SpaceX just pulled off the biggest IPO in history, so Mike Novogratz (@novogratz) and I are breaking down what it means for your portfolio, why $40 trillion in debt might actually require inflation to survive, how Social Security is set to go broke by 2032, whether the Clarity Act still has a pulse, Bitcoin reclaiming $70K, and so much more on this week's All Things Markets (@AllThingsMkts). Watch on X, YouTube, and Spotify right now!!!!! Timestamps 0:00 Mooch and Novo are back! 0:43 SpaceX IPOs with the biggest IPO of all time 3:31 SpaceX and American innovation post-9/11 6:22 Senator Warren's letter on SpaceX voting structure 10:23 President Trump says inflation will "come down like a rock." 14:03 Social Security runs dry by 2032, and what we can do to fix it 16:38 Warsh signals a rate hike? SpaceX closes above $2 trillion on Day 1? 17:20 Iran war over by the end of June? 18:20 The Clarity Act passes the Senate by September 23:15 Bitcoin reclaims $70K before the end of July 24:47 Team USA advances out of the World Cup group stage 25:30 Knicks win the championship in Game 5 28:17 Breaking down Saylor's Bitcoin sell-then-buy strategy 31:15 What made you smile this week?

Novogratz lobbies DC every week trying to get crypto legislation passed - and he keeps almost getting there. His message to Democrats: "[If] the administration wants to be corrupt, they can be corrupt. There's nothing you can do to stop it." Plug your nose and pass the bill anyway. It's good for America, good for the industry, and gets crypto off their plate entirely. FT @Scaramucci @Novogratz @AllThingsMkts @SkyBridge @SALTConference.

Mike Novogratz: "If SpaceX is higher than $1.75T by the end of the year, the S&P will hit 8,000." "And if SpaceX is back to a trillion, we will have seen 'oh sh*t - that was the top!'" FT @Scaramucci @Novogratz @AllThingsMkts @SkyBridge @SALTConference.

Mike Novogratz: No one cares about anything outside the AI food chain right now. "Crypto is in that... we tried to make the crypto agentic link. It's actually a real link. It's not a theoretical link..." "But no one cares about crypto right now." "Markets need energy." "And then you've got Saylor selling a little bit. I don't know why he did that, it was a strange move..." "It was a tiny amount - but if the guy with laser eyes is selling $BTC, that's not good either." FT @Scaramucci @Novogratz @AllThingsMkts @SkyBridge @SALTConference.

A look back at the Digital Finance Forum 2026. From May 11 to 14, Bermudians joined participants from around the world for Digital Finance Forum 2026. Beyond the conference sessions, the Digital Payments Workshop and Market at Pier 6 gave Bermudians the opportunity to see digital payments in action with local businesses. The Forum combined industry discussions with announcements that highlighted the continued growth of Bermuda's digital asset sector. We welcomed representatives from Stellar, Franklin Templeton, Kraken, Coinbase, Circle, and many other companies from across the industry. Thank you to everyone who took part in this year's Forum.

Our Managing Partner and Co-Founder, @MikeBucella, joined the @DigitalFinForum in @Bermuda for “Allocating Through Uncertainty: Where VCs See the Next Opportunity Set.” The panel covered how investors are thinking about the next cycle across digital assets, AI, capital markets infrastructure, and enterprise adoption. Watch the full discussion here: youtube.com/watch?v=YQRET_aQ…

All Things Markets, hosted by @Scaramucci and @novogratz, is available on Spotify. Follow along here: open.spotify.com/show/2Bygnh…

We live in a tale of 2 America’s says @novogratz If your portfolio is up and your income is growing, higher gas prices are an annoyance, you’re fine. If you’re in the other 60% of America food prices hurt, gas prices hurt. Making ends meet gets harder every month, let alone every year. That's why whoever is in power takes immediate heat. When Novo and I were kids we went to baseball games and concerts. Think about taking your kids to a Bruce Springsteen show at the Meadowlands today. You can't get tickets at face value which puts it out of reach for a working class family. That world is gone and the people who lost it know exactly who to blame, whoever happens to be in charge when they feel it most.

