Arca

Michael Saylor’s Strategy bought itself time, but did it actually solve the problem? David sits down with Jeff Dorman and Matt Walsh to unpack Strategy’s increasingly complex capital structure, why $STRC and MSTR are now fighting for oxygen, whether Saylor may need to sell Bitcoin, and why the company is starting to look less like a levered BTC play and more like an actively managed hedge fund. --- 📣OKX | THE NEW MONEY APP https://app.okx.com/en-us/join/usbankless --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 📊BITGET | TOKENIZED STOCKS 2.0 https://bankless.cc/bitget-stocks 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium --- TIMESTAMPS 0:00 Intro 2:30 Can Stretch Return to 100? 4:00 Explaining the New Framework 4:43 Can the Capital Stack Coexist? 6:39 Refunding the Converts 8:32 MNAV Near the Breaking Point 11:15 Option Value or Investor Betrayal 15:37 Legal Risk and Retail Exposure 19:52 Buying Time, Not Solving It 22:20 Scenario Odds After the Pivot 24:54 Sell Bitcoin or Wait 28:59 M&A as a New Path 34:13 Temporary Relief, Future Crash 36:21 Slow Bleed, Not Bankruptcy 40:58 Bitcoin Needs a Bigger Narrative 46:56 Would Jeff Buy Stretch? 48:26 Is the Model Actually Genius? 52:09 Closing & Disclaimers --- RESOURCES Matt Walsh https://x.com/MattWalshInBos Jeff Dorman https://x.com/jdorman81 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Jeff Dorman

Chief Investment Officer

Arca

Matt Walsh

Partner

Castle Island Ventures

Jeff Dorman on why Strategy's four stakeholder classes are all losing, and why Saylor should have sold $2B of Bitcoin at once instead of $2.5M. ======================================================== Thank you to our sponsor! Fidelity: Explore opportunities at https://crypto.fidelitycareers.com ======================================================== Strategy’s late-May Bitcoin sale has turned a long-running investor concern into a sharper question: how sustainable is the company’s capital structure if its Bitcoin accumulation strategy now comes with large cash obligations? Jeff Dorman, chief investment officer at Arca, joins Laura Shin to discuss why the sale changed his view of the risks around Strategy. After months of pushing back on fears of forced selling, Dorman says the company’s preferred-share financing has altered the analysis. He points to roughly $15 billion in preferred shares carrying 10% to 12% dividend rates, which he estimates could mean about $1.7 billion in annual cash obligations for a company without operating revenue. Dorman also breaks down the stakeholder groups shaping Strategy’s choices, the tradeoffs each path may create, and the Polymarket dispute over whether Strategy sold Bitcoin in May. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Jeff Dorman - Chief Investment Officer at Arca - https://x.com/jdorman81 Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeff Dorman

