Medici Presents: Level Up

Capital Markets Spotlight is a new Medici series featuring the people who run investor relations, capital markets, and institutional distribution — the functions behind how a token reaches institutional investors.In this episode, Sean and David sit down with Trevor King, Investor Relations at Lighter, to discuss Lighter's vision for bringing financial markets onchain through perpetual futures.Trevor explains why Lighter sees perpetual decentralized exchanges as much more than trading venues, with the potential to support prediction markets, options, equities, commodities, and other financial products. He also breaks down Lighter’s approach to market makers and retail traders, its distribution strategy with partners such as Robinhood, and why the company is focused on expanding into the U.S. market.The conversation also covers the Robinhood Lighter instance, Lighter’s regulatory strategy, the Lighter EVM, token economics and buybacks, upcoming token unlocks, governance, and the biggest risks and opportunities facing the business.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ Key Points From This Episode:00:00 Introduction00:48 Trevor explains Lighter’s goal of bringing financial markets onchain and why perpetual exchanges can become broader ecosystems.03:11 What makes perpetual futures distinct from spot, dated futures, and options, and why they serve retail and hedge funds.06:13 Trevor compares perpetual DEX economics and infrastructure with traditional exchanges and discusses competition.08:11 How Lighter could coexist and compete with traditional venues as perpetual futures gain adoption.10:03 The relationship between exchanges, traders, and market makers, including Lighter’s decision not to charge retail takers.13:00 How Lighter approaches retail execution and compares with other perpetual venues.14:50 Trevor discusses the shift from crypto toward commodities and equities, now a meaningful share of Lighter’s volume.17:02 How the Robinhood integration works, what drives activity, and the role of real-world assets.19:58 Trevor explains the 50/50 Robinhood revenue split and how Lighter’s share funds token buybacks.22:10 How Lighter could connect liquidity and market makers across multiple instances.23:33 Why the team is building from the U.S., engaging regulators, and working within licensing frameworks.27:40 Why Trevor sees room for both platforms to grow while Lighter focuses on U.S. expansion.28:44 Revenue, market share, distribution, and monetization—and why the goal is a profitable business.30:53 The team’s “white glove” approach to fintechs, wallets, exchanges, and institutions instead of simply providing an SDK.34:46 Trevor discusses new markets and how the Lighter EVM could let builders access liquidity and experiment with applications.37:07 How Lighter directs fees toward LIT buybacks, the scale discussed, and how the approach could evolve.39:56 Token allocation, Robinhood incentives, investor holdings, and the January unlock schedule.43:22 Why Lighter says value generated by its products should accrue to the token despite an equity entity.45:01 Why Lighter operates like a traditional business rather than a DAO, and why Trevor sees execution as its biggest risk.47:01 Why Lighter is focused on reaching the next millions of perpetual-futures users, not just today’s traders.Links: The Medici Network: https://www.medici.network/  Podcast Site: https://levelup.medici.network/  Lighter: https://lighter.xyz/   Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham   Co-Hosts David Grider, Finality Capital - https://x.com/David_Grid Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell  GuestTrevor King, Lighter X - https://x.com/trevor_flipper LinkedIn - https://www.linkedin.com/in/trevor-king-a85534185/ Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/

In this special LA 26 conference edition of Level Up, David and Sean sit down with three leading voices across institutional investing, blockchain infrastructure, and enterprise fintech. Cambridge Associates' Joe Marenda shares an allocator's perspective on blockchain venture, valuations, institutional adoption, and liquid strategies. Eigen Labs founder Sreeram Kannan discusses why blockchain is foundational to the AI agent era, the security challenges AI introduces to DeFi, and how Eigen is positioning itself for agentic commerce. Finally, Knova founder Natalya Thakur explains how financial institutions can unify traditional and tokenized assets through enterprise infrastructure designed for scalable digital asset operations. View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ Key Points From This Episode:00:00 Introduction & live from Medici LA01:21 Joe Marenda (Cambridge Associates): allocator perspective02:36 Blockchain venture valuations and market outlook04:32 Why blockchain venture looks attractive today06:42 Digital money as blockchain's clearest use case08:47 Common institutional misconceptions about tokens10:50 Institutional interest in liquid digital asset strategies13:45 The future of institutional digital asset allocations14:28 Sreeram Kannan (Eigen)15:02 Building for the AI agent era18:35 AI-driven security risks in DeFi23:20 Restoring trust through security and settlement design24:40 Eigen's business model and infrastructure roadmap27:12 Natalya Thakur (Knova)27:51 Simplifying digital asset operations for financial institutions31:51 Enterprise adoption and key use cases33:06 Distribution strategy and regulatory considerations36:39 Knova’s business model37:58 Closing remarksLinks: The Medici Network: https://www.medici.network/  Podcast Site: https://levelup.medici.network/  Cambridge Associates: https://www.cambridgeassociates.com/Eigen Labs: https://www.eigenlabs.org/Knova: https://www.knova.finance/ Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham   Co-Hosts David Grider, Finality Capital - https://x.com/David_Grid Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell  Guests Joe Marenda, Cambridge AssociatesLinkedIn - https://www.linkedin.com/in/joe-marendaSreeram Kannan, EigenX - https://x.com/sreeramkannanNatalya Thakur, KnovaLinkedIn - https://www.linkedin.com/in/nthakur9Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/

