The largest UK fintech is abandoning the London Stock Exchange for the NASDAQ — and Luke thinks it could be an inflection point. This solo deep-dive makes the bull AND bear case on one of his highest-conviction holdings, right before the dual listing goes live. Here’s what every investor needs to know before May 11th.
💰 Why $WISE is ditching London for the NASDAQ — and what it means for shareholders who already own the UK listing
📊 The numbers behind the conviction: 27% volume growth, 22% more active customers, and a take rate that keeps falling on purpose
🎓 How Wise actually moves money across borders — the elegant infrastructure trick that lets them undercut every bank on the planet
🎯 Luke’s reverse DCF breakdown: what growth rate the market is currently pricing in, and whether that’s a gift or a trap
💀 The bear case we can’t hide from: falling take rates + rising costs = a business model that only works if volume growth never stops
🤖 Stablecoins and the Genius Act — is crypto a real existential threat to $WISE, or just a question every investor asks and never acts on?
🌐 The index inclusion catalyst: why Russell 1000 membership in 2027 could trigger a wave of institutional buying nobody’s talking about yet
Sources:
Shooting the Bull with Drowsy and Bear: https://open.spotify.com/show/5qH1zzezA4EnHHGibgzJlb?si=XkN43t9ZRUuAD8Mh2RMvzg&nd=1&dlsi=a7c955266e91477f
Segments:
00:00:00 Welcome — Solo Episode & What’s Coming to WSW
00:01:21 What Is Wise and How Does It Actually Work?
00:04:08 The NASDAQ Dual Listing: Dates, Mechanics & What Shareholders Need to Do
00:09:05 $WISE Key Numbers: Volume Growth, Customers & Take Rate
00:11:08 Rising Costs: Investment in Growth or a Warning Sign?
00:12:44 $WISE Valuation: Reverse DCF & The Inflection Point Thesis
00:14:54 Bear Case #1: The Take Rate Trap
00:15:48 Bear Case #2: Stablecoins & Crypto — Real Threat or Overhyped?
00:18:11 Luke’s Conviction: 4 Years as Customer & Shareholder
