work with prosecutors and pleaded guilty to four counts of fraud and conspiracy in December 2022.&nbsp;



“You immediately did the right thing,” Judge Lewis Kaplan said Wednesday, addressing Wang. “You are entitled to a world of credit.”&nbsp;



While Wang does bear some responsibility for his role in the crimes, Kaplan added, his culpability is minimal compared to other defendants. “Life is a balance,” and cooperation should be rewarded, Kaplan said.&nbsp;



Wang’s parents and wife, who is expecting their first child, were present in the courtroom Wednesday.



Prosecutors and Wang’s team previously asked the judge to sentence Wang to time served. 



Read more: <a href="https://blockworks.co/news/ftx-impacts-on-cryptos-future">Remembering FTX: How the collapse shaped crypto’s future</a>



Wang’s assistance, prosecutors said, was not only instrumental in their case against <a href="http://v">Bankman-Fried</a> but will help bring down more criminals in the future.&nbsp;



“Wang has built an interface that the Government has begun using for detecting potential fraud by publicly traded companies,” prosecutors wrote in a Nov. 13 note to the court.&nbsp;



Should Wang avoid jail time, prosecutors said he agreed to continue working on an additional “tool for detection of potential illegal activity in cryptocurrency markets.”&nbsp;



Last fall, Wang testified that at Bankman-Fried’s direction, he wrote the code that allowed Alameda’s “<a href="https://blockworks.co/news/sam-bankman-fried-gary-wang">unlimited withdrawals</a>” from FTX. The excessive line of credit ultimately culminated in an $8 billion hole in the exchange’s books.



“We gave <a href="https://blockworks.co/news/gary-wang-ftx-not-fine">special privileges to Alameda Research</a> on FTX,” Wang said during Bankman-Fried’s trial. “And we lied about this to the public.”&nbsp;



Wang’s attorneys said he was unaware Alameda was using the tool to take FTX customer money.



“As the Government has recognized, Gary first learned of the fraud after it was well underway having been lied to and deceived by Sam Bankman-Fried,” they wrote in a Nov. 6 filing. “Gary is profoundly remorseful and has taken extraordinary steps to assist the Government and others working on behalf of FTX victims.”



Wang is the third and final government witness to be sentenced. Caroline Ellison, former CEO of Alameda Research and Bankman-Fried’s on-again-off-again girlfriend, was <a href="https://blockworks.co/news/caroline-ellison-sentenced-to-24-months">sentenced to two years in prison in September</a>. Fellow top advisor Nishad Singh last month was <a href="https://blockworks.co/news/nishad-singh-sentenced-to-three-years-supervised-release">sentenced to time served</a> with three years of supervised release.



Updated Nov. 20, 2024 at 10:49 am ET: Added quotes from Judge Lewis Kaplan. 



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FTX co-founder won’t serve time in prison, judge rules

Jack Kubinec

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It&#8217;s often said that the real money in the gold rush was made by selling shovels.



You could argue that’s the case in crypto right now as well: As Solana eyes an all-time high, it’s the crypto exchanges — where users gain access to their magic internet money — raking in most of the revenue.



Despite the growth of decentralized exchanges relative to centralized ones, Coinbase is still lapping up a lot of the US crypto market, while Binance remains dominant in the east. These exchanges take in funds from trading fees and from their Solana validators, but onchain sleuths have also found the two exchanges to be wasting some of their funds with inefficient transaction processes.



Coinbase and Binance make money in roughly similar ways: When users trade, they take a cut. Their take rate varies but can be quite high (Coinbase charged me $0.99 in fees when I set up a $10 bitcoin order, for instance). Solana accounted for 9% of Coinbase’s transaction revenue for the first half of this year which would add up to roughly $167 million for the exchange, per its most recent financial disclosures. That figure has likely risen in the second half of the year, as Solana continues to showcase impressive price action.



Both exchanges also run Solana validators. Despite charging their stakers an 8% commission that is at the upper end of what most big validators charge, Coinbase and Binance still run the second- and sixth-largest validators, respectively. Operating a validator — which votes on transactions to keep the Solana blockchain running —&nbsp;is quite lucrative for Coinbase and Binance these days.



Assuming a Solana network reward of 8% annually, Coinbase would bring in around $19 million annually at current prices, and Binance would net $13 million. Those numbers would be especially elevated this week: Tips and fees validators brought in last week topped $110 million last week, an all-time high by more than double, according to Blockworks Research data.&nbsp;



It’s perhaps a market inefficiency that Coinbase and Binance, despite offering lower yields than competitors, still dominate staked SOL supply. This highlights the demand for platforms that simplify crypto’s technical complexities.



Interestingly, Coinbase and Binance are perhaps spending more SOL than they should as well.



Coinbase wasted $19,000 in the past week overpaying for computing resources on the Solana network, according to a Dune <a href="https://dune.com/queries/4269803/7201741">dashboard</a>. Essentially, Coinbase is overpaying on priority fees by not specifying the exact amount of compute units (which can be thought of like Ethereum gas) it intends to use.



Binance has hiccups on its own part. Blockworks Research’s Dan Smith <a href="https://x.com/smyyguy/status/1858263109858943004">identified</a> a Binance USDC transfer that paid $8 in priority fees — far higher than what the exchange should be paying for a stablecoin transaction that isn’t competing for blockspace like a memecoin would, for instance.



Do shovels still earn a lot of dough? Of course. But their sellers still have plenty of issues to work out.



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Binance and Coinbase are pocketing a lot of SOL

David Canellis

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



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If the US government really intends to create a strategic bitcoin reserve, it will need to compete with MicroStrategy.



As it stands, the velocity of MicroStrategy’s bitcoin buying has exploded, to the point that it now holds 331,200 BTC ($30.9 billion), or 1.7% of the circulating supply.



For scale, Sen. Lummis has pitched a 1 million BTC target for the government reserve, worth $93.2 billion at current prices. In July, the latest figures showed <a href="https://blockworks.co/news/empire-newsletter-strategic-bitcoin-reserve">the US holding over $608 billion in gold</a> certificates in its strategic reserve.



To be clear, there’s no official indication that the US will actually make bitcoin its fifth reserve asset (Polymarket puts the current <a href="https://polymarket.com/event/will-trump-create-a-national-bitcoin-reserve-in-his-first-100-days?tid=1732097029269">chance</a> at 36%). And as Blockworks’ Byron Gilliam <a href="https://blockworks.co/newsletter/daily/issue/post_a86f70e8-2026-4c78-821e-c99cc7fd3a4b">pointed</a> out in his newsletter yesterday, it could even be a really bad idea.&nbsp;



Let’s say it does happen. That would mean MicroStrategy is frontrunning the US government at size, potentially driving up prices before the reserve buys its first, very hypothetical, coins.



Mapping exactly when MSTR buys its bitcoin — to perhaps find positive correlation between the price of BTC and the firm’s trades — is unfortunately impossible with the publicly-available data.



MicroStrategy does disclose the number of bitcoins it buys alongside its total dollar spend. But it generally only offers a range of dates on which those trades were made.



Still, averaging those figures out shows that over most of the past three years, MicroStrategy would’ve spent up to several millions of dollars on BTC per day during its buying sprees. Those sprees often last for over a month, according to its filings.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeWnL8r3XDyTcVNQIkVyXZ_uJIWA0qefMzxpiw7n-AzG2OMtlMVE0usRVGSE4FGaBJV5f71pXJV0rsIv0Cx8oCrNwB54HnkMEXMUHoUflRMx2cnDk7I5jNcMox1PHOCEDikD4Iu_A?key=ZGErJNgi7_FnoM3H-fcfO03J" alt=""/><figcaption class="wp-element-caption">A range of dates wasn’t disclosed for those massive purchases on the left side of the chart (the green, peach and pink plus symbols). They were huge in any case.</figcaption></figure>



By March of this year, when bitcoin was setting all-time highs around $74,000, that number had jumped to $80 million per buying day.&nbsp;



Come early November, it was $190 million, before ramping up to over $657 million last <a href="https://assets.contentstack.io/v3/assets/bltb564490bc5201f31/bltc841ab65fe7d972b/673b392ad908785dbba03616/form_8-k_11-18-2024.pdf">week</a> — $4.6 billion on 51,780 BTC between Nov. 11 and Nov. 17, at an average price of $88,627.&nbsp;



The price of bitcoin climbed up to 14% across that period, from $80,000 to more than $91,000.&nbsp;



Saylor has previously said that MSTR has bought bitcoin on spot markets, but that was early on.&nbsp;



It could be that the firm these days acquires bitcoin over the counter, which would dampen direct impact. The sheer size of the buys, however, would <a href="https://forbes.com/sites/digital-assets/2024/09/26/over-the-counter-trades-hidden-trends-behind-bitcoin-price/">probably still influence prices</a> somewhere down the line.



Linking MicroStrategy’s bitcoin buys and its share price is far more straight-forward.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1550" height="997" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/unnamed.png?w=1024&amp;h=1024" alt="" class="wp-image-94618" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/unnamed.png?w=1550 1550w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/unnamed.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/unnamed.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/unnamed.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/unnamed.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/unnamed.png?w=400 400w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/unnamed.png?w=406 406w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/unnamed.png?w=340 340w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/unnamed.png?w=80 80w" sizes="(max-width: 1550px) 100vw, 1550px" /><figcaption class="wp-element-caption">MSTR has gone over 3,000% in the past five years or so, compared to 800% for bitcoin</figcaption></figure>



There was a time when MicroStrategy stock (in blue) was weighed down by its bitcoin (the orange area in the background) — leading the two assets to closely track each other in the bear market.



All that changed in late February, when Saylor announced his company had added 3,000 BTC ($155 million then, $280 million now). MSTR stock then jumped 27% in two days, and bitcoin went on to set an all-time high three weeks later.



MSTR has been tightly correlated with the dollar value of its bitcoin treasury ever since — not the price of bitcoin — swelling its market cap from $10 billion to nearly $100 billion.



If that persists, MSTR’s share price might be resistant to bitcoin downturns as long as it buys the dip, which it probably will, <a href="https://microstrategy.com/press/microstrategy-announces-proposed-private-offering-of-1-75b-of-convertible-senior-notes_11-18-2024">considering the debt raises keep coming</a>. In the meantime, shareholders are no doubt enjoying the show.&nbsp;



As would MicroStrategy execs and insiders, who’ve now offloaded almost $559 million in company shares so far this year, per OpenInsider data, which compiles SEC filings (almost three-quarters going to Saylor, who’s said that he intends to buy bitcoin himself).



And they say the key to building generational wealth is diversification.



