Podcast: Crypto’s Next Chapter | Jeff Dorman

Jeff Dorman discusses valuation fundamentals, equity tokenization and the future of crypto.

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On today’s episode of “Empire,” Jason and Santiago are joined by Jeff Dorman, chief investment officer at 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 Dorman explains crypto’s response to macro, why fundamentals matter, equity tokenization and crypto’s most exciting developments. Don’t miss Jeff’s insights on where crypto is headed next!

Plus, hear more on:

  • BTC vs. NASDAQ
  • Crypto’s watershed moment
  • CeFi merging with Defi
  • How to value layer-1 blockchains
  • And so much more!

Check out what they had to say in the video below.👇

About the show

“Empire” is a twice-a-week show where we share the real crypto stories that aren’t heard elsewhere. On Mondays, Jason and Santiago Santos interview crypto industry movers and shakers to talk about their struggles, bold moves and tough decisions. Finish off the week with Friday’s weekly roundup episode that covers the top news and narratives of the week.

For any NPR or Guy Raz fans out there, you can think of “Empire” as a “How I Built This” for the bitcoin and crypto industry.

Subscribe to “Empire” today on Apple or Spotify. Watch episodes on YouTube.


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Research

Neutrl is a synthetic dollar protocol designed to monetize structural inefficiencies in crypto markets, with a particular focus on hedged OTC token arbitrage. By pairing discounted locked-token purchases with delta-neutral hedging, the protocol offers yields that are less dependent on funding rate cycles than traditional cash and carry strategies. Early traction has been strong, with TVL growing from $120M to $210M following the removal of deposit caps, while sNUSD currently yields materially more than competing yield-bearing stablecoins. The key question for Neutrl is scalability: whether access to high-quality OTC deal flow and disciplined liquidity management can support continued TVL growth without compressing returns.

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