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

What you'll learn

• 1 (00:03) **Show Open & Context** - David fills in for Ryan, joined by Tom Schmidt; they set the stage for a packed news week.
• 2 (01:15) **Market Snapshot: Equities Up, Crypto Down, Saylor Under Fire** - Equities rallying, but Bitcoin and crypto are falling, with Strategy’s STRK preferred trading ~15% off par.
• 3 (03:22) **Strategy (MSTR) Stress Test: STRK’s Plunge & Market Impact** - STRK drops ~20% from its $100 peg, dragging Bitcoin sentiment. David and Tom debate whether this is the first clear sign Saylor’s leverage is weighing on the market.
• 4 (10:42) **Saylor’s AI Gaffe** - In a CoinDesk interview, Saylor says he “used AI” to design STRK, a clip that erodes market confidence.
• 5 (11:31) **Kevin Warsh’s First FOMC: A Regime Change** - New Fed chair Kevin Warsh holds rates (3.5-3.75%) but deliberately kills forward guidance, removes his own dot from the dot plot, and launches four task forces.
• 6 (16:38) **SpaceX IPO: Seventh Largest Company in the World** - SpaceX briefly flipped Amazon in market cap after a hot IPO. High FDV, low float — easy to pump, now trading down to $180.
• 7 (22:51) **Hyperliquid’s Pre-IPO Perps Win** - Hyperliquid’s pre-IPO market priced SpaceX almost perfectly, cementing it as a pricing signal for TradFi. Cerebrus IPO was the spark; SpaceX was the proof.

+ Full timestamped outline available in the app