Connect with Early Riders // Connect with Onramp

Presented collaboratively by Early Riders & Onramp Media…

Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.

00:00 - Geopolitics, oil, and market volatility

11:09 - Crypto market structure: CFTC/SEC clarity and the Clarity Act

22:19 - Stablecoin surge: Stripe MPP, and MasterCard/BVNK

37:12 - Kraken's frozen IPO and the crypto exchange landscape

43:41 - Institutional digital asset adoption: EY/Coinbase survey

49:44 - Building Bitcoin-native financial companies

53:44 - AI meets capital: OpenAI/Anthropic PE deals and robotics investment

1:00:58 - AI agents, Walmart dynamic pricing, and surveillance risk

1:05:57 - Building in the new economy and The Stables

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Keep up with Michael:

https://x.com/MTanguma

https://www.linkedin.com/in/mtanguma/

Keep up with Liam:

https://x.com/Lnelson_21

https://www.linkedin.com/in/liam-nelson1/

Keep up with Brian:

https://x.com/BackslashBTC

https://www.linkedin.com/in/brian-cubellis-00b1a660/

In Episode 26 of The ₿roadcast, Bram Kanstein, Brian Cubellis, and Michael Tanguma break down the most important Bitcoin and macro developments from the past few weeks.

00:00 — Intro & Brian's Back

03:51 — Iran, the Strait of Hormuz & the Energy Crisis

19:00 — Travis Kalanick's Return & the Plumber Thesis for AI

31:10 — Stretch, MicroStrategy & Who's Actually Buying?

40:27 — Private Credit Is the New Subprime

53:30 — UK Bans Self-Hosted Wallets

01:00:01 — 12–24 Months to Serfdom

01:06:11 — Druckenmiller Sold the Bottom

01:16:49 — The DCA Chart That Ends Every Argument

01:20:17 — The Fed Is Trapped & Both Exits Lead to Bitcoin

01:25:55 — BitTensor, Distributed AI & You Don't Need a Token

The ₿roadcast: Bitcoin culture meets Business & Finance. We catch up LIVE on news, tweets, videos, charts, trends, and other Bitcoin related content that stood out to us in the past two weeks ⚡️ Published on Saturday at 9AM EST / 3PM CET.

The Last Trade: Jackson, Michael, and Brian break down AI job displacement, the Strait of Hormuz oil shock, hot PPI data, Wyoming hoarding gold, ETF inflows resuming, the Bitrefill hack, and why the Fed is trapped like a rat.

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🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Inheritance Planning: https://onrampbitcoin.com/products/inheritance

👉 Dynasty Trusts: https://onrampbitcoin.com/products/dynasty-trusts

👉 Institutional: https://onrampbitcoin.com/products/institutional

📩 Schedule a consultation: https://onrampbitcoin.com/consult

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode

AI is coming for 42% of U.S. jobs, the Strait of Hormuz is putting 20M barrels a day at risk — 7x the scale of the Russia-Ukraine oil shock — and PPI just came in hot before oil prices are even reflected. The Fed can't raise, can't cut, and stagflation is setting in. Meanwhile, Wyoming is stashing physical gold in state reserves, the SEC just declared most digital assets aren't securities, and North Korea hit Bitrefill while physical attacks on Bitcoiners are running at 2x last year's pace.

The crew goes deep on why this Middle East crisis is structurally worse than 2022, how the U.S. strategic petroleum reserve is already depleted, the case for states accumulating sovereign hard money reserves, why ETF inflows resuming after a five-session streak matters for market structure, the counterparty risk embedded in Strategy's growing BTC stockpile, and why the SEC/CFTC guidance is both bullish for Bitcoin's price and bearish for humanity. Plus — Signal or Noise returns, and Jackson makes the case that you should stop banking on Bitcoin to save you.

🧠 Chapters

00:00 — Intro & Karpathy's AI Disruption Study

08:40 — Strait of Hormuz & Oil Shock

17:59 — Gold, Oil & the Multipolar Shift

22:27 — Wyoming Is Stacking Gold

31:49 — Strategy, ETFs & Market Structure

40:02 — SEC/CFTC Crypto Guidance

46:01 — Bitrefill Hack & Physical Attacks

52:43 — The Last Takes

59:03 — Outro & Disclaimer

💡 Subscribe & Stay Ahead

Get Onramp’s weekly Research & Analysis:

High-signal insights in bitcoin, macro, and custody.

📩 https://onrampbitcoin.com/research

Subscribe to Onramp Media for more:

🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with Onramp

Presented collaboratively by Early Riders & Onramp Media…

Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.

