🚨LIVE: SpaceX IPO Launch?! PURR & HYPE Up. Blockworks Acquires Messari! Yano & Dinari Call In

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Heat. [music] [music] [music] Heat. [music] >> [music] >> 17.

We'll see you around the timeline. [music] Feels good to be back. >> I think The Rollup [music] is one of the most premier media brands in crypto and Andy and Robbie are great experts [music and singing] at everything they talk about and it's my favorite podcast. >> Adding it to my library every >> potentially multi-chain deployments. >> We are at Connect Day one [music] here. I'm guessing from the base. [music] [music]

[music] >> [music] >> Heat. Heat. [music] [music] >> [music] [music] >> JP Morgan, Black Rock, DTCC, Fidelity,

the entire thing was just institutions. It's just it's next level. This industry is going to the next level. And guys, I I don't know what else to say. I'm bullish. [music] >> He said it. He finally said it. So bull. It is bullish. I'm bullish. We're bullish. [music] >> [music] [music]

>> Heat. Heat. [music] Heat. Heat. [music] >> [music] >> Corola [music] is headed to the top. If

we're not already at the top, we're going to the top. >> Roll up is my favorite. >> People from all walks of life, all over the world, all over this industry come together for the roll up. [music] [music] [music] >> [music] >> Zoom out. The institutions aren't

coming. They're simply here. Taste the [music] golden age of crypto, guys. Get right. Let's go. What is the next? See you on the show. >> [applause] >> $9 per $61 hyperlquid. Ladies and gentlemen, welcome back to the tokenization tower, the nest, broadcasting live from the financial capital of the world. It is a stellar day outside. This city is on fire right now. I don't even know how to explain

it. I mean, this city is on fire. Knicks World Cup. Canes won last night. SpaceX IPO at the NYC just down there. Unreal. Unreal. Wow. Ladies and gentlemen, what a what a launch today for SpaceX. The largest IPO in US IPO history. As always guys, we are live here from tokenization tower powered by our friends at [screaming] Poom the Nest onchain asset management and infrastructure. We had a great show for you today. We've got Yano coming on. He is going to talk to us about the acquisition of Misari. So, Blockworks acquired Misari. And then

we've got Gabriel, the CEO, the co-founder of Dinari. Talk about SpaceX SpaceX IPO. what happened with the Binance and Bybit saga, what dinari's advantage is in this, what they're doing in this space. So, gonna be a fun show. I also have so much news, tons of stuff to talk about. I'm feeling really bullish right now. Like, hype book's insane. Like, we were It was all over on Wednesday, June 10th at 4 p.m. It was all over. It is Friday, June 12th at 1 p.m. And it is, we are so back.

We're so back. Good morning, OneArm Bandit. What's going on, man? Good to see you, per usual. Topics today, tokenization tower, markets, weather, dinari, block works as always powered by treasure. Use code rollup10 at treasure.io to get yourself a hardware wallet. Ladies and gentlemen, let's get into the markets and weather. Before we do, let me tell you about FRA. Fra is our premier stablecoin partner. Infrastructure for the future of digital money. Open, stable, borderless. Visit fra.com to learn more today, guys. It's 84.

Generational day in New York. I mean, generational. We got the Knicks game tomorrow. We've got the future of finance being laid at our fingertips in the financial capital of the world. It is beautiful. What a beautiful way to end the week. Beautiful. As always, our temperatures and our weather is powered by our friends at Relay. Let us know what you guys think about the background. You guys see the the kind of sky view in the back? That is a new background. Let us know what you guys think if you like that. Today I've got Lacroy Pure Vita Bloom. As always, our weather is powered by Relay. Visit relay.link for all your crosschain swaps and more. Let's get

into the markets. Before we do, let me tell you about Zenari, our tokenized equities partner. Visit dinari.com. We're going to have their founder on. Learn more about what they're doing at dinari.com. All right, guys. We're up. We're up like Donald Trump. We're up like Donald Trump. Yes, sir. 64K Bitcoin. Wow. Per per 9.13, dog. >> Wow. Gamma [ __ ] squeeze, baby. Wow. Gamma squeeze is coming. Purr is ripping. It looks great. It was all over. We are so back. Bitcoin breaking out, holding that

level. But guys, it's not even on here. Hype is at 61.5. Hype looks ready to explode to the mid60s. Some could say low7s and test those previous highs. Wow, what a morning for the guys. SpaceX IPO trades $500 million of volume on Hyperlid. >> Wow. >> In 24 hours. Walter Bloomberg is talking about it. Dude, it is like this is insane. This is insane. This is insane. We're gonna get into it. Um, so this is the markets. I honestly am not even paying attention to anything other than Bitcoin holding the line because I want Bitcoin to hold the line and we need it to hold the line.

Otherwise, chain link near great hype 61.5 per 9.13. Let's get into the topics. Before we do, let me tell you about NAR, our premier AI and best portfolio tool partner of the show. One account, no borders. Your financial life all on chain. Visit near.com. Sailor declares confidence in Ethereum has collapsed. Says there's difficult competition. Blah blah blah. Skip. Please skip. Just don't care.

Sorry, Sailor. Let's get Let's just skip this one. It's just It doesn't matter. Great. Sailor says one thing. The only thing that matters. Okay. Coinbase for agents. Um, awesome. Let's go ahead and move through this one, too. Let's get to Hyperlid, please. I'd like to get to Hyperlid, please. I would, Dude, I don't really care about anything else other than the SpaceX IPO. Can we please get to the SpaceX IPO, guys? We have traded massive massive volume like unreal amounts of volume. The charts are flying like hypes hypes look insane right now.

Insane. Um unreal. So we have Okay, so we have uh Coinbase here. Great. Awesome. Okay, so this is cool. This is closer to Hyperlid. The producer is going to give us Hyperlid. Uh, one thing I'm going to be paying attention to is SpaceX trades the DeFi, Tradfy Arbitrage. The Backpack Securities SPCX is going to be the only onchain asset where anyone can cycle the token in and out of Trafy quickly enough to close the gap between Salon and NASDAQ. Okay, I think New Type, if you're here, man, you've been talking about this for a while. Um, telling us to talk about Backpack. Let's just play this video.

This looks interesting. Yeah. So, there's no audio here, guys, but you can just see how they're how they're basically able to take the stock on the backpack exchange and then match the the price pretty much as quick as possible. I mean, Solana wanted to be the onchain NASDAQ, but it's it's unfortunately I don't think it's going to happen, guys. I don't think it's gonna happen. Um, can we please get to Hyperlid? I I do not care about being crypto. Do not care about backpack. I'm sorry for the run show. It was my fault, Leo. But uh yeah, none of this stuff really matters. All right, here we go. Let's pull that one

up. [ __ ] zero hedge, guys. Like, I know this doesn't seem like that. Pull Zero Hedge up, please. I know this does not seem like it's that important, and I know it's like nothing crazy. It is just, you know, zero hedge, but this is zero hedge. Like your parents read Zero Hedge. They get their doomer pessimistic pilling from Zero Hedge. This is the chosen platform for SpaceX before the IPO launches is Hyperlquid. Like this is this is massive. This is like very very meaningful. We've got Anthropic and OpenAI too upcoming. This is meaningful.

This is going to this is like going to have an impact on the hype price on per like this is like I don't know how to tell you guys this. Zero Hedge is telling us that he their account is is using Hyperlquid to determine the price before the thing launches like um yeah Pelty Hyperlid let's go lol d y o r yes but like okay so let's go to the next one I think I'm pretty sure the next one let's go to the next Walter there was like a Walter Bloomberg one um that's insane too it like two of the largest uh two of the largest you know

like trading markets accounts that are not even crypto they are full on referencing and posting charts of Hyperlid like guys the thesis has always been there hype's at 62 almost at 62 almost at 61.8 Hey, flying. Absolutely flying. Absolutely flying. Wow. Looking great here. Uh there should be a Walter Bloomberg tweet in the back that's very similar. I sent in the chat.

Uh that one as well is pretty insane. Um yeah, I mean guys, we have the largest markets accounts tweeting about SpaceX. the the actual pricing of the asset is very similar to the uh launch price of the of the IPO. I'm I'm going to pull this up. Um let me just see this real quick. This is insane. This is insane. This tweet is nuts. I'm pulling it up, Leo.

One one sec here. Insane. So, Hyperlquid Traders predicted the exact opening price of SpaceX. The perk was trading at 171 just one minute before they announced the starting price of 171 per share. Guys, this is nuts. Like, this is this is it. Like, this is the thesis. Like, we you know, we did it, right? Like I I don't know. Like Salana's like, "Oh, we have Sunrise powering wormhole and backpack." And dude, look at the OI. Binance is at 300

mil plus. Hype's over them. Variation's at 14 mil and lighter at a million. Like like we're winning, guys. This is this is insane. Um so yeah. Yeah. I just I don't know. I I couldn't be not super bullish this morning. And then you got stuff like this. You got this. Bybit can't even get their shares to their people.

Like they promised these people, these centralized exchange, Bybit, same thing with Binance, they couldn't get the shares to to their users. Things up 30%. Users would have been up, dude. guys. Like I guess we could have bought hype um or we could have bought SpaceX today and I guess made more money theoretically, but like hype was the is the best way to express your bullishness on all of these IPOs coming up. Hype needs to retest 55 and bounce off it to validate the head and shoulders from May 22nd to June 11th. long-term happy stock crypto.

Dude honestly I think that Head and Shoulders was the biggest meme. It was like the perfect bear trap. Like, Anom was calling for 40s and the Head and Shoulders was the most obvious play ever. And honestly, no SM, I know you're a local contributor to the show. I I don't think it's really in play anymore. I don't know. I don't really chart, you know. I don't really chart that much.

But when I see stuff like this and then I see this and then I go to Walter Bloomberg and then I go to Walter Bloomberg and I see one sec guys. This when I see this I don't know, guys. We're crossing the chasm. There's nothing else that that is even coming close to doing this right now.

It's this is it. I mean, this is one of the largest Trad accounts. So, yeah. I mean, the OI is insane. like the amount of TR I think I think SpaceX did I think SpaceX did well can somebody look it up I think they did 15 billion dollars of volume in the first 20 minutes or $24 billion of volume in the first 15 minutes insane insane look at the OI on SpaceX it's top three on SpaceX is 300 million.

