Shalin Madan of Formidium joins The Last Trade to discuss the critical role of professional fund administration in the Bitcoin and digital asset space. Shalin shares his journey from hedge fund consultant to portfolio manager through the 2008 financial crisis to building Formidium as a full-service fund admin for digital asset funds. The conversation covers why counterparty risk management and proper fund infrastructure are prerequisites for serious institutional capital to enter Bitcoin, the parallels between early hedge fund of funds and today's Bitcoin fund landscape, and the growing convergence of AI and blockchain in financial services. The episode also highlights how Formidium's work directly supports OnRamp's institutional fund clients with introductions, legal infrastructure, and a full administrative suite.