Yo, what up? What up? Good morning, good morning MG Thursday. Yeah, Thursday, Thursday, June 5th, 2025. Look at that another beautiful day to have a beautiful day. I got my Co host in the house, Tyler Tyler. Tyler, good morning. How you doing? Today I'm good. I've been thinking about this week. I feel like it's been a little bit of a, a boring week in fact, just waiting for something big to happen and it just hasn't come yet.
But I've I've got this feeling that something bigger is coming down the pipe soon. So I'll be anxiously awaiting but still feeling good in the meantime. Yeah. I mean, look, it's it's just one of those, right? It's just one of those. You got to, you got to. I feel like we're kind of going to have to to wait it out here. Runes June. Yeah. Rune June. Let's go Bongo. Rune June, Let's let's check in on our runes. Hold on. Where's the cue the the crying girl dancing man?
Hold on, let's let's let's look at the runes board here. Pops down 9% today. Fantastic. 20 million. Right, I was back to because when it when I put my tweet out and it went to a mere 34 million. Mind you it's down from 1 billion. I was told I was the bottom thing and it's a damn kill shot right there. How are my puppets doing though? They I like them though, and they do something OK, one O 4 feel like every that he only goes to has been on hold and it's waiting for Bitcoin to pump.
Oh wait, Bitcoin's been pumping. It it didn't move the entire run from 70K77K to 105. Yeah, that's not nice that that's that's not nice. Anyways, today's show, we'll do markets, we'll do topics. We'll probably be a quick show today. Looks like there's not too, too much going on. We'll do the giveaway at the end
of the show. So you go, you make sure you sign up e.com, sign up to e.com, use the code FOMO hour to sign up. And every single day, Monday to Friday, we give away some money to a lucky winner. We'll have three winners on Friday, so we'll be fine. We'll pick one person, give you a code. So make sure you sign up. Oh, it says E code. There's no code. There you go. And then last but not least, this show is powered by Wallet Connect. Wallet Connect is a connectivity
network shape. In the future, watching UX, if you've connected to F3 app, you've seen Wallet Connect. That blue logo, it's everywhere. An icon of trust in crypto, as recognizable as Visa at checkout. We'll have to learn more. Follow Wallet Connect on X and Telegram to stay ahead of what's next. Tyler. Tyler. Tyler. Tyler. You tell me what's next. Where's Mandel? I was with Mandel last night. He left early.
Yeah. The great Mandel left his cage, his dungeon, and he doesn't leave his house. But before we dive in, were you at that Tonight Show? I was. I was. It was funny shot the Benny that was that was something he he hosted this like Tonight Show thing for NFC Lisbon and and it's just just hilarious. It's just like did you see they pied snowflow live on stage? Oh, I haven't seen the highlights yet. Oh my God, dude. They like fucking pied the shit out of him in front of everyone.
I'll I'll find a photo after this and I'll show you. But it's it was funny. I they were doing it was Ovin Mandel doing an interview and Mandela was like that T-shirt gun. It was hilarious. And then it was me doing like mean tweets segment talking about just like fun panel style. And then I stayed on. I didn't know I was going to stay on for that. He he brought 4 gallerists and I think he's like stay here.
OK, I stayed on stage and it was a game of guess the value of the artwork and it was like 8 pieces of art and I won. Yeah, take that threat artists, galleries, take that gallerist coming into the space thinking you know everything. I beat you at your own game in front of everybody. It was crazy though, Tyler. Like it was so packed. There was people standing up like it was like a full house. It was like a couple 100 people there for that Tonight Show type thing. So it was cool.
Shout out to Benny. We love you Benny. We love you Red Beard. It was a lot of fun. I loved it. And with that, Tyler, let's see
what you have for us today. All right, folks, Curzo majors even down a touch here today is a Bitcoin one O 4 three ETH down at 2590, down about half a percent from yesterday's soul down most, down 3% at 150. From a macro perspective, not a whole lot going on. I think Trump and Z met and there's a bit of uncertainty ahead of some trade data coming out, but I haven't really seen a whole lot on the macro front, macro crypto. However, a couple big headlines
in the last day. So one JP Morgan announced they will begin accepting Blackrock's I bet ETF that those Bitcoin ETF shares as collateral for loans and they will take those into account when evaluating their their clients net worth. That was a very massive update. I want to dig into the updates from there. Circle was the other big piece of news on the day. They have upped their IPO to
$31.00 per share. I think that that puts them at 6.9 billion circulating 8.1 billion FDV ahead of live trading, which is expected today, but I don't think it's live just yet. So I'm not sure the exact time those shares will start trading, but that is a lofty valuation in treasury news man, these headlines just keep coming similar scientific another 185 Bitcoin they they now have 470
million in their treasury. Treasury global announced plans to invest 100 million in Bitcoin and ETH for its corporate treasury. And then this K wave media, it's a Korean stock that jumped 140% after they revealed plans to allocate $500 million towards Bitcoin lightning node operations and infra investments. So another day, another three headlines and the crypto corporate treasury from these things keep rolling in.
