The world's most important waterway just became a bitcoin market.

Iran is launching a digital insurance platform targeting $10 billion in volume that requires BTC payment for safe passage through the Strait of Hormuz. Not stablecoins. Not gold. Bitcoin. The Iranian government, cut off from SWIFT and watching its Tether holdings get seized, is choosing the neutral asset because nothing else clears across hostile borders.

This is what bitcoin as a global settlement layer actually looks like in practice.

In the same week, the Prime Trust litigation trust sued Swan Bitcoin over approximately 12,000 BTC and $970 million in clawback claims, alleging Swan pulled assets from Prime Trust based on non-public information about a $50-100 million shortfall before the loss became publicly known.

Two stories, one thesis. Bitcoin is becoming the asset sovereigns and institutions want to hold. And the third-party custodians most holders trust to hold it are getting tested in court, in bankruptcy, and in the public record.

Michael Tanguma, Liam Nelson, and Brian Cubellis cover both stories and what they signal for the next phase of institutional bitcoin adoption.

Also in this episode:

• CLARITY Act clears Senate Banking 15-9, July 4 signing timeline
• Hyperliquid x Coinbase/Circle deal and the USDC integration
• Standard Chartered moving to fully absorb Zodia Custody
• Hana Bank's $670M stake in Dunamu and Japan's SBI/Rakuten building crypto trusts in-house
• Gemini's Q1 results: $100M loss, $100M strategic investment
• SpaceX pre-IPO perpetuals and the meme-ification of synthetic equity
• Onramp's Series A close