Steven Ehrlich
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Head of Research and Comms @Sharplink $SBET | fmr Research Director @ForbesCrypto, Executive Editor @unchained_pod, @krakenfx @Citi, @BoozAllen, US DoD,
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Articles by Steven Ehrlich
Steven A. Ehrlich
Employment Law - Management Mass Tort Litigation / Class Actions - Defendants SE Steven A. Ehrlich Lake Forest, CA Works at Berger Kahn ALC 3 Best Lawyers awards Steven A. Ehrlich is a lawyer recognized by Best Lawyers in the practice areas of Employment Law - Management and Mass Tort Litigation / Class Actions - Defendants. Steven A. practices law in Lake Forest, California Best Lawyers has recognized Steven A. Ehrlich since 2023.
why reporting laws aren't ending modern slavery
Grace Forrest wants company directors and CEOs fined for failing to act on enslaved people in their supply chains. When you can buy a T-shirt for less than a sandwich, assume that slave labour has been used to make it, says Walk Free founder Grace Forrest. But even luxury goods should be presumed guilty, she says.
Bitcoin and Beyond: Your Options for Investing in Crypto
CLSK , COIN , CRCL , GEMI , HOOD , IBIT , IVV , MARA , MSTR , PYPL , RIOT , XYZ Crypto assets explained, including bitcoin, ethereum and token types Market structure overview and major crypto categories Investing approaches with stocks and ETFs, and portfolio allocation considerations Cryptocurrencies, including bitcoin and other digital money, have emerged as an alternative asset class worth $3.15 trillion.
Buy the Dip or Stay Cautious?
Key Takeaways As bitcoin and ether slide sharply from recent highs, investors are looking at value plays in the market. Digital asset treasury stocks, which are now trading at hefty discounts, represent an intriguing opportunity. The article explores whether these sub-1.0 mNAV valuations represent a GBTC-style opportunity or a value trap.
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Crypto assets explained, including bitcoin, ethereum and token types Market structure overview and major crypto categories Investing approaches with stocks and ETFs and portfolio allocation Cryptocurrencies, including bitcoin and other digital money, have emerged as an alternative asset class worth $3.15 trillion. Given this rapid development, interested investors can approach cryptocurrencies with the goal of maximizing risk-adjusted returns and incorporating hedging strategies.
Bitcoin Jumps Immediately After Fed Rate Cut, Boosted by 2026 Economic Outlook
Bitcoin jumped on Wednesday afternoon following the U.S. Federal Reserve’s Open Markets Committee’s (FOMC) decision to reduce the targeted funds rate by 25 bps to 350-375 bps at 2pm EST, before giving up most of the gains. The decision is the third reduction this year from the policymaking body, though it was made with three dissents.
Bitcoin Stabilizes Above $90,000 as Bulls Eye $100,000 Breakout
Bitcoin recovered after recently falling to $80,000. But now that things have stabilized, bullish traders are betting that it will retake the $100,000 mark. Bitcoin is setting its sights on $100,000 again (ChatGPT) Posted December 5, 2025 at 11:03 am EST. Key Takeaways: BTC reclaimed its long-term uptrend after flirting with key support in late November. RSI, Bollinger Bands, and MACD now show momentum shifting from bearish to neutral.
Bitcoin Price Recovers-Will BTC Keep $90,000?
Bitcoin and the crypto industry have been battered over the past two months, but the market is now showing early signs of stabilization. Crypto coins are starting to recover (ChatGPT) Posted November 26, 2025 at 1:53 pm EST. Key Takeaways: BTC dropped to an Relative Strength Index (RSI) low of 23 before recovering toward oversold limits. ETF outflows near $4 billion have slowed, hinting at cooling capitulation. Wallet cohorts show 1,000 BTC holders recently capitulated while whales accumulated.
Bitcoin Plunges to $80,000 as Fear Grips Market
The asset has continued its descent from an all-time high in October, but is there an end in sight? Here’s what to look for. Bitcoin keeps crashing through new price floors (ChatGPT) Posted November 21, 2025 at 2:33 pm EST.
Activist Investor Grabs 7.7% of Pompliano’s Bitcoin DAT
As the crypto market slumps, activist hedge fund Glazer Capital has amassed a 7.7% position in the SPAC taking ProCap public, setting the stage for a fight over the terms of Anthony Pompliano’s bitcoin DAT. Specifically, the company revealed a 7.7% stake (1,989,461.00 shares) in the SPAC, which is set to merge next month with ProCap Financial Inc to form the new entity. In its SEC filing today, the company suggested that major changes will be needed to position itself for future success.