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Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



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MicroStrategy’s bitcoin bet is paying off in more ways than one

Delphine Forma

MiCA compliance is the main catalyst that will separate winners from losers across Europe’s crypto industry. Companies that embrace the framework’s rigorous standards won’t just stay afloat; they’ll dominate, using compliance as a strategic weapon to outpace competitors, drive mergers and acquisitions, and secure their position in a rapidly consolidating market.



MiCA’s introduction is poised to ignite a surge in mergers and acquisitions across Europe’s crypto sector, as regulatory compliance becomes a key driver of deal-making. Firms that master MiCA’s standards won’t just protect their market positions — they’ll gain a competitive edge, leveraging compliance credentials to attract partners, investors and buyers. Consolidation will be a natural response to rising operational costs, with smaller players seeking alliances in order to survive and thrive. Meanwhile, I foresee larger firms capitalizing on similar opportunities to expand their footprints.



This wave of consolidation will most likely signal a major shift in the competitive dynamics of the European crypto sector. As smaller firms struggle to shoulder the costs of compliance, their strategic value to larger, more resourceful players will only grow. For acquirers, MiCA-compliant firms represent a safer bet, offering established infrastructure, robust internal controls and governance systems already aligned with regulatory demands. With MiCA emphasizing operational soundness and investor protection, these companies will become prime targets, reducing risks and accelerating post-acquisition integration. In this new era, compliance won’t just be a cost — it’ll be a mechanism for growth, reshaping the competitive landscape.



Read more: <a href="https://blockworks.co/news/micar-foreign-stablecoins-advantage-in-europe">MiCAR will give foreign stablecoins a clear advantage in Europe</a>



The framework itself sets a high bar for transparency and accountability. Under MiCA, any firm planning to invest in or acquire a crypto-asset service provider (CASP) or an asset-referenced token (ART) issuer must notify the national competent authority (NCA) in their EU member state in writing. CASPs, which include companies offering services like trading, custody or asset transfers, will now face detailed regulatory reviews to ensure the deal complies with MiCA’s strict standards. The acquiring party must also provide detailed information to the NCA to facilitate an evaluation of the proposed acquisition or any expansion of an existing qualifying stake. Regulatory due diligence will play a critical role in these transactions under MiCA.



Read more: <a href="https://blockworks.co/news/european-union-guidelines-clarify-mica">European securities regulator seeks limits on non-EU crypto firms</a>



Key factors for approval include the reputation and leadership track record of the acquiring party, the ongoing compliance of the target ART issuer or CASP with MiCA regulations, and the financial stability of the acquirer. These elements will be closely scrutinized to ensure that both parties meet MiCA’s stringent standards.



While NCAs have other measures that will factor in, it’s clear that MiCA compliance is critical for M&amp;A success. Firms that have clearly established controls in place will be the winners, independent of which aisle of the deal they sit on.



Firms that fail to comply with MiCA, however, will face serious challenges in the M&amp;A market as their regulatory gaps make them riskier and less appealing to buyers. Non-compliance can lead to fines, expensive fixes or devaluation during due diligence. For non-EU firms, acquiring a MiCA-compliant company to attempt to benefit from the “grandfathering period,” might seem like an easy way to enter the European market, but this comes with strict ESMA oversight. Regulators will be focused on ensuring investor protection and proper integration of EU-regulated functions, meaning non-EU firms must avoid tactics like regulatory loopholes or improper solicitation that could raise red flags.



MiCA-compliant firms will remain attractive targets for non-EU companies seeking easier entry into the European market. Without a MiCA license, non-EU firms risk being excluded from the EU entirely, as the reverse solicitation principle “should be understood as very narrowly framed and as such must be regarded as the exception; and it cannot be assumed, nor exploited to circumvent MiCA.” To succeed, non-EU acquirers must fully integrate and comply with MiCA’s requirements to meet EU regulatory standards and operate smoothly within the region.



Read more from our opinion section: <a href="https://blockworks.co/news/stablecoin-regulation-necessary-now-us">The time for US stablecoin regulation is now&nbsp;</a>



As regulatory scrutiny intensifies, MiCA’s strict approval process — focused on reputation, financial stability and compliance — will ensure that only the most prepared companies thrive in post-acquisition integrations. Firms that fully embrace MiCA’s framework will be best positioned to lead, setting new standards for trust, innovation and sustainable growth in Europe’s evolving crypto ecosystem.



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Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



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MiCA compliance will drive Europe into a crypto consolidation frenzy

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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Shares of Donald Trump’s social media company, Trump Media &amp; Technology, continued to fluctuate Tuesday following a rally spurred by reports that the president-elect is furthering his crypto business interests.&nbsp;



The Financial Times <a href="https://www.ft.com/content/d7f921d5-3668-4b6b-a98d-2681ad73610f">reported</a> Tuesday that Trump Media is in “advanced talks” to acquire crypto exchange Bakkt — a company founded and owned by New York Stock Exchange parent company Intercontinental Exchange (ICE).



The news pushed Bakkt shares 162% higher Monday and Trump Media (ticker DJT) posted a 17% gain. Bakkt sustained its rally into Tuesday (trading 7% higher midway through the session), while DJT lost more than 8%.&nbsp;



The social media company began trading on the Nasdaq last spring after a merger with Digital World Acquisition Corp. Currently hovering around $30, DTJ shares are up almost 150% from their September low, but are still trading about 40% off of their IPO price of $50.&nbsp;



Trump Media’s recent gains have not been linear, though. Shares rose 65% at the end of October, a rally attributed to increased optimism at the time that Trump <a href="https://blockworks.co/news/prediction-markets-election-odds">would win</a> the election. The share price since Trump’s victory however has been flat, posting a modest increase the day after the election before erasing gains.&nbsp;



The market is, presumably, confused about what a Trump win means for the social media company. Yesterday’s rise shows that investors are decently certain that acquiring Bakkt would be a good move. But the subsequent retreat shows shareholders aren’t exactly sure why.&nbsp;



We’ll be following the acquisition story and will be writing a lot more about what it means when the majority shareholder of a public company moves into the White House. Stay tuned.



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Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



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Trump Media shares ride post-election, potential crypto acquisition wave 

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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President-elect Donald Trump has nominated a crypto supporter to lead the Department of Commerce.&nbsp;



The Wall Street Journal (along with Punchbowl News founder <a href="https://x.com/JakeSherman/status/1858896766759841802">Jake Sherman</a>) <a href="https://www.wsj.com/politics/trump-commerce-secretary-howard-lutnick-cabinet-77c86b81">reported</a> Trump’s expected pick of Cantor Fitzgerald CEO Howard Lutnick for that job on Tuesday morning. Trump later confirmed the selection on Truth Social.



There were previous reports that Lutnick — a leader of Trump’s transition team — was in the running for treasury secretary.&nbsp;



We highlighted Lutnick’s <a href="https://blockworks.co/news/on-the-margin-newsletter-tradfi-btc-transacting">remarks on bitcoin</a> in a September edition of this newsletter. At the time, the CEO noted that TradFi players — including banks and brokerages — would “go headfirst into bitcoin” when the regulatory environment improved.&nbsp;



Donald Trump’s election win has seemed to set the stage for that, given the <a href="https://blockworks.co/news/revisiting-trumps-crypto-promises-after-his-election-win">crypto promises</a> he has made (namely, “firing” SEC Chair Gary Gensler).



Bitcoin surged to above $93,900 for the first time just before 2 pm ET Tuesday — up 3.7% from 24 hours prior. &nbsp;&nbsp;



As BTC “gets invited into this party, up we go,” Lutnick added in <a href="https://x.com/howardlutnick/status/1831080474124681316?s=46">a September video</a> posted to X. That comes when banks can more freely clear, custody and transact in bitcoin, Lutnick said — a reality hindered by the SEC’s Staff Accounting Bulletin <a href="https://blockworks.co/news/senate-gensler-sec-overturn-sab-121">(SAB) 121</a>, for example.



Aside from being vocally enthusiastic about the crypto segment, Lutnick’s firm has stablecoin issuer Tether as a client — a company that has denied being <a href="https://blockworks.co/news/tether-denies-government-investigation">under federal investigation</a>.



We and others are curious about what roles Lutnick might drop if he indeed takes on this cabinet position, so as not to serve his own <a href="https://www.nytimes.com/2024/11/09/us/politics/howard-lutnick-transition-ethics.html">business interests</a>.



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Trump nominates pro-crypto CEO to lead commerce department

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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A new crypto-related financial tool is finally here.&nbsp;



Spot bitcoin ETFs hit US exchanges in January, and more than 10 months later, investors are able to trade options on the biggest of those products (and others very soon).



As you probably know, an option is a contract representing the right to buy or sell a financial product at a certain price for a specific period of time.



Industry watchers have told Blockworks that options would lead to a more <a href="https://blockworks.co/news/on-the-margin-newsletter-btc-etf-options">robust ecosystem</a> around the spot ETFs, enhancing liquidity and price discovery.



CK Zheng, CIO of crypto hedge fund ZX Squared Capital, told me today that bitcoin ETF options are “extremely powerful” for institutional investors to better manage their bitcoin exposures under various market conditions.&nbsp;



Indeed, Anchorage Digital CEO Nathan McCauley said in a statement that the new product shows bitcoin is further “cementing its place alongside stocks, bonds and commodities as a mainstream institutional investment.”



The options can also be used by speculators, Zheng explained, to leverage their bets when they are extremely bullish or bearish on the asset.



Bitwise’s Jeff Park previously <a href="https://x.com/dgt10011/status/1837278352823972147">noted</a> these options would mark “the first time the financial world will see regulated leverage on a perpetual commodity that is truly supply-constrained.”