An interesting headline out in California, the their assembly passed this new act which would permit the seizure of unclaimed crypto after three years of inactivity. This is crypto held on central exchanges. They also have some provisions for how owners would reclaim those assets. So that caught a little bit of fun, fun on the timeline. Then we had Brian Armstrong that the rising debt has become a bigger issue on the timeline.
Elon has been speaking out about it quite loudly on X this like Brian, I'm trying to say that Bitcoin, Bitcoin is positioned to become the world reserve currency if the US does not reduce its deficit. And with this spending bill looking like it's going to pass, it does not seem like that is the case. In token AirDrop and protocol news here, Moon Pay obtained a bit license and money transmitter license in New York. Now it can operate across all 50
states. I air dropped $4 million worth of their USD one stable coin to 85,000 watts, $47 each. Not a huge stimulus, but still something 3 Jane, this is an interesting new protocol. They raised $5.2 million from Paradigm for no collateral on chain loans. So going a little bit further out the risk curve on the lending department, Infinex began season one of its yet brown campaign on Kaido. 100 million new patrons up for
grabs. The mega ETH share of teaser for this new Euphoria trading app game. It seems to be the new most hyped app coming on mega ETH. Rounding this out, AI was down 6 percent. 9.5 billion overall market cap, largely on the back of our coin, which has been going South. I'm seeing it down 13% at $0.90. Meme coin leaders were broadly red. Those and sheep down about 3%. Pepe down 6% SPX continues to out performance looking like the strongest horse in the meme coin
game right now. We also had launch coin rebound yesterday briefly hit 170 million. I think back around 140 right now clad now the number one token of the the ecosystem tokens there hit 25,000,000 yesterday. We saw nixie and masks some of the top slot of meme movers and NFTS. A couple headlines. The aeons tied to SPX. They're the top mover, that 45 percent, 1.2 E those supermods, Superman 151 up 50% / 2 1/2 eight those things. Just holy shit. And up. Wait, actually. Yeah, Superman's.
God damn. What's the exact price here? Let me pull. You guys, you and Bernie been talking about them. It's like fucking point to ease. Hey, I don't own any. No, very sadly. Look. Wait. You didn't you buy a bunch. I bought a bunch of the bad buns. Oh, bad. OK. Sorry, sorry. That's a different thing. OK. The supermodel of those Pokémon NFTS. Oh, oh, yeah. Sorry, sorry. Yeah, that you like. So it's only. 151 so it's a little bit easier to to to go up there, but they're they're
continuing to have longevity. World of women jumped 40% yesterday. I think their their new CEO. I don't know if she was announced or if she just spoke yesterday, but B, she went live at the NFC summit and apparently she was compelling because people are buying World of Women in FTS again. And then Canvas adds to his X copy. He swept $1.2 million on 3X copy pieces over on Gandhi. So he is keeping the art market alive. Very much so. Interesting. That's it.
I I didn't know about the whole new world of women CEO thingy. Yeah, I didn't know until I saw that the NMTS were pumping and I tried to try to find out why. Interesting. We'll have to look up. Man, 2021 was not real, dude. I'm convinced that it was like, I'm just convinced that it's like just like a glitch in the matrix at this stage. I mean, we were trading these things for like, like we're the
women. We're just using that as an example, not because you're talking about it went like 10 E, 12 E, yeah. I was going to say 15. You know how high did? Those 15 E they. Went pretty high. So like Uzuki went to 36 E dude. Yeah. What's the other one? Clones went to like 30s it. Was quite the bubble 4 Apes 150.
I don't even think that's my latest meme coin bubble compares to this like you think that Q4 last year like like we've gone A5 Bill Pepe to seven few means of few runners like the shark cats and the pop cats. No, because they didn't compare to the insanity that the NFT cycle was. The AI meta maybe came close and there. Was maybe? November, December, where you could kind of just throw a dart at those AI tokens and they were going to 20 to 50. But I don't know, like the the
golden Age 2021-2022. I mean you, you could knit something for like 0.1 ETH and it could be two to five ETH in an hour. Yeah. And then those art blocks, I mean the art block summer, some of those collections were coming out at 20 to 38 floors. Videnza's went. I think Videnza's went over 100. Yeah. Ringers went to 100, Squiggles went to 15 or 20 I believe. Oh yeah, that that doesn't surprise me. Who goes to me is like the least
surprising. Like I don't think that's that's going back the 28th down the line, but you got to have a 10 year plan on these. Wow, no excuse. You mentioned more of the women, so like world of women, cool cats, and this is words that make remind me 21, you know, moon birds. I know we'll talk to Spencer tomorrow, but it's it's the runes run coming will be bigger then Bongo. You go, what do we do with Bongo? Like what? We got to save the kid and he's such a nice guy, you don't want
him. He's the nicest person ever. What was the red guy? Red guy never went high enough. As a matter of fact, it was like 2 weeks. Was the red guy out on like 2 weeks? 2 1/2 weeks. Around 2, yeah, maybe. 2 maybe, maybe a touch higher. What is it at now? Like .4 by the most undervalued collection. If you look at the token, that's still over $100 million, which is barely dipping actually. But Nov shaved his head. Did you see that a guy's got no hair.
Fucking one of the great. Picture I saw, I wasn't sure if it was real, if it was a generated. I didn't recognize him. He gave us a hi to me last night. He's like yo. And I'm like, oh shit, that's my homie so. It doesn't save me some time every day Less less time to spend on hair care, right? Tell me about it, dude. I've been tying my hair. It's so fucking hot. Dude, I'm fucking I, I just, I just tie it. That's the that's the secret anyways.
All right, look, let's talk a quick, quick, quick. You know, before we we we get off that. So I think there's there's a lot of people comparing like open C to pump fun and the other side launch being the top of NFTS, right. But did we have the explosive bubble yet? And memes like to make this the top moment. Like that's what I struggle with because like you look back at 2022, you had apes at 150 ahead of ape coin. Azuki was 3030 to 40 coming off
on the back of they just did. They just did the check your wallets moment. I believe that was March. I was there. Where everyone's got AirDrop $20,000. Like I don't think we've had that. These are some of the reasons why we know that or maybe not as recently. I mean, of course we had the Trump mania, but that was three months ago. That feels like a past cycle at this point. So why? Like we're entering. Yeah, I don't know why it's. So that's the. I guess that's what everyone's
talking about all the time. Like, this cycle's so weird. It's like up, down, up, down, up, down, up, down. I don't know, I guess. Trump token. Yeah, the Trump token isn't. That was it? That was the moment, no? You, I believe that that was a blow off top. And then maybe you can tell me that we're just into sending roller coaster loops from Trump, and I could buy that argument. Yeah. But that does not mesh with pump fun token being like the the
blow off top. I don't think pop by the way, I after yesterday's conversation, especially it was a great one. Shout out to Jason, of course, for S Meadow and think we've had a good talk all four of us on the show. If you missed it, go back and listen to yesterday's show was really good. I do not think punk fun by all means is going to be a blow off talk moment. First reason is because everybody says it is.
Second reason is I, I I don't see it if well, the reason billion is a lot of money, but if they managed to do this right and it's even better for their business to do a fat air drop as well, which I believe they will do per the leaks right so Cyrus's tweet that you mentioned today this could be a big one so the. Other thing Jason mentioned that we didn't have to talk about because we were talking, we were talking about a lot of things. We didn't really talk about
their future plans. I didn't got plans. I don't think he's just taking this as his exit check and and writing off. I mean, if you wanted to do an exit check he would have. Like, he's already made so much fucking money, these guys that I think they're 4 right founders, they've all made. I mean, you know, they made $600 million right in the air. So. So yeah. But yeah, we'll see. Yeah. Melania was Melania. That's different. Diego too soon?
Too soon. I mean, like Trump, OK, the Melania token, which was tied to the scammers there wasn't it tied to like Hayden and all those guys that that was like, I argue that Libra was more of a blow off top slash moment, top moment and Trump that was the. First, the bubble. Yeah. That was a fuck you moment, you know. So yeah, Melania wrecked everything. Melania wrecked absolutely everything. So anyways.
It's over lining. I wanted to talk about this a little bit debriefing from our combo with Jason Coolfit. Is it his, his market outlook very much mirrors kind of like my golden Bull run thesis. I think it's similar to what Mando has spoken about you as well that we've, I don't want to put direct words in your mouth, but golden bull thesis we're breaking out of a four year cycle.
We're going to grind up higher for longer with shallower pullbacks, 15 to 30% corrections on a longer multi year run up for Bitcoin. That's been my pretty much my working thesis since the ETFs got approved about a year ago. I think we've seen our first potential evidence of that with the run the all time high and the Trump pump 30% correction to 77 and then a quick recovery. So I don't think we're going to see the 70% pull back on Bitcoin.
