ROLLUP: Saylor Risk? | Warsh’s New Fed | SpaceX IPO | Coinbase’s Everything Exchange

**David Hoffman** (0:04)
Bankless Nation is time for another weekly roll up. It is the third week of June, and once again, Ryan Sean Adams is on vacation. Well deserved. And we got Tom Schmidt. Usually we tap in Haseeb, but we have tapped in Haseeb like so many times. So we're bringing my BFF back. Tom, welcome back to Bankless.

**Tom Schmidt** (0:20)
I'm glad I'm the BFF, not Haseeb. I've seen him on Bankless too many times, so thanks for having me.

**David Hoffman** (0:25)
Yeah, yeah, I really, really appreciate you. Tom, you're in New York. Why aren't you at the Knicks Parade?

**Tom Schmidt** (0:32)
I, you know, I'm gamefully employed, so I felt like it's very difficult to do both that and be at the Knicks Parade, but it looked insane. I was like, that Fulton Street is completely jammed, full of people, so I'm also happy to just observe it digitally, you know?

**David Hoffman** (0:46)
Yeah, I wake up and do the thing that you shouldn't do, which is I immediately open up my phone and I pulled up on Instagram and looked at stories, and there were all of my friends, and I was like, I'm two hours ago already in Manhattan at like 6.3 in the morning, like, Jesus, what are you guys doing?

**Tom Schmidt** (1:01)
I don't get it. I'm also, you know, I'm one of those, you know, bandwagon Nix fans, so I can't really cop to being a Nix fan, you know, I'm just like, I'm here.

**David Hoffman** (1:10)
Yeah, I'm glad it's happening, the energy in the city is great, I get to ride it. We got some news to talk about, equities are up on the week, but crypto is down, strategies stretch is trading 15% off par while there's a lot of grave dancing going on on Twitter. We have the new FOMC meeting with the new brand new, shiny new Fed Chair, Kevin Warsh. He said while he was getting the job, while he was going through the job interview process, that he's gonna cut. And then once he got the job, turns out when he just was saying what Trump wanted him to say, now he's got the job, he doesn't have to say that anymore. So now he's saying something else.
There was the SpaceX IPO on Friday, and now it's the seventh largest company in the world. And I got a question, why is Jito the block building software on Solana up 70% in 30 days? And then also Coinbase launched 21 new products all with their system update event. We're going to go through all of this and more. But first, before we get into today's episode, Tom, I got to talk to our friends and sponsors over at OKEx. The Intercontinental Exchange, which is the parent company of the New York Stock Exchange, they backed OKEx at a $25 billion valuation with a plan to launch tokenized New York Stock Exchange with stonks and derivatives later this year on OKEx. This is putting just TradFi and DeFi into the same app. Finally, OKEx is trusted by over 120 million global users and is bringing products to the US market that Wall Street has been talking about for years and OKEx is delivering them. This is the OKEx new money app. It's not just a vision, but it's a roadmap with institutional backing to execute on it. Not an OKEx user, yet if you are not, you can get $500 in Bitcoin through the link in the show notes, unless you are living in New York or Texas. Sorry about that.
All you have to do is go to OKEx, click that link, verify your identity, deposit $100, you get some money, deposit more money, get some more money, trade more money, get more money, all up to $500. There's a link in the show notes to get started. Let's just go back to equities. Equity is looking good on the week, still rallying after the Iran war. A peace deal got minted. Bitcoin and crypto followed them shortly, but not anymore, not yesterday and definitely not today. Bitcoin is now trading back right at the 200 week moving average at $62,600.
I think maybe this is just me, but I think people's eyes are all on Michael Saylor's stretch product, which was starting to recover after it dipped down to $91 last week, June 5th, and they recovered up to like $96, $97, but it caught all the way down to $82, Tom. This morning, it's trading back up to $87. So far.
So far, almost 20% off of its peg of $100, making people very bearish about the confidence of strategy. I don't know if you pay attention to stretch. I pay attention to stretch quite a lot. What do you think about all this?