This week, Ryan and David unpack Circle’s explosive $20B IPO—crypto’s second biggest—and what it signals about Wall Street’s newfound love for stablecoins. They break down the confusing Trump wallet drama, where even Trump’s own sons deny involvement, and explore why Pump.fun’s rumored $4B token raise has the industry split. Ethereum enters “wartime mode” as the Foundation lays off staff and spins up a lean new R&D force called Protocol. Plus, Ray Dalio says “a bit of Bitcoin,” Trump’s Big Beautiful Bill adds $2.4T to the deficit, and SBF is headed to Netflix.
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TIMESTAMPS & RESOURCES

0:00 Intro

0:41 Circle IPO
https://x.com/circle/status/1930624298760143333
https://www.theblock.co/post/356602/circle-seeks-7-2-billion-valuation-in-upsized-ipo
https://x.com/ruiixyz/status/1930386144216396176
https://x.com/EconomyApp/status/1930657679418241238
https://x.com/jerallaire/status/1930595978215637360
https://x.com/EffortCapital/status/1930621939279679542

9:34 Markets

12:23 Trump BBB
https://x.com/alifarhat79/status/1930265604105150647
https://x.com/alifarhat79/status/1930256218108383338
https://x.com/elonmusk/status/1930452348234805665
https://x.com/WatcherGuru/status/1930659468536144062
https://www.congress.gov/bill/119th-congress/house-bill/1/text
https://x.com/elonmusk/status/1929954109689606359
https://x.com/RyanSAdams/status/1929993372586152364

23:53 Pump.fun is getting ready for a token
https://blockworks.co/news/pumpdotfun-token-sale
https://x.com/nextfckingthing/status/1929871539018576257
https://dune.com/tiagocryptonary/pump-fun-analytics
https://x.com/lmrankhan/status/1928163796691845133
https://x.com/VannaCharmer/status/1930318687333986639

32:00 Ethereum Foundation announced another big change!
https://x.com/TimBeiko/status/1929620145984753843
https://x.com/econoar/status/1930361688047661495
https://blog.ethereum.org/2025/06/04/ef-treasury-policy
https://x.com/centauridoteth/status/1929896351447372191
https://x.com/ViktorBunin/status/1929945974316662804

44:43 Strategy found a new way how to raise more money for Bitcoin
https://x.com/saylor/status/1929635975367475403
https://x.com/DylanLeClair_/status/1929661889963086170

49:01 Trump team launched a crypto wallet - or did they?
https://x.com/BitcoinMagazine/status/1929943367892283828
https://x.com/EricTrump/status/1929966635445576103
https://x.com/0xLeoInRio/status/1929955682037731340
https://x.com/molly0xFFF/status/1930351820288741708
https://x.com/Ronxyz00/status/1929884476328276036
https://x.com/EricBalchunas/status/1930015280094429381

57:50 SBF is heading to Netflix!
https://x.com/netflix/status/1928153876475097117

1:00:26 Bankless is looking for talent!
https://x.com/i/jobs/1929890683927638133
https://x.com/i/jobs/1929889475783520481

1:01:38 Closing & Disclaimer

1:02:01 Moment of Zen
https://x.com/l3olanza/status/1930320045139173881

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