The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.

00:00 – Introduction to James Seyffart of Bloomberg 04:23 – Background & Path to Covering Bitcoin 11:19 – Inside Bloomberg’s Crypto Coverage 15:26 – Spot Bitcoin ETF Launch & Record-Breaking Success 21:01 – Why TradFi Still Struggles with Bitcoin 28:09 – BlackRock’s Pivotal Role 34:44 – Sound Money Renaissance: Bitcoin & Gold 42:43 – Macro Context: Debt, Inflation & Asset Valuations 51:48 – Custody Concentration & Coinbase Risks 56:53 – Digital Asset Treasury Companies (DATs) 1:03:41 – 13F Filings & Institutional Ownership Trends 1:11:51 – Vanguard’s Anti-Bitcoin Stance 1:16:38 – Looking Ahead: Flows, Custody, and Market Integration 1:20:45 – Closing Thoughts, Outro and Disclaimers