>> That's insane. It's so insane. It's also a top 10 asset in the world by size. Hype is having a poly market moment. Yeah, we're about to hit 62. It's for sure having a poly market moment. This is insane, guys. Like, this isn't even the biggest IPO. Like, yes, it's the biggest, but like I'm not really that excited about SpaceX. Like, I don't really care [clears throat] to own SpaceX. Maybe I'm an idiot. Maybe I should. Now, Anthropic and Open AI. Do I feel like I missed the boat on those? Yeah. Yeah, I do. I

definitely do. Definitely feel like I should have invested a lot more money into AI. Think about how big those are going to be on Hyperlid. It's hard to even fathom to be honest with you. So, our guys at HL Eco put out a bunch of new features for us guys. Um, and so I want to show you guys some of these. Excuse my voice. This is a we had a little office happy hour last night. It got um it got rowdy.

I mean, look at this. Look at this. It's insane, dude. These guys are insane. The amount of work that they put on this website is insane. So cool. So you can see the basically the comparisons here on these assets that are traded on Hyperlid compared to their Trady counterpart. And you can slowly

start to see on the right here. You see how much percentage of the way of Trade XYZ's volume is compared to the biggest Trady venue. Guys, like this is insane. You're telling me that Hyperlink was doing 10% of the volume of Brent crude oil comparatively to the biggest stratifi venue. Bro, 25% of copper's volume comparatively.

What? Like obviously these are the big ones, right? Obviously these are like the these are the ones that you want to win. You know what I mean? Like those are the ones that you want to win. S&P NASDAQ South Korea, these things. But wow. Wow. So, this is a new site. Uh, this is a new part of the site.

I think it's great. I think it's super great. Quick update on PER for all the PER holders watching. Uh, we've got $200 million of dry power. Dry powder. MNAV's at 1.15x and that is actually technically is lower. Uh if Shamus never sells, if he never presses the red button, this is closer to 1.05 right now, which means there's even more reflexive possibilities for Burr. Uh they hold two or they hold 26.15 million hype. Purr is trading about $9 and they're outperforming hype by a significant margin since December of last year.

That's perr. So, if you guys recall uh on the show the other day, we were doing the kind of like $100 wh you know, where do we get with per? I would love to know how that volume is distributed globally. We we know the only people in US using it are using VPN. So, this is just getting started if they let Hype operate in the US. Agreed. Agreed. And it's like it's not even the same people, you feel me? Like it's not the people trading on a VPN on Hyperlquid in the US are like people like you and I.

The unlock that we're going to get is we're going to get we're going to get the whales like the people out here, you know, like the people just down south in the big buildings down in Five. Those are the ones that will actually move this thing substantially in terms of volume. It's not even just like it's it's it's not like you and I, you know, messing around. Check this out.

How about this? [snorts] every market on each platform. Same calendar quarter core perp spot equities and crypto. Dude, we're going to flip Robin Hood. We are 100% going to flip Robin Hood very soon. So total trading volume of all asset classes 2026 Q1 Robin 700 billion hyperlid 646 billion crypto volume per spot

8x the volume revenue Robin Hood 4.6 6 billion. Wow. Hyperlquid 780 million assets on platform $300 billion. There's 14 billion. Hypix 6 billion. Take crate Robin Hood way higher.

Terrible. you guys I mean like you guys go on there after trading on hype or trading on chain and the fees that they charge you oh my gosh like it feels like a highway robbery like seriously this is insane though guys all right so let's do a little calculations Here. Hood is valued on

75 80 billion today. Really? No way. 84 billion, guys. $84 billion. Robin Hood's market cap is $84 billion. Dude, high market cap is$ 18 billion, dude.

That is a That is a four and a half times. Obviously, they're doing uh massive amounts more revenue. Like, it's not even really close yet, but wow. You guys can like see where the target is, right? You know what I mean? Like, you know, this is the target. What is Lighter doing today? We're going to drop an episode with uh Vlad tomorrow. Dude, honestly, lighter looks great, too. Like, it's just steady.

But come back here. I mean, it's like not even really close right now. This is another good site, guys, I want to show you. Exactly. And no CSM. Yes. Yes, my guy. All right. Go back here. Yeah, you gotta tell these clankers, you

know, get their [ __ ] together. All right, so I like this site a lot. It's called perpetual pulse.xyz. It's one of my favorite sites, and you get to see the OI and the volume of the major perexes. And obviously like lighter is performing well and hypotforming quite well. [snorts] People are very bullish on variational. I think if you guys aren't trading pers on variational, it's probably worth it. Like go long hype on variational. You know what I mean?

I think it's a good way to acquire more hype. Good way to acquire more hype. So what is purr? So, PUR is the hyperlquid strategies company. Um, here is what it is. So, they are a NASDAQ listed a hype treasury ticker per and they accumulate a bunch of hype and we've been talking about it for a while.

And it looks primed. What What do you guys think? 62 on the stream. 63 in the stream. What What are we feeling? So, I hope that answers your question. So, here we go. Chad GBT thinks the market is still undervaluing. I believe it could become today. You're roughly looking at see this is the FTV, but it's really that $18 billion mark.

I agree with this framework. I agree with this framework, too. Yeah, this is the this is the end game, guys. That is like the balls of steel hodal on like that is the thing. That's the end game. It's pretty funny to hear what the clinkers have to say about these things.

Very very interesting. So guys, I'm like pretty much 0% interested in aster like zero I would say fairly interested in variational fairly interested in lighter and it really drops off quickly. very quickly.

What is Apex? Should we go for 63? What do you guys think? I'm bearish variational tbh. Oh, that is a nice chart. Yes, bird is a nice chart. Why are you bearish on variational new type? Dude, this thing is [ __ ] flying man. I'm sorry, guys. This show has just devolved into watching charts on a Friday hung over.

Oh man. But I mean, like, this is a generational moment guys. This is it. This is a generational moment. It's hard to understate getting the SpaceX IPO right when Bybit [ __ ] it up. When Elon lost money because he listed the shares too low.

when you've got Shamus on here just being gigab bullish >> following a Knicks win. David, what a game. [laughter] >> That was a hell of a game. >> Let me know if you guys can hear that. >> I wish I could say I didn't fall asleep, but that's awesome. >> I'm going to just shoot some quick. You know what about the unlocks and hype day? Major unlocks team has been holding. Yeah, I don't even think about the unlocks on hype honestly at all. Um, new type. Why are you bearish variational? I think of it as a way to acquire more hype.

Um, what do you think about the unlocks NOC? Do you think they should be a cause of concern? Because I don't even think about them. Cool. So, I think this is like part of the big kind of picture here, too. All of a sudden, we get this Coinbase in circle announcement where the 6 billion give or take of USDC on Hyper Core. Um, there was a deal that was struck that is 90% of that revenue going to hyperlquid to the assistance fund for buybacks.

Yes. >> And there's an amazing site HL Eco um/stables that shows based on the interest rate which is around like a 3 3.25% 25%. Now that's an additional$1 175 to $200 million a year in buybacks of >> hype just because they were able to secure that deal. Yep. >> And that part of the thesis was not part of the thesis. We were just talking about H. >> Shut the [ __ ] up. >> Just let the guest talk. >> Just give us how this is >> amazing example of when you have sort of power when you have power to be able to move pricing how it really works. I don't think this is priced, by the way, guys.

>> I don't think I don't think what David's about to say is priced in yet. I think it it like generally is like understood, but I don't think it's priced. >> Story about what went on between Circle/Coinbase and and Hyperliquid. I dramatized a little bit. I actually wasn't in the middle of it. I found out about it the same time you did. So, it's not like I have any inside info here, but you know, I get the impression that sort of last fall or so, Hyperlid said to the USDC people, you know, we have all this USDC on Hyperlid, we should be getting a cut of it. And they said no. So, Hyperlid did USDH its own token, its own stable coin. And the amazing part about it was, you know, from then until whatever it was a month and a half ago, USDH got some traction. It wasn't

blowing the doors off by any stretch. I mean, the last number I saw, which was like, you know, a hundred million or so, I'd say, like not exactly cutting into USDC in a big way, and somehow just doing that got the hund got got the 9010 deal. >> Um, which was pretty amazing. I don't know what >> Yeah. I mean, dude, like the fact that they strongarmed Circle, like that's crazy. Coinbase and Circle, like they just like fully strong armed them. got that deal is kind of insane.

Like I know it's not, you know, I I know it's just a bit of revenue, you know, just a couple hundred million a year. There's here's here's the um tool. I believe this is about the current interest rate, 3.25ish%. $178 million a year. Unreal. Unreal. Um, yeah. So, 3.25%.

$178 million a year. Somehow we get an interest rate increase which would crush us. It's, you know, you know, it's better for stable coin issuers because they they make more money. But what's probably like more likely to happen is that we go down to like this range. And that's $150 million a year on top of what's already happening. And I don't think that's been accounted for yet in people's minds. 15.6 billion MC current float, NOC says, and 58.9 billion FTV for hype. But honestly, if they were worth sell if they are selling, it's probably OTC

worth looking into. Dude, I don't think they're like I don't think they're selling but I agree it's worth looking into. I think it's, you know, it's at least something that you want to pay attention to. You know what I mean? That $150 million a year mark is pretty insane. Pretty insane. Guys, we're going to get into our daily equity segment. Then we're going to get Jason Yanowitz up. He is the co-founder of Blockworks. They just bought Msari today. I had no idea this was going to happen. So, we're an investor in Block Works. Kind of stoked to try chat to Jason about it. I'm fully into hype.

Basis is $31 buying $100 per day. Dude, [ __ ] legend. Let's give some love to this guy, man. NOC. [applause and cheering] All right, guys. We're Let's get into the daily equity powered by our friends at Tinar. The SEC just proposed to resin rule 611 of the reg NMS, the 2005 trade through order protection rule. Uh this is removing a key barrier to tokenized US stocks in D5. This moves from rigid per

trade protections to a broader principles-based best execution at the broker level. Uh traditional exchanges and MBBO rules clash with AMMs on chain bonding curves and block time execution that can't comply with these requirements. In the stock market, you have to have you have to guarantee that you're giving your customers the best execution, the best pricing, and that is kind of hard to do on chain. This new rescending of the rule should allow a foundational step forward in SEC's project crypto to clear outdated rules that don't necessarily apply on

chain and accelerate the tradey DeFi convergence that we're all looking for. I'm bullish on this. This should be a nice unlock for tokenized equities and securities. It should it should be great. So, I think it's a important thing to talk about. We'll see what ends up happening. The SEC moves slow, but boy oh boy are we getting to the point where these two worlds are converging in a massive way. Ladies and gentlemen, that's been our daily equity powered by our friends at dinari. The SEC is rescending proposing to rescend rule 611 of the reggg NMS.