Chief Investment Officer

Arca

The crypto sector has celebrated a lot of policy wins in 2025, but price wise, it has arguably been a year to forget. In this episode of Unchained, Bitwise Head of Research Ryan Rasmussen and Arca Portfolio Manager David Nage join host Laura Shin to discuss the disappointing crypto markets and why their outlook on 2026 is more positive. They also explained why Vanguard's crypto pivot is a huge deal, questioned whether Bitcoin could ever be unseated by privacy coins, and discussed why they don’t see the bubble in the DAT market hurting crypto. Need liquidity without selling your crypto? Take out a Figure Crypto-Backed Loan, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.  Thank you to our sponsor, Figure! Unlock your crypto’s potential today at Figure!  Guests: Ryan Rasmussen, Head of Research at Bitwise David Nage, Portfolio Manager at Arca Previous appearance on Unchained: The LayerZero-Wormhole Contest Shows How to Value a Crypto Business Links: Unchained: Bitcoin Resets Above $90,000, but Can Bulls Keep the Momentum? Bits + Bips: Vanguard’s Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners Bits + Bips: Why the Markets Now Have a Bullish Setup Franklin Templeton Rolls Out First Tokenized Fund in Hong Kong Why Every Company Will Have a Stablecoin — and Why One L2 Isn’t Enough Grayscale Files to List Zcash ETF What Ethereum Will Look Like When It Implements Its New Privacy Focus Other relevant links: Bank of America Broadens Access to Crypto Funds SEC's Paul Atkins touts 'tokenization’ as key to modernizing US markets Larry Fink and Rob Goldstein on how tokenization could transform finance My Highest-Conviction Bet in Crypto Stablecoin payments on Stripe cost 1.5% of the transaction amount. Credit card fees are as high as 3.5%. Less than half of the cost! Bitcoin’s “Facebook Moment”  Timestamps: 🚀 00:00 Introduction 🤔 01:42 Is the four-year cycle dead?  💡 3:50 Why David says Bitcoin is having its “Facebook moment” ⚡️ 11:42 Why Ryan does not believe Bitcoin OGs are disillusioned 💥 14:43 Why David thinks liquidity may be returning to the market  ❕️ 17:21 What is driving Vanguard and Bank of America's adoption of crypto 🚨 24:34 The importance of Bitwise 10 Crypto Index Fund's ETF transition 💡 28:30 Why BITW excludes memecoins, stablecoins and, wrapped tokens, etc. 🔮 31:15 What tokenization means for the future of finance 👀 35:56 What the future holds for digital asset treasuries ⚠️ 39:45 How unwinding of DATs could affect Bitcoin 🧏 41:11 What Stripe's 1.5% fees suggest about the future of stablecoin competition  📈 46:43 Why David says stablecoin adoption is similar to email 🤔 48:55 Could Bitcoin be toppled as the privacy meta rises? 🔮 56:45 Ryan and David share their 2026 crypto outlook ✴️ 1:02:01 Ryan’s 2026 Bitcoin price target Learn more about your ad choices. Visit megaphone.fm/adchoices

Ryan Rasmussen

Head of Research

Bitwise Asset Management

David Nage

Portfolio Manager

Arca

The drama is heating up in crypto M&A. LayerZero, the omnichain interoperability protocol, shocked the market with a $110 million bid to acquire Stargate DAO — the very bridge it originally launched. Then Wormhole jumped in, asking the DAO to pause the vote so it could make a counter-offer. This episode unpacks the first-ever so-called onchain bidding war: how to value DAOs like real businesses, why LayerZero and Wormhole are fighting over Stargate, and whether this deal marks the beginning of a consolidation wave across crypto. Guests David Nage of Arca and M&A advisor Lawson Bae of Relayzero break down the numbers, the strategy, and what this turning point means for the industry. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Sui Xapo Bank Guests: David Nage, VC Portfolio Manager at Arca Lawson Bae, Founder of Relayzero Links: Unchained:  Wormhole Foundation to Counter LayerZero’s Bid for Stargate LayerZero Foundation Proposes $110 Million Stargate Acquisition, Retiring STG for ZRO Tokens  Timestamps: 🎬 0:00 Intro 🧱 2:57 Why LayerZero wants to buy Stargate, the bridge it launched 💸 8:36 Whether the $110 million offer from LayerZero was actually fair 🕵️‍♂️ 14:07 How Wormhole may be trying to make things difficult for its biggest rival 📊 16:35 Why David thinks the $110 million number can be justified 📈 21:07 How the number of daily active users factors into valuing crypto projects 🔢 27:07 What a “reasonable multiple” for Stargate could look like 🗳️ 30:34 How the Stargate DAO should approach this pivotal decision 🤝 34:49 Why this deal shows that crypto M&A is booming Learn more about your ad choices. Visit megaphone.fm/adchoices

