🚀 US Could Refund $1 Trillion in Tariffs

In partnership with

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Treasury Secretary Scott Bessent warned that if the Supreme Court strikes down Donald Trump’s sweeping tariff plan, the government could be forced to refund up to $1 trillion already collected—a scenario he called “terrible for the Treasury.” Speaking on Meet the Press, Bessent insisted he is confident the Court will side with Trump, but acknowledged that if it does not, businesses hit with the duties would see an unprecedented windfall. The case stems from a federal appeals court ruling that found Trump’s “reciprocal tariffs” illegal, with just weeks left before that decision takes effect unless overturned. While the administration is pushing for an expedited ruling, officials like National Economic Council Director Kevin Hassett said they are preparing backup options, including tariffs under national security provisions, underscoring how central trade barriers remain to Trump’s economic strategy.

2. Private equity giants are raiding Wall Street and each other in a global talent war, with fundraising and investor relations roles at the center of the scramble. After years of dealmaking stagnation, firms are “overpaying” to secure people who can bring in capital, even as nearly $1 trillion in dry powder still sits undeployed. Hiring is surging from New York to Tokyo, Singapore, and London, with megafunds expanding internationally and locking in recruits years before graduation, while smaller firms struggle to keep up. The competition has grown so fierce that banks like Goldman Sachs and JPMorgan are tightening rules to stop their analysts from being poached, but carried interest and outsized payouts make private equity too tempting for many to resist.

3. Dan Ives, Wedbush’s star tech analyst, is stepping into crypto in a big way—becoming chairman of Eightco Holdings. This small Nasdaq-listed company plans to make Sam Altman’s Worldcoin its primary treasury asset. Eightco is raising $250 million to accumulate WLD, betting the token will underpin identity verification in an AI-driven future. The move echoes the MicroStrategy playbook of using debt and equity sales to buy crypto, but with a riskier tilt beyond bitcoin. Ives framed World as the “de facto standard” for proving who’s human in an age of deepfakes, a view that mirrors BlackRock’s Larry Fink on blockchain’s future hinges. It’s also part of a broader trend: other firms are hoarding Solana, BNB, and ether, while Wall Street forecasters like Tom Lee are fronting similar ventures. With Altman’s World still relatively small at a $1 billion market cap, compared to bitcoin’s $2 trillion, Ives is effectively betting on the long game—that digital identity, not just digital money, will be core to the next tech cycle.

   Headlines

   1. EchoStar is selling its wireless spectrum licenses to SpaceX for $17B.

   2. Tesla shares are at their lowest since 2017 as the company struggles with increasing competition.

Are you looking to grow your business? Here is how I can help: 

📱Book a Strategy Call to get 1:1 feedback on your pitch, pitch deck and/or fundraising strategy. (If you need general startup advice, then reply to this email, and I’ll let you know if/how I can help.)

Timing Is Everything—Here’s How Top Crypto Experts Do It. Spotting early trends could change your portfolio forever. Discover how pros identify coins with 1,000%+ potential and position early. This free summit delivers expert-level insight. Click to claim your free pass to this exclusive 3-day virtual event →*

Onwards and Upwards,

Liam Gill

* This is sponsored content. © 2025 Boardwalk Flock LLC. All Rights Reserved. 2382 Camino Vida Roble, Suite I Carlsbad, CA 92011, United States. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Readers acknowledge that the authors are not engaging in the rendering of legal, financial, medical, or professional advice. The reader agrees that under no circumstances Boardwalk Flock, LLC is responsible for any losses, direct or indirect, which are incurred as a result of the use of the information contained within this, including, but not limited to, errors, omissions, or inaccuracies. Results may not be typical and may vary from person to person. Making money trading digital currencies takes time and hard work. There are inherent risks involved with investing, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk.