Money Stuff: The Podcast

Episode: Key Beast Risk: BMNR, 10%, OLMA
Date: January 16, 2026
Host: Matt Levine
Co-host: Katie Greifeld

Episode Overview

This episode of Money Stuff navigates three major financial storylines with Matt Levine and Katie Greifeld’s signature wit:

The $200 million investment in Mr. Beast’s “Beast Industries” by Bit Mine Immersion Technologies
Donald Trump’s proposal to cap credit card interest rates at 10%, and the industry’s reaction
An elaborate insider trading case involving healthcare stocks and biotech trials

The hosts blend technical finance insight, dry humor, and cultural commentary, exploring “key beast risk,” banking politics, and the ethics of trading on inside information.

Key Discussion Points & Insights

1. Mr. Beast, Bit Mine, and ‘Key Beast Risk’

(Starts ~02:20)

Headline: "Mr. Beast nabs $200 million investment from Tom Lee's Bit Mine."
Who is Mr. Beast?
- YouTube juggernaut Jimmy Donaldson. “He's got an empire...a billionaire.” (Katie, 02:59)
The Investment:
- Bit Mine, formerly a Bitcoin miner, now mainly a crypto treasury holding $14B (mostly Ethereum), buying a stake in Beast Industries—not Mr. Beast the individual.
- “That is largely an investment in the Beast himself.” (Matt, 03:21)
About Bit Mine:
- Pivoted from Bitcoin mining (cooling hardware in liquid “baths”) to a crypto treasury and Ethereum holdings.
- “[They] pivoted away from being a miner to being a Treasury company, and they pivoted away from Bitcoin to being an Ethereum company.” (Matt, 04:24)
Why Diversify into Content?
- Crypto holdings aren’t the sure thing they were last year; so, treasury companies, flush with funds, are exploring big ticket investments outside pure crypto.
- “Now if you put $14 billion of Ethereum in a pot, you trade to like, $13 billion, that's not as good a trade.” (Matt, 04:47)
Strategic Rationale:
- “Crypto treasury companies will all say, ‘We're not just an investment company...we are building a new digital asset infrastructure.’...One way is you give Mr. Beast, $200 million. And maybe...he says, 'Hey, guys, buy Ethereum.’” (Matt, 06:22, 06:52)
Wider Trend:
- “The move highlights the growing convergence between digital finance and the creator economy…as crypto native firms look to align with brands that dominate Gen Z and Gen Alpha.” (Katie quoting article, 06:12)

Notable Quotes:

“Key man risk.” —Katie, corrected by Matt as “Key beast risk” (03:34)
“We joke now, but he's going to run our lives. The Jeff Bezos of his time.” —Katie (08:00)

2. Trump’s 10% Credit Card Rate Cap Proposal

(Starts ~10:33)

Overview:
- Donald J. Trump calls for capping credit card interest rates at 10%.
- “His name is Donald J. Trump. He's the President of the United States and he would like to see those rates capped at 10%.” (Katie, 10:52)
Political Context:
- “It’s not a traditional Republican Party talking point...Elizabeth Warren introduced legislation sort of point. Like a Bernie Sanders kind of vibe.” (Matt, 11:14)
Bank and Industry Reaction:
- Banks warn this will shrink credit access for risky borrowers.
- “They would probably do a lot less credit provision to those borrowers...You’d see a migration to credit cards being a less available product and for people with higher credit scores.” (Matt, 13:19)
Bilt’s Opportunistic Move:
- New credit cards unveiled at (limited) 10% rates to seize the moment.
- “Bilt is seizing the moment, unveiling three new credit cards with interest rates capped at 10%.” (Katie, 15:36)
- “Isn't it a one-year promotional rate?...That’s the really interesting thing about this.” (Matt, 15:44)
Realistic Assessment:
- Both hosts doubt any substantive change will happen immediately, joking about “the secret law in Donald Trump's head.”
  - “...what's the secret law in Donald Trump's head?” (Matt, 15:28)
Broader Impact:
- “It’s a great, like combination of politics and marketing” as banks mainly offer resistance, while Bilt leverages PR value. (Matt, 16:31)

Notable Quotes:

“Would you borrow money from a Beast?” —Matt (08:22)
“If you, if you're a bank...and then you're like 10% introductory rate on our new card like it's a little bit like people will notice that you're mostly not charging that.” —Matt (16:49)

3. Outrageous Insider Trading in Healthcare/Biotech

(Starts ~20:31)

The Case:
- A trio of brothers, with connections to healthcare banking, allegedly ran a multifaceted insider trading and market manipulation scheme.
Highlights:
- Most profits came from trading on inside knowledge of healthcare M&A, courtesy of a Lazard banker's tips (“He would just tell his buddy...this deal is coming. And the buddy would allegedly trade options and made like $40 million.”) (Matt, 20:33)
- Bribery for info: Rolex watches, PowerPoint help, and job search assistance rewarded the tipster.
Biotech Market Manipulation:
- Faked being doctors to glean info about a cancer drug trial, then spread misleading news via cancer support forums and Twitter to influence stock prices.
- “They very subtly created fake profiles on cancer support sites and leaked it...then they took that and leaked it on Twitter and the stock went up.” (Matt, 23:48)
Ethical Implications:
- “It seems more evil...given that we're talking about like breast cancer drug trials.” (Katie, 24:01)
- Could lead to more restrictions for patients/doctors engaged in trials, ultimately harming patient experiences.
Culture of Insider Trading:
- Discussion of what is or is not considered insider trading—e.g., could a passenger on a troubled Boeing flight buy puts on the airline?
- Matt: “I think that’s fine...You’re using a product, right?...This is normal. People interact with the stock market. It’s like you experience the company’s products or services and then you trade on it.” (Matt, 25:52)

Notable Quotes:

“...he's facing up to 25 years in prison or whatever and like half a PowerPoint.” —Matt (21:47)
“The most valuable piece of advice probably would have been to stop insider trading.” —Katie (22:15)
“For like the fake patients.” —Matt (25:20)

Notable Quotes & Memorable Moments

On Mr. Beast Investment:
- “Key man risk.” (Katie, 03:34), corrected: “Key beast risk.” (Matt, 03:35)
- “Now what? Right? And the answer is, Mr. Beast, or some other weird answer that we’re going to find in the next couple of months.” (Matt, 05:44)
- “We joke now, but [Mr. Beast]’s going to run our lives. The Jeff Bezos of his time.” (Katie, 08:00)
On Credit Card Rate Caps:
- “His name is Donald J. Trump...he would like to see those rates capped at 10%.” (Katie, 10:52)
- “What’s the secret law in Donald Trump’s head?" (Matt, 15:28)
- “I think the answer to what will happen on January 20th is nothing. But what if they're all arrested?” (Matt, 18:05)
On Insider Trading Ethics:
- “He’s facing up to 25 years in prison or whatever and like half a PowerPoint.” (Matt, 21:47)
- “It seems more evil...given that we're talking about, like, breast cancer drug trials.” (Katie, 24:01)
- “Hypothetically, if you were a patient and you took the drug and it worked...would that be insider trading? And the answer sort of depends...but also, no one's going to come after you. Come on.” (Matt, 25:24)

Timestamps for Important Segments

[02:20] — Mr. Beast’s $200 million investment from Bit Mine: creator economy meets crypto
[05:36] — Crypto treasury companies’ “now what?” moment and zany 2026 headlines
[08:00] — Beast Industries aims for finance with trademarks, possibly “the Jeff Bezos of his time”
[10:33] — Trump proposes capping credit card rates at 10%; industry politics & reactions
[13:19] — “Crown jewel” business of credit cards: would rate caps shrink risky lending?
[15:36] — Bilt’s opportunistic 10% promotional rate credit cards
[20:31] — Unpacking the elaborate healthcare insider trading case
[24:01] — Ethical fallout of using fake patients/doctors in biotech trading
[25:52] — Reddit hypotheticals: insider trading or just product feedback?

Tone & Personality

Matt and Katie’s dynamic is both analytical and playful:

Matt’s deadpan, technical humor: “Key beast risk.”
Katie’s pop-culture anchoring (“Timothee Chalamet and Kylie Jenner at the Globes!”; “I mostly just watch SNL clips…”)
Regular gentle self-deprecation about podcast status (“No Amy Poehler, but…”) and generational distance (“I’ve never felt more old. This whole conversation…”)

For Listeners Who Missed It

This episode offers more than recaps of financial news: it’s a real exploration of how crypto, content creation, and banking policy are colliding in strange, headline-grabbing ways in 2026. The hosts consistently demystify technical finance with humor and skepticism, pulling back the curtain on both the logic (and illogic) behind emerging economic trends. Expect lighthearted banter, sharp analysis, and a lens that always keeps an eye on “what’s next?”

Advertisements, intro/outro, and sponsor segments have been omitted for clarity and focus on show content.