Put another way by Joe Consorti in a <a href="https://x.com/JoeConsorti/status/1858666860960727249">video</a> on X, listing options on bitcoin ETFs “opens the door to the largest and deepest liquidity pools on the planet.”&nbsp;



Let’s quickly run through some of the events leading up to these listings:&nbsp;



<ul class="wp-block-list">
<li>Nasdaq, NYSE and Cboe submitted proposals to the SEC in January to list options on spot bitcoin ETPs.</li>



<li>Grayscale Investments pointed out the SEC’s quick approval of options on bitcoin futures ETFs in a March blog <a href="https://www.grayscale.com/blog/legal-topics/investors-deserve-options-on-gbtc">post</a>, calling on the regulator to do the same for the spot products. But that month, the SEC said it <a href="https://blockworks.co/news/sec-delays-bitcoin-etf-options-proposals">needed more time</a> to consider the proposals.</li>



<li>The SEC, on Sept. 20, gave “accelerated” approval of options on BlackRock’s iShares Bitcoin Trust (IBIT). About a month later, the SEC <a href="https://blockworks.co/news/sec-approves-cboe-nyse-options-btc-etfs">greenlit the bids</a> by NYSE and CBOE to list options on other bitcoin ETFs.</li>



<li>The CFTC last week essentially yielded to the SEC and the Options Clearing Corporation (OCC), <a href="https://www.cftc.gov/PressRoom/PressReleases/9008-24">saying</a> that the listing of these bitcoin ETF options “does not implicate the CFTC’s jurisdiction.”</li>



<li>The OCC said in a Monday <a href="https://infomemo.theocc.com/infomemo/search?utm_source=forward-guidance.beehiiv.com&amp;utm_medium=newsletter&amp;utm_campaign=last-week-today&amp;_bhlid=cc18d512040548fa9bc7f854de1b4deae9cd23de">memo</a> that it was “preparing for the clearance, settlement and risk management” of bitcoin ETF options. A Nasdaq spokesperson <a href="https://x.com/Blockworks_/status/1858598159720870083">confirmed to me</a> later in the day that they intended to list IBIT options on Tuesday.</li>
</ul>



So here we are. Options on IBIT are available today; that fund has grown to have roughly $43 billion in assets under management — making it by far the largest bitcoin ETF and even bigger than the iShares Gold Trust (IAU).



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">A few hundred million so far in options volume on <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> (a ton for Day One).. here&#39;s a rank of the contracts by volume, it&#39;s almost all calls. Seems very bullish, esp the Dec20th C100, which is basically betting price of btc will double in the next month. <a href="https://t.co/R6HB7OMUla">pic.twitter.com/R6HB7OMUla</a>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1858916477384225005?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Grayscale said bitcoin ETF options are set to begin trading on NYSE — the exchange on which its GBTC and BTC products are listed — tomorrow. Bitwise <a href="https://x.com/HHorsley/status/1858697188282691924">expects the same</a> for options on its bitcoin ETF.



“Many new investors will, no doubt, leverage their experiences in investing in the meme stock options market to bitcoin options,” Zheng said. “The bitcoin ETF options market will compete greatly with Deribit to bring more investors to the US and help build the US as the bitcoin derivative trading center.”



Bitwise’s Park <a href="https://x.com/dgt10011/status/1857603360486216032">pointed out</a> on X that BTC ETF options will have “cross-margining capabilities in multi-asset portfolios” than an exchange like Deribit “can never provide.”&nbsp;



He added: “Only spot ETF options can leverage your GLD, SPY, HYG ETFs, bonds, loans, and cross-margin to achieve unmatched capital efficiency — closest thing that looks like free leverage.”



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Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



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Bitcoin ETF options marks new chapter for the asset class

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



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Trump’s win could have you cooking up all sorts of profitable trading strategies.&nbsp;



It’s only natural, considering it feels like we’re on the cusp of a new paradigm: for arguably the first time ever, US regulators might take it easy on crypto and let innovation flourish.



And so the topic of risk appetite came up on today’s <a href="https://blockworks.co/podcast/empire/1c26e634-a606-11ef-896f-cf46c9751e10">Empire podcast episode</a>.&nbsp;



Yano asked Eric Peters, CEO and CIO of both Coinbase Asset Management and One River, what he’d prescribe for a 30-40-year-old first-time crypto investor who has a million dollars to allocate and a strong appetite for risk.



“I would advocate for them to be overweighted to bitcoin and ether but have some exposure to solana. Maybe 50/35/15 [percent], something like that,” Peters said. “[But] I think if you’re right on that trade, you’re gonna, at least for a period of time, wish you’d had a million bucks in solana.”



The question was really posed within the immediate context. Still, we can backtest Peters’ suggestion.&nbsp;



And even better, plot it alongside Coinbase’s new benchmark crypto index <a href="https://www.marketvector.com/indexes/digital-assets/coinbase-50">COIN50</a>, which is currently weighted 51.5% BTC, 23.4% ETH, 7% SOL with the remaining 18% or so spread across 47 other altcoins including DOGE, XRP, BCH and BONK.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXegmmGnRDQiqk9TJjDWKlvEQz_RUF3P9SXxyKmGrmcf6KXsFgs-TCEcpEMh80fQFw5AIu-85VNS40byP8klSJ5ZdIMi6dUes0TDQZvt3wXiwXalps30Ub9t9m-pNvbEJ7WfcXiz?key=QNtgq33Y3LRZMbcEKF6F1kmT" alt=""/></figure>



The above, in log view, plots the value of that $1 million allocation from the end of 2020, which is when COIN50’s performance data starts.&nbsp;



There’s indeed an element of time bias. The period starts in the leadup to the epic 2021 bull run when SOL’s market cap was under $100 million (now $117 billion).



So, back then, it would be questionable just how likely it would be to split a million-dollar allocation between BTC, ETH, and a token so small in relative terms.



In any case, the purple shows the split highlighted by Peters, which turned $1 million into $27 million and would now be at all-time highs for dollar value.



ETH maxis were second best with $4.2 million. And while there are currently no ETPs tracking COIN50, if there were, that vehicle would’ve converted to a $3.8 million portfolio.&nbsp;



Someone who aped a million dollars in BTC meanwhile would be holding $3.15 million right now.



For scale: Anyone who bought an index fund tracking any major benchmark from legacy finance would, at best, be sitting on $1.64 million, via the Nasdaq 100.&nbsp;



That’s a minimum $1.5 million difference between stocks and crypto. It’s hard to put an exact value on risk appetite, but that’s as solid a number as any.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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Coinbase Asset Management CEO’s allocation recommendation

This is a segment from yesterday&#8217;s Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



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When I talk to Solana ecosystem people, I’ll sometimes ask what new projects they’ve been hearing about. One such project that’s been catching apparent buzz is Perena, a stablecoin infrastructure protocol.



Perena is built on the premise that as stablecoins proliferate, liquidity could fragment, and stablecoins aren’t useful if they aren’t liquid. The platform offers a Solana-based stablecoin liquidity pool, and it plans to offer an <a href="https://x.com/SamBroner/status/1857072872205730283">asset-backed</a> stablecoin in the future.



The project was founded by Anna Yuan, who started the Solana Foundation’s stablecoin arm during her more than two years at the non-profit. While working at the foundation, Yuan began to see that new stablecoin issuers would mint a lot of tokens but would have limited integrations, and users consequently weren’t able to benefit from stablecoins in the real world.&nbsp;



She cited Ondo as an example — the tokenized US Treasury stablecoin has over $100 million in supply but only 3,500 holders, <a href="https://solscan.io/token/A1KLoBrKBde8Ty9qtNQUtq3C2ortoC3u7twggz7sEto6">according</a> to SolScan.



I asked Yuan about the commonly cited claim in crypto that stablecoins have pulled off the difficult task of finding product-market fit, or satisfying the needs of an existing market.



“I don’t agree,” Yuan said, adding that liquidity begets PMF, and most stablecoins simply aren’t liquid enough to be useful. She added that the real-world need for things like money transfers in emerging markets will help stablecoins “get there.”



Perena is currently in closed beta, but the platform’s main feature will initially be a multi-stablecoin liquidity pool which uses a liquidity provider token called USD* that represents a piece of a seed pool containing Tether, Circle, and PayPal USD. In simpler terms, the liquidity pool model should make it easier to issue stablecoins, since smaller coins can access the liquidity from the well-capitalized seed pool.



The concept has raised to-be-announced seed funds, and Yuan’s deep links in Solana helped her tap into the ecosystem’s very-active angel investor community. Yuan said she decided to start raising funds on a Thursday, and by late Friday, she already had a couple dozen angel investors on board. Solana co-founders Anatoly Yakovenko and Raj Gokal are both noteworthy backers.&nbsp;



At the end of our call, Yuan and I got chatting about how Solana’s stablecoin market capitalization can meaningfully grow. The network currently accounts for just 2% of all stables, according to DeFiLlama.



Yuan gave an interesting answer: Solana PayFi could grow the economy for people taking their paycheck in stablecoins. She estimated 2,000 people currently take their full-time salary in Solana stablecoins. That number could certainly get a lot bigger.



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Solana is excited about new stablecoin infrastructure provider Perena

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



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Crypto is in love with AI agents now. Firstly, AI agent sentiment is at an <a href="https://x.com/_kaitoai/status/1858812982240682129">all-time high</a>, as captured by Kaito.



Secondly, we’ve witnessed AI agents in the last few months integrated into <a href="https://blockworks.co/news/0xresearch-newsletter-goatse-memecoin">memecoins</a> (GOAT), social media influencers (<a href="https://x.com/luna_virtuals">Luna</a>), venture funds (<a href="https://x.com/internetphysics/status/1857419356910813582">ai16z</a>), launchpads (<a href="https://x.com/virtuals_io">Virtual</a>) and trading (<a href="https://x.com/Spectral_Labs">Spectral</a>).



Third, ETHGlobal hosted its largest hackathon post-Devcon (about 713 projects submitted), and the use of AI agents absolutely dominated the competition. I don’t know exactly how many teams used AI agents, but <a href="https://x.com/stonecoldpat0/status/1858051936446197903">at</a> <a href="https://x.com/wbnns/status/1858018625677840524">least</a> <a href="https://x.com/Jnix2007/status/1858148480465936740">four</a> <a href="https://x.com/benlakoff/status/1858062211522134525">judges</a> pointed out its prevalence at the hackathon.



I should know, since I was part of a team that created Dongle Party, an app that leverages AI agents for token trading competitions.



With a suite of 1inch APIs under the hood, the application essentially abstracted away the need to navigate between wallets and dapps. Just query your AI agent to look at your wallet balance, send tokens or execute trades, all within the app.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc57KH9AfcimXYqP4BjWesXQG3ULwbzH5KFsHF4424WtD5nTLeq3UOAgvStundbGf_pdkZyMeY4J60psax-DWiXJtELxSnX_Cf5vhvJPaVMNxVWyRufWPIo2OvEBUhh36Ee3vT7UQ?key=ABNeh2MGSHsSTQy-jt2chRtH" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://dongle-party.vercel.app">Dongle Party app</a></figcaption></figure>



A far more impressive team making use of AI agents was <a href="https://x.com/sohey_eth/status/1858046972868936143">Industry AI</a>, a top 10 finalist that created a gamified interface for multiple agents to work together to complete tasks. Industry AI was bloody impressive for a project completed in a few days, and its capabilities spanned the entire onchain experience, from wallet creation and launching an NFT collection to trading tokens.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc4h5geAKszxomQJr-hpFdWqkpvoyw0yhnq8N8HJliqSzbs9y66cAsS1GDlT7FQHt8ctBo1k2SRqM9cXTSQOUujrwBv1wO52VcxiM6gVS6ET3naMQFtXpta_KcJqp5H9LbbIXX8dA?key=ABNeh2MGSHsSTQy-jt2chRtH" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://ethglobal.com/showcase/industry-ai-4w3vy">EthGlobal</a></figcaption></figure>



Then there was also <a href="https://ethglobal.com/showcase/daogenie-nha62">DAOGenie</a>, another top 10 finalist that sought to streamline the thick bureaucracy of DAO governance with AI agents. AI applied to DAO governance isn’t a new idea, and it’s something that major DAOs like Maker have been <a href="https://forum.sky.money/t/the-5-phases-of-endgame/20830">experimenting</a> with.