Will McEvoy, CIO of Cypherpunk Technologies, joins David Grider and Sean Farrell to discuss why privacy is becoming one of the most important investment themes in crypto. The conversation explores Cypherpunk's thesis around Zcash, how AI is accelerating the need for privacy-preserving technologies, the evolution of digital asset treasury companies, and what could drive the next wave of adoption for private digital money.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ Key Points From This Episode:[00:00:00] Preview: Why AI could make financial privacy more important than ever[00:00:14] Introduction and podcast disclaimer[00:00:56] Meet Will McEvoy and his background[00:01:59] From Winklevoss Capital to launching Cypherpunk Technologies[00:04:18] The investment thesis behind privacy and Zcash[00:06:29] Is Cypherpunk more than a digital asset treasury company?[00:09:13] Building a broader privacy technology ecosystem[00:11:30] Will consumers actually pay for privacy?[00:15:30] Why Zcash instead of Bitcoin or other privacy coins?[00:18:36] Measuring adoption: key Zcash metrics and user base[00:21:00] Bitcoin's institutionalization and the renewed appeal of cypherpunk ideals[00:23:26] Cypherpunk's public company strategy and capital allocation[00:26:08] PIPE financing, ATM activity, and treasury growth[00:29:42] Why Cypherpunk partnered with Leap Therapeutics[00:32:55] Long-term approach to accumulating Zcash[00:34:26] Thoughts on Zcash mining economics[00:35:52] Zcash supply schedule and the next halving[00:37:17] Valuing Zcash as a private store of value and payment network[00:39:47] Scaling challenges for private digital money[00:41:32] Zcash versus competing privacy solutions[00:42:42] Quantum resistance and the development roadmap[00:44:03] Governance and ecosystem development[00:45:02] Regulatory considerations for privacy-focused cryptocurrencies[00:47:43] Key catalysts and risks for Zcash and Cypherpunk[00:49:32] AI, privacy, and the future of financial freedom[00:50:22] Final thoughts and closing remarksLinks: The Medici Network: https://www.medici.network/  Podcast Site: https://levelup.medici.network/  Cypherpunk: https://cypherpunk.com/  Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham   Co-Hosts David Grider, Finality Capital - https://x.com/David_Grid Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell  Guests Will McEvoy, CypherpunkLinkedIn - https://www.linkedin.com/in/wmcevoy X - https://x.com/will__mcevoy  Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/