Bitcoin Slips Under $95,000 as Bearish Market Takes Hold
Bitcoin and other risk assets are trending downwards amid bullish macro trends as analysts search for key layers of support. Bitcoin is crashing, with further to fall (ChatGPT) Posted November 14, 2025 at 6:24 pm EST. Bitcoin briefly dropped below $95,000 this morning as losses deepen amid declining market sentiment. In fact, today’s fall is part of a broader downward trend that has seen the asset drop over 20% over the past few months.
ProCap CEO Anthony Pompliano’s Pay From Bitcoin DAT Could Top $400 Million
For years crypto influencer Anthony ‘Pomp’ Pompliano built a massive online following, particularly among retail traders, through his various investment activities, popular podcast and webshows, and a crypto-related business that focused on a diverse set of topics such as career placement and investor relations. So much so that he included a full slide on his social media presence early in his investor presentation.
Ripple Raised $500 Million. But Are Investors Just Getting Discounted XRP?
Ripple Labs just announced a $500 million raise at a $40 billion valuation from a high-profile group of investors including Brevan Howard, affiliates of Citadel Securities, and Marshall Wace. Also involved in the round were major crypto shops like Galaxy and Pantera. But what exactly did they buy with their half a billion dollars? This story is an excerpt from the Bits + Bips newsletter.
Coinbase and Strategy Report Strong Q3 Earnings
By all accounts Coinbase had a very strong Q3. It posted strong top- and bottom-line numbers across the board (see below). Transaction numbers were up, though these were aided by the fact that the firm closed its multibillion acquisition of the options platform Deribit in August, and when I spoke with Chief Financial Officer Alesia Haas Thursday afternoon, she also sang the praises of a new white-glove concierge service for the company’s most lucrative traders.
DATs Keep Pushing the Date When Private Investors Can Sell Their Shares
On Oct. 20, the Solana Digital Asset Treasury (DAT) firm Solana Company (HSDT) moved forward an expected unlock of private investment in public enterprise (PIPE) shares from its $500+ million fundraise to provide early investors with liquidity. Like other stocks that underwent similar unlocks, HSDT immediately plunged over 40%, and it is yet to recover these losses.
Bitcoin Mining Stocks Are Outperfoming DATs, but the Reason Is AI
During the 2024 presidential campaign, Donald Trump that he wanted all future bitcoin to be mined in the U.S. As president, he has certainly tried to make good on that promise as he’s cozied up to the industry, down to his sons Eric and Donald Jr. launching their own bitcoin mining firm. Read more: Trump-Backed Crypto Firm American Bitcoin Soars 100% in Nasdaq Debut However, perhaps an even bigger priority for the U.S. — AI demand — could be forcing the industry abroad, according to one analyst.
How Digital Asset Treasuries Game the System With Locked Tokens
The rise of digital asset treasury companies (DATs) set off a rat race this year between firms trying to stockpile tokens as quickly as possible. In many cases this strategy involves nine- and ten-figure purchases of bitcoin and ether at spot prices. However, companies also strategically use “locked” tokens, which they acquire in bulk at steep discounts, to fill their coffers.
How Accounting Rules Are Confusing Investors in Ethereum and Solana DATs
Liquid staking token (LST) providers, which already hold over $104.5 billion in assets, should be a perfect tool for digital asset treasury (DAT) companies looking for ways to generate maximum income from their balance sheets. However, an outdated accounting rule means those same LSTs are causing headaches. LSTs can be particularly appealing to DATs because they allow firms to generate excess yields on top of staking rewards, which are seen as a basic hurdle rate in crypto.
Which Investment Wins?
Gold is often seen as the ultimate hedge, the final port in a storm, and the safest of havens. And many times throughout its 5,000+ year history, it has served this role. However, some readers may find it curious that gold is outperforming both bitcoin and the S&P 500 this year, despite each of the latter two having set multiple new highs in 2025. This story is an excerpt from the Bits + Bips newsletter.
