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Coinbase vs. Robinhood, PIPE deals, tokenized stocks, and more!
Don't miss this week's content!
Juan Aranovich
July 12, 2025
Good Saturday! Here’s what we unpacked on the pod this week:
🧪 Phantom Bets on Hyperliquid – Why is a Solana wallet launching perps off Solana?
🔄 Bitcoin Miner Turns to ETH – A surprising pivot.
📉 Are PIPE Deals a Trap? – The funding method fueling rallies—and maybe crashes.
🌍 Bits + Bips: Tokenization vs. Reality – Are DATs, stablecoins, and tariffs reshaping markets?
🥊 Coinbase vs. Robinhood – Who wins the onchain fintech war?
⚖️ The Chopping Block: Tokenized Stocks + Suitgate – Coinbase’s legal chief joins to unpack tokenized equity drama, ICO resurgence, and whether crypto markets are finally ready for prime time.
Catch up on anything you missed 👇
Why Phantom Wallet Chose Hyperliquid Over Solana DEXes to Launch Perps
Why is a Solana-first wallet launching perps on Hyperliquid, and what does that say about crypto UX?
On Tuesday, Phantom announced it would launch perpetual swaps using Hyperliquid.
It’s a bold move for the Solana-first wallet, and a clear signal about where the team sees the future of DeFi.
In this episode, Phantom CEO Brandon Millman breaks down why they’re entering the high-leverage world of perps, why Solana DEXes didn’t make the cut, and why wallets (not exchanges) might become the new front door to crypto.
Plus: social features, mobile-first UX, and why Phantom sees itself evolving into a full-on consumer finance platform.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
Why This Bitcoin Company Is Going All-In on Ethereum
A bitcoin miner flipped to Ethereum, and it all might have started with a tense chat with Michael Saylor.
In this episode, Sam Tabar, CEO of Bit Digital, joins to explain why the company exited the BTC mining grind, even after becoming one of the largest U.S. miners.
From a revealing chat with Michael Saylor to a growing conviction in Ethereum’s narrative strength, Sam walks us through the company’s pivot to ETH accumulation, stablecoins, and even AI.
Laura also asked about ETH value accrual, but his answer might surprise you.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
How PIPE Deals Could Blow Up Crypto Treasury Stocks
Crypto companies are rushing to raise money via PIPEs, and retail investors may be the ones left holding the bag. Steven Ehrlich explains how dilution, low float, and investor panic could send prices crashing.
Unchained’s executive editor Steven Ehrlich joins Laura to unpack his recent investigation into PIPE-funded crypto treasury companies, and why some of the biggest gainers may now be headed for a steep fall.
Steve explains how four crypto treasury companies raised hundreds of millions via PIPEs, dramatically expanded their share counts, and may now be facing a flood of sell pressure.
He breaks down how PIPE financing works, why it’s popular with treasury firms, and why it can leave retail investors vulnerable. We also discuss Bitmine’s latest SEC filing, why it caused the stock to drop 39% on Wednesday, and what investors should watch for next.
Bits + Bips: DATs Are Crypto’s Biggest Trend. So Why Aren’t They Boosting Markets?
What the new Trump’s tariff threats, stablecoin hype, and tokenized stocks reveal about the fragility of today’s markets. Plus, is it still a bull market?
In this episode of Bits + Bips, we examine how rising global trade tensions could impact macro conditions, the Fed’s next move, and market stability. We also explore how investors should position themselves with inflation cooling and an uncertain policy path at the Fed.
We then look at what’s happening on the crypto side: volume shifting to tokenized public equities, the growing number of corporate stablecoin plans, and whether the promise of tokenization is matched by meaningful traction.
Joining hosts Joe McCann, Ram Ahluwalia, and Steve Ehrlich is Rob Hadick of Dragonfly, who shares his perspective on product-market fit in crypto, shifting market structure, and where real adoption may emerge.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
Coinbase and Robinhood Are Converging, but Who Wins the Onchain Fintech War?
The two giants at the intersection of fintech and crypto are racing to bring users onchain. Here’s what could determine who’ll get the biggest share of the pie
The race to bring users onchain is heating up, but the competitors couldn’t be more different.
Coinbase, a crypto-native giant with deep infrastructure and institutional partnerships, is going head-to-head with Robinhood, a retail-focused fintech now making aggressive moves into tokenized assets and blockchain rails.
Their visions overlap (tokenized stocks, perpetuals, custom chains) but the strategies, philosophies, and user bases differ sharply.
In this episode, Laura speaks with Diogenes Casares (Klyra Protocol) and Ryan Yi (ex-Coinbase Ventures, CoinFund) to unpack:
How these two companies will compete
What levers they have to increase their profits
How Base became a liquidity black hole for Ethereum
Why Coinbase may have already won the “flows” game
And how stablecoins, social, and tokenization could decide the winner
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
The Chopping Block: Paul Grewal Reveals the Truth Behind Tokenized Stocks
In this episode, the gang is joined by Paul Grewal, Chief Legal Officer at Coinbase, for a wide-ranging conversation on crypto’s next big frontier: tokenized stocks. From Robinhood’s controversial attempt to tokenize SpaceX and OpenAI shares to the legal and structural hurdles around pre-IPO derivatives, the crew dives deep into what it really takes to bring Wall Street on-chain. They also unpack the regulatory momentum behind the Genius and Clarity Acts, the return of ICO mania with Pump.fun’s $1B token raise, and the absurdly viral drama of Suitgate on Polymarket. Is this a new era of regulated innovation—or are we just recreating old problems on new rails? Tune in for sharp takes, legal insight, and a few laughs along the way.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
Show highlights
🔹 Tokenized Stocks Take Center Stage – Robinhood, SoFi, and Republic dive into pre-IPO trading; is this a financial revolution or regulatory chaos?
🔹 Coinbase’s Legal Strategy – Paul Grewal reflects on Coinbase’s battles with the SEC and what it took to survive crypto’s darkest legal hour
🔹 Pre-IPO Derivatives vs. Real Ownership – The crew debates whether retail is getting access or getting played
🔹 Robinhood vs. OpenAI – The tokenized equity stunt that triggered a corporate backlash and raised eyebrows across the industry
🔹 24/7 Markets, Finally? – Why crypto-native trading hours could break traditional finance
🔹 Pump.fun’s $1B ICO – The return of ICO mania? The team dissects crypto’s most profitable meme machine
🔹 Are Tokenized Stocks Useful Yet? – Tarun challenges the hype: where’s the real utility?
🔹 The Clarity & Genius Acts – Crypto legislation heats up in Washington—can the industry lock in meaningful reform?
🔹 Suitgate Explained – Zelensky’s outfit spawns a scandal on Polymarket: was it a suit or not?
🔹 Market Manipulation, Oracles & Meme Justice – Prediction markets meet internet chaos in the wildest crypto dispute of the week
In Case You Missed It 👀
The world’s largest digital asset broke out of a period of consolidation to a new bullish phase. The stars are aligning for the asset to go at least 40% higher.
One popular method of raising money for crypto treasury companies has already caused major drops for two firms. Another four could be on the way.
The registration comes on the same day that the firm closed a $250 million private round. The crash could indicate investor angst over more dilution.
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