The Pomp Podcast Is the Bull Market Over? Bitcoin’s Next Move Explained | Jeff Park
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Sep 25, 2025 Join Jeff Park, Partner and Chief Investing Officer at ProCap BTC, as he delves into the current state of Bitcoin and stablecoins. He discusses the impacts of recent market liquidations and the implications of Jerome Powell's comments on future price movements. Tether's massive valuation ambitions are explored, alongside its unique role in the crypto ecosystem. Park asserts that the Bitcoin bull market isn't over, emphasizing potential volatility ahead. Tune in for insights on M&A in Bitcoin treasuries and the evolving landscape of stablecoins!
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Block Acquisitions Speed Treasury Growth
- Acquiring a large block of Bitcoin at once accelerates scale without moving the market through gradual buys.
- Jeff Park says this makes corporate treasury M&A strategically valuable for rapid accumulation.
Arbitrage Reveals Market Frictions
- Merger arbitrage pricing can expose market confusion when one firm's shares significantly overvalue another's Bitcoin-based MNAV.
- Jeff Park notes the wide premium hinted the market either lacked borrow or doubted deal closure.
Private Deals Need Bitcoin-Dominant Targets
- Acquiring a private company for its Bitcoin war chest is feasible only when balance-sheet Bitcoin dominates valuation.
- Jeff Park warns private M&A math becomes unclear if operating business value remains significant.