I think you guys separate alts. No, but Bitcoin is. Bitcoin is nothing of its own now, Tyler, right? Sure, but I think there if Bitcoin is going to grind up higher for longer with 15 to 30% corrections, we're going to have faster cycles. And it's like hard for me to to think like, oh, this is the ending moment of anything. So I think you can even play this out to memes. Like I don't think memes end because pump fun does a token.
It's always going to be like. We're going to continue grinding up. We're going to continue having metas. The metas probably going to be different each time. Yeah. But none of this is just going to. I don't know, I struggle to see how. Oh, you and I are also like terrible. So you know, we're also failed to see the other side a lot. But I agree with you generally, like I'm aligned. I mean I'm I've held every single coin of mine like my for a coin Pepe mall Gregg position is still on.
It's down a lot, but I don't think it's you know what I mean? It's like just I think that we're I think we're seeing beginning of June fake out here. I think we're going to run in June. My thesis stands. I never changed my thesis, my thesis. We're going to have a good month of May. Even though we dumped the last two days, we had a good month of May. Mandel brought up yesterday that the solar memes are all up like 4X from their lows.
And he's right. Like all of them these the big ones, like even with Mudang Saturday he mentioned and, and now we're just having a little, you know, no sell off. But I, I, I don't think, you know, I don't think we're going to, we're going to have a, we're going to have that moment. But I will see you on the pump front side, the other news circle. I mean, that's a big one. So they raised the ET, the IPO price by 20% on the back of being 25X oversubscribed. So they're raising $6.7 billion.
Is that what I'm seeing? Valued at 6.9 billion and that is outstanding shares 8.1 billion fully diluted. This is low or high. I think it's high and I from original, originally their plans were to to sell 34 to sell 24,000,000 shares at $24.00 to 26 and now it's 32,000,000 shares. So they upped the number of shares by what's that 33% and they also upped the share price by 30%. This is quite the jump from where we thought this was going to come out.
When we first start talking about Circle IPO ING, I think we were, we were talking about like the $5 billion mark. So now it's significantly above that. And like when I was looking at some of the their financials, it was a little more comfortable for me around 3 billion from a, from a buy standpoint. And I'm not a, I'm not a buyer at 8 million on this. I got to, I got to say, and we can try to pull up their, their financials a bit. I just sent you one that Matt Sagal posted a while back.
I think the part the problem with Circle is that they've been growing their revenue quite well. It looks so funny in the video. Have you seen the video? I haven't seen the video yet. Yeah, I'm watching that. Yeah. I mean, shout out to them. Huge day, huge moment, going public IPL and it's a huge deal. Yeah, it is. And they've been building torches for a long time. And it's a good products like I use, I use USTC almost every single day, Yeah. Me too. And I'm, I'm rooting them on.
But just like thinking about this from a, from a trading perspective here at an 8 billion dollar FTV open 6.9, I think it very well likely pumps on IPO day just because it was 25 X oversubscribed. People are going to see that signal. They've got the buzzy stable coin. It's a stable coin. You can you can just say that you you want the elevator pitch stable coins, I feel. Like, I mean, look at these numbers man. They're not.
They're good. You know, I've got the Bruce patron here with the great thread on on Circle statistics. Yeah, I mean, they're they're, they've been growing quite a bit. Their fees have been growing as well, which is what hurt their financials in the last report. Their income is actually down year over year despite some pretty significant revenue growth, which is what caught me off guard but. Revenues 1.67 bill 15% year over year, but that's 24 though, that's 25.
But yeah, net income down, down 40% net income. That that was. Maybe -40%. You are very well. Maybe they're able. To fix that, I haven't been digging in super closely to to their operations 40. 6X multiple PE, yeah. Feels a little high. PE is high due to. 24 in net income drop from rising distribution costs, one point O1 billion, 60% of revenue, signaling profitability pressure. What does he say to TRS? Sorry I'm not curious. D on the next post, Coinbase.
Dependency True Story paid 900 million 2024, or 50% of 1 billion Distribution cost Coinbase holds 20% of USDC, up five percent 2022 Rising costs Distribution costs may hit 70% of revenue by 29. Whoa, Tethers lead yeah, I mean, yeah, tether is just fucking massive and new entrants, which is true. I mean, even the Trump's right you as you want. And then and you talk about banks also that are going to get into stable corners and nation states, etcetera. So and then the last one is
interest rates, reserve income. This is a good threat. Yeah, that's those are really good risks. I think I would agree with all of those. Very well documented. They've been fortunate that rates have stayed higher, right? I'm looking at the rates right now. So we're 70% to either get 2 cuts or three cuts here by the end of the year, which is fewer than we had a few months ago projected on this show.
