The Wolf Of All Streets – Episode Summary

Podcast: The Wolf Of All Streets
Host: Scott Melker
Episode: Trillion Dollar Power Play Behind Bitcoin & Crypto Treasuries Revealed!
Date: September 10, 2025
Guest: David Namdar (Co-founder, Galaxy Digital & BNC Treasury Company), Christopher Inks (TX West Capital)

Episode Overview

This episode dives deep into the burgeoning world of crypto treasury companies, their strategic importance, and the evolving landscape for institutions holding crypto on their balance sheets. Scott Melker is joined by industry veteran David Namdar, who provides rare insights as one of the pioneers and builders in the crypto treasury space, especially focusing on unique models beyond Bitcoin—most notably, with BNB. The discussion walks listeners through regulatory developments, the rationale behind altcoin treasuries, how these companies can be differentiated, and the broader state of the markets—culminating in a timely technical analysis as new all-time highs are made live during the show.

Key Discussion Points & Insights

1. Regulation and Government Involvement in Crypto Treasuries

• The episode opens with talk around new U.S. legislative momentum for government-held Bitcoin reserves. Senator Lummis is cited as a long-time crypto advocate now pushing for actual market structure and government reserves in Bitcoin.
  • Quote (Scott Melker, 02:33):
    “This is one of the first times we've actually seen meaningful movement... It's been a huge talking point... but now we're actually seeing movement on whether this is feasible or not and trying to figure out how it would be done.”
• Globally, countries like Kyrgyzstan and El Salvador are embracing strategic Bitcoin reserves, highlighting the increasingly international nature of adoption, while Germany’s sale of its holdings shows contrasting strategies.

2. Crypto Companies Navigating Public Markets

• Gemini is preparing for its IPO, setting a $3B valuation target amid the ongoing crypto boom. The discussion compares Gemini to other recently successful public crypto companies (eToro, Bullish), and highlights differences in brand and institutional strategy.
• The struggles and triumphs of early ETF applications are recounted, especially with the role of the SEC in slowing progress, causing missed opportunities for U.S. investors to acquire Bitcoin at low prices.
  • Quote (David Namdar, 05:53):
    "It's a bit bittersweet when the ETFs were finally approved last year... we'll never know what damage kind of the SEC and kind of regulation did to not allow US investors to get into Bitcoin and mass at 100 to $300 per Bitcoin instead of 30, 40,000 when the ETF was finally approved."

3. The Treasury Company Boom: Reality vs. Hype

• Despite headlines of “crypto treasury frenzy running out of steam,” stocks like QMM are up 600% after treasury announcements. Both Scott and David discuss market “exhaustion” and the need to filter quality projects from “bad ideas thrown at the wall.”
  • Quote (David Namdar, 07:36):
    “I do think the market is reaching a... exhaustion point in conversations around Treasuries... what gets me excited is I just use that as a way to filter out that noise.”

4. The Case for Non-Bitcoin Treasury Companies (BNB Example)

• David Namdar explains his move to build a BNB-focused treasury company, arguing that altcoins with proof-of-stake and yield-generating capabilities allow these treasuries to outperform simple exposure to Bitcoin.
  • Quote (David Namdar, 09:53):
    “Altcoins... have proof of stake and yield and defi. And there's ways to justify beating the benchmark... You chose BNB, so maybe we can dive into why.”
• Rationale for BNB:
  • Tied to the largest crypto exchange, Binance
  • Underrecognized asset in U.S. markets, often outperforming Bitcoin
  • Ecosystem participation beyond simple ‘store of value’
  • Offers avenues for yield and deflationary mechanisms
  • Scarcity of access (“not listed on Coinbase, not easy to buy in the U.S.”)

5. Managing and Structuring a Treasury Company

• Treasury companies are compared to actively managed mutual funds, not hedge funds, with a fundamental strategy of accumulating and managing underlying assets with a long horizon.
• Structural details:
  • Emphasis on transparency regarding BNB/share metrics
  • Learning from other leaders like Metaplanet (Bitcoin treasuries) in public disclosure
  • Discussion of how yield, staking, and risk must be handled conservatively (not chasing short-term hype, avoiding overleveraged plays like options selling)
  • The importance of experienced teams and managers: “You’re kind of empowering the management teams to execute on their plans... not paying them to take risks on losing the asset.” (David Namdar, 18:08)

6. Investor Perspective: Choosing the Right Treasury Companies

• Advice to avoid FOMO and hype-driven entry, paying attention to team quality, transparency, the price vs. net asset value (NAV), and the overall business plan.
  • Quote (David Namdar, 22:20):
    “I'd say wait until after the hype, really get to know the teams, look into buying at some reasonable multiple to MNEV and not chasing it.”
• Long-term vision: the biggest and best-managed treasury firms could eventually be ecosystem powerhouses, akin to endowments or holding companies, with “systematic importance.”

