The Wolf Of All Streets — CryptoTownHall

Episode: Wall Street Adopts Ondo Finance
Host: Scott Melker
Date: September 5, 2025

Episode Overview

This episode of CryptoTownHall, hosted by Scott Melker, dives deep into the shifting macro environment and the intersection of crypto with traditional finance, particularly focusing on the recently announced Ondo Global Markets and the rise of tokenized stocks and ETFs on-chain. The panel discusses US employment data and its macro implications, evolving Bitcoin treasury strategies for public companies, regulatory headwinds from NASDAQ toward crypto treasury firms, and the innovative approach Ondo Finance is taking by bridging Wall Street equities with crypto rails.

Key Discussion Points & Insights

1. Macro Backdrop: Weak Job Data and Rate Cut Expectations

(00:00–10:49)

• Key Stats: Only 22,000 jobs were added in August, unemployment ticked up to 4.3%, and there were downward revisions for past months.
• Market Impact:
  • Immediate knee-jerk reactions in both traditional and crypto markets; Bitcoin spiked past $113K, then quickly corrected.
  • Most agree the Fed is still “behind the curve” and markets are betting overwhelmingly on a rate cut (88% chance for 25bps on Polymarket).
• Quote:

  "Classic knee jerk. When the knee jerk happens, the best thing to do is to fade. Doesn't necessarily mean it won't be right in the end, but that is what happens."
  — Participant B, [01:15]

• Retail Flows:
  • Retail typically reacts later in the day, so expect Bitcoin movement in the afternoon.
  • ETF flows have become the largest driver for Bitcoin price.

2. Bitcoin Company Strategies & Regulatory Concerns

(12:01–20:13)

• NASDAQ vs. Crypto Treasury Companies:

  • NASDAQ is reportedly scrutinizing treasury companies listing with large digital asset holdings, leading some to pursue NYSE listings instead.
  • Regulatory ambiguity remains; companies that did “reverse mergers” are now sometimes in limbo.

• Possible Outcomes:

  • Some firms may get delisted; overall, expectations are for higher scrutiny rather than outright bans.
  • Companies are likely to migrate between listing venues if restrictions increase.

• Quote:

  “NASDAQ doesn’t have that kind of power… It's a private company imbued with regulatory power… The likelihood that crypto companies or treasury companies won’t switch their listings… is absolutely ridiculous. Of course they will do that.”
  — Participant B, [15:00]

3. The Evolution of Bitcoin Treasury Models

(19:10–38:44)

• MicroStrategy’s Model:

  • Other companies try to emulate MicroStrategy, but most fail due to lack of scale and struggles acquiring enough Bitcoin.
  • MicroStrategy’s financial engineering—issuing preferreds backed by Bitcoin, functioning much like a “stablecoin with yield”—is seen as innovative and difficult to copy.
  • The future may lie in companies with real cash flow adding Bitcoin as a reserve, not just those speculating on BTC.

• Quote:

  “The only one who's really been able to pull off the preferreds because of the amount of Bitcoin they have is MicroStrategy… Version two of a bitcoin treasury company is… a profitable company generating revenues, using those cash flows to service debts—makes much more sense.” — Participant F (CJ), [21:00]

• Community Perspective:

  • Having a Bitcoin-native spokesperson is crucial but shouldn’t just be about “hiring influencers”; there must be financial and operational heft behind the company’s crypto strategy.
  • The debate continues between “bitcoin accumulation engines” vs. building real bitcoin-powered businesses.

4. The Ondo Finance Leap: Tokenized US Stocks & ETFs

(41:35–60:23)

The Announcement

• Ondo Global Markets has launched tokenized versions of 100+ US stocks and ETFs on Ethereum.

  • Global users can now gain immediate exposure to US equities 24/7, using stablecoins.
  • Assets are wrapped, custodied, and backed 1:1 for full transparency; daily attestations published.