David Nage

Portfolio Manager

Arca

Lawson Bae

M&A Advisor

RERelayzero

Gm! This week we're joined by Jeff Dorman to discuss his recent tweet on the bear case for Coinbase. We deep dive into the Coinbase business model, the rise of DEXs (Hyperliquid), who is best positioned to win the exchange wars, the opportunity for DeFi & more. Enjoy! -- Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Follow Jeff: https://x.com/jdorman81 Follow Santi: https://x.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Grab your tickets to Permissionless IV. Use code EMPIRE10 for 10% off: https://blockworks.co/event/permissionless-iv -- Petra Earn was designed to make DeFi more accessible for everyone—from seasoned pros to DeFi beginners. Manage your balance, claim rewards and deposit directly from the app. By supplying USDT to Aries lending pools, users have the potential to earn a higher yield compared to some traditional methods. Not financial advice. Participating in Defi carries risks. To learn more visit https://petra.app/earn -- Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network. The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC will be live in April 2025. -- Crypto never sleeps. So we built an Al analyst that never blinks. Meet Focal by FalconX: a GenAI insights engine built for institutional crypto. Already used by 80+ funds managing $10B+ in AUM. 🔹 Screen, chart, and analyze 1300+ tokens 🔹 Summarize market-moving news instantly 🔹 Integrates data from CoinGecko, Kaito, Token Terminal, Tokenomist, The Tie Get started today: https://askfocal.com -- Token.com is a social-first crypto platform transforming how people discover and trade through crypto content. The revolutionary in-feed trading turns complex crypto into intuitive investments, while content creators earn from every trade and projects amplify their stories through native tokens - creating a new era of social media-powered crypto discovery. Just scroll to watch and tap to invest. Download the app! -- Timestamps: (00:00) Intro (03:06) Do Fundamentals Matter In Crypto? (08:58) Ripple's Breakthrough Moment (11:38) Ads (Aptos, Zenrock) (12:58) The Coinbase Business Model (20:59) Are Coinbase Users Sticky? (25:29) The Rise Of DEXs (31:41) Ads (Aptos, Zenrock) (33:01) Is There A Bull Case For Coinbase? (37:55) Tokenization (43:37) Ads (Falcon x, Token.com) (45:05) The Opportunity For DeFi (50:32) Value Accrual (57:07) How To Bring Assets Onchain (01:10:09) Should Securities Laws Be Updated? -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Jeff Dorman

Chief Investment Officer

Arca

Trump’s latest crypto moves have sent the market on a rollercoaster. First, he posted on Truth Social that a U.S. crypto reserve would include XRP, Solana, and Cardano. A couple hours later, he had to clarify that Bitcoin and Ethereum would also be included. The market jumped 12%—only to crash the next day. Meanwhile, the White House crypto summit is happening Friday, and not everyone is happy with the guest list. Some say it’s a step toward real regulation, while others argue that without DeFi voices, it’s just a meeting of centralized players. So what does it all mean? David Nage, VC at Arca, joins Unchained to talk about: 4:55 Why David is unfazed by crypto’s swings around Trump’s reserve posts 9:03 David’s take on Cardano and XRP being named for the crypto reserve list 18:11 Why he thinks Bitcoin is a strong candidate for a national reserve asset 22:52 Why David isn’t impressed with the guest list at the White House Crypto Summit 26:26 Why the markets have been struggling—and what could finally turn things around 28:52 News Recap Will real crypto policy changes emerge from this? Or is this just another distraction in a year full of big promises? Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! BitKey: Use code UNCHAINED for 20% off Mantle Guest David Nage, VC Portfolio Manager at Arca Links Unchained:  Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve Cardano Founder Charles Hoskinson Is Not Invited to White House Crypto Summit How Did Ripple Sell Trump on XRP in a Crypto Reserve? By Pushing for Solana Trump Is Having Second Thoughts About His Crypto Council David’s tweet on Cardano and Ripple Eleanor Terrett’s tweet with the Crypto Summit guest list  David Sacks’ tweet saying that the government lost almost $17 billion Learn more about your ad choices. Visit megaphone.fm/adchoices

David Nage

Portfolio Manager

Arca

The Scoop's host, Frank Chaparro, was joined by Arca CIO Jeff Dorman. In this episode, Chaparro and Dorman discussed the disconnect between market sentiment and the developments in the crypto space. Dorman goes over the actual use cases of the crypto ecosystem and how they are being drowned out by memecoins and scandals, highlighting that big outside players are beginning to get on board. OUTLINE 00:00 Introduction 01:11 Sponsor break 02:04 Memes taking the spotlight 06:40 Crypto’s adolescent stage 11:29 Common misconceptions about crypto 18:50 Assessing value in the crypto space 23:00 Are we still early? 29:37 The future of crypto 34:50 Where are the liquid funds? 41:30 Tradfi will eventually come 45:04 Conclusion GUEST LINKS Jeff Dorman - https://www.linkedin.com/in/jeff-dorman-cfa-61063129 Jeff Dorman on X - https://x.com/jdorman81 Arca - https://x.com/arca Arca on X - https://www.ar.ca/