The absolute ease in which AI agents can be integrated to serve crypto use cases is largely thanks to Coinbase Developer Platform’s (CDP) <a href="https://docs.cdp.coinbase.com/agentkit/docs/welcome">AgentKit SDK</a> running LLMs under the hood.



Such tools are making the intersection of AI and crypto simpler. If developers can do it in a multiday hackathon, brace yourself for what organized and well-funded teams are going to achieve.



Jesse Pollak, founder of Base, told me confidently at Devcon: “Base is right now at the center of the onchain AI economy. One big focus for us in the next couple months is the use of AI agents for messaging on the XMTP protocol within Coinbase Wallet. We see messaging as a key channel for AI agents to become useful points of reference.”



One thing that stuck out to me at the ETHGlobal hackathon was the natural blend of AI agents with the permissionless ethic of crypto building blocks.



In crypto sits an openly accessible stack of world-class tools that are processing billions of dollars in value daily. These battle-tested financial building blocks — DEXs, L1/L2s, bridges — are going out of their way to incentivize crypto devs to integrate AI agents to capture value for themselves, in ways that centralized exchanges and banks cannot or will not.



That’s not to say that Robinhood or Wells Fargo aren’t looking at AI agents, but that innovation will inevitably be slow and introduced in piecemeal ways within the permissioned confines of TradFi.



In both cases, it’s the simple profit motive at work. But only in the case of crypto are the rules of the game far more competitive and the pace of innovation moving at breakneck speeds.



That might explain part of the hype that has captured the imaginations of crypto researchers looking into how AI agents can reshape the blockchain economy and the onchain experience as we know it.



The use of AI agents is also but only one sliver of use cases <a href="https://blockworks.co/news/decentralize-ai-to-curb-big-tech">applied to crypto</a>, in addition to a whole host of other use cases such as data training (<a href="https://blockworks.co/news/solana-wallets-grass-airdrop">Grass</a>), zero-knowledge machine learning (<a href="https://gizatech.xyz/">Giza</a>), and of course decentralized compute (<a href="https://blockworks.co/newsletter/daily/issue/post_9690fc34-cf42-4cb2-94fe-a7589dc910bc">Akash</a>).



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The AI agent invasion: How crypto is leading the charge

Katherine Ross

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



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We’re just barely halfway through the month and CME’s crypto unit is already logging its best month since it launched bitcoin futures contracts way back in 2017.&nbsp;



As many loyal Empire readers know, <a href="https://blockworks.co/news/bitcoin-100k-very-possible">I like to look at CME data</a> to understand where traders and institutions are putting their money.



So, yesterday I caught up with Gio Vicioso, CME’s head of crypto. Turns out, the firm is averaging “a little bit over $10 billion a day across our futures suite.”



“Just comparing November this year to last, our volume and contract terms are up more than 5x … and then we&#8217;re also seeing increases or records in terms of open interest, where November is also the record month, averaging more than 166,000 contracts. And that&#8217;s up 60% compared to October, and up over 3x compared to November 2023,” Vicioso said.



The large bitcoin contracts offered by CME are becoming so big that investors — primarily retail — are turning to CME’s micro bitcoin contracts.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcRv7msYK1At1aAnjROZlZGEiPE29QRCTDPLp2ZAh-YW8Axeg_UVAs6upccd0sCRUB8KlDOSsafq_3m5bI78j0bOgvCMsWN_fw4wSHXg3uBKYsB5SjcJhz5RaBpZLItAzApU4bsqg?key=QNtgq33Y3LRZMbcEKF6F1kmT" alt=""/><figcaption class="wp-element-caption">A look at the volume CME’s seen since the election</figcaption></figure>



“Now we&#8217;re seeing an increase in volume in terms of our micro contracts, where those contracts, over the last couple weeks, have been averaging more than a billion dollars a day. When we look at the year, our micro bitcoin contract was averaging between $200 to $300 million per day, and we&#8217;re also seeing an uptick in terms of the representation of that smaller contract to the larger contract, whereas for the year, micro bitcoin futures volume represented roughly 6% of bitcoin volumes,” he said.



“Over the past few trading sessions, we&#8217;ve seen a micro contract represent now north of 15% or so of the large bitcoin contracts. We’ve really seen increases across the board.”



The makeup of participants is mixed, Vicioso noted. Micro contracts are seeing a fairly even spread of retail and institutional buyers given that the margin is a more “manageable” number. The readthrough for institutions, in that case, is that they could be testing out fresh strategies and finetuning their exposure.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeyKqSkTfYEiDoHwWW98_nThb-ObQmiaLFiLHB43HCfK6R3yAyugsM8bYI6uk_UDs1T0swKRWA9P4e1xP5GQxRee9lCInAC5e9NvM6tl-lYR942jYPHi_-129VX-Rz0ULDqViQs3A?key=QNtgq33Y3LRZMbcEKF6F1kmT" alt=""/><figcaption class="wp-element-caption">Source: CME</figcaption></figure>



With all of this interest, there is a pickup in volatility across both ether and bitcoin. Vicioso said it’s “par for the course” and isn’t terribly worried. But he noted that the momentum we’ve seen from bitcoin has carried through a lot of this year and it looks to be a continuing trend.



Large Open Interest Holders — which means any entity holding over 25 contracts — is soaring. As of last Friday, CME recorded a record of around 600 large open interest holders in their futures contracts.



“So both our standard BTC and ETH contracts, as well as our micro BTC and ETH contracts, all achieved records in terms of the number of large open interest holders holding those contracts,” Vicioso said.



Updated Nov. 19, 2024 at 2:36 pm ET: Corrected Open Interest to Large Open Interest Holders.



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CME data suggests institutions are field-testing new crypto moves

The longtime Ethereum DeFi giant Sky has deployed its USDS stablecoin on Solana, the protocol told Blockworks exclusively.



USDS, which was formerly known as DAI, is the third largest stablecoin by market capitalization, trailing just USDT and USDC. The token had been exclusive to Ethereum since launching in 2017 leading up to today’s deployment. 



Sky was formerly known as Maker prior to its <a href="https://blockworks.co/news/maker-rebrands-as-sky-dai-will-be-changed-to-usds">late-August rebrand</a>. It’s all part of the years-long “endgame” process being carried out by Sky co-founder Rune Christensen. The endgame comes with a slew of changes to one of the oldest DeFi protocols.&nbsp;



Christensen has made clear his admiration of Solana, floating the idea of using a <a href="http://freestreams-live1.im/new-york-mets-live-stream/">fork</a> of Solana’s code to build a new chain in 2023. USDS will be made multichain with the help of Wormhole’s native token transfer framework.&nbsp;



Read more: <a href="https://blockworks.co/news/multichain-native-token-transfers">Wormhole goes multichain with native token transfers</a>



USDS’ growth will be incentivized on Solana through liquidity incentive agreements with the DeFi platforms Jupiter, Orca, Kamino and Drift. Sky said the projects will distribute “over 300,000” USDS weekly in liquidity incentives.&nbsp;



Notably, PayPal’s stablecoin took a similar approach when <a href="https://blockworks.co/news/paypal-pyusd-stablecoin-live-on-solana">recently deploying on Solana</a>, shelling out lucrative liquidity incentives to drive market capitalization, particularly on the DeFi platform Kamino. A lot of this liquidity didn’t stick around once the incentives dried up, as Solana’s PYUSD market share has fallen precipitously since August.&nbsp;



But perhaps <a href="https://blockworks.co/tag/solana">Solana</a> and Sky meet each other in a position of mutual need. Sky’s rebrand has been bumpy, and community backlash caused the protocol to <a href="https://blockworks.co/news/maker-considers-rebranding-further">hold a vote</a> about whether to rebrand a second time (Sky won convincingly in a vote <a href="https://www.theblock.co/post/325096/just-four-entities-account-for-nearly-all-the-votes-to-keep-makerdaos-rebranding-to-sky">dominated</a> by four whales). And despite the run-up in nearly every Solana metric, Solana’s stablecoin market share has yet to meaningfully increase. The chain <a href="https://defillama.com/stablecoins/chains">holds</a> just 2% of all stablecoins compared to 51% for Ethereum, per DeFiLlama.&nbsp;



For Sky, deploying on the moment’s buzziest blockchain could give its community something to rally behind. And for Solana, gaining access to the third-largest stablecoin could help grow its slice of the pie.



Updated Nov. 19, 2024 at 12:12 pm ET: A prior version of this article stated DAI was launched in 2014. It was launched in 2017.



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Sky, formerly Maker, deploys stablecoin on Solana

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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We saw bitcoin treasury strategies <a href="https://blockworks.co/news/bitcoin-treasury-strategies">start to proliferate</a> earlier this year, with Japanese investment firm Metaplanet, for example, looking to become <a href="https://x.com/JasonSoraVC/status/1777300574939058202">“Asia’s first MicroStrategy”</a> in April. More buys are coming, its CEO said over the weekend:



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">More <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> purchases incoming <a href="https://t.co/3N4Z364Pkt">https://t.co/3N4Z364Pkt</a>&mdash; Simon Gerovich (@gerovich) <a href="https://twitter.com/gerovich/status/1858353145900122196?ref_src=twsrc%5Etfw">November 18, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Medical tech company Semler Scientific, which <a href="https://blockworks.co/news/medtech-company-buys-bitcoin-microstrategy">bought</a> $40 million of BTC in May, said this morning it acquired 215 BTC between Nov. 6 and Nov. 15. It now holds 1,273 bitcoins. DeFi Technologies purchased 110 BTC in June and had about 204 BTC in its treasury, as of Sept. 30.



Now, after the election, even more companies are apparently ready to buy and hold BTC.



