Saylor's Sell Signal, Morgan Stanley, & Coinbase Just Cracked | Joe Consorti
May 7, 2026
On this episode of The Last Trade, Joe Consorti joins Onramp's Jackson Mikalic, Michael Tanguma, and Brian Cubellis to analyze Morgan Stanley's launch of spot Bitcoin trading on E*Trade at 50bps, Coinbase's 14% workforce reduction, and Michael Saylor's earnings-call signal that MicroStrategy may sell Bitcoin to fund STRC dividend obligations. The conversation establishes that institutional Bitcoin adoption has moved past whether and into how.
Joe Consorti (Head of Growth at Horizon) joins Jackson Mikalic, Michael Tanguma, and Brian Cubellis on The Last Trade to break down a week where the bond market started dictating Iran policy, Morgan Stanley undercut Schwab on spot Bitcoin trading, and Coinbase cut 14% of its workforce.
The conversation moves from the macro setup — yields capped at 4.5%, Warsh teeing up trimmed-mean PCE to justify cutting into 3% CPI, 70% of US farmers unable to afford fertilizer — into the institutional Bitcoin landscape that's emerging on the other side of GENIUS and CLARITY. Morgan Stanley going live with spot BTC on E*Trade at 50bps reframes the competitive question: when the largest wirehouse in the world races to put bitcoin inside every 60/40 portfolio it manages, the conversation stops being about whether institutions adopt and starts being about how they custody.
The crew also covers Saylor's earnings-call signal on potentially selling Bitcoin to fund the STRC dividend, the custody concentration risk a complacent Coinbase has been masking, Polymarket's 67%-to-the-0.1% profit dynamic, and Marty Bent's frame that the catalyst isn't coming because the catalyst is the system itself.
Frequently Asked Questions
What did Morgan Stanley announce about spot Bitcoin trading?
Morgan Stanley launched spot Bitcoin trading on E*Trade at a 50 basis point fee, undercutting Charles Schwab's 75 basis point offering. The move signals that the largest wirehouse in the world is racing to position Bitcoin inside its 60/40 portfolio infrastructure rather than waiting on regulatory clarity.
Why did Coinbase lay off 14% of its workforce?
Coinbase cut approximately 14% of its workforce in 2026, with management citing AI efficiency gains. The episode argues the cuts reflect a deeper structural problem: Coinbase custodies more than 2 million BTC (roughly 10% of the circulating supply) but lacks Bitcoin-specific focus across its product, marketing, and balance sheet, creating concentration risk that institutional allocators will eventually price.
What did Michael Saylor signal about selling Bitcoin?
On the MicroStrategy earnings call, Saylor indicated openness to selling a portion of the company's Bitcoin holdings to fund obligations on the STRC preferred share dividend, which carries an 11% yield. This represents a notable shift from his prior stance and suggests the dividend obligations are creating pressure that wasn't present six months ago.
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.