Steven Ehrlich

Pennsylvania

Executive Editor at Unchained

Executive Editor @unchained_pod; Fmr Research Director @ForbesCrypto, @krakenfx @Citi, @BoozAllen, US Dept of Defense | @columbiaSIPA @teppercmu #flyeaglesfly

Articles

$250 Billion Stablecoin Industry Threatens Emerging Markets, IMF Official Warns

3 weeks ago | unchainedcrypto.com | Steven Ehrlich

Could stablecoins pose challenges to central banks in emerging markets throughout the world? Gita Gopinath, the deputy managing director at the International Monetary Fund, says yes, issuing a stark warning in an interview with the Financial Times on Wednesday, where she pointed out that the uncertainty of U.S. President Donald Trump’s volatile tariff policy posed an ever greater trial to central bankers around the world than COVID.
Stablecoin Giant Circle Raises $1.1 Billion in Its IPO

3 weeks ago | unchainedcrypto.com | Steven Ehrlich

When Circle filed its S-1 with the SEC on April 1, many outside observers were shocked, and not in a good way. Despite its $60 billion supply of USDC at the time, the company only made a profit of $156 million in 2024. In contrast, rival Tether made a massive $13 billion profit in the past year. Circle was targeting a multi-billion-dollar valuation, and the trolls on X were quick to wonder, despite its size, whether it could make enough profit to justify such a number.
Bitcoin and Solana Execs Are Poised to Cash In on Crypto’s Newest Bubble

3 weeks ago | unchainedcrypto.com | Steven Ehrlich

Upexi, a consumer products company offering medicinal mushrooms and caffeine alternatives, had been struggling for years. From the period of April 2020 to the beginning of April 2025, its stock fell 98.02%. But that all changed on April 21, when it announced the creation of a sol treasury strategy with an initial deployment of $100 million. Since that day the stock is up over 300%.
Crypto Treasury Companies Are All the Rage. Do They Pose Industry Risk?

3 weeks ago | unchainedcrypto.com | Steven Ehrlich

Crypto loves a good fad. In 2017 it was ICOs. The summer of 2020 brought DeFi tokens. Then came NFTs in 2021 and memecoins over the last two years. This year, the fad is crypto treasury companies. These firms are following the playbook launched by Strategy chairman and former CEO Michael Saylor, whose firm currently owns 580,250 bitcoin worth $60 billion, but has a market capitalization of $102.4 billion. Put another way, the firm is trading for 1.7x the value of its bitcoin.
Animoca Could Be Crypto’s Next U.S. Public Offering. Is It a Strong GameFi Bet?

1 month ago | unchainedcrypto.com | Steven Ehrlich

Crypto is riding high once again. Bitcoin just reached a new all-time high of $111,814, Coinbase became the first crypto company in the S&P 500, and a growing pipeline of industry firms are looking to go public in the suddenly frothy crypto market.
Bitcoin hits all-time high of over $109K amid crypto rally

1 month ago | forbes.com.au | Ty Roush |Antonio Pequeño IV |Derek Saul |Steven Ehrlich

Bitcoin reached an all-time high Wednesday, surpassing a record set shortly after President Donald Trump's inauguration, after the Senate advanced further regulations on some cryptocurrencies earlier this week, sparking a broader crypto market surge and regulatory optimism. Key Facts The price of bitcoin rose by more than 4% to around $109,700 Wednesday afternoon, surpassing a previous all-time high of $109,228 on Jan. 20.
How the Senate Stablecoin Bill Could Enrich Corporations at the Expense of Consumers

1 month ago | unchainedcrypto.com | Steven Ehrlich

Stablecoins are about as perfect a business as one can get. Customers give you money, you issue them a token representing $1, and then you can invest that stockpile of money in U.S. treasuries and other short-term holdings. You don’t have to share any of the profits with customers. In fact, according to the text of the GENIUS Act, which achieved cloture in the U.S. Senate Monday night, it would be illegal to do so.
Meet Justin Sun, The Crypto OG Industry Ideologues Love To Hate

1 month ago | forbesindia.com | Steven Ehrlich |Nina Bambysheva

In late November, just three weeks after Trump’s election, Sun plunked down the $30 million ostensibly needed to cover operating expenses. “I see WLF as a strong player in the financial technology space,” Sun says, unconvincingly. He’s more eloquent when discussing the idea of Trump as a one-man “cheat code” for crypto, “and then your development will be so much better than before.”That $30 million ignited a buying frenzy that primarily benefits the Trump family.
Coinbase Is Being Extorted. What Does That Mean for Its Stock?

1 month ago | unchainedcrypto.com | Steven Ehrlich

Nothing in crypto’s 15-year history has been easy. So it makes sense that in the very week its first company, Coinbase, gets added to the S&P 500, that same firm discloses a massive data hack that could cost it as much as $400 million in restitution to affected clients. And this is an exchange that has famously never been hacked. There is a lot to process when something like this happens in crypto, especially when it involves what many people see as the industry’s leading light.
Investors Can Now Get DeFi Leverage on Apollo’s $1.3 Billion Credit Fund

1 month ago | unchainedcrypto.com | Steven Ehrlich

Private credit, a way of financing debt without using banks, was a $1.5 trillion market at the start of 2024 and is expected to become a $3 trillion one by 2028. Over the past few years, it has been one of the major growth sectors of the financial services industry.