Battery materials provider Solidion Technology said last week it would commit 60% of its excess cash from operations (plus a portion of raised capital) to BTC buys. It will also convert interest earnings on cash held in money market accounts to BTC.&nbsp;



Solidion notes “the potential for favorable regulatory frameworks and increased institutional adoption, highlighted by the recent wave of bitcoin ETFs” as reasons.&nbsp;



This morning, two others — China-based integrated circuit design company Nano Labs and Chicago-headquartered Cosmos Health — shared similar intentions, and rationale.



Nano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global adoption.”&nbsp;



Cosmos Health CEO Greg Siokas said in a statement he views both BTC and ETH “not only as potential hedges against inflation and currency devaluation but also as diversification tools offering substantial upside potential.”



Companies buying bitcoin for their treasuries is a piece of the “widespread adoption” narrative on the crypto bull case bingo card.



We continue to watch for if and when <a href="https://blockworks.co/news/senator-lummis-bitcoin-reserve-bill-crypto-policy">the US government</a>, and <a href="https://www.foxbusiness.com/money/pennsylvania-house-introduces-bill-implement-strategic-bitcoin-reserve">individual states</a>, could put similar bitcoin reserve plans in motion. It would clearly be big news and likely spur another chapter to the existing price rally. 



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More companies name BTC a treasury reserve asset

Join global sovereigns, endowments, pensions, foundations, and family offices as they explore this new asset class.


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Speakers

Mohamed A. El-Erian is the President of Queens’ College, the University of Cambridge. Since 2014, he has served as Chief Economic Advisor at Allianz, the corporate parent of PIMCO where he formerly served as chief executive and co-chief investment officer. He is Chair of Gramercy Fund Management, a columnist for Bloomberg View, and a contributing editor at the&nbsp;Financial Times, He serves on two corporate boards and several advisory committees and non-profit boards.



Dr. El-Erian first joined PIMCO in 1999 and was a senior member of PIMCO’s portfolio management and investment strategy group. He rejoined the company at the end of 2007 after serving for two years as president and CEO of Harvard Management Company, the entity that manages Harvard’s endowment and related accounts. Before coming to PIMCO, Dr. El-Erian was a managing director at Solomon Smith Barney/Citigroup in London and before that, he spent 15 years at the International Monetary Fund in Washington, D.C. where he served as Deputy Director before moving to the private sector.



Dr. El-Erian served as Chair of President Obama’s Global Development Council from December 2012 to January 2017. He has published widely on international economic and finance topics. His 2008 book,&nbsp;When Markets Collide, was a&nbsp;New York Times&nbsp;and&nbsp;Wall Street Journal&nbsp;bestseller, won the&nbsp;Financial Times/Goldman Sachs Business Book of the Year, was named a book of the year by&nbsp;The Economist,&nbsp;and one of the best business books of all time by the&nbsp;Independent&nbsp;(UK). He was named to Foreign Policy’s list of “Top 100 Global Thinkers” for four years in a row. Since 2014, he has been serving on the jury for the&nbsp;Financial Times/McKenzie Book of the Year award. His latest book, published in January 2016,&nbsp;The Only Game in Town: Central Banks, Instability and Avoiding the Next Collapse, is a New York Times bestseller.



Dr. El-Erian has served on several boards and committees, including the U.S. Treasury Borrowing Advisory Committee, the International Center for Research on Women, the Peterson Institute for International Economics, the Carnegie Endowment for International Peace, the IMF’s Committee of Eminent Persons and the New York Fed’ Investor Advisory Committee on Financial Markets. He is currently a board member of Barclays, Under Armour, the NBER (Executive Committee), Berggruen Institute (Executive Committee), and several educational institutions. In 2018, he was just appointed to the IMF’s External Advisory Group on Surveillance and MIT’s Visiting Committee for the Department of Economics. He is a member of the Council on Foreign Relations, the Investcorp external committee and government advisory committees. Since 2007, he has been chair of Microsoft’s Investment Advisory Board and co-chairs the Capital Campaign for the University of Cambridge and its Colleges..



Recognized for his philanthropic contributions, particularly in the areas of education and health, Dr. El-Erian has received several awards, including lifetime achievement from the 57357 Hospital for Children/Egyptian Cancer Network where he is the Honorary Chair. Other recognition’s include the ABNA, Arab Banker of the Year, ACCESS Arab-American of the Year Award, Africa Investor’s Capital Markets Personality of the Year, Fixed Income Analysts Society’s Hall of Fame, Foreign Policy’s “Top 100 Global Thinkers” (4 years in a row), Investment News’ “Icon and Innovator,” Linked-In top 3 “voices” among its “influencers” (2016 and 2017), Louise Bloin Foundation Creative Leadership Award, Middle East Institute’s Visionary Award, Orange County Business Journal’s most influential personalities (multiple times), Ukleja Center’s Nell and John Wooden Ethics in Leadership award, and Worth magazine’s “100 Most Powerful People in Finance” (multiple years).



Dr. El-Erian holds a master’s degree and doctorate in economics from Oxford University and received his undergraduate degree from Cambridge University.

Mohamed El-Erian

Michael Novogratz is the Founder and CEO of Galaxy Digital. He was formerly a Partner and President of Fortress Investment Group LLC. Prior to Fortress, Mr. Novogratz spent 11 years at Goldman Sachs, where he was elected Partner in 1998. Mr. Novogratz served on the New York Federal Reserve’s Investment Advisory Committee on Financial Markets from 2012 – 2015. Mr. Novogratz serves as the Chairman of The Bail Project and has made criminal justice reform a focus of his family’s foundation. He also sits on the Board of Overseers at NYU Langone Medical Center and is a board member of Princeton Varsity Club and Jazz Foundation of America. Mr. Novogratz received an AB in Economics from Princeton University and served as a helicopter pilot in the US Army.

Mike Novogratz

Anatoly Yakovenko is the co-founder of Solana and CEO of Solana Labs. He has almost two decades of experience building high-performance operating systems, including leading OS development at Qualcomm and holding engineering roles at Dropbox and Mesosphere. Yakovenko has a Bachelor of Science in Computer Science from the University of Illinois Urbana-Champaign.

Anatoly Yakovenko

Caitlin Long

Dan Tapiero is a renowned macro-focused investor with over 25 years of investing and entrepreneurial experience. He is the Founder, CEO and CIO of 1Roundtable Partners (1RT) and 10T Holdings (10T), which collectively manage over $1.4 billion of investments in 24 active companies across the Digital Asset Ecosystem (DAE). 1RT is a growth equity fund focused on mid-to-late stage companies in the DAE. Dan serves on several boards including Ledger, LEDN, Futureverse, and Quicknode. Before founding 1RT and 10T, Dan was Managing Partner of DTAP Capital Advisors, a global macro investment fund that he founded in 2003. He is Co-Founder of Gold Bullion International (GBI), a physical precious metals platform for the wealth management industry. GBI expanded into the cryptocurrency business through its integration with Uphold (fka Bitreserve) in 2014. Prior to GBI, he was formerly Co-Founder of the Agricultural Company of America (AGCoA), one of the largest farmland REITs in the U.S. at the time of its sale to the Canadian Pension Plan Investment Board (CPPIB) in 2013. Previously, from 1992-2012, Dan was a macro-focused portfolio manager and analyst at Duquesne Capital Management, SAC Capital Advisors, Tiger Management and Steinhardt Management Co. Dan graduated Phi Beta Kappa from Brown University, where he earned his B.A.'90 and M.A.'91 in European History. Dan has been on the Board of Trustees of the Lawrenceville School for the past 15 years and currently leads the Investment Committee for its endowment.

Dan Tapiero

Kristin is the CEO of the Blockchain Association, the Washington, D.C.-based trade association representing more than 100 of the industry’s leading companies. She also serves as a board member of the Filecoin Foundation for the Decentralized Web. Kristin serves as a liaison between policymakers and the cryptocurrency industry to assist in the creation of legislation and regulation that promotes the growth of the cryptocurrency ecosystem in the U.S. She is also a leading, public voice advocating for the cryptocurrency and blockchain industry through top-tier media interviews, op-eds and letters to the editor, and global speaking engagements. Kristin is a renowned voice for the industry, having been featured on Fortune’s 2020 40 under 40 list, CoinDesk’s 2021 50 people who defined the year in crypto, and CoinTelegraph’s 2022 top 100 Influencers in Crypto and Blockchain. Prior to leading the Blockchain Association, Kristin helped blockchain and technology companies achieve their public policy objectives in Washington. She served as a Senate and congressional aide on Capitol Hill for nearly ten years, much of which was spent focusing on technology policy.

Kristin Smith

Wiley Nickel is the U.S. Representative of the 13th District of North Carolina, a 50/50 toss-up district in Raleigh and surrounding metro area. Wiley serves on the Financial Services Committee and the Digital Assets Subcommittee, and has been a champion for expanding the group of pro-crypto Democrats. He led the way to secure support from 71 House Democrats on FIT21 and was the Democratic lead on the Congressional Review Act to overturn SAB121. Prior to being elected to Congress, Wiley served as a North Carolina State Senator, attorney, and worked for two White House administrations.

Wiley Nickel

Amy is the head of emerging markets equity, a member of the Morgan Stanley Investment Management Operating Committee, the Morgan Stanley Investment Management Equity Technology Council, the Morgan Stanley Innovation Council and the Morgan Stanley Arts and Culture Committee. She manages digital asset initiatives at MSIM and has held roles in equity and FX trading, portfolio management support, product development and strategy.



Prior to joining Morgan Stanley in 2001, Amy managed business development at Arc Worldwide. She has over 25 years of financial services experience.

Amy Oldenburg

Pascal Gauthier is the Chairman &amp; CEO of Ledger, a tech company that specializes in developing secure consumer devices for storing and managing cryptocurrencies and NFTs.



He began his career at Kelkoo, later acquired by Yahoo, and was COO at Criteo, where he played a key role in the company's pivot to advertising and global expansion. Pascal Gauthier also worked as a Venture Partner at Mosaic Ventures, a London-based VC firm, and is non-executive chairman of Kaiko, a leading digital data analytics provider.&nbsp;



Since he became Chairman &amp; CEO of Ledger in 2019, Pascal Gauthier has expanded the company's product line with Ledger Live, an intuitive digital asset management app, and a next-generation consumer device, Ledger Stax. He is committed to driving ownership and security in the cryptocurrency industry.