So the rates are going to be decently high, which is good for Circle. That's a part of how they make their money. Competition is steep. And like our good friend Jeeps, he talks about USDG. That's another consortium that's been spun up. It's got some huge names in it. It's building a stable coin. There's so many. I. Kind of feel like a circle is reading the market and knows that this is a good time. Dude, obviously. To go. Get that back.
With all that said, I mean, I'll be I'll be following closely. I think it could be. If it sells. Off 3 to 4 billion maybe it maybe it's interesting for a short term trade. I mean, I don't trade stocks, though. You can trade them now on Kraken, right? Yeah, there's a lot, yeah. How many? Stable coin companies are there, so we're torn. Stable coin projects globally, Tether, Circle Maker, Dial, Paxos, PayPal, Red Bull. Like there's so many women government.
Like why that's true. Well, I'm in government. What? Do you think of their Circle IPO? Let's see what chat GP Yeah. What are the? What are the? Robots have to say I've been I've. Been using chat GPTA lot lately. How many of you use Google still? Do you use Google? I don't use Google anymore. Sometimes, but generally I I don't Google shit. ChatGPT, yeah. I mean like if I. Was Jeremy Allure. I would also fucking raise a billion dollars right now and fucking take my money and run, dude.
TTMR. No brainer. No brainer. Well, the NP OS success is encouraging. It's essential to monitor how circle perform in coming weeks. Yeah, I mean, it's probably going to dump and then it's probably going to pump, right? That always does that just to wear it. Ask him if it's a buy or a sell. Is this a? Buy or a sell? Oh, come on. Come on. What's the real? Answer We got to train the models better. Come on, give. Come on man, give me a real answer in one word by yourself. Let's see.
Come on. I'm sorry to assume. Well my eye is a male so I'm I'm assuming the I'm not assuming it's gender sinking. Sinking heart. That's good news. Bye. Chat GPTI. Look, I'm like, come on man. There you have it. So. Funny Sam Altman. Sam Altman says bye. Sam Altman says bye. OK, thank you. I will put my life savings in. Hold up. Don't he's like you're the friend. That's like, anyways, what else is new or out in the box? Should we talk about this magic Eden Trump drama here?
Oh yeah. I guess we we glossed over. Yesterday, but we had Jason on so we had no time to talk about it. Yeah, so a little bit Brahma Magic Eden came out and announced that they're partnering with the Trump team to launch this Trump branded crypto wallet along with the trading app. And it looks like that trading app is going to be powered by Slingshot, which is a very good trading app. Has been using. Slingshot and you know, I think it's, you know, one of the best on the market.
Where this gets more interesting or the drama comes in is that the Trump team came out and said we are not a part of this. And this was Donald Trump junior and Eric Trump as well. I think Medskin came out and clarified they're they're partnering with the Trump meme coin team, which I think we're we're starting to come out to learn and perhaps is is a different group. I don't know the inner workings
of these of these two groups. It's not a huge surprise to me that Eric Trump, Donald Trump Junior are not claiming to be a part of the the Trump meme coin team, even though that perhaps they endorsed it in in the past. So that that's not a huge surprise. I kind of reading the tea leaves here. It didn't make me think, Are they distancing themselves from that Trump meme? That's what you raised like It's, it's true, right? It's like they endorsed the mean prior.
I think we they did, right? I don't want to say something stupid. I'm pretty sure they did. You know that that Trump did. Well, Trump did, because he. Posted on Real Donald Trump I'm pretty. I thought that his kids did as well and he's retweeted. This a few times and then they came out strongly against this right after like the World liberty 5 founders all tweeted,
posted on Instagram, etcetera. Then Don Junior, then they had Barron coming into Twitter. That Baron X faces account that he made to come on my Twitter space. Oh yeah, how sick. Is that Baron? Made a Twitter page to come on my spaces fire anyways and and they came out against this very strongly. Very strong like. This is like they straight up like, no, we did not do this right. What do you make of this and then the other?
Wrinkle is that they said that we are building our own as a part of world liberty financial look. Yeah, I'm. Not authorized. Be extremely careful SO. And, and he runs the brand, he says. I run at Trump and I know nothing about this project. Yeah, it makes me wonder, like Will, the, is the Trump meme coin team even authorized to, to, to give this the green light?
So it's it's a messy situation. I'm, I'm curious, you know, how that the Magic Kingdom war room team has been kind of responding to this over the last 36 hours or so. Are they still going to move forward with it? Like is it going to be flat out branded that the Trump wallet? And the the other part of me was wondering, like, is this similar to like the whole RTR situation where it seemed like the Trump team? Oh my. God, he said. RTR and perhaps like.
Walked away at the last minute. Like that was one of my initial reactions to this is like maybe they were a part of this and then like it ended up coming out and they didn't like the way it looks and now they're distancing themselves and I don't know, I don't have any of the actual inside of them. They got comedian. Noted. And everything. Yeah, Damn. So that's a little bit of a. Blow right to at least any momentum or this. Curious where this goes.