Recorded live at Medici LA 26 and released as a special episode, David and Sean sit down with Barry Silbert, founder and CEO of Digital Currency Group (DCG), to discuss his journey from discovering Bitcoin in 2011 to building one of the most influential companies in digital assets. Barry reflects on the early days of Bitcoin, the creation of Grayscale and GBTC, the maturation of institutional digital asset investing, and the regulatory milestones that helped pave the way for Bitcoin ETFs. The conversation also explores the future of tokenization, the convergence of public and private markets, Bitcoin mining economics, financial privacy through Zcash, and why Barry believes decentralized AI networks like Bittensor represent the next major frontier for crypto innovation. View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ Key Points From This Episode:[00:00:00] Barry’s vision for a blockchain-based financial system[00:01:27] Discovering Bitcoin in 2011 and meeting early pioneers[00:03:22] Buying Bitcoin under $10 and investing in blockchain infrastructure[00:04:50] The origins of GBTC, Grayscale, and Digital Currency Group[00:06:58] Institutional adoption and the evolution of crypto investing[00:08:08] Why Bitcoin is becoming a permanent asset class[00:09:30] Barry’s perspective on quantum computing risks for Bitcoin[00:10:56] Grayscale’s legal battle with the SEC and Bitcoin ETFs[00:11:28] Capital formation, tokenization, and regulatory progress[00:13:00] Why public and private markets may eventually merge[00:14:09] Foundry, Bitcoin mining, and the impact of AI infrastructure demand[00:15:03] The changing economics of Bitcoin mining[00:16:03] Why DCG is investing in Zcash mining through Fortitude[00:17:46] Barry’s investment thesis for Zcash and financial privacy[00:20:58] Comparing Zcash and Monero[00:24:21] Zcash adoption, market opportunity, and long-term outlook[00:26:41] Introduction to Bittensor (TAO) and decentralized AI networks[00:27:33] How Bittensor’s subnet ecosystem creates incentives for innovation[00:29:14] Privacy infrastructure, regulation, and institutional adoption[00:31:17] How DCG evaluates investment opportunities and emerging trends[00:32:25] Why financial privacy and blockchain-AI convergence matter[00:33:35] Investing across the Bittensor ecosystem[00:34:46] Building DCG with a long-term investment horizonLinks: The Medici Network: https://www.medici.network/  Podcast Site: https://levelup.medici.network/  Digital Currency Group (DCG): https://dcg.co/ Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham   Co-Hosts David Grider, Finality Capital - https://x.com/David_Grid Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell  Guest Barry Silbert, DCGLinkedIn - https://www.linkedin.com/in/barrysilbert/X - https://x.com/BarrySilbertProduction and editing by The Podcast Consultant  - https://thepodcastconsultant.com

In this episode of Level Up, David Grider and Sean Farrell sit down with Jack Platts, Founder, CEO, and CIO of Hypersphere, to discuss how digital asset investing has evolved over the last market cycle. Jack shares lessons from launching funds during the 2020 bull market, adapting investment strategies after the 2022 downturn, and expanding beyond crypto into broader technology themes like AI, rare earths, and brain-computer interfaces. The conversation also examines portfolio construction, concentrated investing, crypto AI opportunities, Bitcoin’s evolving macro role, and how institutional appetite for digital assets is changing.   View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/   Key Points From This Episode: [00:00:00] Introduction to Jack Platts and Hypersphere [00:02:32] Jack’s early crypto background and launching Hypersphere [00:03:16] Evolution of Hypersphere’s investment strategies since 2020 [00:06:45] Breakdown of Hypersphere’s fund structures and liquid strategies [00:08:33] Identifying thematic opportunities and developing investment edge [00:09:34] Research process, information gathering, and idea generation [00:10:41] Team structure and incorporating LLMs into portfolio analysis [00:13:04] Portfolio construction through concentration and conviction [00:15:56] Risk management and continuously re-underwriting positions [00:18:30] Balancing liquid and illiquid investments across technology sectors [00:20:18] Investments in SpaceX, Neuralink, and rare earth supply chains [00:22:24] Expanding beyond crypto while maintaining dedicated crypto exposure [00:25:17] Comparing crypto performance to broader technology markets [00:27:18] Historical fund performance and managing through the 2022 downturn [00:28:47] Recognizing changing market conditions and reducing exposure in 2021 [00:31:20] Macro market outlook and Bitcoin’s geopolitical relevance [00:33:44] Crypto sectors with potential upside including lending and exchanges [00:36:02] Crypto AI opportunities and key projects under evaluation [00:37:49] How LP appetite for crypto funds has evolved since 2021 [00:41:02] Why investors should remain engaged with the crypto asset class Links:  The Medici Network: https://www.medici.network/   Podcast Site: https://levelup.medici.network/   Hypersphere: https://www.hypersphere.capital/   Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham     Co-Hosts  David Grider, Finality Capital - https://x.com/David_Grid  Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell    Guests  Jack Platts, Hypersphere LinkedIn - https://www.linkedin.com/in/jack-platts-b0407360 X - https://x.com/jackbplatts  Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/