CoinDesk Podcast Network THE MINING POD: The Golden Age of Bitcoin Equities is Here w/ Matthew Sigel
Jul 22, 2025
Matthew Sigel, VanEck’s Head of Digital Assets Research, shares his deep knowledge of the Bitcoin equities landscape. He discusses the staggering $9 billion acquisition of Core Scientific by CoreWeave and its potential impact on the market. Sigel analyzes the growing trend of Bitcoin treasury companies, currently with over 30 deals in the pipeline, and questions whether this space is becoming oversaturated. He also highlights the integration of AI in Bitcoin mining and the exciting future for public miner stocks as they navigate volatility.
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AI Pivot Validated by $9B Deal
- The Core Scientific and CoreWeave $9B deal validates miner pivots toward AI infrastructure.
- However, Core Scientific shareholders face risk due to CoreWeave's volatile, retail-heavy stock backing the deal.
Be Cautious With CoreWeave Arbitrage
- The merger arbitrage on Core Scientific and CoreWeave is hindered by CoreWeave's high short costs and volatility.
- Investors should be wary as typical strategies to arbitrage such deals are ineffective here.
US Miner Dominance May Have Peaked
- Public US-listed Bitcoin miners likely peaked at 31% of global hash rate, with future growth constrained.
- Hybrid miners combining AI and Bitcoin mining are emerging, changing pure-play mining dynamics.