Money Stuff: The Podcast

Episode: Key Beast Risk: BMNR, 10%, OLMA
Date: January 16, 2026
Host: Matt Levine
Co-host: Katie Greifeld

Episode Overview

This episode of Money Stuff navigates three major financial storylines with Matt Levine and Katie Greifeld’s signature wit:

The $200 million investment in Mr. Beast’s “Beast Industries” by Bit Mine Immersion Technologies
Donald Trump’s proposal to cap credit card interest rates at 10%, and the industry’s reaction
An elaborate insider trading case involving healthcare stocks and biotech trials

The hosts blend technical finance insight, dry humor, and cultural commentary, exploring “key beast risk,” banking politics, and the ethics of trading on inside information.

Key Discussion Points & Insights

1. Mr. Beast, Bit Mine, and ‘Key Beast Risk’

(Starts ~02:20)

Headline: "Mr. Beast nabs $200 million investment from Tom Lee's Bit Mine."
Who is Mr. Beast?
- YouTube juggernaut Jimmy Donaldson. “He's got an empire...a billionaire.” (Katie, 02:59)
The Investment:
- Bit Mine, formerly a Bitcoin miner, now mainly a crypto treasury holding $14B (mostly Ethereum), buying a stake in Beast Industries—not Mr. Beast the individual.
- “That is largely an investment in the Beast himself.” (Matt, 03:21)
About Bit Mine:
- Pivoted from Bitcoin mining (cooling hardware in liquid “baths”) to a crypto treasury and Ethereum holdings.
- “[They] pivoted away from being a miner to being a Treasury company, and they pivoted away from Bitcoin to being an Ethereum company.” (Matt, 04:24)
Why Diversify into Content?
- Crypto holdings aren’t the sure thing they were last year; so, treasury companies, flush with funds, are exploring big ticket investments outside pure crypto.
- “Now if you put $14 billion of Ethereum in a pot, you trade to like, $13 billion, that's not as good a trade.” (Matt, 04:47)
Strategic Rationale:
- “Crypto treasury companies will all say, ‘We're not just an investment company...we are building a new digital asset infrastructure.’...One way is you give Mr. Beast, $200 million. And maybe...he says, 'Hey, guys, buy Ethereum.’” (Matt, 06:22, 06:52)
Wider Trend:
- “The move highlights the growing convergence between digital finance and the creator economy…as crypto native firms look to align with brands that dominate Gen Z and Gen Alpha.” (Katie quoting article, 06:12)

Notable Quotes:

“Key man risk.” —Katie, corrected by Matt as “Key beast risk” (03:34)
“We joke now, but he's going to run our lives. The Jeff Bezos of his time.” —Katie (08:00)

2. Trump’s 10% Credit Card Rate Cap Proposal

(Starts ~10:33)

Overview:
- Donald J. Trump calls for capping credit card interest rates at 10%.
- “His name is Donald J. Trump. He's the President of the United States and he would like to see those rates capped at 10%.” (Katie, 10:52)
Political Context:
- “It’s not a traditional Republican Party talking point...Elizabeth Warren introduced legislation sort of point. Like a Bernie Sanders kind of vibe.” (Matt, 11:14)
Bank and Industry Reaction:
- Banks warn this will shrink credit access for risky borrowers.
- “They would probably do a lot less credit provision to those borrowers...You’d see a migration to credit cards being a less available product and for people with higher credit scores.” (Matt, 13:19)
Bilt’s Opportunistic Move:
- New credit cards unveiled at (limited) 10% rates to seize the moment.
- “Bilt is seizing the moment, unveiling three new credit cards with interest rates capped at 10%.” (Katie, 15:36)
- “Isn't it a one-year promotional rate?...That’s the really interesting thing about this.” (Matt, 15:44)
Realistic Assessment:
- Both hosts doubt any substantive change will happen immediately, joking about “the secret law in Donald Trump's head.”
  - “...what's the secret law in Donald Trump's head?” (Matt, 15:28)
Broader Impact:
- “It’s a great, like combination of politics and marketing” as banks mainly offer resistance, while Bilt leverages PR value. (Matt, 16:31)

Notable Quotes:

“Would you borrow money from a Beast?” —Matt (08:22)
“If you, if you're a bank...and then you're like 10% introductory rate on our new card like it's a little bit like people will notice that you're mostly not charging that.” —Matt (16:49)

3. Outrageous Insider Trading in Healthcare/Biotech

(Starts ~20:31)