They they, they got the page later, right? Like magic. Has a wallet, they have a trading app. I guess it's just trying to expand their offerings. Are you joining the wait list for the Trump Wallet, Tyler? I'm not. I'm I'm content with the wallets I have. Look, we'll see, but the page got deleted like the Trump wallet page. Yeah, And where is it? I feel like the whole thing is. Up in the air right now, I I would I would not bet that this this is. Comes to life. This is not.
Great. What a what a timeline dude, I saw it the other day. I was just like, Oh my God, I I wanted to double down because we didn't talk about it yesterday. But anyways, what else is new, Tyler? There was a few other things. I'm sure what was coming here. It was a lighter day. Like at the risk curve news. So I think we can talk about the bigger headlines.
I really thought the Morgan news was really yo, so they're going to allow trading and their wealth management clients to use crypto, specifically starting with the BlackRock I shares, ETF shares as collateral for loans. And they're also going to consider those crypto holdings when assessing overall net worth, similar to how when they're going through an underwriting process, how they're evaluating the stocks that you hold, your cars, other assets.
They're now going to start underwriting crypto as well. And they said this is going to apply globally spending multiple levels of, of wealth. So this is a huge deal. I can speak from first hand experience, just haven't gone through the mortgage application process in the US. When these lenders look at you, underwrite you, they historically they, they just throw crypto out the window.
My specific lender didn't even want to look at my income because it was in just in the, the crypto sphere. So like they didn't work out my monthly income as a part of, you know, trying to figure out like what kind of loan we would be qualified for it and all of this. It just felt absurd. But that's just been the reality of the game. Yeah. And. Now that is.
Changing and I think it's also very notable that it's coming from JP Morgan, which is led by Jamie Dimon, who's been the most vocal, biggest hater compared Bitcoin to a pet. Rocket has no utility. Well, guess what? This is real utility. You can start to get use your crypto holdings, your Bitcoin as collateral. That's a big deal. I think one of the immediate impacts of this is it makes it easier to hold Bitcoin on a
longer time horizon, yeah. Definitely it's it's an interesting pivot right on the JP Morgan front it. Really feels like JP Morgan, the bank has been leaning more into crypto really for the last year, year and a half and I'd say has accelerated under the Trump administration. Whereas Jamie Dimon is still like the the dinosaur when it comes to crypto. And like he he is vocal about them. He doesn't like it. But behind the scenes, like the operations are have been moving
forward. And I feel like it's clear they're making plans for this and they're starting with. I bet that I, I feel like this is a clear signal that it's going to be more than just I bet. I also, yeah. For this, they're not. Taking custody. I still think they're going to get into the custody game. I think it's too big. Yeah, interesting. Mando with the Bando. Hey guys. How are you? From Gia from. Gia, sorry A. Little. Bit. Late we were we're good. We're good.
We're just talking about we we we kind of debriefed last yesterday's POM fun chatter. We went deeply into the circle IPO just now as well. And now into this now into this JP Morgan news. I mean, what do you think? I mean, Jamie Damon demon Demon is Jimmy Damon Diamond. He's been a big hater, and now it looks like it's kind of a flip here. Yeah, he's not going to change. His view, I don't think, but but like profit, you know, views never gone the way of profit at a bank.
So I think I think it's highly likely that what what Tyler just said is is correct. It's it's difficult for one person's views to get in the way of of what is clearly emerging asset class. Also, Jamie Dimon, there's been a ton of rumour rumours over the last years. You know, these are, he's looking for his success and he's probably on the way out anyway. So, like, not that he doesn't work unbelievably hard, but, you know, I don't think he's.
How old is Jamie Dimon? Must be in his late sixties, 69, Yeah, he might run for office. There's been talk of and all this stuff. So like, yeah, he's definitely going to define the next 20 years of JP Morgan, let's put it that way. Cutting him credit though. He's cooking over there. I think JP Morgan makes fucked on money right? Like what's JP Morgan like? JP Morgan he has. Been he's probably the best known CEO of a of a bank in the world, yeah.
