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Trending UpSnapshot Window: 2026-07-20 17:10 UTC · ← Back to Crypto Overview
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Remember bitcoin mining bans? Our CEO Xin Song ( @xinsong86 ) reminisces on the market dynamics of bitcoin mining from past cycles and talks about what financial products could come next. Thanks to Xapo ( @xapobankapp ) for hosting! [Spoken audio]: I remember a couple of their cycles ago now you know 2019 on the point of sophistication when hash rate was very concentrated in China let's not forget you know it was pre the ban 70 percent you know in China and I remember going to conferences with Cynthia in Chengdu and places like that where we were trying to sell miners hedging solutions for you know their bitcoin exposure and you know our firm was founded by Goldman Sachs commodities traders and They were selling these option strategies, call over rights, put protection. The miners didn't want to know at that point. They thought Bitcoin was going to the moon. Everyone was dancing on the table and saying, bring on the Maathe, 50% alcohol, just keep drinking. So what's changed? Well, it's become more decentralized. We heard about mining in the Middle East, Iceland on an earlier panel, Bhutan, our friends from the special economic zone, US, obviously. But the sophistication of the counterparts and professional CFOs coming to us with the demand for hedging solutions and understanding of the products, we even see the big players like Blackrock come with more sophisticated ETFs as well, right? Like, Vol has come down, Michael Saylor talked about Bitcoin going from 8090 Vol to 3040 Vol, well, how do you generate more yield? We've now got bitter, the yield-enhanced BTC ETF. How do we play in this space? Well, you go one step further, which is structured products. I think Cynthia talked about that. How do you go to Gen 1 light exotics with knocking the knockouts to create more yield for people? And then finally, co-creation, right? While we're seeing in Asia, well, we need the help of the financial institutions with DBS, for example, and with Sandra Charter, who are now on our cap table. Structured products, the unlock there is rated institutions that have good credit, that you can then overlay options, strategies on top of the enhanced yields, that doesn't really exist in crypto, but these players are coming in and they're coming to us with request for being the underlying liquidity. So I think that's a huge unlock in terms of credit quality coming into the space.
Picture this: no support from anyone, and then boom, millionaire.