About this episode
Mike Silagadze is the CoFounder and CEO of ether.fi.Ether.fi is building crypto's own Revolut, a fully integrated banking experience that's self-custodial, with lower fees and higher rewards than traditional fintech. In Q4 2025, ether.fi Cash hit $126M in card spending, up 160% quarter over quarter, making it the largest non-custodial crypto card.Mike breaks down the business model (Stake, Liquid, Cash), how they survived October 10th with zero liquidations, and why 2026 is the year they go mainstream.In this episode, we cover:+ How Cash revenue is diversifying the business beyond ETH exposure+ Why they're not another DeFi casino+ $50M revenue in 2025, forecasting $100M+ in 2026+ Token holder rights and why value accrual must be enshrined+ Tokenized stocks and gold coming in March 2026------💎 THIS EPISODE'S PARTNERS🔒 KPK | Best risk-adjusted yield through automated vaults🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets🌅 NEUTRL | The next generation of crypto-native yield🛡️ ACCOUNTABLE | Real-time financial verification🕛 NOON | The highest and safest stablecoin yield, built for the long term⚔️ KATANA | Deep liquidity & real yield🏦 MANTLE | MNT is now live on Solana🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale⚙️ GEARBOX PROTOCOL | Onchain lending reimagined------⏱️ TIMESTAMPS0:00 - Intro1:25 - ether.fi's business model: Stake, Liquid, Cash2:30 - TVL vs revenue, what ether.fi optimizes for6:22 - How Cash is tripling revenue share and diversifying the business8:51 - How ETH price affects ether.fi's revenue10:25 - Digital asset treasury partnerships11:47 - How ether.fi survived Oct 10th with zero liquidations17:22 - ether.fi Cash hit $126M in spending Q4 (160% QoQ growth)19:35 - Why ether.fi is the largest non-custodial crypto card22:54 - Customer acquisition costs25:33 - Is the card business profitable on its own?26:29 - The $100B corporate card opportunity30:39 - Team of 38 employe