They've been good. How much money does JP Morgan make? Let's talk to our our friend here again. Make an. Absurd amount of money every year and we're we're. Asking. See. We're asking. We're going to ask Chad. GPT Mando we've been we've been we've been playing with ChatGPT during this show a lot ChatGPT set to buy circle IPO 10s of. Billions of dollars. Let's see. They're huge. They're the number one U.S. bank, but there's four China banks higher than them, 2023
they. Made $240 billion in revenue, which was a 54.7% increase from 2022. Net income was $50 billion, which is a 38% rise from the previous year. Yeah. They are. I mean, look at the stock. In banking in. Banking world, they're kind of catching up with Goldman Sachs in terms of that prestige. Who? List of the banks making the most money. It's different, but you have some. Of the biggest banks in the world, and the biggest banks probably make the most money,
but they're not true. True. Like BNP Paribas massive back, yeah. What about China? JP Second, Yeah. Definitely out there. The Goldman Sachs wouldn't. Be on any of these lists, right? Because it's much smaller. Well, we it'll be. Further down, but per per person in the organization they make. Very high levels. Interesting. Interesting. Wow, USAUSAUSA, I'm. Embracing this I'm I'm a Chase. Customer so I'm. Hoping that they go full into
crypto that sapphire. Lounge hits, you know, anyways, so, so that's, that's a big pivot Circle IPO. It's good actually. Michael, quickly what what do you have any thoughts on the Circle IPO personally? Like it's like they raise the price by 20% I. Didn't think they'd get it that high. I I think it seems high to me, you know, but maybe I'm wrong. It's always difficult like. Where things price. Is often just dependent on buyers and sellers and often
like crypto. Like, it's clear that Wall Street doesn't want crypto exposure here. You know, like. In stocks so circle suddenly becomes this stock to actually own have crypto exposure. Sometimes things can trade it hard. I mean look at microstreet she right. If there's a 2X book like that that tells you that people want to have crypto exposure. So interesting. I I think, I think part of it is to do that, OK.
Speaking of traditional markets, are we going to flip the SPX, are we going to flip the S and Pi? Mean Tyler, it appears that you have been accumulating the hottest coin of this latest run. Yeah, I'm. Happy to just close. I've been Murad. Inc Nobody's allowed to talk to you about Murad anymore. I I wanted to bring that up. Let's bring it up, Tyler. Well, first the the news here. SBX is green, $4 billion on a day where everything else is red. For the most part all all the majors are red.
So it. Is outperforming. This is probably the best looking chart in memes. I think that's objectively true at this point in time. I mean it mirrors the what the far coin chart looked like 2 weeks ago. I know. Fuck yes, it was terrible. Yeah, it's. Wildly erratic. Like I I saw it went down $0.88 now it's back at $0.93. It's all over the board so far going what about the rec chart? What is back? Rect is. Up only. Oh that looks good. Fuck me, dude.
This is like my most solid handle up on. This Obi. Speaking. Oh, you just spoke. Yeah, yeah. That's like it's kind of old time. High, by the way. Yo-yo yo-yo yo-yo yo-yo yo. I tried the new flavor yesterday. What the fuck good about I think. It's yeah. Definitely the best one. Yeah, dude, it's. Amazing. Wow, it it, I just remember I guess. At least of it. Damn it, I just remember. Jesus. I just remember because.
I had quite a few drinks yesterday so I kind of forgot that I tried the right drink during the show. And sitting next to Mando. That's the one. Thing I think always said like it's it's blue, but it's actually got a grapefruit flavor. It's got nothing. The branding of it, the packaging has nothing to do with the flavor, which I do think maybe he should change that because I know it's shipwrecked. But maybe for the future cans of this taste.
But then if you don't want to tell the boy how to run his thing because he's killing it, but but but so the taste has nothing to do with the branding, but the taste is the best. So my personal 3 and I'm curious what you guys think in the chat. And for those of you who I think you haven't tried it yet, but Mendel, you have tried all three. Number one shipwrecked #2 line #3 Apple. Yeah, I think I would just put #1 as, as the shipwrecked.
And then the other two, like sometimes I, I'm like, oh, I really like the apple. And then sometimes I really like the, the lime, liquidated lime, but grapefruit lime. Is good with tequila. Grapefruit feels good at all times a day, you know? Yeah. People want grapefruit? Yeah, you. Should try. And test your the. Apple I've not found I love. I like the apple to drink. I don't like it as a mixer. I didn't like it as a. Mixer either the opposite for. Lime.
I like lime as a mixer more, yeah. There you go, there's something for everyone. Anyways, let's go back to the SPX. SPX. Brad was right, he he was perhaps the most villainous person during the last meme cycle. Whereas all he did was tell people to believe in his coins and stick to their beliefs versus everyone else who was preaching hyper rotation. He he took his took his talents to TikTok. Killing it and it it looks good. I like the is this.
You know what you're going to get like he he has got the the uniform style. You can say that I'm going to go become. The must up Marat of Hardcoin on TikTok. And I don't know if he's, I don't know if he's if we're actually pulling in TikTok buyers or not. But yeah, I don't know. Do you think that's the reason? No, no, no. No, no, no, no. I saw Jez buy as well. He's got all the whales buying for sure here. Look. Well, a big part.