Guys, we've got Jason Yanowitz in the back. They just bought. I don't even like I was shocked. I was pretty shocked when I heard uh on the news today. I think it was an exclusive with who was the exclusive with? It was with like Fortune or Wall Street Journal or something. Um, yeah. I mean, I was very, very surprised and we're going to hear what Yan has to say about it, why they acquired it, and what the future of Block Works looks

like now having acquired the SAR. So, this is going to be very interesting. Before we do, guys, I'm gonna take a quick standby. I want to get Jason right up. I'll be right back. [music] [music] [music] >> [music]

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money. [music] We get deep. We get deep, [music] you know. We get deep. We get deep. We get deep. You know, we get deep. [music] We get deep. We get deep, you know. We get deep. [music] [music] >> [music]

[music] >> We get deep. We get deep, you know. Know we get [music] deep. We get deep. We get deep. You know we get deep. [music] You know we get deep. We get deep. You know we get deep. [music] Know we get deep. We get deep. Know we get deep. Know we get [music] deep. We get deep. Know we get deep.

We get we get deep. We get deep. We get [music] we get, you know, we get [music] >> Yes, sir. Yana, welcome to the show, man. Congrats on the announcement, on the acquisition. Great Friday. Great way to end the week, right? >> Great way. Great way. Yeah, there's no better way to announce an acquisition than doing it on the same day as the biggest uh IPO in the history of capital markets, you know. [laughter] Yeah.

>> What do you and Mike say? It's a great day to have a great day. >> Great day to have a great day, baby. Yeah, we text each other every morning. [gasps] >> Oh man. Okay. So, what a what a just a interesting kind of headline from the media data market for those who have been, you know, following Blockworks, Misari, Deli, from the events side, from the research side, from the data side. There's been this kind of change across the the entire space, man. and you come out today and you're, you know, you you come out swinging over $10 million buying Misari at a discount previously valued at, I think, $300 million. Um, man, what's going through your mind when you're looking at MSARI? Take us through

like the chronological order here a bit. Let's kind of rewind the clock. >> Yeah. Okay. So, I think to rewind the clock, you have to go So, Blockwork started eight and a half years ago. I won't bore you with all the the details of, you know, 30% of my life now has been has been spent on Blockworks. um you have to go back about nine months ago. I think Mike and I realized when we were headed into this bare market that you would come we will come out of this bare market and there will be it'll be a game of halves and have nots. So in past crypto markets you kind of go into the market and you emerge with like 20 people still doing the same thing and and that's fine. That's how early industries look. We're now 15 years into crypto though and Mike and I thought

this would be the market where huge consolidation happens. So when huge consolidation happens, you don't have it's not like a game of equals. You have halves and have nots and you have you have real winners and losers. So Mike and I I mean sounds cheesy, but you have a decision to make as a founder then, which is do I want to be the consolidator or do I want to get consolidated? And for many of our friends who started businesses around us, crypto businesses in 2017, a lot of people wanted to sell, right? A lot of people said, "Let's get consolidated." And that's a great outcome, by the way. you get to sell, you get to make some money, you get some cash, maybe you can roll your equity into a company that's going public. Um, we didn't want to do that. We wanted to become the

consolidator. So, we raised money. We had announced that a couple weeks ago, uh right Parfy Reciprocal Coinbase Ventures, and we said we're going to start consolidating the data and analytics space. And so, this was our first, uh, big acquisition in in that front. So, feel good. I totally agree and I think it's very very spot on us as to like where we are in the market but why MSARI right so they had this interesting layoff where they kind of shifted there so obviously Celus has been gone for a while then they kind of restructured brought in the CTO I believe is the CEO they had some layoffs seemed like they were like maybe not doing so hot I'm not exactly sure all the details but why Misari why is Misari

worth you know the 10 plus million ion dollar in cash and equity. What do you guys get out of this? >> Yeah. Yeah. So, um, first thing on the prices is I would say they they said it was, you know, we won't get into the details, but yeah, there's a Wall Street Journal article about, you know, about the price, um, which people can read if they want to. Um, Blockworks and Msari launched. I don't know if people know the history. We launched within 90 days of each other. And I still remember this launch post. Mike and I were actually living together. We're in the same apartment. And uh within a within a 3-month time span, the block, Deli, Blockworks, and Msari all launched in the same quarter. And I still remember Celus' uh he he published his Medium post. He said, "Our, you know, I'm

launching Misari. Our goal is to drive data and reporting standards that reduce the opacity and increase trust for all crypto market participants." And if you look at Blockworks today, our mission is to increase trust and transparency in onchain markets. Very, very, very similar thing. So look, Misari, I you know, the number we've competed. They've been our basically number one competitor and rival. We've won deals against them. We've lost deals. We've hired from each other. Um there's been like an honestly an insane amount of respect for for each other is is the broad way that I would put this. And um look, we've been trying to do a very similar thing for eight years. This was almost the natural extension of what should happen. And this was a very when we started to talk

to the Misari team and their CTO Duran is now their CEO and he's phenomenal. It was a very easy match to come together. It was not like it was not hostile at all. It was a very easy match made in heaven. The thing that Msari has that we don't have are the enterprise customers. So I heard you say Msari is not doing so well. I would really push back on that. They're not as close on the They're not Oh, can you hear me, Andy? >> Yeah. Yeah. >> Oh, yeah. You're good. They're not as close on the uh maybe crypto Twitter sphere anymore like the retail investor, but they do really well with the enterprises. So, they have these huge enterprise contracts and they've been doing they've been pushing really into

AI agents a lot and that's been that's one of the main reasons we're, you know, acquiring them and started, you know, excited to work with them is they have an amazing customer base of enterprises, fintexs, payment providers, financial institutions. >> Yeah, man. That's that's incredible. And I know you don't want to talk about the numbers, um, but you're talking about being a consolidator, right? And you're talking about Blockworks kind of starting to eat some of the eat some of the market by means of acquisitions, out competing, whatever it is, right? Is is the bigger vision then for what you're trying to do to eventually build this up to something significant enough to go public or to like like how has your vision for the Block Works company

changed following the the uh new direction very very deep into data kind of away from the media side away from you know some of the other angles of business. How has your vision of the company changed post this acquisition post this kind of new direction is has it changed or is it you know is it you know more or less similar >> the moment we decided to be the consolidator not the consolidated the vision has to change right so block works will go public one day I don't know when that is I don't know if it's in two or three years or if it's in three or four years blockworks will go public one day to do that though we have to continue doing a better job of serving customers so here's here's Here's the thesis. The thesis that is

that onchain businesses today, unis swap, they look like a morpho, you know, Camino, hyperlid, right? I know this whole show has been the hyperlquid day. Um that th that that's great. Those businesses will scale like a 100x, but what's also happening is you have all these traditional capital markets folks coming into onchain markets. And so the idea is you know stocks we we very much believe stocks bonds currencies commodities uh we believe in tokens all of this will live on chain. So as black rockck comes on chain Robin Hood comes on chain stripe comes on chain they're all becoming customers of block work. So we basically have this two-sided platform issuers of onchain assets provide information.

There are people who need to consume that information. Asset managers exchanges custodians funds you name it. Distribution partners. And then once you have all the information data of an onchain business, you can actually build workflows on top for them. So, and you can build these, especially with AI, you can build these really cool agentic workflows that help them do things like disclosures, investor relations, compliance, security monitoring. So, that that's the business that we're building. It's a full enterprise platform for onchain businesses. And does the does the acquisition significantly contribute to uh attributal revenue growth for 2026?

Yeah. Like and Okay, great. And then how does that work? Like do you then just kind of become the >> you kind of take on their customer base and some of their team or not all their team kind of how do you know how does that part work? >> Yeah, we're we're taking on Msari has a bunch of great folks. We're taking on some of the really good talent at Block Works and we're taking on the the contracts too, right? So we're taking on their customers. So they have, you know, financial institutions, AI companies, they have a bunch of amazing customers. Um, so we're taking that on. We're taking on, you know, a bunch of the really talent, mostly product and engineering folks from from some of the researchers, some folks on the commercial team. Yeah, we're really excited about that. And so it maybe I'm

thinking about this like in like a too like straightforward way, but was part of your thought here like okay based on the revenue numbers we're going to get paid back in you know x amount of years on this investment is that like the framing or was it just purely like building blocks for the bigger vision of going public? there's a way to make a uh it's called like a spreadsheet driven acquisition decision which is you know maybe we're paying you know X multiple on this they're selling for Y multiple and there's almost an arbitrage you can take so making up numbers here let's say you bought a company for 1x revenue and our valuation was you know 10x revenue well then there's an arbitrage from the multiples perspective that's a way to

think about the deal um the be but you know that's less applicable here the the Better thing to think about here is that they're giving us something that we don't have. So for us to build what we wanted to build, we needed two things. We needed breath of data and we needed to break into the enterprises. So Msari, so Blockworks and Msari trying to we, you know, we were trying to tackle the same problem. We went really, really, really deep into data. So I've seen you, you know, post our charts, which I appreciate. We have the deepest data on for onchain businesses. is like we can tell you more about Salana or more about Hyperlquid data than than anybody but we don't really have the breadth of data.

So if you go to our data, you know, if you go to Blockworks' site, we don't have every single asset covered. Misari went the other way. They went wide instead of going deep. So Msari, we went we had depth, they had breath, and now you have all of this in one single data platform. We're now the largest data platform in the industry. And then they had broken in with the enterprises. So we really focused on the crypto natives. They focused on the enterprises and now we've got both. >> And Jana, someone in the chat is asking what is the trady equivalent of what blockworks misari do now all block works and how do you think about that or their entry into this? Is this work?

