Unchained
Unchained
Laura Shin
Episodes
About
Reviews
Charts
Promote
Bits + Bips: How Stocks May Decouple From Bitcoin—and Why TradFi Should Love a HYPE DAT - Ep. 972
1 hour 25 minutes Posted Dec 5, 2025 at 11:30 pm.
Introduction
Owen’s outlook on crypto stocks—and what really drives them today
Why Coinbase’s stock is struggling while revenue goes up
Why so many crypto companies are spending heavily to expand distribution
Whether the 10/10 crash changed how analysts evaluate public crypto companies
Will public crypto companies enter prediction markets next?
How Coinbase and Circle are positioning themselves in this emerging area
What Citadel Securities’ push for SEC regulation of DeFi means for the industry
How a market structure bill could reshape the outlook for altcoins
Would a public crypto company buy a DAT trading below its NAV?
Has the window for crypto IPOs already closed?
How David and Bob first got into crypto
Why a DAT for Hyperliquid is necessary
Why they say their stock is a major opportunity right now
How running an altcoin DAT differs from doing one for ETH or BTC
How the DAT deal was structured—and Paradigm’s role
How they’re avoiding the big sell-offs typical in PIPE deals
Why there was a gap between announcing the DAT and executing it
Why Sonnet Therapeutics will remain operational post-transaction
Why the 10/10 liquidation event made Bob more confident in Hyperliquid
The broader Hyperliquid ecosystem—far beyond the DEX
Why David says perps are far better products than options
Why regulatory clarity is critical for Hyperliquid’s long-term success
What HIP-3 unlocks for builders building around perps
How prediction markets could integrate with perpetuals
How Hyperliquid can compete with major exchanges and crypto giants
Why Hyperliquid’s feed is so much faster than other chains
The $1 billion shelf offering—and how they plan to accumulate more HYPE
0:00
1:25:21
Download MP3
Show notes
In this special double-feature episode of Bits + Bips, Unchained executive editor Steve Ehrlich brings listeners two of the clearest investor perspectives on where the crypto markets may be headed next.
First, Owen Lau, Managing Director at Clear Street, breaks down why crypto equities remain so tightly correlated to Bitcoin—and what might finally cause that link to break. He unpacks the growing role of stablecoin revenue, Coinbase and Circle’s evolving business models, and why a market structure bill in 2026 could reshape the sector.
Then, in the second half, Bob Diamond and David Schamis of Hyperliquid Strategies explain why they believe Hyperliquid and its HYPE token represent one of the most compelling opportunities in digital assets. They walk through the rationale for their DAT, Hyperliquid’s performance during extreme market volatility, and the broader ecosystem being built through HIP-3 and beyond.
Sponsors:
Mantle
Host:
Steve Ehrlich, Executive Editor at Unchained
Guests:
Owen Lau, Managing Director at Clear Street
Bob Diamond, Founding Partner and CEO of Atlas Merchant Capital
David Schamis, Founding Partner and CIO of Atlas Merchant Capital
Timestamps:
Part 2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Learn more about your ad choices. Visit megaphone.fm/adchoices
This podcast uses Megaphone for stats, tracking, and dynamic audio. Learn more on this podcast's About tab. Dynamic Audio may cause this episode's timestamps to be slightly off.
← See all 1139 episodes of Unchained