Inside the SpaceX IPO And Why Bitcoin Is the Value Trade
June 9, 2026
On this episode of Final Settlement, a show presented collaboratively by Early Riders and Onramp Media, hosts Brian Cubellis, Michael Tanguma, and Liam Nelson discuss the SpaceX IPO and upcoming market dynamics, the debate over government equity stakes in AI companies, the Zcash inflation bug, tokenized deposits and bank consortium reporting, Morgan Stanley's Galaxy partnership, Tether's gold-backed card, and US sanctions on Iran's Nobitex.
Brian Cubellis, Michael Tanguma, and Liam Nelson cover the SpaceX IPO and the capital-rotation narrative the hosts see around bitcoin, the Sanders-Sacks debate over government equity stakes in AI companies, the Zcash inflation bug, JPMorgan's tokenized-deposit consortium, a Stripe, Visa, and Mastercard stablecoin effort, US sanctions on Iran's Nobitex, and a disputed market resolution on Polymarket, discussed as reported. Final Settlement is editorial commentary from Onramp Media and is not investment advice.
Chapters
00:00 - The State of Digital Assets 01:13 - Upcoming IPOs and Market Dynamics 05:54 - Contrasting Views on Investment Strategies 08:19 - Long-Term Perspectives on Bitcoin 14:11 - Speculation vs. Saving in Investments 18:32 - Government Involvement and Market Bubbles 25:22 - Zcash Inflation Bug and Crypto Vulnerabilities 31:12 - Tokenization of Deposits and Future of Banking 34:12 - Understanding the Future of Investment and Money 35:56 - The Role of Traditional Finance in Digital Assets 37:11 - Morgan Stanley's Bitcoin Lending and ETF Strategy 40:54 - Market Timing and ETF Launches 42:48 - The Evolution of Wealth Management and Asset Preservation 44:40 - Stablecoins and 24/7 Trading in Crypto Markets 49:05 - US Sanctions and the Impact on Crypto Markets 52:59 - Tether's Gold-Backed Innovations 55:19 - The Future of Agentic Payments and Prediction Markets
Frequently Asked Questions
What does this episode say about the SpaceX IPO?
The hosts open on the state of digital assets (00:00) and upcoming IPOs and market dynamics (01:13), with SpaceX as the anchor example, then contrast differing investment approaches (05:54), long-term perspectives on bitcoin (08:19), and speculation versus saving (14:11). Any read on capital rotation is the hosts' own framing, not investment advice from Onramp.
What is the Zcash inflation bug discussed in the episode?
One segment covers the Zcash inflation bug and crypto vulnerabilities (25:22). The hosts discuss the disclosed flaw as reported, alongside what it suggests about protocol risk.
What does the episode cover on tokenized deposits and stablecoin consortia?
Segments cover the tokenization of deposits and the future of banking (31:12) and the role of traditional finance in digital assets (35:56), referencing reported consortium work involving JPMorgan Chase, Citi, Bank of America, and Wells Fargo, plus a separate reported stablecoin effort involving Stripe, Visa, and Mastercard. The hosts return to stablecoins and 24/7 trading later (44:40).
What does the episode say about Morgan Stanley's reported bitcoin lending arrangement?
A segment covers Morgan Stanley's reported Galaxy partnership, under which certain clients could lend bitcoin in connection with in-kind ETF conversions (37:11), followed by market timing and ETF launches (40:54). Onramp does not offer yield, interest, or a return on bitcoin balances, and any lending or yield product referenced is a third-party offering. This is the show's framing, not investment advice from Onramp.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.