The Case:
- A trio of brothers, with connections to healthcare banking, allegedly ran a multifaceted insider trading and market manipulation scheme.
Highlights:
- Most profits came from trading on inside knowledge of healthcare M&A, courtesy of a Lazard banker's tips (“He would just tell his buddy...this deal is coming. And the buddy would allegedly trade options and made like $40 million.”) (Matt, 20:33)
- Bribery for info: Rolex watches, PowerPoint help, and job search assistance rewarded the tipster.
Biotech Market Manipulation:
- Faked being doctors to glean info about a cancer drug trial, then spread misleading news via cancer support forums and Twitter to influence stock prices.
- “They very subtly created fake profiles on cancer support sites and leaked it...then they took that and leaked it on Twitter and the stock went up.” (Matt, 23:48)
Ethical Implications:
- “It seems more evil...given that we're talking about like breast cancer drug trials.” (Katie, 24:01)
- Could lead to more restrictions for patients/doctors engaged in trials, ultimately harming patient experiences.
Culture of Insider Trading:
- Discussion of what is or is not considered insider trading—e.g., could a passenger on a troubled Boeing flight buy puts on the airline?
- Matt: “I think that’s fine...You’re using a product, right?...This is normal. People interact with the stock market. It’s like you experience the company’s products or services and then you trade on it.” (Matt, 25:52)

Notable Quotes:

“...he's facing up to 25 years in prison or whatever and like half a PowerPoint.” —Matt (21:47)
“The most valuable piece of advice probably would have been to stop insider trading.” —Katie (22:15)
“For like the fake patients.” —Matt (25:20)

Notable Quotes & Memorable Moments

On Mr. Beast Investment:
- “Key man risk.” (Katie, 03:34), corrected: “Key beast risk.” (Matt, 03:35)
- “Now what? Right? And the answer is, Mr. Beast, or some other weird answer that we’re going to find in the next couple of months.” (Matt, 05:44)
- “We joke now, but [Mr. Beast]’s going to run our lives. The Jeff Bezos of his time.” (Katie, 08:00)
On Credit Card Rate Caps:
- “His name is Donald J. Trump...he would like to see those rates capped at 10%.” (Katie, 10:52)
- “What’s the secret law in Donald Trump’s head?" (Matt, 15:28)
- “I think the answer to what will happen on January 20th is nothing. But what if they're all arrested?” (Matt, 18:05)
On Insider Trading Ethics:
- “He’s facing up to 25 years in prison or whatever and like half a PowerPoint.” (Matt, 21:47)
- “It seems more evil...given that we're talking about, like, breast cancer drug trials.” (Katie, 24:01)
- “Hypothetically, if you were a patient and you took the drug and it worked...would that be insider trading? And the answer sort of depends...but also, no one's going to come after you. Come on.” (Matt, 25:24)

Timestamps for Important Segments

[02:20] — Mr. Beast’s $200 million investment from Bit Mine: creator economy meets crypto
[05:36] — Crypto treasury companies’ “now what?” moment and zany 2026 headlines
[08:00] — Beast Industries aims for finance with trademarks, possibly “the Jeff Bezos of his time”
[10:33] — Trump proposes capping credit card rates at 10%; industry politics & reactions
[13:19] — “Crown jewel” business of credit cards: would rate caps shrink risky lending?
[15:36] — Bilt’s opportunistic 10% promotional rate credit cards
[20:31] — Unpacking the elaborate healthcare insider trading case
[24:01] — Ethical fallout of using fake patients/doctors in biotech trading
[25:52] — Reddit hypotheticals: insider trading or just product feedback?

Tone & Personality

Matt and Katie’s dynamic is both analytical and playful:

Matt’s deadpan, technical humor: “Key beast risk.”
Katie’s pop-culture anchoring (“Timothee Chalamet and Kylie Jenner at the Globes!”; “I mostly just watch SNL clips…”)
Regular gentle self-deprecation about podcast status (“No Amy Poehler, but…”) and generational distance (“I’ve never felt more old. This whole conversation…”)

For Listeners Who Missed It

Advertisements, intro/outro, and sponsor segments have been omitted for clarity and focus on show content.

wavePod

Key Beast Risk: BMNR, 10%, OLMA

Powered by Wave AI

Summary

Money Stuff: The Podcast

Episode Overview

Key Discussion Points & Insights

1. Mr. Beast, Bit Mine, and ‘Key Beast Risk’

2. Trump’s 10% Credit Card Rate Cap Proposal

3. Outrageous Insider Trading in Healthcare/Biotech

Notable Quotes & Memorable Moments

Timestamps for Important Segments

Tone & Personality

For Listeners Who Missed It

Summary

Money Stuff: The Podcast

Episode Overview

Key Discussion Points & Insights

1. Mr. Beast, Bit Mine, and ‘Key Beast Risk’

2. Trump’s 10% Credit Card Rate Cap Proposal

3. Outrageous Insider Trading in Healthcare/Biotech

Notable Quotes & Memorable Moments

Timestamps for Important Segments

Tone & Personality

For Listeners Who Missed It