Jeff Dorman

Chief Investment Officer

Arca

Crypto sentiment is extremely low, but is the market completely wrong? While X is flooded with doomsday takes, Jeff Dorman, CIO of Arca, argues that the real fundamentals of crypto are stronger than ever. In this episode, Jeff breaks down why investors are overlooking key signals—like growing regulatory clarity, the tokenization of real-world assets, and institutional interest—and how memecoins have hijacked the broader market narrative. He pushes back on claims that there are no fresh narratives and explains why the current climate reminds him of previous market mispricings that turned into massive opportunities. He also dives into the potential of tokenized assets, why crypto adoption is way ahead of where people think, and why he believes the industry keeps making the same mistakes when it comes to marketing its breakthroughs. Show highlights: 2:03 - How dishonest takes are flooding the crypto sentiment, according to Jeff 4:04 - Why he pushes back against the sentiment that there are no fresh narratives 6:13 - Whether memecoins are to blame for the poor market sentiment 13:17 - Why Jeff feels that the crypto investment thesis is still very strong 19:23 - Why Jeff says that the launch of $TRUMP and $MELANIA was a good thing for the industry 26:55 - Why layer 1s are very hard to invest in 30:57 - Laura and Jeff’s disagreement about what would it take for a blockchain to win Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Somnia Network Guest Jeff Dorman, Chief Investment Officer and Co-Founder at Arca Previous appearance on Unchained: Crypto Prices Are Way Down. Is It Time to Buy the Dip? Links Unchained:  Arca: “That’s Our Two Satoshis” - I’m Fed Up with the Misinformation by Jeff Dorman, CFA Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeff Dorman

Chief Investment Officer

Arca

The recent crypto crash has left many investors questioning the way the market is going. In this episode, Jeff Dorman, chief investment officer at Arca, provides a deep dive into the factors behind the crash, the macroeconomic influences at play, and why he remains optimistic despite the downturn. Expressing surprise at Ethereum's underperformance this year, he describes how the Democrats’ handling of crypto is an own goal, and how TradFi and DeFi differ from each other during market upheavals. Show highlights: 00:00 Intro 01:38 The two main reasons the markets crashed this past weekend 05:29 How the macro environment has affected crypto lately and why the market has gotten “way ahead of itself” 12:44 Why ETH was down so much, more than other cryptocurrencies 16:52 The “most important” shift in crypto policy that has occurred this year 21:19 The Japanese yen carry trade that was one of the key factors in the market meltdown 30:20 Whether Genesis distributing $4 billion in assets had an impact on the market 33:39 Why Jeff believes that the data we have today does not point to a recession in the U.S. 36:49 Why Jeff says he’s "buying the dip” 40:47 Crypto as a political issue and why he thinks Harris winning would not be as bad for crypto as many believe 48:19 Why bitcoin doesn’t always act as a hedge against equity-related or geopolitical risk, in Jeff’s opinion 52:56 What Jeff thinks about the proposals for the U.S. government to buy bitcoin for a strategic reserve 54:15 The stark contrast between TradFi giants halting trading and the permissionless nature of DeFi Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Token 2049 Guest: Jeff Dorman, Chief Investment Officer at Arca. Previous appearances on Unchained: How Elon Musk Pushed DOGE Up and BTC Down, With Arca's Jeff Dorman 3 Things SushiSwap Needs to Get in Order, According to Arca Links Market crash: Unchained:  Ethereum Drops Below $2,300 Amid Jump Crypto Rumors Bitcoin ETF Trading Volume Surges to $4.7 Billion Amidst Market Selloff Bitcoin and Ethereum Funds Record $546 Million in Weekly Outflows: CoinShares The Block: Cryptocurrency market capitalization registers largest daily drop since 2022 Japan BBC: The Bank of Japan raises interest rates for second time this year The Defiant: Here’s an ELI5 on on How Japan Sent Global Markets Tumbling SEC: Eleanor Terret’s tweet on the SEC’s funding Unchained: Can Gary Gensler Be ‘Fired’ If Trump Becomes President Again? Others: The Block: Genesis completes bankruptcy restructuring, begins distributing $4 billion in crypto and cash Poylmarket: US Presidential Elections odds Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeff Dorman