>> Hey, where do I see this chat? Put me in the chat. Let me let me jump in here. Get in the chat. >> It's on YouTube. >> I got to see the chat. Um what's up chat? Um [laughter] uh let's see how do you think about it? Okay, there's probably two ways to think about it if you're looking for an analogy. One would be uh Moody's and S&P. So m um so in traditional capital markets you have the assets right SpaceX they issue a stock on NASDAQ that's that's the asset right stock you know stock uh SpaceX is the asset here you also have the information providers that sit around capital markets that kind of sit at the center of capital markets and those are uh you know Bloomberg Moody's S&P faxet cap IQ morning star and

oftentimes those businesses are actually worth more than the asset many of the assets themselves. So I think about us is probably a um you know it's not a perfect analogy but c um Moody's or S&P would both be good analogies. So Moody's is an $80 billion business information platform for capital markets. Uh S&P $120 billion business. Where it's a little bit different though is they sell to investors mainly like their customer would be an investor. um we think about it as this two-sided marketplace between the issuers and the you know people who need to underwrite the assets but then you can actually build these enterprise workflows on top and that business actually looks very similar to something

like a palunteer so I think about it as Moody's and S&P helps us pull in all the data two-sided platform and then you can actually build aic workflows on top very similar to a palunteer >> freedom guy 1776 says all-encompassing dot dot dot full spectrum dominance dot dot dot >> let's go freedom 1776 >> impressive [laughter] >> let's go >> um and so yo when you're looking ahead now you you have additional revenue you have a wider set of enterprise customers you've got more breadth to the data you've got a more foundational uh basically platform now with block works you've got this these you know

agentic workflow possibilities you've got more data you've got better data. Like what's next? Who's the next acquisition on Blockworks's uh table? Cuz throw rollups in a bare market, but the boys are doing all right. So, I mean, >> dude, I see you got you got like three drinks on your table. You got is that beer? You got a Red Pole. You got You're doing just fine, Andy. You're good. Look at that view. Bare market. That's not a That's not a bare market view, my friend. You should have seen our office. Um [laughter] let's see. I mean, okay, what's next for us? Like, we we need to verticalize the data stack. So, I would see us push, you know, deeper down into the, you know, to to verticalize the data stack and own more of the infrastructure layer. Um, but look, like crypto is going to win.

Cryp I don't, you know, it's impressive people are watching your chat on the day of SpaceX, like you know, it's deep in a bare market right now. Crypto's going to win. I mean, if you look back at just the history of tech booms and busts, like this is just a this is just a bust period right now. And you know, I was just listening to a podcast about um Facebook couldn't raise a round after social media busted, right? And everyone's saying social media is dead. Facebook will never be able to pivot into mobile. Facebook will never be able to monetize. Facebook will never be able to get profitable. Very similar to crypto right now. Crypto will never have apps. No one will ever use it. The infrastructure will never scale. Tokens will never, you know, go mainstream.

Everything will be a token in 5 years. Like this asset class will win. the technology will win. So I think for us it's just we need to figure out how you know I think good businesses can do well in good markets amazing businesses can do well in bare markets and so we're just looking to get as large and as you know continue growing as big as possible in a bare market because then that's when really fun stuff happens is when the market turns. >> Yeah. Yeah. I I I'm with you. I guess just a bit more concretely. Yo, is there is there like a specific part of the business that you think needs a bit more you know beefing up by means of acquisition or or you know just kind of broadly just that answer was like you

know broad I I think um I think you will see us continue to raise more capital and you will see us you know get pretty acquisitive in the future as well. Um, you know, I'd guess this isn't the last acquisition we make and I'd guess we, you know, there's probably more more capital that gets raised as well, uh, to help finance some of these acquisitions. Um, >> yeah, I can't say, you know, I can't say >> beautiful who, but yeah. >> So, how about the Knicks, man? >> How about them Knicks? Electric. >> The Knicks. >> Electric, >> dude. >> Unreal. >> Wow. Saturday is going to be insane, huh?

>> I mean, look, these It's a good time to be living in New York. I don't know if you live here full-time, Andy, but um, it is uh, it's a good time to be in New York. Good time to be New Yorker. I think uh it's funny. You see a bunch of stuff anti- New York on Twitter and it's a it's an electric time to be in New York. So, >> it's also a good time to be buying tokens. I'm just going to put that out there for the record. It is a >> good time to be buying tokens. I know you you know you're you're doing God's work over here helping folks buy the right tokens. I saw you had a nice thing with NE going on, but um yeah, it's a good time to be buying tokens. I'm I'm now for the first time in, you know,

probably a year and a half starting to get aggressive about buying tokens. I think I think this market's going to turn. So, I feel good. Last thing for you from uh NOOCCSM. Uh how do the regulators fit in your business model and how will things like clarity impact how you generate more value you know holistically? >> Yeah, good question from NCSM. Who? Yeah. Um do tell me give me in the chat. Um yeah, it's really it's really good. CL clarity is uh probably the most bullish thing that has ever happened to Block Works if if we get it. We're we're very we you know we really want it to happen. Um, we actually launched something called the token transparency framework, which is just a public open-source disclosures framework for

the industry. We think one of the biggest things holding back tokens is a lack of disclosures. And we've actually gone into DC and presented this to both the CFTC and the SEC, you know, many, many, many times for both uh, you know, specifically for the SEC. And um, yeah, look, they're a big fan of it. And so, you know, it'd be a very good thing for Blockworks' business if we get clarity is is what I'd say. >> Love it, man. Well, congrats Yano. Cheers to you, man. Um, >> cheers, sir. >> More cheers to more acquisitions, to the market turning. Um, and crypto winning, man.

>> I think this has been an easier bare market >> than previous. Um, I think it's been harder for a lot of people from the lens that you started this conversation with with the halves and the halves not. It's also been harder from a sentiment perspective because, you know, the thing that Santi says all the time, which is like adoption, skyrocketing, prices, not really following. It's this really weird kind of like uh dichotomy. >> Yeah, institutional bull token bear is a weird thing to manage psychologically because look in the last bare market everything was going down and now everything's going up except for our tokens. So it actually creates a weird psychological stress I think on the mind when SpaceX is doing a you know the biggest IPO in history but the tokens are down. So it's um but yeah I mean

look we'll get out of it. It's all good. It's good day to optimist always win. So, it's a good day day to be optimistic. >> It's a great day to have a great day, y'all. Have a great weekend. Go Knicks. Congrats again, man. Um, and stoked for you. >> Go Knicks. >> Cheers, buddy. Later. [cheering] >> All right, we got a guy in the chat called Coked Claude. I don't know if that's if that's going on. Have you seen the SPCX launch by SpaceXisa? No. It's real, by the way. Dude, the fact you have to say it's real, by the way, makes me like feel like it's not that real.

But maybe I I don't know what I don't know. You know what I mean? Give us some alpha before he goes. What to look for in the next winners? Sorry, buddy. Just missed it. Fair play to you. Coclad is a crazy name, dude. I don't know. I don't know what you're thinking there, but good to have you. I think it's the first time seeing you in the chat, so welcome to the show. Uh we have a great show here. We're gonna have the we're gonna have a SpaceX conversation now. Uh we're gonna have the dinari co-founder talk about their dshares launch for the SpaceX largest IPO in the history of humanity.

When we were apes and Neanderthalss, they once dreamed of a $1.7 trillion dollar IPO launch. And we're getting it. We got it. I mean, we got it, dude. I mean, hype's at 62. Purr is under nine. 8.95. It's almost a weekend. The beers are out. We're going to have a ton on the show and a few as well. I know you guys like a ton. My avatar is just a funny avatar, by the way. No weird stuff. It is literally Darth Vader eating a slice of pizza. Bro, that is definitely weird.

That is for sure weird. For sure weird. All right, guys. Gabriel A is the CEO and co-founder of Dinari, a regulated platform building compliant onetoonebacked tokenized US stocks, ETFs, and real world assets. Um, he has a career that started as a software engineer at Apple, age 17, holds degrees in chemistry and computational biology from Cornell and did graduate research at the University of Pennsylvania. We did our research. Huge day today. Let's get Gabe up and get the show started.

My man, how are you? >> I'm well. Hello. How are you? >> What a day. What a day, huh? >> Yeah. Oh, and and what a night. Didn't get much sleep last night either. [laughter] >> Yeah, I bet. Um, man, I mean, the largest IPO in the history of the of financial markets. And Gabe, you know, I'm just going to go straight into it. Binance and Bybit both screwed up and they were not able to fulfill their users demands for the IPO because a competitor of dinar Xtocks was not able

to get the underlying for their their SpaceX um shares. And so I think this really causes for a conversation of like what the hell are we doing here? So there's a couple things took over today which is that and this new reggg resinment proposal from the SEC I think is very interesting as well. I know you guys also put out your uh one to one backd share today. So that's kind of the context that's the groundwork. maybe just take us through the last 24 hours man from your perspective uh and just high level what you guys are building at dinari how it works and welcome to the show man.

>> Thank you. So obviously um we wanted to provide SpaceX shares on IPO day to everyone uh AC across the world and I know I know our competitors um also tried as best as uh they could um because this the demand was insane. Uh, one of the things that, uh, perhaps people didn't realize, um, uh, leading the weeks leading up to SpaceX IPO, um, I had some inside track on this. uh it was they specifically uh for for probably regulatory reasons or something like that uh SpaceX didn't

want uh people outside of the United States to own SpaceX stock and certainly not get allocations um for uh for the IPO and uh one of the you know obviously dinari is yes we are a tokenization platform yes we have uh we distribute tokenized stocks and things like that but we're also a FINRA regulated broker dealer Um and so we had some information along these lines that perhaps others uh didn't. Um and so it was a real question about how do we provide this um in a compliant way to people around the world while u maintaining um some of the sort of regulatory um uh limitations that SpaceX was trying to pursue and things like so there was a lot of moving pieces

um uh leading up to uh this IPO. Uh obviously we're able to get all allocation. We were able to sort of back these dshares and we were able we were live this morning um uh and and trading uh which was really fantastic to uh to see. Um but it was a lot of moving pieces and I don't think we were even sure sort of in the 48 hours leading up to whether this was all going to land or not. Um uh obviously it landed for us and we're really glad for that. Uh but but I will say that um ultimately um the the regulator route was important here.

