Jeff Park Joins ProCap As Chief Investment Officer

To investors,

Famed investor Vinod Khosla once said “the team you build is the company you build, not the plan you make.” I have learned that Vinod’s quote may be one of the most important truths when building a company.

Find the best people and convince them to join you. It is really that simple.

That is why I am excited to announce Jeff Park has joined me at ProCap BTC LLC as Partner and Chief Investment Officer.

Jeff is the former Head of Alpha Strategies at Bitwise Asset Management, one of the world’s largest crypto-specialist asset managers. While at Bitwise, Jeff was recognized by the prestigious Institutional Investor as the crypto industry’s first “Hedge Fund Rising Star.”

Prior to Bitwise, he was a Partner at Corbin Capital Partners, a multi-billion dollar alternative asset management firm where he led the firm’s digital asset investing efforts.  Before Corbin, Jeff was at the Harvard Management Company and an Exotic Equity Derivatives trader at Morgan Stanley.

Jeff has the rare ability to clearly communicate big ideas, so I thought everyone would enjoy reading what Jeff had to say about bitcoin treasury companies, why he is joining ProCap, and how he is thinking about the opportunity in front of our business.

Here is Jeff in his own words:

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There’s a fundamental shift happening beneath the surface of global capital markets—quiet, misunderstood, and irreversible. With over $90Bn invested and rapidly increasing, the emergence of Bitcoin treasury companies represents more than a new asset class or capital formation strategy. Just as mainstream investors, unable to comprehend a post-fiat era, were skeptical of Bitcoin ETFs in 2013, we are seeing similar bewilderment for the adoption of the corporate Bitcoin Standard ten years later.

Yet I believe the platonic ideal of a Bitcoin Treasury company has yet to be realized. That’s largely because most Bitcoin Treasuries to date have been accidents of circumstance, either distressed companies making last-ditch efforts, or opportunistic players chasing fleeting capital markets dislocations. The world hasn’t yet witnessed what a true purpose-built, Bitcoin-native financial institution designed from the ground up to maximize shareholder value can truly look like. Until now.

I am excited to announce that I am joining Anthony Pompliano to build ProCap as Partner and Chief Investment Officer.

Anthony Pompliano and I represent two distinct yet deeply aligned ideas, each of us shaped by the era of Bitcoin uniquely prepared to meet this moment. Pomp brings exceptional entrepreneurial drive and a rare ability to not only operate in–but help define–the future of markets where TradFi and crypto converge. I bring institutional depth, investment discipline, and industry expertise with over a decade of Wall Street and crypto-native investment leadership to deliver a purpose-built, Bitcoin-native financial institution at scale. We’ve each been forged by a generational macro shift from tech to finance that converge at a clear vision: the permanent capital vehicle that can endure, compound and lead as the next generational wealth engine, all backed by the hardest final settlement layer of human trust ever known.

• The Case for Treasury Alpha: In the traditional model, the treasury is a cost center. In the new model, a treasury becomes a new monetary Operating System. Bitcoin Treasury companies can arbitrage the price of: 1) time (through long-dated conviction), 2) jurisdiction (via regulatory arbitrage), and 3) trust (via on-chain rails). They do not need to outperform in quarterly earnings. They only need to outperform in monetary integrity and its associated yield—in which durable proprietary productivity with a defensible terminal value is the most powerful lever a company can have on its valuation multiple.
• Bitcoin Rate of Return as a New Economic Engine: All good-to-great companies seek piercing insights into how to most effectively generate sustained profitability that has the greatest impact on their economics. We are used to thinking in dollar terms: IRR, ROIC, WACC, etc. But in a world where the dollar is structurally debased, these metrics become prudently useless. Traditional finance solves this issue with credit risk, leverage, or duration–all of which introduce hidden tail risk. Bitcoin Treasury companies weaponize these distortions through a new lens: BRR, which forces the question: Are you gaining or losing purchasing power relative to the hardest asset on earth? Companies that outperform in BRR terms don’t just preserve capital–they compound purchasing power in a regime of monetary entropy. Some people call this financial engineering. I prefer to call it monetary antifragility.
• Volatility is the Price of Freedom: The most ardent critics of Bitcoin Treasury companies point to excess volatility. But volatility is just the visible cost of a system not under artificial control. Unlike the smoothing effect of central banks’ abundant reserves regime, Bitcoin operates without backstops. This real risk is also where real optionality lives, because the monetization of volatility is the monetization of scarce liquidity. Bitcoin Treasury companies embrace this idea. I unapologetically understand that volatility is the price of monetary sovereignty that can create asymmetrically favorable outcomes across a well-defined yield curve. Through this pragmatic approach, they become proof-of-concept entities for what comes next: entire companies (and eventually governments) that run on volatility monetization schemes and on Bitcoin-native rails to build resilience.

As such, Pomp and I believe the premium we’ll earn won't just come from the investment or securitization engine. It will come from a Bitcoin-first culture, guided by the founding principle where every dollar raised, deployed, or borrowed ultimately compounds back into more Bitcoin per share through operating cash flows that will support the Bitcoin network and its ecosystem. We have the unique opportunity to educate the world about bitcoin, while accretively acquiring bitcoin for our shareholders. At the heart of this is the privileged commitment to accelerate the Bitcoin Standard as a deliberate stand against technocratic debasement, in pursuit of a new sovereign financial substrate grounded in purposeful ideals and values beyond corporate profit. I am grateful to be on this new journey with all of the world’s Bitcoin shareholders.

TLDR: Bitcoin is the hurdle rate → “The ticker is…” BRR. (Bitcoin Rate of Return)

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Anthony Pompliano’s thoughts:

It is hard to read Jeff’s comments and not get fired up about the opportunity in front of us. There is a lot of work to do, but I am excited to have Jeff alongside me as we try to build one of the best bitcoin-native financial service firms. We will announce more team members in the coming weeks. But today we celebrate Jeff Park, our new Chief Investment Officer.

Follow Jeff on X here and connect with him on Linkedin here.

Have a great start to your week. I’ll talk to everyone tomorrow.

Jordi Visser on the AI Boom & Bitcoin’s Bright Future

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss what is going on with bitcoin, artificial intelligence, economy, stock market, how so many companies are beating on earnings, and why the interest rate cuts will be so bullish.

Enjoy!

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