It flooded our newsfeeds. On Friday, June 12, SpaceX became the biggest IPO in history… $75B raised, ~$2T market cap, an instant top-ten US public company. On the same morning, crypto exchanges (Binance, Bybit, and others) had taken in roughly $557M in stablecoin orders from users who wanted exposure through tokenized SpaceX shares… and had to refund all of it, because their issuer couldn't get the IPO allocation. The kicker? By the end of that same week, the SpaceX perpetual futures contract was the second most-traded pair on Binance, behind only Bitcoin, doing roughly $8B a day. Talk about volume!

In the days after the SpaceX IPO mania, we recorded Episode 10 of Money Moves to unpack what just happened in the world of tokenized equity. We dig into the distinct buckets the category now lives in, what worked in the SpaceX trade, what didn't, and where the tokenization layer creates value (vs. where it's basically a marketing layer on infrastructure that already works). One distinction we kept coming back to: there's a real difference between a tokenized equity (a real security wrapped in a token) and a perpetual future on an equity (a synthetic cash-settled bet on the price). That difference separates the institutional trade from the retail one, and it matters more than the SpaceX-week headlines made it sound.

Money Moves is a weekly conversation about the technologies rebuilding the global financial system. Stablecoins, tokenization, private credit, market structure, prediction markets, and what generative AI is doing to capital.

Three hosts, three vantage points. Dave Sutter builds the rails: he built one of the first Bitcoin wallets in the App Store, was an executive at Centre, the joint venture behind USDC, and now runs stablecoin infrastructure for global fintechs. Ian Epstein builds the markets that run on them: a decade running his own book as a senior portfolio manager at one of the best performing macro funds of its era, now co-CEO of Profitr. Samantha Lewis funds both, investing at Mercury Fund at the point where these worlds meet.

Two kinds of episodes. Deep dives are the three of them taking one question all the way down. Most weeks a guest joins who sees a piece of it none of the three can see alone: a founder, an allocator, a regulator, or someone who thinks the hosts have it wrong.

Made for people who work in finance and want the mechanism, not the marketing. No hype, no maximalism, no financial advice.

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