On this episode of CoinDesk's Public Keys from the New York Stock Exchange, Jennifer Sanasie is joined by Fundstrat Head of Digital Asset Strategy Sean Farrell to unpack the crypto IPO slowdown, the Fed's hawkish pivot, and why Bitcoin miners pivoting to AI infrastructure remain one of the year's best places to hide in crypto. 21Shares Global Head of Research Eli Ndinga breaks down the launch of the first Hyperliquid ETF in the U.S. market, makes the bull and bear case for HYPE, and shares his $75 price target. Plus, NUVA Labs CEO Anthony Moro discusses the company's launch with nearly $19 billion in tokenized real-world assets from Figure Technologies and his vision for bringing TradFi to DeFi.

Timecodes:

00:00 Welcome to Public Keys

00:38 Clarity Act Passes, Macro Headwinds Hit Crypto

01:53 Crypto IPO Boom Hits a Speed Bump

02:09 Fundstrat's Sean Farrell Joins Public Keys

03:30 Why AI Is Driving the Tech IPO Market

05:00 Bitcoin Miners Pivot to AI for Higher Yields

06:13 Macro Outlook and Fed Chair Warsh

08:12 Hyperliquid's $850M Revenue and Pre-IPO Markets

12:23 Bitcoin and Ethereum ETFs See Major Outflows

13:48 Two HYPE ETFs Launch on Wall Street

14:25 21Shares' Eli Dinga on the THYP Debut

17:30 The Bull and Bear Case for Hyperliquid

22:30 21Shares' $75 Price Target for HYPE

23:55 Nuva Labs Launches with $19B in Tokenized RWAs

30:00 The Nuva Roadmap and Token Generation Event

This episode was hosted by Jennifer Sanasie.