>> Yeah. >> Yeah. You know, because I think um people want to know what they're buying, right? Like they want to know that they're getting exactly what they think they're getting. And I think I think that's an important I think this is like the beginning of that market awareness curve. like we, you know, we've been talking about it on the show quite a bit, the different types of tokenization, the different qualities, the tradeoffs, but I feel like with this, with this launch, it's going to really start to become more of like the um it's become more of the of the rhetoric of what are you buying when you're buying a preipo per on Hyperlid or when you're buying a dinar share or when you're going on Salana and buying their product through Sunrise. What are you buying? And so I

think that's something to understand when we're looking at D-share specifically. What are we buying? Like SpaceX is live now. What am I buying if I'm buying dinari's version of SpaceX token stock? >> So uh the answer uh to that should be really simple. Uh unfortunately it's not as simple um on the surface. So uh what I will say is the shares for all intents and purposes are the uh shares themselves.

You are getting access to the shares themselves in regions where that's allowed. So let me give you an example uh of what happened with the SpaceX shares because I as I told you this was a little bit chaotic going into this. SpaceX as an issuer did not want um people outside of the United States, especially in sensitive regions like China and things like that to have access uh to SpaceX shares. But what does that really mean? Well, in this case, they meant they don't want um uh SpaceX uh influence on SpaceX from outside of the country because you know they have defense contracts, they you know they have all these sensitivities, right? Well, so the wonderful thing about tokenizing such

share is you can actually split voting rights from the underlying share from an economic perspective. And I I say economic perspective that includes things like dividends and corporate actions and things along those lines. They don't care about uh uh people outside of the United States having access to that. But maybe they were sensitive about having voting rights, right, uh issued. And so in this particular instance, we were able to modify DShares based on the region that they were issued to so that we stayed uh completely in compliance uh but also people could get access. So the default mode uh is that Dshares is the shareer itself um uh and that's what you're getting

exposed to which is something that I think almost no one else that I know of in terms of competitors. um when you're buying the tokenized form, you're not getting the actual share. Um but that's the default dshares. We may in certain circumstances like uh SpaceX outside of the country um uh turn off things like voting rights um out of just sensitivity and regulatory reasons. >> Yeah. Got it. Got it. And that is on the far side of the spectrum comparatively to like owning a a 1x long on a per like you get effectively no

ownership pure derivative and then dshares is is nearly the equivalent of full ownership um and custody of the asset. However, when I go to buy that it's not like like I I understand that that there is a a ownership of the exact equity in a brokerage account and is that in my name [clears throat] that that the equity is owned and so I KYC own the equity and then you guys are able to have access through your fer licenses through your broker dealer to have a subbrokerage under my name and then I own that stock under my name

>> in your custody setup. >> Yeah. So, uh, you're you're based in New York. >> Yeah. >> Yeah. So, you're sitting in New York. Um, you're you're you log on to dinari. Um, you buy a share or one of our partners or whatever like the.com or something like that. You go and buy a SpaceX uh share. Uh, we open up a four beneficial ownership account under Andy. Okay. Um, and so the this is the biggest distinguishing factor between Dshares and pretty much any other tokenized standard out there is you can then if you want to move it to Robin Hood, you can ask our dinari securities to move that to Robin Hood. Right now, you'll

lose the benefits of having a Dshare and things along those things because we don't, you know, control that underlying share anymore. But we as a licensed broker dealer, you own that share and we will move it to whatever uh for beneficial ownership account you have at other brokerages. >> Wow. Okay. And then when I when I sell that share or or I uh redeem it on chain, do you then do you guys would do the same action that I would do onchain in the brokerage to to kind of like net settle it up? Yeah, this is one of the reasons why uh we I mean this is a matter of public record last year of we were the first broker dealer, you know, that was really allowed to tokenize

these public uh shares. Um and one of the reasons is is this is uh what we sort of internally call kind of a mirroring of the onchain state to the off-chain state. So anything that's happening on the onchain state, we're also mirroring in the off-chain state. A huge huge engineering feat. So I don't want to minimize that in any way, shape or form. Our product team really nailed it. Um but that was what was required uh to really enable um FINRA and SEC I think getting comfortable with this.

>> Yeah. Yeah. Uh somebody says what do we think of the first day close price for SPCX? Maybe we'll talk about that after. Um, you know, one of the things that is interesting about the onchain markets for this is that there was the preipo purpose for price discovery on Hyperlid was really, really, really cool. And I understand that you guys are now getting Dshares integrated into Hyper Core themselves. Could you talk about what that really enables because right now you can trade per asset? Obviously, you don't own the underlying, but what is the what is bringing the the dinari tokenized equity version of SpaceX onto Hyper Core, the main hyperlid trading platform? What does that actually enable and kind of like what are you guys seeking to, you know, see from that?

>> I think uh what one of the things that uh both the Hyperlid team and we were uh discussing was uh people wanted the ability to do spot on Hyperlid. Um and the the reason why is against the per uh owning uh uh spot share uh the ability to sort of trade shares uh in spot alongside on the same platform actually gives you hedging capabilities um that uh just doing per example does not. Um, and so the it's not that, you know, like and I do think that people have been doing this like maybe they go to, I don't know, IBKR or something along those lines and they're buying and

selling shares alongside doing PEPs on Hyperlid. Well, now you can do it on the same platform probably with the same liquidity pool that you have to work with. Um, I lost him. I lost him. I lost him. He'll be back, guys. He will be back in a second. Um, what was their noise versus signal about all of the hype that led up to this IPO from their perspective? Good question. Good question. So from what I understand just from the 15 minutes here is this is the most like aligned and

like through and through method of tokenization for achieving the speed, right? Like they they they got through the speed quickly like they're alive. Um, and you literally have the ownership of the asset in your in a what he described as kind of like a sub brokerage account is how I described it. There's a specific financial term for it. Just interesting like this whole like I I obviously think that the preipo pers is like the most unique setup here. Like to me it's very very compelling.

bringing them on to Hyperlquid is kind of what we're going to get into next. Um that was that that's what you know Gabe was was talking about. But the preIPO and then having these things live on day one onchain is is insane. Like this is a massive breakthrough day guys for onchain. like this will be we will we will remember the SpaceX IPO as a day that what we what we were doing on chain mattered in the lens of global macro and I think that's really really important.

Um I think Gabriel's back. Let's bring him back up if he's ready and continue the conversation about Hyperlid core uh because you can now trade Dshares there. Let me pull up Hyperlquid there. Let's see. So, SPCX. So, you can trade the Dshare of SpaceX on Hyperlid core spot.

Is that what you can do? We can't see him. Yeah, I know he's coming. Price is hitting back to the 167 166 for SPCX. Is it a buy opportunity coming in for the same day selling? Ah, man. That is not my expertise. That thing is dumping right now. I don't know. I've steered clear of it. I've steered completely clear of it on purpose. Didn't really want to touch it. I don't know. I don't know if it's a good chance. When the hell is Binance going to let me buy Hype tokens outright?

Dude, isn't it insane that Hype's been around since November 2024 and Binance hasn't listed it yet? Like, that's insane. That is insane, guys. Absolutely nuts. Like, I I thought it would for sure be listed by now. That's not all right, we're going to get Gabe back up. Been scalping SpaceX all day. Going to eat steak tonight. Gabe, um yeah, thankfully while you were gone, there was some uh antics going on here with the community, but good to have you

back. We were talking about the tokenized D-share SpaceX equity on Hyper Core, what that enables and what you guys were seeking to get from that kind of like integration. >> Yeah. So, um this this has been uh definitely a collaborative effort with Hyperlid. I think really the the name of the game in terms of having spot was uh to uh enable hedging on a single platform uh between the per and and spot. Um and this is something that people are already doing using other platforms like IBKR and things like that but really um uh now uh perhaps for the first time ever onchain

um uh you can do it on a single platform which is pretty amazing uh and it's definitely for the benefit in terms of just the uh rapid pace at which you can sort of um enable these uh hedging positions between the perks and the spot. Um and and of course uh being able to do that with um prices that you would see in the normal market is I think a first as well. >> Yeah. And so is this live now? >> It is. >> Okay. I'm on Hyperlood right now. It's it's it's in spot, right? >> It's in spot. Um I believe the ticker is SPCXD.

Got it. Why can't I find it anyway? Oh, yeah. There it is. Spexcedd. Gotcha. Okay. Beautiful. And so your your thesis is you can trade burps on these assets. You can trade spot on these assets. You can do it all in one platform. And is this going to be a trend for dinari? seeing the growth of Hyperliquid, seeing the amount of activity happening there, the kind of meteoric rise. Are you thinking to try to bring a lot more D uh tokenized Dshares, assets, equities, etc. onto Hyper Core and kind of have that be one of the primary spot trading venues for um all the assets that you

guys, you know, can support and will support in the future? >> We really hope to. Uh obviously, Hyperlid traditionally hasn't done spot. I think this is probably one of the first um uh spot markets actually on on hyperlquid like this uh that's active. Uh we want to obviously see you know is there is there demand for this and uh early sign says yes. Um so we want to really uh double down on this as much as possible. There are other exciting IPOs um happening this this year probably as as we're hearing about. Um, so I think we'll we'll definitely focus on um some of these high-profile stocks at first.

Uh, but the hope is to expand that from there. >> Yeah. Yeah. Yeah. It's awesome. And when you're looking at this kind of holistically and thinking about a lot of the reason for tokenizing different equities, commodities, assets. Clearly, we have the reason of 247 trading. You can trade this asset on the weekend. That's beautiful. Another reason that we've, you know, talked about with like, you know, the likes of Franklin Templeton and um Fidelity and Wizry is distribution. They're looking for this net new onchain distribution for their products. However, this specific asset kind of seems like it comes with a caveat in that you're saying that it's

there's a bit more geographical restrictions and it's a bit it's a bit of a special kind. Is it is 24/7 and the distribution is that like the core of the thesis for why you are betting a lot of your career your time into this tokenization of assets on chain well like maybe you could just give us your you know I'm this I'm I'm the CEO of this company this is my vision here's what the kind of like endgame may look like um you know 247 and distribution is a part of it but like here's where I think this is going I I'd just be curious to understand like what your longer term view is here.