Chief Investment Officer

Arca

Jeff Dorman is Arca's Chief Investment Officer. In this episode, Chaparro and Dorman discuss the recent approval of the spot ether ETFs and how it opens the door for institutional investors to engage with the Ethereum ecosystem. The discussion also highlights the importance of regulatory clarity and the shifting sentiment towards crypto in Washington.  OUTLINE 00:00 Introduction 02:34 ETH ETF Approval 06:02 Wall Street Onchain? 12:05 ETH ETFs & Market Structure 17:53 ETH Headwinds & Underperformance 21:28 Altcoin ETFs? 25:27 Crypto's Crowded VC Landscape 34:32 Liquid Crypto Funds 41:47 Traditional Hedge Funds & Crypto This episode is brought to you by our sponsor Polkadot Polkadot is the blockspace ecosystem for boundless innovation. To discover more head to polkadot.network The Block Community The Block is launching a new community experience for fans of The Scoop! Follow us on Lens to stay in the loop: hey.xyz/u/theblockcommunity The Block Newsletters The Block's newsletters bring you the latest news and analysis of the fast-moving crypto and DeFi markets. To subscribe, visit theblock.co/newsletters

Jeff Dorman

Chief Investment Officer

Arca

On today's episode of Empire, Jason and Santiago are joined by Jeff Dorman, CIO of Arca. Jeff is a prominent crypto investor known for his fundamental analysis, contrarian bets and ability to simplify crypto's arcane topics. In this episode, Jeff explains crypto's response to macro, why fundamentals matter, equity tokenization, crypto's most exciting developments and more. Don't miss Jeff's insights on where crypto is headed next! Resources: BTC/NASDAQ correlation: https://www.bloomberg.com/news/articles/2022-04-11/bitcoin-s-correlation-with-big-tech-increases-to-record-chart Follow Jeff on Twitter: https://twitter.com/jdorman81 Follow Empire on Twitter: https://twitter.com/theempirepod -- ParaSwap: If you want to make a swap at the best price across the DeFi market, check out paraswap.io. ParaSwap’s state-of-the-art algorithm beats the market price across all major DEXs and brings you the most optimized swaps with the best prices, and lowest slippage. -- Timestamps (00:00) Introduction (01:27) The Real Reason Crypto Is Correlated To The NASDAQ (04:27) Is The Fed In Control of Inflation? (09:02) Crypto's Strength During Macro Turbulence (13:04) The Ownership Narrative (15:25) Everything Is Based On Trust (18:12) Ownership and Aligned Incentives (25:27) Liquidity Incentives (30:28) Governance (33:57) Paraswap Ad (35:06) CeFi Merging With DeFi (39:32) What Is Jeff Excited About? (44:09) DeFi Is Boring But Works (47:42) Tokens That Accrue Value (49:50) Business Development in Crypto (54:38) How To Value Layer One Blockchains -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Jeff Dorman

Chief Investment Officer

Arca

On this episode of Empire's Weekly Roundup, Jason is joined by Blockworks Co-founder and On The Margin podcast host Mike Ippolito, Blockworks Markets Strategist Byron Gilliam, and Matthew Hepler, vice president of portfolio management at Arca. Matt joins the show to discuss Anchor, its upcoming protocol proposal and the sustainability of the protocol’s 19% APY. He also chats about the differences in governance in equities versus crypto. Jason, Mike and Byron then dive into the hottest stories of the week: the Luna Foundation Guard’s burning of 4.2 million LUNA, Biden’s crypto executive order, Andre Cronje & Anton Nell’s DeFi departure and if we in a bear market as sentiment & Crypto narratives begin to fade. Avalanche: Thank you to Avalanche for sponsoring Empire. Avalanche is one of the best and fastest growing smart-contract platforms in the industry.  Learn more about them at https://www.avax.network/  --- Empire's Weekly Roundup is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, subscribe to Blockworks' free daily newsletter: https://blockworks.co/newsletter/ Follow me and Santiago on Twitter, @JasonYanowitz and @santiagoroel; let us know what you thought of the show! Subscribe to the podcast on Spotify: https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq?si=41bc452345b649f9 Subscribe to the podcast on Apple: https://apple.co/3srZf7M