Of it too is, I mean, yeah, believe if we're going to have an eighth season, if we're going to have an eighth season, people are naturally going to bet on 8th betas. Yeah, but the 8th. Betas are down are. You looking at the. 8th betas man, like only really wrecked in SPX is doing well. It's kind of not like great out there. I think they're all going to bounce. This one message is the one that's. Doing well.
Pepe is expensive, man. And I, I know it's been a great trade, but like I'm not, I'm not interested in buying Pepe at 5 billion. I'm just not. But I've been down. Yeah, it's. 350 million. Yeah. That. Seems versus those two that we just mentioned Pepe and I think you're just. Handling here we're we're pulling a Tyler special cub handle I've been.
Most surprised at that one like Rex seems strong aspect seems strong Pepe yeah it's expensive, so it's very difficult for it to like really push on without doge pushing on like you need yeah you need. You need the like the. Main meme rally for like Pepe to really rally. Yeah, but I don't really know what else I'd buy on these apart from apart from Mulga after that. What's Doge? Doge is back. Eighteen sets. Yeah, it's been. Bad, you see for games. Yeah, you're right.
You're right, SPX man. Q4. Q4 SPX. What was the low on SPX 240? OK, so just pull the far coin dude. 250 mil bottom dude. Wow. Yeah, it's same thing as exactly. That's funny. That's the exact same thing as far coin. Exact same thing. Yeah, I think we're mentally. Similar to FAR coins, people's targets are high like people are like their holders are, are irrational. They've been holding for a long time. They're not buying in for a 2X no. This is true. We'll see.
I mean, I'm patient. This is one of the rare times where like I'm seeing a massive drawdown like portfolio value and I'm not like freaking out like I it was scary. And then like you, you do wake up, like, fuck, you know, like that feeling. But I'm not like panicking about this. Even Meadow told me I'm going to be fine. So I think your position like what I. Said yesterday, I still think it's true. I do think that that you always, you always are just all memes or nothing.
And I think that's that has very wild run ups and can have very wild run downs. Like there is something if it's only ETH rather than ETH beta, you know, or there is some benefit of owning Solana rather than maybe sold these at times, you know, like now you wonder. Why I have bipolar disorder. Just kidding, but I do think. That fartcoin will it it feels like it's going to be strong. I do think that Solana could go down to 140 area. I do.
I do think that and I don't think like even with Bitcoin continued to hit all time high and maybe even if pushing on like I I think that that would have very much surprised me. Yeah, we just wait, you know how how do you feel about the rest of June here? And then I guess we'll we'll get to a geek giveaway. I know you got to you also go to stop at the hour mark Tyler. But what do you think about June
here? Like I'm thinking we're getting a quick little fake out first week of June and like I think we're going to have a good month. And like, how do you feel about the market generally? Yeah, I'm not, I'm not that worried about the market here. I think like we've said this yesterday, but Bitcoin's just hanging out around 105 K and it's not really moving.
It's going up and down 1% and it's every time it moves up and down 1%, the whole market completely nukes, which apart from maybe like just the majors, maybe just the eBay. So like even Salaan is getting hurt and that sort of a move and some of the others. So Bitcoin dominance is just staying at 64%. I, I don't know how long that continues for, but it probably tells you that like, it's dangerous. It's dangerous to own to own.
It. Is what it is, but I do, I don't think, I don't think Bitcoin is going to go to like 90K or anything like that. Like I think I think it'll stay above 100K. You think you can shut me up by stopping my long? No, you're fueling me and exposing yourselves. Your tactics are being documented and exposed. Live by me. The perpetrators will be named Put me in jail or kill me to shut up from now on. I'm coming for everyone of you. Wow. Big. James Winn, do you liquidate it? Again.
Yeah, go liquidate. It again last night. Oh, brother. That's one guy. Never clicked to follow Barton on I've. Messed him. I've messed him to see if he wants to go on wreck radio. Let's let's see if. He he comes on, it would be a big interview. I mean, what an idiot. See, I'm an idiot, but I'm that much an idiot, $100 million. Like you've got a thing like 30% in cash, 30% in Bitcoin, 30% in sole and Ethereum, and then you fuck off, right? Yeah, at least they don't.
Followers, you know, so. Oh yeah. Yeah, sorry you got through the follow up. It's true. He he grew his 300K fast United so he'd be Would you rather? Have 100 million or 300,000 followers on CT I don't have. 400,000 followers on CT get out. Well, if you asked me a million or three K followers on CT, I'd take the followers, but 100 million for a versus A. Million, yeah, 1,000,000. 10 million, that's what I'm starting to, maybe all for the 10 million.