>> So a lot of the features that you mentioned are the features uh that kind of allow people to think about why tokenized shares are better than traditional shares today. But if we're talking about and looking at things for from a historical perspective, stocks used to be on pieces of paper. And then at some point we decided that zeros and ones on a server uh was better uh than uh pieces of paper. And now we're in the midst of this another sort of step function transition uh between zeros and ones on a single uh machine versus zeros and ones on a variety of uh different machines that are all synced

together. Uh and all of the sudden these shares dshares are the programmable version of the digital shares that already exists in the market. Uh so there are fundamental things that will shift in the capital markets as a result of dshares uh becoming sort of the new standard. So let me give you an example and and people might not uh necessarily have these uh types of sort of specific insights. I certainly didn't um until I really dug into this today. Uh NY, NASDAQ, any of these exchanges, if you were to go and uh buy shares on their order book, it's always whole

shares against fiat like the US dollars. So like you want to buy Apple shares, okay, you're going to buy whole Apple shares. what you perceive as being able to buy fractional shares at, you know, Robin Hood or E Trade or whatever is all virtualized um uh handling by the broker dealer. So, they're buying whole shares and trying to sort of do out fractional shares. There are a lot of inefficiencies in that um uh but there's also specific limitations. So, let me just highlight one example to get people's mind thinking. Okay, if the order book itself, cuz broker dealers don't, you know, really control order books, it's the exchanges. If the order book itself is Wholeshares, you can never have a a

direct one to one swap, for example, between Apple and Nvidia, right? Because they're not going to have notionally they're not going to fit one to one, right? So that's a that's an actual technological limitation of how our infrastructure works today. But that's what we should head towards as a capital markets. Um, if you're looking for efficiency and if you're looking for what's uh beneficial for the endowner and let me explain, we all have this experience if we've ever bought or sold shares. Let's say you have Apple, you want to go into Nvidia.

Okay, that process is you sell Apple, you get dollars back. Maybe that takes one day, maybe that takes three days. And then you uh go into Nvidia. Well, by then maybe the market has moved. You know, it's just certainly not as good of a deal. I certainly have found myself in that position where I'm frustrated. I'm sure others have. But it's also a taxable event >> because you've cashed out. So, you can't actually put money the same amount of money back into the market because you need to hold some money back for taxes now, right?

When you are able to directly swap Apple to Nvidia, the question that we have to start asking ourselves as a society is is that a taxable event because you're not seeing any liquidity, right? Uh uh from that and you're putting that money right back into the market. But that can't be enabled until the fundamental infrastructure of how our exchanges function changes. And that's what uh allows that's what sort of onchaining shares does for you is it not only you know we we all in the in the crypto space like swaps are native right like we we understand how swaps can uh happen and how tickerto ticker swaps can happen natively. Well, we can

bring that to stocks, but then it's also, you know, from a tax point of view, you have to be able to trace it all the way back. No matter how many times it's been swapped, you have to be able to trace it back to the basis points to know how much taxes you're going to pay at the end when you finally cash out to fiat. All of those things are possible natively uh when you're talking about an onchain share that you cannot or is very difficult to do uh using sort of the traditional digital uh zeros and ones that we have today. And so, yes, the 247 is interesting. Yes, you know, um the uh sort of atomic lending and borrowing are interesting, the distribution is interesting. These are all interesting points, but the endgame here is when the entire capital market shifts on chain, there are going

to be fundamentally uh sort of new features down to the exchange level all the way through to uh the issuers themselves and the broker dealers all all involved uh will have not only this efficiency built in but new features that are currently not possible that ultimately will benefit the end user. for example, in being able to swap from one ticker directly into another without having to go through fiat and maybe as a result of that won't even have to pay taxes on that particular swap. >> Fire me up, coach. Fire me up, coach.

We're getting the whole the entire global capital markets on chain. You know what that reminds me of is, you know, when you sell a property in the states and then you go to buy another property, there is a a beautiful tax advantageous um way to not sell or not pay capital gains because you're literally putting it back into the real estate market. It's pretty much the same concept here. >> Yeah. And and so logically it makes sense, but our technology that runs the capital markets today is not built for it. We can't we can't really enable it.

And so we need to onchain as quickly as possible the entire market. >> Yeah. Yeah. What is your um what is your boldest take on how tokenized versions of major IPOs or major equities like SpaceX, how like what is your boldest takes on how that will reshape global equity access in the next couple of years? Talked about some of the advantages here, taxes. Somebody in the chat is saying that that would be absolutely sick if we could do that with equities. But when it comes to access, what is your like really bold view on access and how you guys are enabling that atar?

>> So today, right? So we talked about the historical perspective from paper to zeros and ones. That's where we are today. But a lot of things had to be built around those zeros and ones because of the fundamental limitations of uh the zeros and ones on a single computer. And I'm oversimplifying here because obviously there's multiple computers involved. But you know largely it's all sitting in a central place today that ledgers what everyone's ownership is. And so we had to like uh put in all these rules around like very strict uh KYC and very uh strict sort of ownership uh requirements and uh we've basically done away with this idea of bearer

anything bearer bonds bearer you know stock or anything along those lines because so much of the paper and zeros and ones on a single computer can be so fraudulent. It it can be made up. We know we know that blockchain is more uh way more resistant to any kind of uh hacking. So today we're in a weird place. We're in a weird place where >> we have these tokenized shares and we are backing them with zeros and ones on another computer.

Just like when zeros and ones on a computer first came into existence, we had to back them with paper sitting in some room. >> Yeah. At some point, the SEC got comfortable with this idea that we don't need a paper anymore to back the zeros and ones. Okay. Uh the same thing's going to happen to tokenized shares. At some point, we're going to say we don't have to have these zeros and ones in the centralized place anymore. Which means truly in the truest form without mirroring or anything like that that we're doing at dinari. Truly, if you own that token, you are the owner of that share down to the ledger at the company.

>> Yeah. And so to me that removes all of these artificial systems that we have created to essentially control for fraud which are actually very good things like we all want the uh capital markets to be fraud-free um because we all benefit uh from that but now we can do it without all these guard rails uh that were put into place that actually makes the ownership of that stock something that should be as easy as yeah this person wants it so we should definitely just give that token to that person and they now own it. Like it should be as easy as that. Today it's not because we have all these guardrails that came into existence for a good reason uh built on a a fundamentally inferior technology uh from the past. And so like as the

regulators get comfortable with this new technology and all these features that get enabled for it, my boldest prediction is is day one everywhere uh you can start owning uh these uh stocks and we're going to start seeing centralized marketplaces like NASDAQ and NIS take less of an important role. That's my boldest uh prediction. Um because a single company like SpaceX, especially at, you know, if we're talking about the biggest IPO ever, right? They're going to be able to say uh issue their shares on chain and that is going to be available everywhere. And

so why do you have to go through specific markets? Um, like I mean that's what companies have to do today is like they have to first list on a single market and then they basically have to do all this other work to list on another market, another market, another market on our market. All that is going to uh disappear in the future. >> I like it. I've got a little bit of a counterpoint here from a very active daily friend of the shell hypothesis. tokenization will become less important as perification of all assets takes over.

>> Interesting. Um I mean aren't pers on most of these onchain platforms tokens of some kind, >> right? But they're not the they're not tokenized ownership, right? They're ownership of a derivative contract. >> So I guess my vision for tokenization in general it's it's actually an interesting point, right? and we don't know how the future's going to go and there's certainly um some frictionlessness to um to per uh that that I I also personally enjoy. I will caveat that uh with another point uh which is my sincere hope in tokenization of assets is that boundaries break down and I don't just mean ge geographically

like we talked about uh I'm also talking about boundaries between asset classes. >> Yep. >> Right. Uh so today it's like a really it's a pain uh to move your asset uh or move your money from one asset into another asset into another asset whether that's debt or bonds or stock private or public all these things and and per uh I think once everything is tokenized it almost it almost um uh realizes this future that uh this guy is envisioning uh which is maybe there aren't that many differences between per stocks because the market is so streamlined in in between the two. That would be fantastic if that was if that was the case. Um

that's that's a win for everyone. But my my vision for the future if if all of this is successful and tokenization really becomes a new infrastructure for capital markets and all sorts of asset management is that yeah uh the frictionlessness between asset classes will some it will it will obiate the differences in some of these asset classes. Um and I don't know if that's going to be per dominate or stocks dominate or whatever. That's that's just that's just hypothesis. Um but the general trend and the idea of what he's getting at is I think true.

>> Man, what a day. I've got another guy here at NOCSM. No purps have got to go. So quite the quite the divided crowd here today. Uh Gabriel, thank you for spending some time with us. Congratulations on on the launch both of being very fast with uh SpaceXD on Hyperlid and just getting it out uh and you know and being you know quick to the punch there. Uh more IPOs to come, more tokenization of assets to come. Thanks for spending some time with us and that was extremely insightful.

>> Thanks Andy. Thanks for having me. >> Cheers buddy. Have a great weekend. Go Knicks, baby. Go Knicks. All right G. See you buddy. Alrighty, guys. What a vibe. That guy was gigab brain. Giga. Giga. Giga. It was just like a vibe to him, you know, like that was my first time ever uh talking to the guy. And you know, you know, Dinar is a you know, a partner of the show. You guys have been seeing their ads and uh you know, our daily equity segment. And dude, I don't know like that guy just gives me like coach energy like very calm, collected, like smart, you know, knows what to say. gives me coach energy. You know who does not give me coach energy but gives me life and hope

for the youth is a ton is gonna come on the show and we're going to have a power hour little 2:30 p.m. Coronas by the beach power hour. So I'm going to be right back. I'm going to get a ton set up. We're going to vibe. We're going to vibe heavy. So if you guys are ready for power hour, we're going to go over charts. We're gonna talk SpaceX. We're gonna talk Hyperlid. We're We're gonna look at the numbers. We're gonna make some bets. We're gonna get Koshi out. We're gonna We're going to take some trades.

I'll be right back. [music] [music] >> [music] [music] [music] >> Hey, hey, hey, hey. [music] >> [music]

>> We get deep. We get deep. You know, we get deep. You know, we [music] get deep. We get deep. You know, we get deep. You know, we get deep. We get deep. Know we get deep. Know [music] we get deep. We get deep. Know we get deep. [music] We get we get deep. Money power. [music] [music] [music]

We get deep, [music] you know. We get deep. We get deeper. We get deep, you know. We get deep. [music] We get deep. We get deep, you know. We get deep. [music] [music] >> [music] [music]

[music] >> We get deep. [music] We get deep. You know, we get deep. [music] We get deep. We get deep. You know, we get deep. [music] You know, we get deep. We get deep. You know, we get deep. [music] You know we get deep. We get deep know we get deep know we get [music] deep. We get deep. You know, we get deep.

