CoinDesk Podcast Network

MicroStrategy founder Michael Saylor took the Consensus mainstage to unveil what he calls the killer app for Bitcoin: digital credit. Saylor explained how his company's STRC instrument, now the biggest and most liquid preferred stock in the world after just eight months, strips yield from Bitcoin's volatility to create an 11.5% tax-deferred return with near-zero volatility. He argued that digital credit is the missing bridge between Bitcoin and crypto, TradFi and DeFi, and that it opens the door to a new generation of yield coins that could transform the $350 billion stablecoin market and beyond.

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Timecodes:

00:00 - Michael Saylor at Consensus Miami 2026

01:28 - How Digital Credit Works

04:47 - Bitcoin vs MSTR vs STRC Performance

07:27 - STRC Becomes The World's Biggest Preferred Stock

12:55 - The Bridge To Digital Money And Yield

18:27 - The DeFi Opportunity For Builders

19:46 - How Yield Coins Are Replacing Stablecoins

22:34 - Building The Future Of Digital Credit

SpaceX debuted today after a $75B IPO raise, closing with a $2.11 trillion market cap, and Anthropic is searching for 1 GW to host its own GPU clusters.

Welcome back to The Blockspace Podcast! SpaceX’s historic IPO came and went today, marking a day of firsts that saw the company close the largest IPO ever at a $2 trillion valuation, making its founder Elon Musk the world’s first trillionaire. Nakamoto’s Brandon Bailey joins us to discuss the IPO and the current state of the AI stock market and bitcoin, plus his project Dimetrics, a Bloomberg-esque terminal for the data center space. In other big news, Anthropic has reportedly entered into 12 letters of intent to rent 1 GW+ of data center space for its first-ever self-owned GPU clusters. 

Check out our latest report, “What’s a Megawatt Worth?” where we quantify the trillion dollar opportunity for bitcoin miners venturing into the AI sector. 

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👉CleanSpark (Nasdaq: CLSK), a market-leading data center developer with a proven track record of success.

👉Luxor, Blockspace's preferred mining pool. Start hashing today with Luxor!

👉Lygos Finance, Borrow against your Bitcoin, without compromising on custody.

SpaceX's record-breaking IPO.

SpaceX raised $75 billion in the largest IPO in history and began trading on Nasdaq today. The company holds 18,712 bitcoin worth roughly $1.2 billion, giving SPCX investors indirect BTC exposure. CoinDesk's Sam Ewen hosts "CoinDesk Daily."

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This episode was hosted by Sam Ewen. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

CoinDesk's The Policy Protocol hosts Rebecca Rettig and Renato Mariotti unpack the CFTC's 267-page proposed rule-making around prediction markets and event contracts, plus the letter from crypto CEOs backing the BRCA. And, a debate between John Lothian and Udesh Jha, Head of Exchange Analytics at Kalshi, over whether crypto perpetuals are properly classified as futures or swaps.

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Read more from Ari Redbord about the mixer indictment under 1956: https://www.linkedin.com/posts/ari-redbord_in-the-midst-of-debate-around-clarity-activity-7470924721635794944-8yUy?utm_source=share&utm_medium=member_ios&rcm=ACoAADHl20UBUd56sB8eTJ0w5gv3WIBQo2eJ6f0

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Timecodes:

00:00 Welcome to The Policy Protocol

01:10 CFTC's 267-Page Prediction Markets Rule

03:10 60+ CEOs Back the BRCA

05:30 The Perpetuals Debate

07:43 John Lothian's Case: Do Perpetuals Look Like Swaps?

09:45 Kalshi's Udesh Jha on Funding Rates and Cost of Carry

12:43 Would Swap Status Shut Out Retail?

16:45 Is Kalshi Making the Rules Up?

19:25 John's Closing: Market Manipulation Concerns

20:46 Udesh's Closing: 'Regulation First'

23:29 Person of the Week: State Regulators

23:38 Illinois' Digital Asset Trading Tax

24:20 NY DFS Aligns With Genius

CoinDesk's The Policy Protocol hosts Rebecca Rettig and Renato Mariotti unpack the CFTC's 267-page proposed rule-making around prediction markets and event contracts, plus the letter from crypto CEOs backing the BRCA. And, a debate between John Lothian and Udesh Jha, Head of Exchange Analytics at Kalshi, over whether crypto perpetuals are properly classified as futures or swaps.

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Read more from Ari Redbord about the mixer indictment under 1956: https://www.linkedin.com/posts/ari-redbord_in-the-midst-of-debate-around-clarity-activity-7470924721635794944-8yUy?utm_source=share&utm_medium=member_ios&rcm=ACoAADHl20UBUd56sB8eTJ0w5gv3WIBQo2eJ6f0

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Timecodes:

00:00 Welcome to The Policy Protocol

01:10 CFTC's 267-Page Prediction Markets Rule

03:10 60+ CEOs Back the BRCA

05:30 The Perpetuals Debate

07:43 John Lothian's Case: Do Perpetuals Look Like Swaps?

09:45 Kalshi's Udesh Jha on Funding Rates and Cost of Carry

12:43 Would Swap Status Shut Out Retail?

16:45 Is Kalshi Making the Rules Up?

19:25 John's Closing: Market Manipulation Concerns

20:46 Udesh's Closing: 'Regulation First'

23:29 Person of the Week: State Regulators

23:38 Illinois' Digital Asset Trading Tax

24:20 NY DFS Aligns With Genius