AI Blockchain Zero Gravity’s $401M Treasury Raise Is Really Just $13.7M
On Sept. 19, Flora Growth Corp. (NASDAQ: FLGC) announced a $401 million raise to launch the first digital asset treasury company focused on 0G, the native token of the AI-focused Zero Gravity blockchain, and rename itself as ZeroStack. In an investor presentation obtained by Unchained, the company pitched itself as the “MSTR for the AI era.” But there is just one problem. It appears that the company only brought in 3% of that money from new investors.
Just as Ethereum Staking Queue Drops, $6.68 Billion of ETH Inflows to Begin
For a few months now, all eyes have been on the Ethereum staking queue, which, after a year of remaining low, began to tick back up in June. Though it started to decline, last Friday Unchained reported that it was set to rise again with four staking flows set to converge on the network in the coming weeks. One of those major flows is from Kiln, a $16 billion staking provider. Read more: Ethereum Faces Looming Staking Bottleneck On Sept.
Top DeFi Tokens AAVE, LDO, CURV, and UNI Surge — Here’s Who’s Next in Line
DeFi tokens are having a moment. Aside from being a high-beta play on ether, which has surged 73.19% over the past three months to trade at $4,664, expectations are growing for a big influx of capital into the sector on the back of the GENIUS Act giving stablecoins the regulatory all-clear. As of this writing, over $156 billion in assets is locked in various DeFi protocols like AAVE, Compound, Uniswap, and others.
Should Ethereum and Tron, or Visa, be worried?
Although stablecoins were never supposed to exist when Bitcoin was created more than 15 years ago, they turned out to be a godsend for the industry. It did not take long for many to realize that bitcoin, and other assets like ethereum, solana, XRP, etc., could not serve as substitutes for the U.S. dollar because they were too volatile. Stablecoins were the perfect solution. They ran on public blockchain rails but maintained price parity with a given peg — often the dollar.
Who Will Control Customer Financial Data?
For as big as crypto has grown, especially under the Trump administration, it still has a major Achilles heel — its reliance on the very banks that it is trying to disrupt to let customers move funds onto exchanges. And now, as the crypto industry has grown to be a $4 trillion industry, this marriage of inconvenience is reaching a breaking point.
How Michael Saylor Plans to Ensure Strategy Keeps Its Bitcoin Forever
Strategy (MSTR) Chairman Michael Saylor is winning plaudits from investor circles Friday because of the company’s record performance in terms of operating income, net income, and earnings per share this past quarter (see chart below). In fact, its stock is up 166% in the past year, doubling bitcoin’s (BTC) performance over that time. This story is an excerpt from the Bits + Bips newsletter.
Solana Treasury Company Led By Joe McCann Targets $1.5 Billion Fundraise
Joe McCann, the founder and CEO of crypto hedge fund Asymmetric Financial, is set to become the CEO of a new Solana (SOL) crypto treasury company called Accelerate according to pitch documents seen by Unchained. The firm intends to go public via a SPAC with the blank check vehicle Gores X Holding.
Ethereum Is Pumping, but XRP Could Make Even Bigger Gains
Ethereum (ETH) bulls are crowing. The asset has doubled in the past three months after spending most of 2025 trailing market leaders such as bitcoin (BTC), solana (SOL), and XRP (XRP). And for established holders, this move — which comes on the back of the GENIUS Act being signed into law and a growing swell of ETH-focused treasury companies — could not have come too soon.
Grayscale’s ETF Chief Is Leaving the Company Months Before IPO
Grayscale’s global head of ETFs, David LaValle, is set to depart the crypto asset manager at the end of July, according to a source familiar with the company’s operations. LaValle came to the company in July 2021 as it was facing a key inflection point. The firm’s flagship product, its Grayscale Bitcoin Trust, had around $25 billion in assets at the time, making the company the largest crypto asset manager in the world.
Ether Price Surges Past $3,000, Growing Faster Than Bitcoin and Solana
While bitcoin (BTC) is consolidating after a torrid last week that saw it breach $120,000 for the first time and set a new all-time high above $123,000, ether (ETH), the world’s second-largest cryptocurrency, appears poised to unlock a new level of gains.
PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price
Action on Pump.fun’s yet-to-be-released PUMP (PUMP) token was already swift in the days before its watershed initial coin offering (ICO) on Saturday that saw it sell $500 million in tokens in just 12 minutes. But almost the entirety of that pre-ICO activity was centered on the perpetual futures (perps) market, which is a cash-settled product on platforms such as Hyperliquid or Binance that lets traders get a form of spot price exposure to the asset, with leverage.
Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains
After setting multiple new highs this week and briefly topping $118,000, bitcoin appears poised for a breakout that could reach $168,000 over the next 12-18 months according to Katie Stockton, founder and managing partner at market research firm Fairlead Strategies. Her prediction is based on the measured move technical indicator, which refers to a highly structured price movement that consists of two swings in the same direction with a pause in between.
BitMine Crashes 39% After It Files to Raise $2 Billion for More ETH
On Wednesday, Ethereum treasury company BitMine Immersion Technologies (BMNR) fell 39% (53% during intraday trading) after the company filed a registration statement with the Securities and Exchange Commission (SEC) to sell up to $2 billion in securities to support its accumulation strategy.
These 4 Crypto Treasury Companies Are Primed for a Price Crash
With a market capitalization below $30 million in June, BitMine Immersion Technologies (BMNR), a bitcoin mining company based in Las Vegas, Nev., was a middling enterprise in a highly competitive industry. But that all changed on June 25, when the company announced its switch to a crypto treasury strategy focused on Ethereum.
Ripple's Legal Saga Is Over. But With Its Stablecoin Pivot, Where Does XRP Go?
Fresh off of getting the Securities and Exchange Commission’s (SEC) monkey off of his back, Ripple Labs CEO Brad Garlinghouse is operating like he has a new lease on life. On July 2, the company announced that it is applying for a federal bank charter via the Office of the Comptroller of the Currency (OCC), hoping to become just the second company after Anchorage Digital to achieve the distinction.
AI Crypto Tokens Swoon as Nvidia Reaches a New All-Time High
GPU manufacturer Nvidia (NVDA) reached a new all-time high on Thursday morning of $155.45 after brushing off a difficult start to 2025: its stock dropped 37.6% from $149.43 on Jan. 6 to $93.31 on April 4. During that period the stock had to deal with a massive sell-off caused by a low-cost Chinese competitor called DeepSeek and then President Trump’s ‘Liberation Day’ tariff regime, which caused a global economic panic and threatened the company’s ability to sell its GPUs into China.
Hyperliquid Reignited Interest in Perps. Can Coinbase and Robinhood Bring the Heat?
Not much has been able to shake Binance from its eight-year perch as the world’s largest crypto exchange, including the resignation of its billionaire founder Changpeng Zhao (CZ) and payment of a record $4.3 billion fine for violating U.S. anti-money laundering laws back in 2023. But an upstart decentralized exchange called Hyperliquid, which has no official headquarters and does not run users through any sort of anti-money laundering program, is making Binance sweat.
Tron Is Now More Expensive Than Ethereum. Will That Hurt Justin Sun’s New Company?
Dozens of crypto treasury companies have been announced since the beginning of the year. However, none may be as controversial as Nasdaq-listed SRM Entertainment (SRM), which is transitioning into a Tron (TRX) treasury company via a reverse merger and a $210 million injection of capital. The market reaction to the announcement was swift. Shares in SRM, which will change its name to Tron Inc., are up 547.5% as of Wednesday morning.
Struggling Exercise Company Bets Its Future on an AI Crypto Token
As the Bitcoin treasury trend becomes increasingly saturated, a new corporate strategy is emerging: allocating funds to altcoins. The latest company to join this movement is Interactive Strength Inc. (Nasdaq: TRNR), a high-end exercise equipment manufacturer based in Austin, Texas. This morning, the company announced a headline-grabbing move — a “$500 million facility to acquire AI-focused $FET tokens,” according to its press release.
3 Reasons the Bitcoin Price Is Stuck, Despite the Surge in Treasury Companies
Over the past few weeks, the crypto world has been buzzing with announcements from a new breed of publicly traded companies — crypto treasury firms. These businesses exist primarily to raise capital and buy crypto, largely Bitcoin, for their balance sheets. Since the start of April, they’ve collectively raised an estimated $11.3 billion, with the bulk earmarked for Bitcoin. Hype for crypto’s newest fad is reaching a fever pitch, but curiously, the price of bitcoin has struggled to follow suit.
$250 Billion Stablecoin Industry Threatens Emerging Markets, IMF Official Warns
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
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
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?
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?
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
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
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
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?
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.
DeFi Leverage on Apollo’s $1.3 Billion Credit Fund
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.
Bitcoin Hits $105K, Lido Oracle Breach, Ledger Hack, Apollo’s DeFi Looping, Stablecoin Bill
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