We get we get deep. We get deep. We get we get [music] we get deep, you know. We get deep. [music] [music] [music] We get deep. We get deep, you know. We get deep. We get deep. We get deep, you know. We get deep. [music] We get deep. We get deep. You know, we get deep. [music] [music]

>> [music] [music] >> Heat. Heat. >> [music] [music] [music] >> We get deep. We get deep. You know, we get deep. [music] We get deep. We get deep. You know, we

get deep. >> [music] >> Yo yo yo yo. All right, ladies and gentlemen, Freedom Guy 1776, my guy's vibing. Yes, sir. Guys, this is a man, the myth, the legend. >> Good to be back. [screaming] >> Last week's interim power hour. I hope you guys enjoy it. >> Yeah, >> what a week. [cheering] We went from thinking we were uh >> Turn his mic on.

>> Oh, the one to the left to the right. >> Turn this mic on. Intern number three. There you go. >> All right, cool. Ring the bell. Intern power hour. Like I was telling Andy, a lot of people [screaming] seem to be clocking out. [cheering] That's the time when you clock back in, >> clock in. And if you check your wrist, your naked wrist, then you just know that it's power hour. So, >> cheers, brother. >> We're We're cranking it. >> What a week. >> What a week. >> Hype back to 62, guys.

>> I thought it was over. I thought >> Let's pull it up. Let's pull it up. >> Yeah. Pull up the hype hype charts. I thought it was over. I was telling the whole team, Nero, Leo, get ready. We're going to start buying. Unfortunately, I I hope so. Unfortunately, we don't have that. And um we're about to enter an abundant. >> This dude just said intern powder hour. >> Powder hour. Did I misspell it? >> No, it's Coke Claude. >> Oh, Coke Claude. I love you, man. Ke, I love it. What a good addition to the role of Army. We definitely >> need that as we're plotting our takeover. So, >> what was his name? Coked what?

>> Coked Claude. >> Coked Claude, you're a real one, man. We need you. We This is why we do it. We do it for people like you. >> So guys, we're going to try to start a segment. It's odd. Where we have you on the streets of Manhattan with a microphone and we're gonna get really fun with it. Yeah.

What do you think about that? >> Well, I got tricked again. Andy said we were going to come in do an intern power hour, but now we're getting >> insane opportunity to do street interviews in Manhattan. So, always a pleasure hopping on to the show uh on Rollup TV. But the whole concept of street interviews, I think it is like um I think it's more like every time you scroll even on Tik Tok or Twitter, you know, the the line between like telling what's AI, what's real and not, it's like hard to get a good pulse on it.

>> And I think like the same way you saw like the meta shift from like okay now you have Clippers and all this to get your distribution. I think just having a pulse on like what the actual people thoughts are on and doesn't necessarily have to be all like finance crypto, but like what is the average, you know, guy or gal in New York City going on in their finances or their thoughts on SpaceX? Did they even know? Did they even allocate 5 to 10% of their >> would have been so sick.

>> Yeah. >> Today for the SpaceX IPO would like that's would have been perfect. It would have been insane. Yeah. >> Like put you outside of uh the NYC or something and all these like finance bros walking out in full suits >> like [snorts] like how how much allocation did you get? Likewise. >> How much money did you make from trading the SpaceX IPO today? Yo, Aton W in the chat from Nan. >> Hey, what's up man? That's a legend out there. >> You're also spreading the gospel. >> Freedom guy is pretty excited. He's he's he's laughing about the idea of you interviewing people in the streets of Manhattan.

>> Good. That's that's we literally do it for the viewers. Our rollup army, you guys have been showing up out of nowhere. Stuff's just been picking up. So, you guys definitely have an input. We'll definitely be listening to their input. Um, as we do these interviews, I think it's a great way to get a pulse because, you know, I feel like we always talk about how the notion of crypto is like it's just a bunch of scammers, unemployed, like chuds. >> But I think if it'll be a great way to like dispel that and get a better pulse on like what's going on. And I think there's no better place to do that than New York City.

>> For sure. Check this out. It's a man working as a welder at SpaceX for $28 an hour has just become a millionaire. Juan Hernandez came from Mexico, welded rockets for SpaceX for Space X at $28 an hour. They gave him 10K in stock when he went full-time in 2015. He bought more with every paycheck for 10 years. SpaceX is trading at 167, making his shares worth over a million dollars. >> Wow. Wow. Shout out was Juan. >> Juan Hernandez.

>> Shout out Juan Hernandez. I think he um I think he's able to meet Jenny Wealth after that one. Um just the discipline. I feel like you always hear these stories of people just DCAing just always seems to outperform like the average trader. So I mean I I mean at this point is also SpaceX, but I think the thesis still stands like just DCA a little bit weekly, monthly, whatever it is. And you know, if it's a winning a asset like SpaceX, Hyperlquid, whatever it is, then I think long term you're really not going to lose there. So, dude, so Geonet is up 85%

this month. >> Wow. I remember he was on the show. >> Yeah, Mike was on. Yeah. >> Wow. >> Cost. >> What else is going on? >> Knicks. Here's inside a taxi cab that the Knicks fans smashed up last night. >> Carnage, man. Carnage in the streets. No one's safe, >> dude. Tomorrow's going to be insane. >> Yeah. Win or lose. >> Mitch Johnson. I I like this guy, man.

>> You like I think he's a little too passive. >> Yeah. He's not like He doesn't like He doesn't get animated at all. >> No, he doesn't get animated. He's just holding like his like paper sort of like you know they joked about him like where it's like he has nothing on the actual papers. It just says to like give the ball to Webby and play hard. So >> yeah, >> I think there's like I mean Stefan Castle and Deian Fox I think they both came out saying that like the Knicks didn't win the game. We just blew the game. So >> I mean listen that just means your coach isn't making the right adjustments. you as players as veterans are making the correct um decision making and um yeah, I think the Knicks are going to close it out.

>> Yeah. Five. >> That'd be epic. >> Me, man. >> Um I missed my calling. Welding. Who knew? >> Yo, number one. What's up, Elliot? >> Number one. Yeah, we instead of going to college, instead we should have all just picked up a vocational trade and just applied to SpaceX, making $28 an hour and shoving every goddamn penny into the IPO. >> What were we doing? Doing algebra 2. [laughter] >> It was that easy.

>> Algebra 2, dude. >> Algebra 2. >> Algebra 2. Not algebra 2. >> Not algebra 2. >> What did you think of this block? This video is pretty sick. I >> actually never I didn't see the video, but I was listening to Jason had to say and it was very insightful where it's like although it's like two very similar companies, they both had like um their different like niches where like one went wide and one went more like deep with the data they gathered. Yeah. >> So, I think if they by combining those two um and like these compared to like Moody's and S&P like Morning, a lot of these rating companies and data, I think like I and it goes hand in hand what I was saying with like how do you legitimize an industry? It's by like moves like this.

>> Yeah. >> I think moves like this legitimize the industry where um you know, if big money does want to allocate money, they're going to want to see this data. They're going to want to look into the numbers, spreadsheets, and rightfully so. Yeah. >> Rightfully so. Yeah, >> is on the timeline. Timeline timeline has not been so spicy, but I think that's due to like the SpaceX. >> It's just been all SpaceX. You heard Jason. He was like, "Dude, we launched our announcement on the day of the SpaceX." Awesome segment. Thanks, Rugrat. >> Geonet probably mooding to Helium mobile disaster of a chart.

Algebra 2 flashbacks. What happened to Helium Noble? Didn't Helium mobile sell? Yeah. Didn't Didn't they sell >> Did they sell hel They sold the They sold something. >> Oh my god. >> That's just down only, >> bro. >> That's just pure red light therapy. >> Wow. That is rough. I didn't realize it was that bad. >> That is pretty bad. I mean, every asset in this industry is pretty damn bad. So, I guess the only thing we do is drink to that. So, drink one after Helium. Well, for all our fallen L2s, whoever it is,

we're still rooting for you. It's not too late to dump your bags and just hop on the hype per wave. Yeah, it's not too late. So, if you haven't been watching the shot, you know what you've been doing like for the past month [gasps] >> dude. for so long. This this entire show has just become Hyperlid. >> And reminder, we're not being paid by hype. I love all our sponsors. Thank you. Send us the best merch. But Hyperlid Jeff send us some like merch, honestly.

That's it. Even >> Yes, merch is appreciated. Noble Mobile from Andrew Yang. Oh, so Andrew Yang bought Helium. Sick >> guy's a pretty big Chad. That's the guy who like always gives out his like Xmies, >> bro. Are you kidding me? >> What happened? >> SpaceX hype liquid protocol trading on CNBC. >> Oh, I saw that. Shamus go on Shamas's Twitter. He co retweeted that guy. It was mad funny. You got to like do it >> a bit more succinctly said than my tweet bro.

>> Yeah, >> bro. It's called Price Discovery. >> Yeah. Bang. [laughter] >> And it's this is what day one what's like the open interest alone on hyperlquid is like a quarter billion with a B. So I think that was it the hip three markets are still making up. I I don't think it's taking over the crypto segment of hyperlid but the hip 3 like tradi like those traditional stocks have slowly slowly been giving well paying a lot of fees which in turn >> Yeah. gives buybacks.

>> Yeah >> dude. Yeah. Look the OI is still at 250 million on SpaceX >> alone and that's just SpaceX. >> Yeah. Yeah. >> Wow. Yeah. Yeah. Isn't it crazy that oil that one t one tenth or 10% of the oil trading is done on hypo compared to the largest oil trading venue by volume. That's pretty insane. >> Well, I think the war definitely escalated that with Iran. >> Yeah. >> Like especially they they went to war Friday night and now everyone's like, "Holy crap, I'm sideline." Oh, wait.

There's Hyperlid. Erica says, "After years of intensive training, Ilia is a seasoned photographer now." So funny. >> You're lying. >> Wow. In in volume, um, SpaceX out outpaced uh ETH. >> That's not That's not good. That's >> Isn't that crazy? >> ETH is looking rough here, isn't it?