Matthew Hepler

Vice President of Portfolio Management

Arca

Jeff Dorman, the chief investment officer at Arca, discusses the recent events surrounding SushiSwap, including CTO Joseph Delong’s departure this week, Arca’s proposal to create a hierarchical management structure for SushiSwap, and why Jeff is still excited about Arca’s investment in SushiSwap. Show topics: what SushiSwap is and how it has performed since its inception how Jeff views SushiSwap’s performance from an investor’s perspective how the departure of 0xMaki affected SushiSwap what Jeff thinks about the decentralization versus centralization  why Jeff thinks SushiSwap is in a fantastic position in which to receive investment what happened with the controversy around Joseph Delong leading to his resignation this week  what Jeff thinks about how Joseph handled his departure what three factors SushiSwap needs to figure out in order to function why SushiSwap could benefit from creating a legal entity why Jeff is in favor of hierarchical governance structures versus flat governance structures how SushiSwap could become a trendsetter for DAOs in general   Thank you to our sponsors! Avado: ava.do Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021   Nodle: https://bit.ly/3AXGydJ     Episode Links:    Jeff Dorman Twitter https://twitter.com/jdorman81  Arca https://www.ar.ca/    Joseph Delong’s Departure The Block’s coverage:  https://www.theblockcrypto.com/post/126411/sushiswap-cto-threatens-to-quit-as-infighting-escalates https://www.theblockcrypto.com/linked/126879/sushiswaps-cto-resigns-amid-infighting The Defiant: https://thedefiant.io/sushiswap-leadership-crisis/   Sushi Bickering on Twitter Screenshot of 0xMaki being ousted: https://twitter.com/makibacknow/status/1463078678724632576/photo/1 Joseph Delong on SushiSwap drama: https://twitter.com/josephdelong/status/1467498481573052427  Joseph Delong’s resignation: https://twitter.com/josephdelong/status/1468689021530427395  Boring Crypto on SushiSwap drama: https://twitter.com/Boring_Crypto/status/1467162233905893379    SushiSwap Proposals Arca https://forum.sushi.com/t/sushi-dao-restructure-proposal/6282  Bridge compensation https://forum.sushi.com/t/bridge-compensation-for-sushi-core/6217/3    Miscellaneous 0xMaki transitioning to an advisory role https://forum.sushi.com/t/transition-into-advisor/5533  SushiSwap on leadership tumult https://hackmd.io/ipJtfxhuQmqW9B8igew_AA?view      Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeff Dorman

Chief Investment Officer

Arca

In this week’s episode, I interview Jeff Dorman, chief investment officer at Arca, an investment management firm focusing on digital assets. Jeff has been valuing assets for the past 20 years, from investment-grade bonds, to high-yield debt and equities, and now he’s doing the same for crypto. We talk about the recent selloff and he thinks the big crash is over but that doesn’t mean we’ve seen the market bottom. Still, Jeff says this is a buying opportunity and he gives insights into which sectors will outperform and underperform. He believes we’re heading to a 10 to 20-year secular bull market in crypto, where there will be a decoupling of sectors and where DeFi continues to grow. Big thanks to our sponsors: Kyber, whose Dynamic Market Maker, or DMM, is designed to react to market conditions to optimize fees, maximize returns Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at https://balancer.finance/! Enzyme provides an easy way to build, scale and monetize DeFi investment strategies Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi Aave, an open source and non-custodial liquidity protocol where users can earn interest on deposits and borrow assets