The Digital Finance Forum took place in Bermuda from May 11 to 14, 2026. During the forum, I joined a panel with BMA CEO Craig Swan. We focused on the regulatory work that has helped position Bermuda as a trusted jurisdiction in digital finance. The forum has ended, but the direction is clear. Digital finance is advancing. Bermuda will keep building in this space. I encourage you to watch the full panel discussion on YouTube in the link below.  youtu.be/fwQDEVVl2UI?si=8A0W… @BdaGovernment @BermudaMonetary @SALTConference @DigitalFinForum

Is Bitcoin dead? @Scaramucci asked this question of @novogratz, and Novo explained the 4-year cycle: -Bitcoin is still 4x from where it was in 2022 at $15K -Gold hasn't done 4x as Bitcoin has -Why the 4-year cycle might not be the right framing

Bitcoin is bleeding; the most important IPO moment in market history, with SpaceX, Anthropic, and OpenAI all heading to public markets simultaneously; why the data center buildout is falling dangerously behind schedule; Bernie Sanders' plan to give the government a 50% stake in every major AI company in America, and so much more in today's episode on All Things Markets (@AllThingsMkts) with Mike Novogratz (@novogratz) and me. (@SALTConference) Watch on X, YouTube, or Spotify, using the link in the comments below. Timestamps 0:00 Novo and Mooch are back! 0:45 Jobs report: Why is the economy so resilient despite every headwind? 2:11 If you knew everything coming, would you have predicted Bitcoin down 50%? 4:57 Relative Strength Index (RSI) explained 5:55 Is the Bitcoin thesis broken? 8:21 Anthony's Bitcoin position 10:23 The story of 3 IPOs: Anthropic, SpaceX, and OpenAI 12:17 Bernie Sanders "A.I. Is a Public Resource. You Should Own Half of It." 15:40 Galaxy’s data center and what it all means 18:18 The K-shaped economy problem and America's tale of two cities 21:22 Bullish or Bearish 1: Bernie Sanders' AI fund gets serious Senate traction 22:10 Bullish or Bearish 2: The AI energy trade outperforms chip stocks in the second half of 2026 24:24 Bullish or Bearish 3: Bitcoin trades down into the $50s before it gets back into the $70s 27:18 Bullish or Bearish 4: The U.S. enters a recession before year-end 28:03 Bullish or Bearish 5: The Knicks win the NBA Championship 29:46 Novo's story about his father

The AI train isn't slowing down; it's accelerating, the charts are parabolic, and if you're not nervous, you're not paying attention. Mike Novogratz and I get into all of it: the SpaceX frenzy, the jobs that are gone forever, and the conversation the Pope is having that Wall Street should probably be having too, all on this week's All Things Markets (@AllThingsMkts) Watch/Listen on X, YouTube, and Spotify. Timestamps 0:00 Mooch and Novo are back! 0:53 Bitcoin's "meh" moment, why crypto has lost the narrative 4:31 Michael Saylor's surprise move 5:45 Goldman raises S&P target to 8,000. Is this bull market real? 7:31 Oil shock warning: Exxon exec signals $150–$160 per barrel 10:49 Fixed income outlook and 18 years of bull market complacency 13:52 SpaceX $1.8 trillion valuation breakdown 16:50 Pope Leo XIV and Anthropic: a moral warning about AI 20:46 Claude 4.8 and the coming job displacement 22:23 Will AI crush software engineers? 24:18 Bullish vs Bearish 27:01 The $1.3B Bitcoin dark pool trade explained 31:04 What made you smile this week?

Anthony Scaramucci doesn’t view Bitcoin as just another trade or speculative technology without a strong, scalable use case. He sees it as the apex form of money and told me every serious investor he knows who has truly studied Bitcoin eventually arrives at the same conclusion: you need to own it. In this latest @ProofofThoughtX episode, we talked about why the four year cycle is still alive, why he has October 1, 2026 circled on his calendar, and how a single meeting inside the White House in 2017 changed the way he thinks about money forever. But honestly, some of the most interesting parts of the conversation had nothing to do with Bitcoin. • Getting fired from the White House • Personal setbacks and his redemption arc • How he thinks AI will reshape careers and society • His one message to Donald Trump • Biggest life lessons This episode is packed with takeaways about money, investing, business, and living a full life. Anthony has a natural ability to move between Bitcoin, macro, investing, politics, humor, and life philosophy without missing a beat. Thank you to @Scaramucci for joining us. Follow him: @Scaramucci @SkyBridge @SALTConference Highlights: • 0:00 What Price Anthony Thinks Bitcoin is Going To • 4:50 Is the 4-year Bitcoin Cycle Overhyped? • 7:55 When Bitcoin Becomes Mainstream, What Does a Normal Person’s Life Look Like? • 10:44 What Saylor Understands About Bitcoin That You Don’t • 14:46 Why Aren’t People Taking a “Guaranteed” 11.5% Return? • 16:34 Is Anthony Concerned About Market All Time Highs? • 19:54 Did The Fed Find a Strategy in 2008 to Prevent Recessions? • 22:02 How Can the Everyday Person Benefit from the K-shaped Economy? • 23:44 “Assume You’re Going to Lose Your Job [because of AI]” • 25:12 How Anthony uses AI • 28:09 Will the New Fed be an Issue for Markets? • 30:27 Anthony's One Piece of Advice to Donald Trump • 36:13 Are There People Above Trump Actually Pulling the Strings in the Government? • 37:05 Anthony’s Favorite White House Story • 39:09 Did Anthony Ever Expect to be Part of the White House? • 40:48 Anthony’s Biggest Life Setback • 42:53 Will We See Another FTX-level Scam in the Crypto World? Anthony’s Thoughts on SBF • 47:32 Conspiracy Theories How Does a Young Person Get Access to Great Investors • 50:55 What Actually Motivates Anthony? • 53:04 What Does Greatness Look Like to Anthony?

