Show notes
In this week’s CF Benchmarks Live X Space, Head of Research Gabe Selby is joined by Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CF Benchmarks Head of Sales Peter Stern, Christian Isaac from the CF Benchmarks product team, and Val Gui, General Manager of xStocks. Together they discuss the latest macro developments, crypto markets, Bitcoin, tokenized equities, and how digital assets are reshaping market structure.The conversation begins with reaction to June’s payrolls report before unpacking CF Benchmarks’ latest Monthly Market Recap, including the broad-based decline across the CF Broad Cap Index and the factor dynamics driving performance across value, growth, and size. The discussion then turns to tokenization, with Val Gui explaining how xStocks is extending price discovery into weekends and after-hours trading, Peter Stern discussing institutional demand for tokenized equities, and the panel debating how private-market access and accredited investor rules may evolve. The episode concludes with a look at MicroStrategy’s updated capital strategy, its implications for Bitcoin investors, and the key events to watch in the week ahead, including the Clarity Act, FOMC minutes, and SK Hynix’s U.S. ADR debut.Chapters00:00 – Intro & Team Welcome02:30 – Welcoming xStocks' Val Gui06:11 – June Wrap: Broad Cap Down as Every Sector Bleeds08:49 – Q2 Factor Breakdown11:08 – 2021 vs. 2022: Is This Crypto Equity Divergence Deja Vu?16:42 – Bitcoin's Maturation: ETFs, MicroStrategy and a Bigger Asset Class19:05 – Institutions Dip a Toe Into Tokenized Equities25:49 – Inside xStocks' Weekend Price Discovery Data32:21 – The Platform Play: What Sets xStocks Apart from Competitors38:20 – Pre-IPO Perpetuals: Pricing OpenAI and Anthropic Before They List49:42 – The IPO Decision Tree Is Being Rewritten51:53 – MicroStrategy's Capital Plan: Buying Time, Not Just Bitcoin56:25 – Week Ahead: Clarity Act, FOMC Minutes and SK Hynix's ADR Debut 59:12 – Closing Remarks
