TSB: Crypto exchanges will take over Wall Street - ft. Bitget’s Gracy Chen

Summary

The episode covers breaking news of Jack Mallers stepping down as CEO of 21 Capital, followed by market headlines including Trump's crypto ethics deal, Bitcoin miners pivoting to AI, and a Grayscale Worldcoin ETF filing. The main interview is with BitGet CEO Gracy Chen, who discusses BitGet's universal exchange strategy, tokenized stocks (Reality), AI trading tools, the state of the crypto market, and US expansion plans.

• Jack Mallers abruptly steps down as CEO of Bitcoin treasury company 21 Capital, citing board disagreements on vision.
• News headlines: Trump agrees to crypto ethics language; Bitcoin miners Hut 8 and IN land billions in AI infrastructure deals; Grayscale files for a Worldcoin ETF; WSJ: SEC cracks down on alleged crypto mining scam; CoinShares launches EU UCITS-based Bitcoin mining ETF.
• Gracy Chen explains BitGet's 'universal exchange' thesis, blending traditional assets (equities, commodities) with crypto, with 40% of volume now from non-crypto assets.
• BitGet launched tokenized stocks product 'Reality' with NYSE/NASDAQ-linked liquidity, already surpassing $100M AUM and drawing 30-50M daily volume.
• 52% of BitGet users hold both crypto and stocks, indicating a shift toward multi-asset platforms.
• After the October 2025 deleveraging event, trading volumes fell 30-40% and users are more cautious with leverage.
• In 2026, institutional adoption is rising; BitGet's volume split is now 50/50 retail vs institutions, compared to 80% retail prior to 2024.
• Gracy Chen says BitGet is entering the US market with or without the Clarity Act, aiming for full licensing.
• She highlights AI adoption: 51% of BitGet users have used AI-powered trading tools, with 1M+ users and $1.2B in AI-powered trading volume this year.
• On Hyperliquid, she respects their lean, high-quality trading focus but avoids direct competitive commentary.