• Quote:

  “We launched a platform that essentially tokenized over a hundred US stocks and ETFs and makes them available to a global audience. The price and liquidity are the same as in a normal brokerage account… but you can buy with stablecoins, 24/7.”
  — Ian (Ondo Finance), [41:35]

How It Works

• Users KYC to mint/redeem directly; secondary trading is permissionless, stablecoin-like.

• Key difference from competitors:

  • True permissionlessness and global transferability; not a "walled garden" like Robinhood’s solution.
  • Integrations with major wallets (BitGet, TrustWallet), protocols (CowSwap, 1inch), and exchanges (Gate, MEXC).

• Ethereum chosen for its robust intent network, making instant mint-and-burn with TradFi liquidity feasible.

• Quote:

  “Our assets truly are permissionless… you can move them around 24/7 freely between wallets, send them to a crypto exchange, no problem. These are stablecoin-like.”
  — Ian, [43:16]

Transparency & Trust

• Collateral agents provide daily, public proof of 1:1 asset backing.
• Model is comparable to how Circle manages USDC, but for stocks.
• Long-term: sees tokenized stocks/ETFs as cementing US capital markets’ dominance in the global on-chain economy.

5. The Big Picture: Tokenization as Financial Infrastructure

(58:43–60:17)

• Expansion Plan:

  • Hundreds more stocks and ETFs coming (e.g., all S&P 500).
  • Long-tail vision: full-featured, 24/7, cross-collateralized brokerage—all assets, all on-chain.

• Quote:

  “There's a big narrative now on stablecoins cementing the dominance of the dollar in the on-chain economy… Over time, the exact same thing is going to be said about tokenized stocks and ETFs.”
  — Ian, [58:43]

• Expert Panel Takeaway:

  • Ondo’s new platform could fundamentally change how global users access and trade US equities, removing gatekeepers and opening new financial flows.
  • Analysts and crypto industry players should closely watch how this inclusion turns billions of global unbanked/underbanked into active participants in US capital markets.

Notable Quotes & Memorable Moments

| Timestamp | Speaker | Quote | |-----------|---------|----------------------------------| | 01:15 | B | "Classic knee jerk... the best thing to do is to fade." | | 15:00 | B | "NASDAQ doesn’t have that kind of power... Of course [companies] will do that." | | 21:00 | F (CJ) | “MicroStrategy’s the only one… version two of a bitcoin treasury company is… a profitable company generating revenues, using those cash flows to service debts.” | | 41:35 | Ian | "Tokenized over a hundred US stocks and ETFs... The price and liquidity are the same as in a normal brokerage account…" | | 43:16 | Ian | “Our assets truly are permissionless… you can move them around 24/7 freely between wallets…” | | 58:43 | Ian | “Stablecoins cement the dominance of the dollar… tokenized stocks and ETFs will cement the position of US capital markets.” |

Timestamps for Key Segments

• 00:00–10:49: Macro discussion, job numbers, Bitcoin market reactions
• 12:01–20:13: NASDAQ scrutiny, regulatory threat, corporate adaptation
• 19:10–38:44: Treasury company models, MicroStrategy, industry strategies
• 41:35–47:41: Ondo Finance: tokenized equities, how it works
• 47:41–54:46: Technical deep dive—Ethereum, transparency measures
• 54:46–56:04: Project roadmap & future vision
• 58:43–60:23: Panel implications, stablecoins and capital market dominance

Tone & Takeaway

The episode is a lively, sometimes irreverent but always informed roundtable, blending market skepticism with excitement for DeFi innovation. The discussion covers the very real regulatory and technical challenges facing crypto and TradFi convergence—but circles back to optimism about tokenization democratizing access to global markets. Ondo’s product is framed as a watershed moment for both DeFi and Wall Street.

For those who missed it:
This episode is essential listening for anyone tracking how TradFi, crypto, and real-world asset tokenization are about to converge—and whether Bitcoin treasury strategies or tokenized equities will define the next wave of financial innovation.