Why Coinbase's stock lags its revenue

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:

• 0:00 Introduction

• 1:23 Owen’s outlook on crypto stocks—and what really drives them today

• 5:19 Why Coinbase’s stock is struggling while revenue goes up

• 7:47 Why so many crypto companies are spending heavily to expand distribution

• 10:58 Whether the 10/10 crash changed how analysts evaluate public crypto companies

• 14:41 Will public crypto companies enter prediction markets next?

• 17:02 How Coinbase and Circle are positioning themselves in this emerging area

• 23:00 What Citadel Securities’ push for SEC regulation of DeFi means for the industry

• 24:55 How a market structure bill could reshape the outlook for altcoins

• 27:03 Would a public crypto company buy a DAT trading below its NAV?

• 28:59 Has the window for crypto IPOs already closed?

• Part 2

•  32:57 How David and Bob first got into crypto

•  38:57 Why a DAT for Hyperliquid is necessary

•  42:40 Why they say their stock is a major opportunity right now

•  45:55 How running an altcoin DAT differs from doing one for ETH or BTC

•  48:54 How the DAT deal was structured—and Paradigm’s role

•  51:38 How they’re avoiding the big sell-offs typical in PIPE deals

•  53:11 Why there was a gap between announcing the DAT and executing it

•  55:14 Why Sonnet Therapeutics will remain operational post-transaction

•  57:51 Why the 10/10 liquidation event made Bob more confident in Hyperliquid

•  1:04:19 The broader Hyperliquid ecosystem—far beyond the DEX

•  1:06:42 Why David says perps are far better products than options

•  1:10:12 Why regulatory clarity is critical for Hyperliquid’s long-term success

•  1:13:37 What HIP-3 unlocks for builders building around perps

•  1:14:46 How prediction markets could integrate with perpetuals

•  1:15:49 How Hyperliquid can compete with major exchanges and crypto giants

•  1:21:18 Why Hyperliquid’s feed is so much faster than other chains

•  1:22:28 The $1 billion shelf offering—and how they plan to accumulate more HYPE

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