00:00 - Intro and Bitcoin's surge

04:41 - Travis Kalanick’s ventures

09:07 - Founder-led innovation

13:36 - AI in construction

16:01 - Business refounding necessity

19:02 - AI's impact on jobs

22:01 - Market signaling and AI

28:38 - Unalterable data repositories

33:33 - Bitcoin in digital finance

41:14 - Crypto and traditional finance convergence

50:34 - Building financial companies with Bitcoin and AI

54:32 - Political implications on stablecoins

1:02:24 - AI tool vulnerabilities

1:06:14 - Data privacy and AI

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:

https://x.com/timmyhmshen/status/2033373162256118219?s=46

https://www.theblock.co/post/393173/wells-fargo-files-wfusd-trademark-covering-crypto-trading-payments-and-tokenization-services?utm_source=twitter&utm_medium=social

https://www.mastercard.com/us/en/news-and-trends/stories/2026/mastercard-crypto-partner-program.html?utm_source=substack&utm_medium=email

https://www.theblock.co/post/393721/abra-to-go-public-via-spac-merger-at-750-million-valuation?utm_source=twitter&utm_medium=social

https://www.theblock.co/post/392812/stablecoin-fintech-kast-raises-80-million-in-series-a-to-fund-global-expansion?utm_source=telegram1&utm_medium=social

https://www.theblock.co/post/392812/stablecoin-fintech-kast-raises-80-million-in-series-a-to-fund-global-expansion?utm_source=telegram1&utm_medium=social

https://x.com/pete_rizzo_/status/2033185448026394872?s=46

https://www.wsj.com/finance/stocks/nasdaq-partners-with-kraken-in-tokenization-push-135e8112

https://x.com/MTanguma/status/2033187728976699843?s=20

https://techcrunch.com/2026/03/13/travis-kalanick-launches-a-new-company-called-atoms-focused-on-robotics/

https://x.com/cryptopunk7213/status/2031914914768449817?s=46

https://techstartups.com/2026/03/13/meta-plans-massive-layoffs-of-up-to-20-of-the-workforce-to-offset-soaring-ai-costs/

https://x.com/markgadala/status/2033230495283351624?s=46

https://x.com/trungtphan/status/2032224185335103686?s=46

https://x.com/TrungTPhan/status/2032224185335103686?s=20

https://x.com/etherealize_io/status/2031444979969647085?s=46

Keep up with Michael:

https://x.com/MTanguma

https://www.linkedin.com/in/mtanguma/

Keep up with Liam:

https://x.com/Lnelson_21

https://www.linkedin.com/in/liam-nelson1/

Keep up with Brian:

https://x.com/BackslashBTC

https://www.linkedin.com/in/brian-cubellis-00b1a660/

The Last Trade: Jackson, Michael, and Brian break down the US military operation in the Middle East, $120 oil, bitcoin's resilience as a wartime asset, the 20M BTC supply milestone, Kraken's Fed master account, private credit cracking, and the IRS's new crypto audit form.

---

🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance

👉 Institutional: https://onrampbitcoin.com/products/institutional

👉 Business: https://onrampbitcoin.com/products/business

📩 Schedule a briefing: https://onrampbitcoin.com/contact

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode

Oil spiked to $120, gold is trapped in the desert, private credit gates are closing, and the IRS just rolled out a new form designed to catalog every bitcoin holder's exchange history. Meanwhile, Bitcoin is up 7% since the conflict started and 20 million BTC have now been mined with only 1 million left to go.

The crew goes deep on how drone warfare is reshaping geopolitical power dynamics, why Bitcoin's portability advantage over gold has never been more obvious, the Kraken-NASDAQ tokenized equity partnership and Kraken's historic Fed master account, the private credit unraveling from Cliffwater to Blue Owl to BlackRock, and why sellers may finally be exhausted around these levels. Plus a new segment — Signal or Noise — and a reminder from Daniel Batten on why thinking from first principles has never been more important.

🧠 Chapters

00:00 — Intro & New Format

01:30 — The Middle East Conflict

04:07 — Drone Warfare & $120 Oil

07:36 — Bitcoin Up 7% During a War

12:01 — Gold Trapped, Bitcoin Isn't

16:40 — Privacy, Chamath & the Open Ledger

19:46 — 20 Million BTC Mined

25:03 — Signal or Noise: Kraken & Tokenized Trading

29:58 — Private Credit Is Cracking

37:35 — The IRS Crypto Audit Form

53:50 — The Last Takes

1:03:24 — Outro & Disclaimer

💡 Subscribe & Stay Ahead

Get Onramp’s weekly Research & Analysis:

High-signal insights in bitcoin, macro, and custody.

📩 https://onrampbitcoin.com/research

Subscribe to Onramp Media for more:

🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with Onramp

Presented collaboratively by Early Riders & Onramp Media…

Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.

