Connect with Onramp // Onramp Terminal // Arch Lending // Dhruv Patel on X // Himanshu Sahay on X // Bitcoin Backed Loans: Expensive, or Misunderstood?

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 Dhruv Patel and Himanshu Sahay

01:41 - Breaking Down the White House Digital Assets Report

07:29 - Bitcoin’s Growing Distinction from the Broader Crypto Space

10:28 - How Bitcoin Went from Fringe to Treasury Strategy

13:32 - The Rise of Bitcoin-Backed Public Companies

16:47 - Strategic Bitcoin Adoption and Economic Incentives

20:07 - Custody Risk and the MicroStrategy Blind Spot

21:43 - Major Banks Partner with Coinbase: What's at Stake

27:05 - Coinbase as a Systemic Risk and Industry Bottleneck

32:20 - Kraken’s IPO and Institutional Capital in Bitcoin

35:15 - Fed Dissent, Interest Rates, and Political Pressure

42:03 - Abra Halts Withdrawals: Lending Risk Is Back

47:00 - Custody, Collateral, and Counterparty Due Diligence

54:08 - Behind the Scenes of Arch’s Lending Infrastructure

58:29 - Private Credit, Rate Arbitrage, and Institutional Capital

01:03:42 - Bankruptcy Remoteness and Custodial Risk Management

01:11:02 - Product Innovation: Tax, Retirement, and Income Lending

01:17:36 - Final Thoughts, Outro, and Disclaimer

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Unlocking the Entrepreneurial Mindset with Jeff Hoffman | Office Hours, S3