Circle Soars, Trump and Musk Clash, and JPMorgan Embraces Bitcoin ETFs

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 7 June 2025

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Scott Melker joins NLW for a packed Friday Five: Circle’s IPO skyrockets, Musk and Trump’s crypto-fueled feud jolts markets, and JPMorgan quietly normalizes Bitcoin as financial collateral. Plus, lawmakers bungle crypto bill briefings and Cynthia Lummis sparks debate over Bitcoin’s role in national security. Brought to you by: Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit ⁠⁠⁠⁠Grayscale.com⁠⁠⁠⁠ -- ⁠⁠⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠⁠⁠ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Friday, June 6th, and that means it's time for the Friday 5.
0:23.3	Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it,
0:27.0	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:30.6	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash
0:34.5	breakdown pod. All right, friends, we are back with another Friday 5 with Scott Melker.
0:39.0	It's actually a pretty diverse week, so without any further ado, let's dive in.
0:44.0	Good morning, sir.
0:45.3	How are you?
0:46.0	Better than a lot of folks out there right now.
0:48.0	Things are great.
0:49.3	I'm excited to chat.
0:51.0	It's not a boring one this week.
0:52.5	I'll tell you that.
0:53.6	No, I want to start with
0:55.1	Circle because holy wow, man. This thing was being offered on Robin Hood and in pre-IPO shares
1:01.3	a day before at 27 to 29 bucks ended up closing the day yesterday after a huge day of trading at 83,
1:07.3	but it's trading at 96 basically right now, pre-market. I guess it's fair to say that
1:11.9	Circle had a successful IPO here and successful for no one more than Jeremy Aller, I've had on
1:17.7	the show quite a few times soon. Now is a casual billionaire, I think $1.7 billion after this IPO
1:23.1	at current prices. He has played the long game for sure. I mean, it's hard to remember for people who weren't around.
	...

Transcript will be available on the free plan in 6 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Blockworks, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Blockworks and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.