>> It's looking rough. So, how about this? How about this Elon is a trillionaire thing? >> Wow. I I read this. You could go through it, but I really like what Eric said. It's like, first of all, I don't think he's truly a trillionaire cuz like it's just like if I went to go sell a memecoin and I have like onchain 10 million and I try to do it, I'm probably going to get wrecked by slippage and end up with probably 800k. >> Yeah. >> Probably even less just based off slippage. But I'm sure like the stocks are more liquid. But I'm sure like if it's a trillion then I don't know. He's probably like a third of that realistically.

What do you think? >> Yeah. Um you think he can get 300 billion out of his trillion? >> It's like a third probably less. >> I don't know. >> That to the experts to quantify. >> Look at this tweet six minutes ago. I can attest that the rollup live streams are not using a virtual background. >> Yes, this view is really hard to put put together. We put like film on the windows so it'd be even nicer for you guys to see. You could see I feel like we've never even done this. Like it's so beautiful. You could see New Jersey, the Freedom Tower. Like if you were playing ever the SP Spider-Man games, like this

is literally what you're going through. Like you could literally come see the rollup office in Spider-Man. Like you can't make that up. Like >> time to resume up only. >> Yes, >> James is such a giggable. >> I love James. Capital flows. >> Strong week for a V4. Top asset. Frack USD. SpaceX is dumb, but Tesla has been valued at some insane unreasonable price for 15 plus years. Even as mature mature automaker, it's worth 850,000 per vehicle sold. Tesla MSRP is less than 100K. I don't think Elon is getting worse at selling snake oil. Best to just ignore.

>> You know, I'm I'm really curious because they take they took away that like tax credit to buy the car. So, if you had an option I mean if you had the option to buy like I mean I don't know the exact model of a Mercedes, not probably not a S-Class, but a Mercedes even like a BMW compared to a Tesla. Like >> I don't know. I I don't think I would take the Tesla. I would take the Beamer. for the Mercedes. >> Yeah. Yeah. >> If it's the same price, you know, >> um just look at his investor list of companies. His ass is owned by quadrillionaires.

Crazy to see a trillionaire in our day and age. What does that really mean for the rest of us, dude? We're [ __ ] poor. Like, what do you mean? What does that mean? What do you mean? Like, like we're cooked, dog. We're >> cooked. >> We're so cooked. Be like, I need Z monies. All Z monies. The rich get richer. >> Come on, hype. >> Yeah, hype needs a next leg to 100. I think that's the barrier. Like a triple digit hype. We need triple digit hype. That was crazy. The cone thing.

>> I haven't seen this. >> You never saw that. Play that. >> This Wi-Fi is bugging today, dude. >> Wi-Fi is wonky. Can't even play a video. That's crazy. >> Yo, I saw this. >> Whoa. >> 10 mil over the next. I mean, somebody could cancel it, but like >> these things are they always change. >> They're they're bipolar. They're actually bipolar. >> That's where Elon's billions came from. Fed tax credits. >> That's all I'm saying. So, yeah, like a lot of these credits, which I think they're slowly taking, like if you went to go buy a Tesla, you get like insane tax credits.

>> Yeah. for like carbon credits and that >> Yeah, the carbon credits. That whole thing. That whole thing. So that's how they get you. That's how they get you. They get you the free thing and then that's how they get you >> at some point. Shouldn't the trillionaires pay all the taxes? I mean I don't know. Should they? Is that their responsibility? >> I mean definitely. Like I mean like them paying like 1% tax is like me paying taxes. >> I like what Jeff Bezos says. Like I shouldn't be paying taxes even like how minuscule they are. Like whatever. Yeah, >> like I could do more than like in my pocket that I'm sure.

>> Let's be honest, the greatest founder of all time, Elon, building SpaceX. This is a crazy photo, bro. >> The first warehouse >> cuz like what he had made his bag from PayPal mafia 200 million and he shoves it all into like SpaceX, Tesla, Solar City. The list goes on. >> Crazy, dude. Cuz like somebody's asked like, "How do I become a trillionaire?" It's like, "Yeah, you just have to be like, >> you said like full port your career like five times." >> Yeah.

>> Like full. >> Be right. And be right five times. >> And homelessness and hunger. That'd be neat. Come on. I agree. I've ran out of Red Bull, guys. I'm tired. >> Elliot, my guy, are you in uh Europe or something? >> We got to get you a shipment. Damn. By just comes out and straight blames >> who they blame >> blames X. >> Oh wow. Wow. I feel like that's just a nothing burger.

>> It is. But it's just a bad look like >> blaming the competitor that hard >> and also just like that mess. >> It's like when they all got the those DeFi like layer zero and that thing was like no you no you. >> Dude, this is also happening. The price feeds on Coinbase on Trading View are broken. I don't know if you really use Trading View, but >> no. >> Elliot's in the UK, bro. >> Cheers. >> Cheers, mate. >> Across the pond. >> Go out there and get Go out there and have a beer, man. >> I think the UK is is a good team for the FIFA. They're going to have a >> Yeah, >> they're up there.

>> Come on, Hype. Don't Don't pull back on us. >> Can we pull up the World Cup? Should we do some World Cup check? >> Yeah. >> I think USA is playing today, right? Oh yeah, I'm pulling out Koshi, dude. I'm taking some I'm I'm smashing I'm smashing the US. >> Let's go. Holick, you need Captain America. That's my guy. All right, Canada or Bosnia? Literally, just pick one. I'm smashing one.

I don't even know if Bosnia is like that. Is Canada even like that? >> I don't know. >> What are the odds? >> Damn, Kali has pers now. That's pretty wild. >> Get the Oh, yeah. You Yo, they have hyperlquid pers only on call sheet. Did you know that, guys? >> I know, right? Dude, they have San Antonio at 64% chance of winning. >> I saw that. One of the funniest things, you know, like when you walk in the city, you'll see like the call she ads and it'll be like San Antonio. They'll give you the odds like as you're walking. So, it's sort of like dystopian. Coke can claude says Bosnia. Rugrat says Canada.

>> Clanker. Do we go with the rug? >> Canada is 54%. >> Bosnia is 20%. Thai is 28%. >> What the Why is Tai have so much juice? >> I don't know. USA, Paraguay, USA 47%. Paraguay 25%. Stop gambling and do the thing. Colombia or Peru? >> Stop. >> You gotta chill, bro. >> This clinker is amazing. I love it. >> I I You gotta chill, man. >> Yo, Coked Claw is honestly a scotated username.

>> I'm going to go with a tie. I don't know why. >> 28. That's pretty wild. That's >> I'm doing $10, dude. I just can't. >> You just like feel sidelined. You have to like feel something. >> Yeah, >> I feel. >> Yeah. Guys, if you guys are watching on YouTube, hit the like for us. Hit the subscribe. Turn the notifications on. We appreciate y'all. Definitely much love. Hit the like. We appreciate it, man. >> Share it. Send it. Send it to your Chud friends who needs to learn more about their finance situation. Tell them to buy some Hyperlid.

>> Dude, do you really think San Antonio is 64%. >> That's what the odds are. That's a Vegas put. >> How about Brazil and Morocco? >> Brazil. >> Brazil for sure, right? >> Brazil. Brazil 59%. Switzerland Qatar Qatar is at 6%. >> Yeah, now Switz is taking unless they pay it some Yeah. No, Switz Switzerland should be taking >> man. Whack scared to bet live. I just bet >> I just bet live.

>> No way. Gamble more >> and play the dummies on the street thing. >> That's what you got to do. just go to uh and just ask people who they're better on. It's summer Friday in New York City. This is generational. >> I don't know what else to say. >> Generational New York right now. >> The Knicks have I grew up here my whole life. Knicks have never been this goddamn close to the finals in my life.

>> Really, >> it's almost surreal. Never. The closest thing we had was Melo taking us to the second round and we got beat by the Pacers because of Roy Hibbert got some crazy block. Shit's engraved in my head. PTSD. All right, guys. What a week, man. What a week. Can we get W's in the chat? W's in the chat. Guys, if you're watching on YouTube, throw us a like. Throw us a sub. What a week. Up, down, sideways.

>> Up, down, sideways. >> We're doing Fibonacci, >> guys. Robbie intern power. >> Is that the Robbie Rollup? >> Let's go. Go Knicks. >> W's in the chat. NOC, we appreciate you, man. You're the man. >> Case these W's. >> Freedom guy. Appreciate you, man. Go Knicks, man. W's in the chat. >> W's W's. >> Guys, thanks for rocking with us this week. You know where to find us. Monday 12:30 p.m. Eastern from the financial capital of the world, the nest, the tokenization tower. We're going to have

a ton in the streets of New York. Next week, >> all five burrows. >> Next week, >> borrow. Next week, Katan's going on the streets of New York. >> I don't know if you guys are ready for that. >> I hope we get a co clinker with us somehow. >> Debbiey's in the chat. >> What a week. You're watching the rollup live from the tokenization tower. Intern power hour to end the week. Happy Friday. >> Happy Friday. Grab a drink. Go outside. Touch grass. >> Beautiful day. Top of the world. Never better. 77th floor.

>> 77th floor. >> I mean, come on. People go jet skiing on the river on other boats. I'm going to show you guys what what we're working with here. Let me just show you guys a little bit better. Yeah. Like open the window. >> 77 floor. You better pop that thing open.

>> Yeah. You got to show move all the books. Check this out, guys. >> Wow, the glare is actually not getting in focus, but >> intern power hour. >> Doesn't get better than this. Check that out, guys.

>> Type of view that just makes you want to work 50 hours a week. >> Statue of Liberty. Guys, >> Freedom Tower, >> Statue of Liberty. Madison Square Garden is literally a block over, >> guys.

>> Wow. That's it. I'm taking it all in. I can see my house from here. Wow. Last time I was in the area, I saw corn in a system of a down at Metife last time. That's sick. >> Nice. >> God bless America. That's beautiful. Where are we going? Next week will be lit. Autonomous street. Yes. Cat Krypto is per W power hour. The the nest is hunter. Yes, sir. [applause] Big week, successful week.

>> This view of being early in Zama has me flying. Get out there. Have a great weekend, guys. Much love. Inshalah. Cheers. >> Baby. [applause] [music] [music] >> [music] >> Hey, [music] hey, hey. [music]

Everything. [music] [music] [music]