7. Live Market Commentary and Technical Analysis (With Christopher Inks)

• The episode captures live all-time highs for BNB ($904+) and robust action in Bitcoin ($13,500+), reinforcing key themes in real time.
• Christopher Inks delivers technical breakdowns for BTC, ETH, XRP, LINK, and others, describing bullish setups, key resistance levels, and strategies for effective entry.
  • BTC, ETH, and Alts all look strong.
    “When bitcoin's good, everybody's happy. Everything else seems to do pretty all right as well." (Christopher Inks, 34:50)
• Trading wisdom:
  • Enter at support, not at breakouts
  • Don’t FOMO: “If you're trading, if you're buying breakouts, you're probably a lot less effective than you want to be.” (C. Inks, 40:18)

Notable Quotes & Memorable Moments (with Timestamps)

• On the institutionalization of crypto:
  “We’re playing in the big leagues now and I can't imagine that that was the case when you started it.”
  – Scott Melker, 01:11

• Perspective from Wall Street to crypto:
  "Nick Spanos was actually there and... started the Bitcoin center back in 2012... try to force TRADFI and Wall Street to open their eyes to bitcoin and crypto. And so, you know, it's amazing that now we're infiltrating the New York Stock Exchange..."
  – David Namdar, 01:51

• On BNB’s underappreciated U.S. profile and performance:
  “BNB is one of the few coins that actually outperform bitcoin... I like to find things... underappreciated, under known, underexposed, and also massive and things that I would want to hold onto for a long time.”
  – David Namdar, 09:53

• Risks and challenges with treasury companies:
  “You're not paying them to take risks... even something as, you know, as... selling a call because if the market price of that asset shoots up... you had sold calls and you're taken out of the position, right. You can't have your treasury assets go down.”
  – David Namdar, 18:08

• The inevitability of market washout and the value of patience:
  “I would really caution people from buying into anything after the hype and announce or into the initial hype and announcement.”
  – David Namdar, 22:20

• Vision for the future of treasuries:
  “...these treasury companies start to become systematically important in their own ecosystems and more broadly. And so you start to see them as kind of like something in between Endowments and Berkshire, like holding companies.”
  – David Namdar, 24:18

• Technical optimism:
  “When bitcoin's good, everybody's happy. Everything else seems to do pretty all right as well.”
  – Christopher Inks, 34:50

Timestamps for Key Segments

• [00:01–02:33]: Trends in regulation, government bitcoin reserves
• [04:02–05:45]: Evolution from ETF efforts to current public crypto companies
• [06:42–08:36]: Market reaction to treasury company announcements vs. underlying exhaustion
• [08:36–15:17]: Rationale for BNB treasury company; structure and investment reasoning
• [17:05–21:58]: Opportunities and pitfalls in yield generation and treasury company management
• [21:58–24:18]: Advice for picking treasury companies; long-term vision
• [25:48–27:55]: Terrain for consolidation and strategic buying in the treasury sector
• [28:29–30:32]: Macro discussion on interest rates and market cycles
• [31:52–41:48]: Technical analysis and live breakout commentary with Chris Inks

Takeaways

• The landscape for crypto treasuries is rapidly evolving, and while some market participants are experiencing “hype fatigue,” the underlying innovation and institutional adoption remain powerful and ongoing.
• Non-Bitcoin treasuries (especially BNB) offer structural advantages, unique exposures, and opportunities for outperformance—but require expertise, patience, transparency, and prudent risk management.
• Investors should be wary of hype cycles and focus on fundamentals, transparency, and management teams.
• Technicals currently support bullish continuation across major crypto assets, with live all-time highs reinforcing optimism in the episode.

Connect:

• Follow David Namdar on X/Twitter for more on BNC
• Follow Christopher Inks at TX West Capital for technical insights
• Stay tuned to Scott Melker for in-depth coverage of crypto market movers and news