Why Strategy Sold Bitcoin, VanEck’s BNB Bet and a $1.7B ETF Exodus

On this episode of CoinDesk’s Public Keys from the New York Stock Exchange, host Jennifer Sanasie is joined by Bloomberg Intelligence Senior Research Analyst James Seyffart to break down the SpaceX IPO’s pull on crypto capital, four consecutive weeks of Bitcoin ETF outflows topping $1.7 billion, and the Zcash counterfeiting bug. VanEck Director of Digital Assets Product Kyle DaCruz unpacks VBNB, the first US spot BNB ETF, the rise of “revenue chains,” and what staking rewards will mean for the product. 100X Capital CIO Joy Pathak — also known as the Wizard of SoHo — shares his top conviction trade in the 10X segment. Plus, Benchmark-StoneX Managing Director Mark Palmer breaks down why the market overreacted to Strategy’s first publicized Bitcoin sale, his $570 price target on the company, and his Buy rating with a $32 target on Strive.
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This episode of Public Keys is brought to you by Kraken Pro. For more: ⁠⁠⁠https://pro.kraken.com/⁠⁠⁠
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Learn more at ⁠https://www.bullish.com/⁠.
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Register now for CoinDesk’s Policy and Regulation event on September 24, 2026: ⁠https://policy-regulation.coindesk.com/⁠.
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Timecodes:
00:00 Welcome to Public Keys
00:38 SpaceX IPO, BTC Drops
01:50 BTC ETF Outflows: Overreaction or Trend?
03:23 Zcash Counterfeiting Bug and the Privacy Narrative
06:34 VanEck’s Kyle DaCruz on the First US Spot BNB ETF
07:18 Ghost Chains vs Revenue Chains: BNB by the Numbers
08:56 BNB Staking and How VanEck Picks Its Next ETF
11:17 BNB Chain’s Decentralization
14:55 ETF Flows Deep-Dive: Bitcoin, Hyperliquid, XRP, Solana
18:02 Bitcoin ETFs vs Gold’s $300B in Assets
19:14 The Yin-Yang of Crypto: “We’re So Back” vs “It’s So Over”
21:39 Joy Pathak’s ‘10X’ Trade: NEAR
24:04 Benchmark-StoneX’ Mark Palmer on Strategy’s First Publicized BTC Sale
25:32 Why S&P’s October Critique Drove the Sale
27:47 Path to a $570 Price Target on Strategy
29:40 $32 Buy Rating on Strive and a $95K BTC Assumption
32:18 Crypto Fear & Greed Index at 8
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#cryptocurrency #digitalfinance #finance #bitcoin #crypto

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