00:00 - Introduction to Ledn and Bitcoin Lending

03:56 - Discussing the State of Bitcoin Leverage

06:42 - Understanding Risks in Bitcoin Lending

09:46 - The Impact of Market Dynamics on Bitcoin Lending

12:48 - The Importance of Transparency in Lending

15:47 - The Role of Institutional Investors in Bitcoin Lending

18:45 - Lessons from Venezuela: Mauricio's Journey to Bitcoin

21:59 - The Future of Bitcoin Lending and Ledn’s Vision

33:20 - The Birth of Ledn: A Solution to a Common Problem

35:35 - Understanding ABS: Transforming Bitcoin Lending

44:13 - Investment Grade Ratings: A Game Changer for Bitcoin Loans

52:20 - The Future of Bitcoin Loans: Bridging Traditional and Crypto Finance

59:16 - Navigating Competition: Banks Entering the Bitcoin Space

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:

https://www.galaxy.com/insights/research/state-of-crypto-leverage-q4-2025

https://finance.yahoo.com/news/blockfills-ceo-exits-75-million-205445687.html

https://www.theblock.co/post/392732/crypto-lender-blockfills-restructuring-after-halting-withdrawals-lawsuit-ft

https://www.ledn.io/post/ledn-abs

https://www.ledn.io/post/tether-invests-in-ledn

https://www.ledn.io/post/ledn-posts-record-q3

Keep up with Mauricio:

https://x.com/cryptonomista

https://www.linkedin.com/in/mauricio-di-bartolomeo-780284101/

Keep up with Liam:

https://x.com/Lnelson_21

https://www.linkedin.com/in/liam-nelson1/

Keep up with Brian:

https://x.com/BackslashBTC

https://www.linkedin.com/in/brian-cubellis-00b1a660/

In Episode 25 of The ₿roadcast, Bram Kanstein, Michael Tanguma, and special guest Matt Odell break down the most important Bitcoin and macro developments from the past few weeks.

00:00 — Intro & Welcome Matt Odell

02:55 — Assassination Markets & the Polymarket Phenomenon

09:16 — AI Is Eating White Collar Jobs & Nobody's Ready

24:26 — The Dot Plot Has Never Been Wider

36:48 — What Dalio & Chamath Get Wrong About Bitcoin

45:41 — Gold Has Counterparty Risk Too

49:43 — ETFs Stripped Bitcoin of Its Safe Haven Properties

01:01:39 — TradFi Is in Its 2017 Crypto Moment

01:07:32 — Bitwise Showed Up, Saylor Tried to Stop It

01:17:13 — DATs Are Puking & Saylor's Hoarding Cash

The ₿roadcast: Bitcoin culture meets Business & Finance. We catch up LIVE on news, tweets, videos, charts, trends, and other Bitcoin related content that stood out to us in the past two weeks ⚡️ Published on Saturday at 9AM EST / 3PM CET.

The Last Trade: James Camp, co-founder of APFX, joins the crew to break down the multi-trillion dollar AI agent economy, why Bitcoin and stablecoins aren't in competition, and why the next bull market has nothing to do with retail investors.

---

🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance

👉 Institutional: https://onrampbitcoin.com/products/institutional

👉 Business: https://onrampbitcoin.com/products/business

📩 Schedule a briefing: https://onrampbitcoin.com/contact

James Camp on X: https://x.com/JamesonCamp

Website: https://james.camp/

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode

A multi-trillion dollar economy is being built beneath the one you know. James Camp — pragmatist, Bitcoiner, and AI implementation consultant — joins the crew to map out the agent economy taking shape right now, why AI agents will likely settle on Bitcoin as a long-term store of value even as stablecoins handle day-to-day transactions, and what the Jack Dorsey/Block layoffs actually signal about where corporate America is headed.

The conversation covers quantum FUD, the order of operations for hyperbitcoinization, why the average American doesn't need to care about Bitcoin for it to win, and what it means to be a pragmatist before you're a Bitcoiner.

🧠 Chapters

00:00 — Intro & James's Bitcoin Origin Story

08:30 — How AI Agents Prefer to Transact

16:45 — Bitcoin vs. Stablecoins: Why Both Win

24:00 — BPI's AI Agent Monetary Study

31:15 — Jack Dorsey, Layoffs & Financial Engineering

42:00 — Quantum FUD & Why It's Mostly Noise

49:30 — The Invisible Hand & Where Capital Flows Next

57:00 — Intermediaries, Self-Custody & the Middle Ground

1:04:00 — Cyborgs, Brain Chips & the Amish Option

1:10:00 — The Poorest of the Rich: James's 5-Year Bet

1:14:00 — Outro & Disclaimer

💡 Subscribe & Stay Ahead

Get Onramp’s weekly Research & Analysis:

High-signal insights in bitcoin, macro, and custody.

📩 https://onrampbitcoin.com/research

Subscribe to Onramp Media for more:

🎧 The Last Trade | Final Settlement | Scarce Assets