$150 Billion Later: The Truth About Bitcoin ETFs and Who’s Buying

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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

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