Bits + Bips: How Bitcoin Treasuries Are and Aren't Like the SPAC Bubble - Ep. 845

The Bitcoin Conference in Vegas is getting more political. Crypto treasury companies are exploding across the globe. And macro markets are flashing mixed signals, with geopolitics entering the chat.

In this episode of Bits + Bips, the panel dives into:

Key takeaways from Bitcoin 2025

The possible bubble forming around Bitcoin treasuries

How the SEC is fighting back against staking in ETFs

Whether Ethereum is finally catching up

How Ukraine just redefined trade risks

Why ETFs have seen so much inflows since the market bottom

How AI will impact growth and the job market

And … why James hates Las Vegas 😀

Thank you to our sponsor!

Bitwise

James Seyffart, Research Analyst at Bloomberg Intelligence

Joe McCann, Founder, CEO, and CIO of Asymmetric

Ram Ahluwalia, CFA, CEO and Founder of Lumida

Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter

WSJ: Bitcoin Goes All In on MAGA, Shedding Its Antigovernment Slant

Unchained:

Pakistan Sets up Strategic Bitcoin Reserve

Crypto Treasury Companies Are All the Rage. Could They Cause an Industry Collapse?

Decrypt: Another Bitcoin Buyer? Nasdaq-Listed Reitar Logtech Plans $1.5 Billion BTC Purchase

The Defiant: Trump Media Closes Roughly $2.4 Billion Financing to Establish Corporate Bitcoin Treasury

Bloomberg: SEC Flags Concerns on Crypto ETFs Offering Staking Rewards

The Guardian: Ukraine launches major drone attack on Russian bombers, security official says

Timestamps:

0:00 👋 Intro

2:02 🎰 - Why James hates Vegas, but was impressed with Bitcoin 2025

4:48 🐘 - Has bitcoin moved too far right politically?

10:02 📈📉 - If bitcoin treasuries are all the rage, why isn’t the price moving?

13:26 🌍 - One big reason why the treasury bubble differs from SPACs

18:26 📉 - Are these companies destined to implode?

22:55 🤔 - One big (but hidden) opportunity to profit from this market

34:23 🏦 - How some ETF issuers tried (and failed) to pull one over on the SEC

43:19 🤐 - Why James sees one quiet, but bullish, trend in ETF flows

47:48 🌎 - Why Noelle thinks that numbers don’t matter - it's all about geopolitics

58:10 🐂 - Ram sees a secretly bullish setup. Here’s how he says to play it

1:07:33 💻 - How AI is going to eat the world, and turn markets upside down
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