Pascal Gauthier

Mike Cagney is a co-Founder and the Chief Executive Officer of Figure, a leader in applying blockchain technology to markets such as lending, payments and exchanges. Mike is also the Co-Founder of the Provenance Blockchain, a public, open source blockchain built for financial services. Previously, Mike was CEO, Chairman and Co-Founder of SoFi, a leading marketplace lender providing student loan refinancing, mortgages and personal loans, as well as a range of banking and wealth management services. He also was Co-Founder and managing member of Cabezon Investment Group, a global macro hedge fund, in addition to serving as a Non-Executive Chairman of ReFlow Services, a tax and liquidity solution for mutual funds. Prior to Cabezon and ReFlow, Mike served as Founder and CEO of Finaplex, a leader in wealth management software that was sold to Broadridge (NYSE: BR). Prior to Finaplex, Mike was Senior Vice President and Head Trader for the proprietary trading and financial products group at Wells Fargo Bank. Mike holds an M.S. management degree from the Stanford Graduate School of Business, where he was a Sloan Fellow. He also holds a M.S. in Applied Economics and a B.A. in Economics from UC Santa Cruz.

Mike Cagney

Ray co-founded L1D and currently acts as the CEO/CIO. Ray has an investment background in venture, hedge funds and interest rate trading. Ray holds a BEng from UCL and an MSc in Finance from Imperial College. He previously acted as the CIO of Bellegarde Capital AG an independent investment group with activities focused in fintech, blockchain and other alternative investments. Also previously at Swiss Capital (StepStone Group) responsible for the firm’s macro outlook, macro hedge funds and event driven coverage. From 2005 to 2011 Ray was part of Harcourt Investment Consulting AG, a USD 6 bn fund of hedge funds firm in Zurich, and responsible for USD 2 bn of investments (rates, macro and distressed). He started his career at Bloomberg LP in London and subsequently left the firm to trade interest rates for a London based proprietary group.



Ray holds a BEng from University College London (UCL) and an MSc in Finance from Imperial College.

Ray Hindi

Sandy Kaul is senior vice president, Franklin Templeton, providing advisory consulting for the firm and thought leadership as part of the Franklin Templeton Institute. She delivers actionable intelligence and insights on the future of the investment and wealth management industry for the firm and its clients. Ms. Kaul has cultivated deeply informed insights and has an extensive background in driving market leading research, thought leadership and predictive models centered on the evolution of the investment and wealth management industry. She identifies and champions opportunities to address industry advancements and drive transformation, with a focus on innovative distribution trends and digital disruption. She delivers strategic insights to inform the firm's decision-making on partnerships and investments, including within Franklin Templeton's growing digital asset business. Ms. Kaul has over 25 years of well-rounded industry experience and is a frequent speaker at industry events and a widely published author. She combines her unique blend of sell-side, buy-side and consulting insights to drive her research and thought leadership around what constitutes best practices and where innovation is occurring. Ms. Kaul joined Franklin Templeton in 2022 from Citi, where she served as Managing Director and Global Head of Business Advisory Services, and launched and built out the Citi's Business Advisory Services practice, a market leading provider of industry thought leadership spanning Citi's Markets and Global Wealth organizations. Ms. Kaul rejoined Citi in 2009, after originally starting her career there in 1985 as a Futures Research Analyst covering the soft commodities markets with Citi's predecessor firm, Shearson Lehman Brothers. She joined Commodities Corporation/Goldman Sachs Asset Management in 1995 as a Commodity Trading Advisor (CTA) and Portfolio Manager. After managing money for nearly six years, Ms. Kaul shifted her attention to consulting where she led the strategy practice within the Financial Services division of the renowned dot.com firm, Scient, and then went on to become a Partner at the capital markets niche management consulting firm m.a.partners/Detica. Ms. Kaul holds a bachelor's degree in history and political science from Colgate University.

Sandy Kaul

ERIC BALCHUNAS is Senior ETF Analyst at Bloomberg Intelligence, where he leads the ETF and fund research and contributes to Bloomberg Opinion. He is a frequent speaker at industry events and conferences, as well as the co-creator of the Bloomberg podcast Trillions and Bloomberg TV’s ETF IQ. Eric is author of The Bogle Effect (2022) and The Institutional ETF Toolbox (2016). Eric holds a bachelor's degree in Journalism and Environmental Economics from Rutgers University.

Eric Balchunas

Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio. Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Earlier, he worked in Private Wealth Management at Goldman Sachs &amp; Co. In 2022, Scaramucci was ranked #47 in Cointelegraph’s Top 100 Influencers in Crypto and Blockchain. In 2016, he was ranked #85 in Worth Magazine’s Power 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst &amp; Young’s New York Financial Services “Entrepreneur of the Year” Award. Anthony is a member of the Council on Foreign Relations (CFR) and a board member of the Federal Enforcement Homeland Security Foundation. He is the author of five books. Scaramucci served on President Donald J. Trump’s 16-person Presidential Transition Team Executive Committee, and in 2017 briefly served as Chief Strategy Officer of the Export-Import (EXIM) Bank and White House Communications Director. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Anthony Scaramucci

David Mercer is the Chief Executive Officer of LMAX Group, a global, high-growth financial technology company based in London. A former City banking executive and currency specialist, he joined LMAX Group in 2011 and after a successful management buyout, rapidly built LMAX Group into the leading operator of institutional FX and cryptocurrency exchanges with offices in 11 countries and global client base. An outspoken industry commentator, David is a long term champion of the UK’s fintech sector and passionate about supporting entrepreneurship in the UK.

David Mercer

Colleen Sullivan is Co-Head of Ventures at Brevan Howard Digital. Prior to joining Brevan Howard Digital, Colleen co-founded and served as CEO of CMT Digital, where she was also a partner with the broader CMT Group and commenced activities in the crypto industry in 2013. Prior to starting CMT Digital, Colleen co-founded Sullivan Wolf Kailus, a boutique law firm that specializes in hedge fund, private equity, venture capital, digital assets, and other alternative investment products. Colleen also previously practiced law in the Investment Funds and Derivatives group at Sidley Austin LLP and, at age 25, co-founded a company called iOptions Group LLC, which developed hedging and monetization strategies for holders of employee stock options. Ms. Sullivan currently serves on the Advisory Board of the Chamber of Digital Commerce.

Colleen Sullivan

Gautam Sharma is CEO &amp; CIO of BH Digital, Brevan Howard’s crypto asset management division. Gautam previously led principal investments at Brevan, including overseeing Alan Howard’s family office strategic businesses in crypto &amp; fintech. Prior to this, Gautam spent over 4 years at Steadview Capital, a tech-focused growth stage fund, and 5 years at McKinsey &amp; Co., focused on fintech &amp; digital banking transformations.

Gautam Sharma

Steven Goldfeder, CEO of Offchain Labs, is a key blockchain innovator who developed Arbitrum—the largest and most advanced Ethereum tech stack—authored "Bitcoin and Cryptocurrency Technologies," and pioneered multi-party computation, shaping the future of blockchain interaction for consumers and institutions alike.

Steven Goldfeder

Joe McCann is the Founder, CEO, and CIO of <a href="http://asymmetric.financial">Asymmetric</a>, a contemporary digital assets investment firm. Asymmetric is backed by Marc Andreessen, Chris Dixon, and Circle Inc., as well as the founders of Solana, Multicoin, CoinFund, and many other reputable investors and entrepreneurs. In April 2024, Preqin named Asymmetric’s Liquid Alpha Fund the #1 hedge fund by net performance out of tens of thousands of hedge funds across all asset classes globally.&nbsp;



With over 24 years of experience working on Wall Street to Silicon Valley and with skills ranging from systematic and quantitative trading to fundraising and running a venture-backed, open-source enterprise software company, McCann's perspective on technology and finance is rather unique. McCann is a frequent speaker on the global conference circuit, actively promoting emerging technologies and relevant business use cases to bring pragmatism to futurism.&nbsp;&nbsp;



Most recently, McCann was a Senior Director at Microsoft in the Cloud and AI organization, focusing on incubations, M&amp;A, and startups. McCann also ran Quantitative and Systematic Trading for Cryptocurrencies at Passport Capital, a San Francisco-based hedge fund.&nbsp; Before that, McCann was the Founder and CEO of NodeSource, The Node.js Company, the most popular and widely adopted open source project of the last decade.&nbsp;&nbsp; McCann is also an advisor to a handful of companies like <a href="https://dharma.io/">Dharma</a> (a decentralized finance app on Ethereum, acquired by <a href="http://opensea.com">OpenSea</a>), <a href="https://voltage.cloud/">Voltage</a> (Bitcoin lightning nodes-as-a-service), and <a href="http://zebec.io">Zebec</a> (a money-streaming protocol on Solana) and is frequently mentioned in publications ranging from <a href="https://techcrunch.com/2015/04/18/the-unbundling-of-everything/">TechCrunch</a> to <a href="https://www.forbes.com/sites/forbestechcouncil/2017/09/22/the-meteoric-rise-of-open-source-and-why-investors-should-care/#3fbdc35d5484">Forbes</a> and the <a href="https://www.wsj.com/articles/tech-firms-grapple-with-how-to-make-open-source-pay-1457031731">Wall Street Journal</a>.

Joe McCann

Min Teo is the Co-Founder and Managing Partner at Ethereal Ventures, a leading crypto venture firm founded by Min and Joseph Lubin. Ethereal has 40+ portfolio companies globally, including Aleo, EigenLayer, Aztec Protocol, and SpruceID. Prior to Ethereal, Min led venture investments at ConsenSys, previously built a fintech company in the UK and started her career in private equity.

Min Teo

Matt Homer is the General Partner of The Department of XYZ. He also serves as a board member at Gemini Trust Company and Standard Custody &amp; Trust. Prior to launching The Department of XYZ, Matt led blockchain investments at Nyca Partners.



A two-time former regulator, Matt most notably served as the primary regulator for many leading digital asset firms in the United States. As&nbsp; Executive Deputy Superintendent at the New York State Department of Financial Services, he oversaw the licensing and supervision of digital asset firms and was responsible for the Department’s broader innovation agenda as well.



Matt previously worked for Plaid, one of the world’s most successful fintech unicorns, and started his career as a strategy consultant at Deloitte. He has also held roles at at the FDIC and US Agency for International Development and has advised institutions such as the UN Capital Development Fund, the World Bank, and the Cambridge Center for Alternative Finance. Matt holds a masters from the Harvard Kennedy School.

Matt Homer

William joined Marshall Wace in May 2022 to oversee Fintech and Digital Assets investments for MW Digital Finance Fund.



Prior to joining Marshall Wace, William worked at Candy Capital, a family office where he was responsible for various investments across the technology sector. Prior to Candy Capital, William worked for HSBC and Greyspark Partners, were he was heading Fintech Investment Advisory. William is also an active seed investor across digital assets and fintech.