Jeff Dorman

Chief Investment Officer

Arca

Jeff Dorman, the chief investment officer at Arca, comes on the show to give a macro perspective on the crypto environment. In this episode, he discusses: how economic data and real-world events have affected digital assets how Jeff classifies the different types of assets within crypto what market forces have pushed ETH to new all-time highs above $4k whether EIP 1559 will have the same effect on ether price as the Bitcoin halving has on BTC price what is happening with Dogecoin and other meme-coins why the market’s reaction to Tesla’s halt of BTC vehicle purchases was healthy whether environmental concerns surrounding Bitcoin will have long-term consequences on crypto as an asset class   Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021    Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero    NEAR: https://near.org    Episode Links   Jeff Dorman Twitter  https://twitter.com/jdorman81 Arca https://www.ar.ca/ Blog post titled “How Economic Data Affects Digital Assets” https://www.ar.ca/blog/crypto-market-recap-05-10-21  Blog post titled “The Four Types of Digital Assets” https://www.ar.ca/blog/crypto-market-recap-06-29-20    Miscellaneous Links Dogecoin SNL clip https://www.youtube.com/watch?v=x5RCfQyTDFI SHIB token + dog meme-coins https://decrypt.co/70587/shiba-inu-shib-what-why-price-dogecoin https://www.theblockcrypto.com/post/104676/vitalik-buterin-donates-more-than-60m-to-charity-after-selling-meme-tokens-including-shiba-inu  https://twitter.com/lawmaster/status/1392533724814876680/photo/1  Nic Carter on Bitcoin mining https://www.coindesk.com/the-last-word-on-bitcoins-energy-consumption Tesla’s announcement on halting BTC vehicle purchases https://twitter.com/elonmusk/status/1392602041025843203   Link to the Crypto News Recap: https://unchainedpodcast.com/why-an-elon-tweet-sent-bitcoin-below-50k/   Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeff Dorman

Chief Investment Officer

Arca

In this week's State of the Nation, we bring on Jeff Dorman, Chief Investment Officer and Arca, to measure the magnitude of $COIN on the public markets. State of the Nation is live-streamed on Tuesdays at 11am PST. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini  🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask  🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap  🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/kwenta  ------ 📣 DHARMA | From Dollars to DeFi in a Tap! https://bankless.cc/dharma  ------ State of the Nation #43: Coinbase Goes Direct Guest: Jeff Dorman Jeff Dorman is Chief Investment Officer at Arca, the digital asset management firm. Jeff leads the investment committee, focusing on risk management for cryptoassets. His work history in both legacy and crypto finance puts him in a unique position to work as a bridge between the two worlds. The Coinbase Direct Listing also acts as a bridge between the two worlds, and it's undoubtedly a landmark event for the legitimization of the crypto industry. What does this mean for the Banks, Fintech, and Wall Street? What does it mean for Gemini, Uniswap, and Binance? The first item to discuss to answer these questions is how the media and crypto twitter alike were off in their interpretation of this event. The volatile price action in the first moments of the listing were surprising to many, but Jeff explains that this shouldn't be surprising at all, given that there are no underwriters or built-in stability in a direct listing like $COIN's. He expects that there will be volatility and price discovery over a longer stretch of time before the stock moves to a more stable valuation. ------ Resources: Jeff's Article on Coinbase: https://www.ar.ca/blog/crypto-market-recap-02-28-21  Arca: https://www.ar.ca/  Jeff on Twitter: https://twitter.com/jdorman81?s=20  $COIN Price https://www.tradingview.com/chart/?symbol=NASDAQ%3ACOIN  Coinbase S1 Filings: https://www.sec.gov/Archives/edgar/data/1679788/000162828021003168/coinbaseglobalincs-1.htm  Coinbase Analytics: https://www.theblockcrypto.com/data/crypto-markets/public-companies  ------ This Week on Bankless: 📛 Bankless Badge Week (4/20): https://newsletter.banklesshq.com/p/how-to-win-free-stuff-with-your-bankless  📈 Market Monday (4/19): https://newsletter.banklesshq.com/p/6-tips-to-succeed-in-this-bull-market  📖 Before Bitcoin (4/19): https://shows.banklesshq.com/p/-before-bitcoin-pet3rpan  🧢 Weekly Action Recap (4/17): https://newsletter.banklesshq.com/p/price-discovery-mode-weekly-recap  🗞️ Weekly Rollup (4/16): https://shows.banklesshq.com/p/-rollup-btc-and-eth-ath-coin-berlin  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

Jeff Dorman

Chief Investment Officer

Arca