Embargo!
That title is dedicated to one of our loyal TBL Pros, Brett, as he called it exactly as it went during Trump’s post-decision press conference: embargo, embargo, embargo!
For anyone somehow not yet in the loop, the decision on “whether the International Emergency Economic Powers Act (IEEPA) authorizes the President to impose tariffs” was finally made, and the Supreme Court ruled against Trump’s tariffs. The votes were 6-3, with dissenters (i.e., a Justice voting in favor of upholding tariffs) being Justice Brett Kavanaugh, Justices Clarence Thomas, and Justice Samuel Alito.
Bitcoin forces long-term thinking.
With that perspective, custody isn’t an afterthought — it’s a structural choice. The goal is resilience: maintain control, remove single points of failure, and stay aligned with the monetary principles that brought you to bitcoin.
Unchained is the leader in collaborative multisig custody and bitcoin-native financial services, securing over $12 billion in bitcoin for more than 12,000 clients — roughly 1 out of every 200 bitcoin sits in an Unchained vault.
The model is simple:
You hold two keys.
Unchained holds one.
This shared-custody framework blends institutional-grade security with the sovereignty of individual key ownership.
From that foundation, Unchained offers services for long-term bitcoin strategies: trade directly from your vault, access dollar liquidity through bitcoin-collateralized commercial loans, open a bitcoin IRA while holding your keys, or create business and trust accounts for multi-generational planning.
For elevated private-client service, Unchained Signature provides a dedicated account manager, discounted trading, exclusive events, and more.
If you’re building a durable bitcoin position and want a custody partner designed for that responsibility, visit unchained.com and use code TBL10 for 10% off your new bitcoin multisig vault.
With a freshly baked decision, we want to wait some time before coming to any type of ‘market’ conclusion. That said, raw thoughts help guide questions and conclusions, so we’ll share those with you today.
Firstly, what was the market’s reaction? During our regular morning meeting, Nik made sure that we were all on the desk, paying close attention to the candles. While looking at US Treasury yields (specifically, 2s and 10s), the dollar, and the stock market, we noticed a rather mild reaction all across the board. Treasuries and the dollar sold off mildly, while the stock market caught some marginal buyers. Two thoughts then followed:
Markets had already priced the decision in
Markets haven’t made a definitive decision