HORYONCrypto Market Intelligence
Wintermute, a crypto market maker, plans to invest $1 billion in AI infrastructure and high-frequency trading over the next five years. The investment aims to expand into traditional financial markets, with the company targeting more than 50% of its revenue from non-crypto markets by the end of 2027.
The CFTC has invoked emergency powers to keep Kalshi trading despite a New York suit against the prediction market. Kalshi triggered the order, notifying the agency of a market emergency after New York moved to bar its contracts nationwide.
Michael Saylor's Strategy has launched a public BTC credit model showing credit spreads, undercollateralization risks, and BTC floor prices across its $53.5B in reserves and $21.95B in debt and preferred stock.
Anthropic has signed a 20-year, $9.1B compute lease with Riot Platforms for 191 MW at Rockdale, Texas. This move is seen as another sign that BTC mining infrastructure is being repurposed for AI demand.
ENS tokenholders have approved a governance overhaul with 70% support, putting the ENS Foundation in charge of a $65M endowment and offchain operations.
Twenty One Capital has reported a $414M Q2 loss, driven mostly by falling Bitcoin prices. The company's CEO, Raphael Zagury, is pushing to expand beyond a pure Bitcoin treasury model.
Robinhood Chain is currently paying more fees to Ethereum than any other L2, highlighting how quickly the new chain is becoming economically significant for Ethereum.
The episode discusses the growth of Robinhood Chain and its interoperability with Lighter Core, built on Ethereum, enabling market makers to move capital between them quickly. Lighter aims to create a liquidity layer for perpetual swaps distribution across global consumer front ends. The CEO shares the vision for a technological underpinning with partners like Robinhood and Telegram Wallet.
A boutique investment bank successfully sold Link Systems, a payments company, for $550 million, outperforming a previous attempt by Merrill Lynch that valued the company at around $150 million. The boutique firm's deep diligence efforts uncovered new buyers and synergies, resulting in a significantly higher sale price. This example highlights the importance of thorough diligence in unlocking hidden value.
The episode discusses the current state of the crypto market, the role of technical analysis, and the growth of on-chain credit and yield products. Guests share their insights on market trends, investment strategies, and the potential of tokenization to democratize access to investment opportunities.
The current high-yield environment presents an opportunity for investors, with real yields over 2% for the first time in 18 years, and the Fed's upcoming meeting may lead to further rate hikes. The episode discusses the implications of this environment on savings and investments. High-yield savings accounts and Treasury bills offer attractive rates, making them more appealing than traditional savings accounts.
The podcast discusses the potential for an on-chain boom in the crypto market, citing signs of increasing participation and revenue growth in various projects, with a focus on lower market cap assets and the need for a catalyst to attract speculative capital.
NVIDIA has secured a $500 billion deal with financial institutions to provide GPUs, with the institutions providing funding in exchange for interest, and NVIDIA offering depreciation insurance. The demand for GPUs is driven by high demand from hyperscalers and AI labs, with prices increasing by 40% on the year. The deal involves a consortium of financial institutions, including Apollo, BlackRock, and Goldman Sachs.
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