William Benattar

Matt Hougan is one of the world’s leading experts on crypto, ETFs, and financial technology. He is Chief Investment Officer for Bitwise Asset Management, a pioneer in cryptoasset index funds with more than $1.2 billion in assets under management. He was previously CEO of ETF.com, where he helped build the world’s first ETF data and analytics system, the leading ETF media site, and the world’s largest ETF conference, Inside ETFs. Hougan is co-author of both “A Comprehensive Guide to Exchange-Traded Funds” and “Cryptoassets: The Guide to Bitcoin, Blockchain and Cryptocurrencies for Professional Investors” from the CFA Institute’s Research Foundation. He is a crypto columnist for Forbes, and a three-time member of the Barron’s ETF Roundtable.

Matt Hougan

Jonah Van Bourg is a professional crude oil and cryptocurrency trader with 18 years of experience managing trading teams and running risk in volatile markets. Most recently, he was Global Head of Crypto and Precious Metals Trading at DRW. Prior to this, Jonah was a partner and oil derivatives trader at Vitol. In his early career, he ran the global oil derivatives desk at Goldman Sachs. Jonah graduated with a BA in Economics and Statistics from Columbia University.

Jonah Van Bourg

MacKenzie&nbsp;Sigalos is an award-winning journalist who is a cross-platform contributor to CNBC, NBC, and MSNBC, where her reporting is featured on digital, broadcast and streaming networks, as well as CNBC’s social platforms. Her international and domestic field reporting has included coverage in Africa, Asia-Pacific, Europe and multiple cities across the U.S.&nbsp;MacKenzie&nbsp;is also a founding co-host and contributor on Crypto World.



Previously,&nbsp;MacKenzie&nbsp;spent five years at CNN in New York and Hong Kong, where she had varied beats, writing and producing for a range of TV business and news programs, including Fareed Zakaria’s weekly foreign affairs program and Anderson Cooper’s daily news hour.

MacKenzie Sigalos

Avi Felman is a Principal and Head of Digital Assets Trading at&nbsp;GoldenTree&nbsp;Asset Management. Mr. Felman is also a General Partner of&nbsp;GoldenChain, a wholly owned subsidiary of&nbsp;GoldenTree&nbsp;that manages the Firm’s funds focused on digital assets. Mr. Felman is one of the longest tenured traders in digital assets and has held several prominent positions, including most recently as Co-Portfolio Manager and Head of Trading for&nbsp;BlockTower&nbsp;Capital where he grew the flagship fund portfolio from $40mm at time of joining to over $800mm. Previously, Mr. Felman was Lead Trader at Wave Financial where he co- led the development of the first SEC-regulated Bitcoin fund and he also was responsible for the derivatives strategy and trading execution. Prior to joining Wave Financial, Mr. Felman founded Ledger Capital, a firm focused on cryptocurrency trading and investments. Mr. Felman received a B.S. in Chemical Engineering&nbsp;from&nbsp;Washington University.

Avi Felman

Ben Forman is the Founder and Managing Partner of ParaFi.



Ben founded ParaFi in 2018 as one of the earliest investment firms focused on the blockchain and digital asset ecosystem. Prior to founding ParaFi, Ben spent the first 10 years of his career in institutional investing roles at leading asset managers including KKR and TPG. While at KKR, Ben served as a Director in the credit business, investing across a wide array of industry sectors and parts of the capital structure, including distressed special situations, private credit, and opportunistic and liquid credit. Ben also led KKR's blockchain research as part of the firm's Innovation and Disruption Council beginning in 2016.



Prior to KKR, Ben served as a Vice President with TPG’s former credit business, Sixth Street Partners. As one of the first investment professionals to join the platform, Ben helped scale its private credit vehicle, TPG Specialty Lending, which went public in 2014. Earlier in his career, Ben was a member of the private equity team at Littlejohn &amp; Company and investment banking team at Rothschild &amp; Co.



Ben has a passion for capital markets, behavioral economics and game theory, all of which drew him to the blockchain space. He grew up playing chess competitively and continues to play actively to this day (peak ELO 1871). He graduated with a B.A. in Philosophy, Politics and Economics, magna cum laude, from the University of Pennsylvania.&nbsp;

Ben Forman

Kevin Yedid-Botton is a Partner of ParaFi, leading the firm’s quantitative strategies and technology development.



Kevin’s career is rooted in technology and financial markets. Prior to joining ParaFi in 2019, he was a Managing Director at Reality Shares, an ETF asset management firm, responsible for quantitative strategies and strategic initiatives. Kevin previously served as a portfolio manager for a family office, investing tactically behind technology opportunities across private and public markets. Previously, Kevin was also the CEO and CTO of Tenzar Technologies, a high-performance computing company.



Kevin holds a B.S. in Applied Physics from Emory University, with a concentration in computational physics, quantitative finance, and machine learning.

Kevin Yedid-Botton

Vance Spencer is the co-founder of<a href="https://framework.ventures/" target="_blank" rel="noreferrer noopener"> Framework Ventures,</a> one of the largest VC firms in the blockchain industry. Under the leadership of Vance and his co-founder Michael, Framework was arguably the first VC firm to <a href="https://decrypt.co/16943/why-framework-ventures-is-going-all-in-on-defi" target="_blank" rel="noreferrer noopener">“go all in”</a> on the emerging Decentralized Finance (“DeFi”) ecosystem, notching up major early investments in several multi-billion dollar apps and networks like Chainlink, Aave, Synthetix, The Graph, and more. Over the last year, the firm has raised $400M for its third fund, and has also expanded into additional maturing verticals like web3 gaming, real world assets, and social crypto. Before Framework, Vance and his co-founder Michael launched and sold Hashletes, a digital collectible startup with official licensing from the NFL. Prior to entering the crypto space, Vance worked at Netflix in Los Angeles and Tokyo, where he was part of the team responsible for the relaunch of the Japan business, eventually joining the team leading corporate development for most of northern Asia.

Vance Spencer

Robert&nbsp;Leshner&nbsp;is the CEO and Co-founder of Superstate, an asset management firm modernizing investing through tokenized financial products. Prior to founding Superstate,&nbsp;Leshner&nbsp;co-founded Compound Labs in 2017, which developed one of the first DeFi applications.&nbsp;Robert is a venture investor at Robot Ventures and co-hosts&nbsp;The Chopping Block,&nbsp;a crypto-native podcast. He is directly responsible for designing smart contracts such as Governor Bravo and the ERC-7246 token standard, Encumber.&nbsp;



 He has a degree in economics from the University of Pennsylvania and is a Chartered Financial Analyst. Additionally,&nbsp;Robert is the former chair of the San Francisco Revenue Bond Oversight Committee and a CFA charter holder.

Robert Leshner

Brian Quintenz is the Head of Policy for a16z crypto, where he helps to translate between the crypto and policy communities.



Brian has long stood out as an innovative thinker in crypto and DeFi and was one of the earliest leaders in Washington to recognize the value of crypto. Brian initially joined a16z crypto as a senior advisor. In December 2022, he moved to the full-time role leading its policy team.



Prior to joining a16z, he was nominated by both Presidents Obama and Trump to serve as commissioner of the Commodity Futures Trading Commission (CFTC) and, in August 2017, was unanimously confirmed by the U.S. Senate. He also led the agency’s Technology Advisory Committee, which hosted the most comprehensive set of public crypto-related policy discussions and briefings of any federal financial regulator. During his service, the CFTC oversaw the listing of the first U.S. regulated Bitcoin and Ether futures contracts on derivatives exchanges, and the rapid expansion of DeFi. All the while, he was a champion for tailored, risk-calibrated regulation.



Prior to his appointment to the CFTC, Brian was the Founder and Managing Principal of Saeculum Capital Management, LLC where he developed and implemented Saeculum’s long term, momentum-based investment process for both traditional discretionary accounts as well as a managed-futures, commodity pool hedge fund.



Brian began his career on Capitol Hill, where he worked for 6.5 years and served as senior policy aid to a Member of Congress. He received his B.S. from Duke University and M.B.A. from Georgetown University.

Brian Quintenz

Leah Wald is currently the President and Chief Executive Officer of Sol Strategies, a publicly traded holding company committed to the continued development of the Solana blockchain and ecosystem through its private equity and financial markets activities. She is a seasoned entrepreneur specializing in alternative asset management with deep expertise in disruptive technologies. As the Co-Founder and former CEO of Valkyrie Investments, she led the firm in becoming a leading player in the digital asset sector, launching innovative investment vehicles including Bitcoin ETFs and amassing over $1.3B AUM. Valkyrie Funds LLC, the investment advisory business of Valkyrie Investments Inc., was acquired by CoinShares (Nasdaq Stockholm: CS; USOTCQX: CNSRF).

Leah Wald

Joseph is the CIO at Monetary Macro, principal of FedGuy.com, author of the bestselling book "Central Banking 101," and previously a senior trader on the Federal Reserve’s Open Markets Desk. Joseph writes widely on the mechanics of the financial system and his work has been featured in Barrons, Bloomberg, Financial Times and many other media outlets. Earlier in his career, Joseph was a credit analyst and in another life he practiced law. He holds a B.A. in Economics from Northwestern University, a J.D. from Columbia Law School, and an MSc. in Financial Economics from Oxford University.

Joseph Wang

Austin Campbell

Rich Widmann is the Global Head of Strategy for Web3 at Google Cloud and a founding member of Google’s Web3 business. Since the launch of Google Cloud’s Web3 efforts, the team has launched a robust suite of developer products and tools leveraged by Web3 developers across a number of the largest protocols in the ecosystem. In addition, Rich has led several Alphabet-wide initiatives aimed at broadening Google’s exposure to Web3, including efforts which enabled Google to custody cryptocurrency.&nbsp; More recently, he led the effort to execute the first-ever stablecoin payment for services at Google.



Prior to Google, Rich was a litigator and member of the firm’s regulatory and white-collar investigations team, where he helped investigate and recover millions of dollars stolen in connection with the FIFA World Cup bribery schemes. Rich’s experience in handling federal regulatory investigations led him to the world of cryptocurrency, where he began representing founders in the Ethereum ecosystem in high-stakes regulatory engagements and litigation.



Rich has held director-level roles at two regulated institutions, including a cryptocurrency custodian and a nationally chartered bank. Rich is an adjunct professor at Northwestern Pritzker University School of Law where he teaches a JD/MBA course on cryptocurrency technology and regulations.&nbsp;



&nbsp;Richard holds a Juris Doctorate from Northwestern University School of Law, a Master's from the University of Pennsylvania, and a bachelor’s degree in History from the College of New Jersey. Before he practiced law, he was a middle school English teacher in Philadelphia with Teach for America.