RT @The_DTCC: DTCC and the Stellar Development Foundation announced today plans to enable the tokenization of DTC‑custodied assets on the @…

1/ June is almost here – a critical month for getting Clarity to the Senate floor. After bipartisan passage in Senate Banking, the hard part begins: building the coalition and floor-ready package needed to move this one step closer to the President’s desk. 🧵

Avalanche Summit is a always top tier, high signal event. NYC this year will be at another level, see you there.

LATEST: Bermuda is working with Circle, Coinbase and Stellar to build what it hopes will be the world’s first fully onchain economy, including a sovereign Bermuda digital dollar.

Our Co-Founder & Managing Partner @MikeBucella joined the Bermuda Digital Finance Forum for a panel on “Allocating Through Uncertainty: Where VCs See the Next Opportunity Set.” In uncertain markets, we’re focused on durable digital asset opportunities with real distribution, regulatory durability, and useful infrastructure. Thank you to @BermudaPremier, the @BermudaMonetary, @SALTConference and @PartnersPenrose for the hospitality.

Spent last week @SALTConference @DigitalFinForum in Bermuda. A few takeaways: 1/ Direct-to-wallet is net new distribution, but only if the product is designed native. Sandy Kaul (Franklin Templeton) framed it cleanly: $1.74T AUM, but 0 of it served the cryptonative audience until BENJI & the Kraken-distributed products. This audience didn’t migrate from Schwab; they built their wealth on chain. Wrapping an existing fund & calling it tokenized is the biggest mistake. The onchain audience demands transferability, composability, & collateral-eligibility… utility beyond holding. The biz outcome: tokenization stops being defensive (will this eat my book?) and becomes offensive (incremental TAM, net new dollars). 2/ Cross-margining across crypto RWAs is live @ exchange scale. Hold BENJI for yield, borrow against it for BTC, use xStocks as collateral. Same dollar working across asset classes. 3/ The offshore flow has reversed, & sovereigns are the next wave. US founders used to call UK regulators asking how to set up offshore during the Gensler era. Today the calls go the other way. Sovereign game theory: retail in, institutions in, sovereigns next. Switzerland exposed via MSTR, Luxembourg positioning, Abu Dhabi mining since 2016. Bermuda is the live case study: w/ a merchant stablecoin program “first onchain economy” framing from Premier Burt at WEF. The TAM is now defined by 3 decisions: build native to the onchain audience, make products composable as collateral, & choose jurisdictions where both are legal at scale.

New episode of All Things Markets (@AllThingsMkts) with myself and the great @novogratz: How Great Markets End The Bubble Sign Wall Street Is Ignoring Watch on X or YouTube with the link below. Timestamps 0:00 Novo and Mooch are back! 0:55 NVIDIA reported record Q1 revenue of $81.6 billion, up 85% year-over-year 4:01 The U.S. 30-year Treasury touched 5.2% this week, its highest since 2007 8:49 Strait of Hormuz latest and Qatar negotiating with Iran to let tankers through 12:21 Are the warning lights going off on the economy? 14:21 SpaceX IPO: Fair, undervalued, or overvalued? 16:01 Great bubbles end with something symbolic 19:23 Bull case: oil lower, Warsh cuts rates, market rips into year-end 21:05 Jeff Bezos on K-shaped inequality and ways to fix it 26:29 Bullish or Bearish 31:01 What made you smile this week?