Bitcoin's Surprise $46B Bid Starts Today

<p>Connect with Early Riders — https://www.earlyriders.com/contact</p><p>Connect with Onramp — https://onrampbitcoin.com/contact-us/</p><p><br></p><p>Presented collaboratively by Early Riders &amp; Onramp Media…</p><p>Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.</p><p><br></p><p>Michael, Liam, and Brian open on BitGo acquiring NYDIG&#39;s institutional trading business for a reported $42.5 million, and on Russia&#39;s largest bank moving to accept Bitcoin, ETH, and USDT as loan collateral while forecasting $46 billion of regulated crypto exchange trading in year one. They get into why a sanctioned, energy rich sovereign is the one recollateralizing first, Blockstream&#39;s new post quantum signature proposal, and the SEC sending a crypto custody overhaul to the White House with the Clarity Act stalled. The back half is market plumbing: why settlement is the real prize, the tokenized GLD that spiked to $2,000 on Robinhood over the weekend against $400 for the underlying, bank tokenized deposits, and Robinhood&#39;s chain now out-earning every Ethereum L2. They close on Hyperliquid, trading Anthropic shares on entropy.io, the Singularity Stack report, NVIDIA buying Hugging Face for $12.9 billion, and a $400 robot duck that talks over Nostr.</p><p><br></p><p>Chapters</p><p>00:00 - Bessent, Warsh, and the bond market</p><p>03:32 - BitGo acquires NYDIG&#39;s institutional trading business</p><p>07:47 - What BitGo actually gets: liquidity, scale, and stickiness</p><p>11:24 - Russia&#39;s largest bank moves on BTC, ETH, and USDT</p><p>12:56 - Recollateralizing the global financial system</p><p>15:34 - Energy rich and sanctioned: why Russia goes first</p><p>18:14 - Is the US behind, or already through the door?</p><p>20:58 - Blockstream&#39;s quantum fix and the Shrinks proposal</p><p>24:14 - The SEC preps an overhaul of crypto custody rules</p><p>28:35 - Why settlement is the prize: DTC, IOUs, and T+0</p><p>33:10 - Tokenized GLD spikes to $2,000 on Robinhood</p><p>35:04 - Tokenized deposits, bank consortiums, and JP Morgan</p><p>38:31 - Robinhood chain now out-earns every Ethereum L2</p><p>43:54 - Hyperliquid, Trump, and 24/7 commodities</p><p>47:16 - Trading Anthropic shares on entropy.io</p><p>51:12 - The Singularity Stack report and Onramp is hiring</p><p>56:13 - NVIDIA buys Hugging Face, and a $400 robot duck on Nostr</p><p><br></p><p>If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/research</p><p><br></p><p>Keep up with Michael:</p><p>https://x.com/MTanguma</p><p><br></p><p>Keep up with Liam:</p><p>https://x.com/Lnelson_21</p><p><br></p><p>Keep up with Brian:</p><p>https://x.com/BackslashBTC</p>