Rich Widmann

Founder &amp; CEO of dYdX. Previously software engineer at Coinbase, Uber. Princeton CS ’15

Antonio Juliano

Carlos Domingo is co-founder and CEO of Securitize. Carlos has 25+ years of experience in innovation and digital transformation, including having also founded SPiCE VC, the first truly liquid, inclusive and transparent tokenized VC on the blockchain. Previously, Carlos was CEO of Research &amp; Development for Telefonica (one of the largest telecom companies in the world), as well as CEO of New Business and Innovation for Telefonica Digital. Carlos holds a PhD in computer science, speaks English, Spanish and Japanese, and is based in Miami.

Carlos Domingo

Chris Perkins serves as Managing Partner and President of CoinFund, driving day-to-day excellence and enterprise-scale by bridging the gap between cryptocurrency-native investing and traditional ﬁnance. He also advocates for the interests of the crypto ecosystem through his appointment to the CFTC’s Global Markets Advisory Committee and its&nbsp; Digital Asset Markets Subcommittee. He has also testified before Congress on crypto market structure design.



Chris is the co-inventor of the Composite Ether Staking Rate (CESR), which is the first interest rate benchmark of its kind in the crypto industry.



Prior to joining CoinFund, Chris served as Global Co-Head of Futures, Clearing and Foreign Exchange Prime Brokerage (FXPB) businesses at Citi. In this capacity, he was responsible for delivering leading listed derivative electronic and voice execution, comprehensive central clearing and #1 ranked OTC Clearing and FXPB services to top institutional clients.



Prior to joining Citi in 2008, Chris served as the U.S. Head of Derivatives Intermediation at Lehman Brothers.&nbsp; An Iraq war veteran, Chris served in the U.S. Marine Corps for nine years, achieving the rank of Captain. Chris is the co-founder of Veterans in Digital Assets (VIDA) and Veterans on Wall Street (VOWS) (<a href="http://www.veteransonwallstreet.com/" target="_blank" rel="noreferrer noopener">www.veteransonwallstreet.com</a>),&nbsp; two international initiatives focused on veterans’ employment and empowerment. He has a Bachelor of Science degree from the U.S. Naval Academy, with distinction, and a Master of Arts degree in National Security Studies from Georgetown University.&nbsp; He is a member of the Economic Club of New York.

Chris Perkins

Sid Powell is the CEO &amp; Co-Founder of Maple Finance and with his Co-Founder Joe Flanagan founded Maple in 2019. Sid comes from a background in debt capital markets and institutional banking. During his career in traditional finance, he participated in $3BN+ of corporate bond issuance,and served as Treasurer for a commercial lending company in Australia. Maple has originated more than $5b in institutional lending since inception and currently holds over $550m in assets on the platform. We aim to be the global leader in tokenized private credit and first choice for institutional borrowers.

Sid Powell

Jim Bianco is President and Index Manager at Bianco Research Advisors. He is also the President of Bianco Research LLC. Since 1990, Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking.



 Jim appears regularly on CNBC, Bloomberg, and Fox Business, and is often featured in the Wall Street Journal, Bloomberg News, Grants Interest Rate Observer, and MarketWatch. Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

Jim Bianco

Santiago Roel Santos (CryptoPunk #9159) is an investor focusing at the intersection of DeFi and the Web3 metaverse (NFTs/gaming). Most recently was a Partner at ParaFi Capital, one of the largest crypto funds specializing in DeFi. Prior to that, he was at Sageview Capital investing in Internet and software and, before that, at JP Morgan investment banking. Santiago began investing in crypto in 2012.

Santiago Roel Santos

Marco is the Chief Legal Officer at Kraken Digital Asset Exchange. Marco is a recognized authority in the law and policy of blockchain technologies. Prior to his move to Kraken, Marco was the Chief Legal Officer of Blockchain.com, as well as a Partner at both Cooley LLP and Pillsbury Winthrop, where he counseled banks, broker-dealers, exchanges, digital wallets, payment providers and other companies making new and exciting uses of distributed ledger technology. Marco counseled his clients primarily on the money transmission and securities laws, including anti-money laundering regulations. Marco is an author of the SAFT Project Whitepaper, a self-regulatory effort to curb Initial Coin Offerings. He is an advisor to the International Monetary Fund, the Blockchain Ambassador to the State of Delaware and was the Chairman of the Regulatory Affairs Committee of the Bitcoin Foundation.

Marco Santori

Sébastien Derivaux is a chef and co-founder of <a href="https://www.steakhouse.financial/" target="_blank" rel="noreferrer noopener">Steakhouse Financial</a>, a boutique consulting business that helps DeFi protocols thrive. Sébastien focuses on Real-World Assets (RWA), having begun leading the RWA efforts at MakerDAO in 2020, and Asset-Liability Management. He holds a PhD in Data Science from Strasbourg University. Read more of his thoughts on the <a href="https://cryptobanking.network/" target="_blank" rel="noreferrer noopener">Crypto Banking Network</a>.

Sébastien Derivaux

James Seyffart is a research analyst within Bloomberg Intelligence (Bloomberg's Research Department), focusing on the broader asset management industry with specialized expertise in the coverage of Funds like ETFs, Mutual Funds and Hedge Funds. He also aids colleagues in digital asset research and their overlap with traditional financial markets. This overlap gives him particular expertise in the area digital asset funds. Professionally, he's been covering Crypto and particularly attempts to launch digital assets ETFs since at least 2017.



James is a Chartered Financial Analyst (CFA®), a Chartered Alternative Investment Analyst (CAIA®) and a member of their New York societies/chapters. He has a B.S. in Finance and Accounting from The College Of New Jersey (TCNJ)

James Seyffart

Michael Anderson is the co-founder of<a href="https://framework.ventures/" target="_blank" rel="noreferrer noopener"> Framework Ventures,</a> one of the largest VC firms in the blockchain industry. Under the leadership of Michael and his co-founder Vance, Framework was arguably the first VC firm to <a href="https://decrypt.co/16943/why-framework-ventures-is-going-all-in-on-defi" target="_blank" rel="noreferrer noopener">“go all in”</a> on the emerging Decentralized Finance (“DeFi”) ecosystem, notching up major early investments in several multi-billion dollar apps and networks like Chainlink, Aave, Synthetix, The Graph, and more. Over the last year, the firm has raised $400M for its third fund, and has also expanded into additional maturing verticals like web3 gaming, real world assets, and social crypto. Before Framework, Michael and his co-founder Vance launched and sold Hashletes, a digital collectible startup with official licensing from the NFL. Before entering the crypto space, Michael served as a product manager at both Snapchat and Dropbox, where he helped build out their monetization platforms.

Michael Anderson

Lekker Capital is a global macro hedge fund with a particular focus on the emerging digital asset industry. Prior to founding Lekker, Quinn served as the Head of Capital Markets for two institutional lending businesses in the digital asset ecosystem, most recently at Maple Finance. Quinn spent five years in fixed income and capital markets at Guggenheim Partners in New York before his full-time foray into crypto.

Quinn Thompson

Alex Thorn is a Managing Director and Head of Firmwide Research at Galaxy Digital. At Galaxy, Alex leads a team of researchers dedicated to understanding and unpacking developments in the cryptocurrency ecosystem, producing insights for internal and external audiences. Prior to joining Galaxy Digital, Alex spent 12 years at Fidelity Investments, mostly recently co-managing Avon Ventures, the early-stage crypto venture fund affiliated with FMR LLC, the parent company of Fidelity Investments. Before that, Alex was Director of Blockchain Research at Fidelity Center for Applied Technology where he directed technology experimentation and published research on the cryptocurrency and blockchain ecosystem, and held several roles in Legal and Compliance functions before that. Alex has a B.A. in Political Science from Vanderbilt University.

Alex Thorn

James is Global Head of Business Development at WebN Group, the Alan Howard backed incubator for Fintech &amp; Web3 innovation. Prior to WebN, James worked at Brevan Howard, in Alan Howard’s Family Office, focusing on Principal Investing across Crypto, Web3, Fintech &amp; Frontier Technologies.



Having been heavily involved in Web3 &amp; Digital Assets Markets for 7 years, James started his career with ~15 years of investment banking experience across multi-asset trading, derivative, sales and structuring across a number of top tier banks. James’s deep understanding of digital asset markets and his extensive derivative, treasury and trading experiences have been central to various digital venture builds, developing innovative solutions and bootstrapping technological expansion across both traditional finance players and digital natives.



James is a qualified Chartered Financial Analyst® and holds a Masters in Finance &amp; Honours Degree in Economics from Durham University. Previously, James has published quant, financial and regulatory papers across traditional and digital markets, most recently for the Digital Economic Initiative.

James Newman

Ian De Bode

Join 100s of your colleagues from the world of institutional finance.

Blockworks has partnered with a nearby hotel to offer our attendees preferred pricing on a limited number of rooms.

Blockworks has partnered with a nearby hotel to offer attendees preferred pricing on a limited number of rooms

Hyatt Place New York City / Times Square

<h1 class="mt-12">3 Reasons to book through us:</h1>
<ol>
<li aria-level="1">25% savings compared to booking directly</li>
<li aria-level="1">Staying at the preferred hotel allows for those organic moments over breakfast, in the lobby, in the fitness center &#8211; you never know who you&#8217;ll run into</li>
<li aria-level="1">Convenience! Book now and your trip is sorted, no need to add another to do to the list</li>
</ol>

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Hear from the world's most sophisticated investors about how liquidity, interest rates and economic drivers are shaping their digital asset portofolios. 

Macro Case for Digital Assets

Institutional investment will continue to drive this crypto cycle. At DAS you'll hear from investors on strategy, portfolio allocation, and more.

ETFs & Institutional Investment

Hear allocator's perspectives from the top funds in the world on how they are navigating the expanding public & private digital asset markets. 

Allocator's Perspective

This year's programming will explore the evolution of global standards and regulatory frameworks that policy makers are crafting for the maturing digital asset ecosystem. 

US & Global Digital Asset Policy

The largest financial institutions like Blackrock & JPMorgan are moving onchain to settle treasuries, collateral, and other securities. At DAS, these partnerships and innovations will be at the forefront of conversations. 

Tokenization & Real World Assets

DAS will delve into the evolving landscape of stablecoins and digital asset payments. Consumers and institutions alike will gain from their insight into these payments innovations. 