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Today’s conversation is with Cory Klippsten, CEO of Swan.com, Bitcoin maximalist, and one of the most influential voices shaping the future of Bitcoin.
Cory has spent over a decade helping build the Bitcoin ecosystem, advising and investing in more than 60 early-stage tech companies, co-founding multiple Bitcoin investment funds, and leading Swan’s mission to accelerate global Bitcoin adoption.
Before Bitcoin, Cory worked at Google, McKinsey, Microsoft, and Morgan Stanley, and earned his MBA from the University of Chicago. He grew up in Seattle, split 15 years between New York and Chicago, and now lives in Los Angeles with his wife and daughters, sneaking in basketball and travel whenever he can.
In this episode, we explore one of the biggest puzzles in markets today:
📉 Why are Bitcoin treasury companies trading BELOW the value of the Bitcoin they hold, and what does that mean for investors?
We dig into whether this new class of Bitcoin-based equities will consolidate or explode in number, how many will survive, and where the opportunities really are.
Cory shares why he’s still Bitcoin-only, his views on crypto’s other use cases, and what he expects for Bitcoin through 2025 and 2026.
We also discuss Sequans Communications ($SQNS) — how their Bitcoin treasury strategy evolved, the PIPE transaction’s impact on investors, and where things could go next.
Stick around through the end — Cory doesn’t hold back.
Timestamps:
00:00 – Intro
00:12 – Why some Bitcoin treasury companies are now trading below their net asset value
13:38 – Consolidation or proliferation in the Bitcoin treasury space?
18:12 – How many will survive long-term?
21:43 – Digital Asset Treasuries (DATs) beyond Bitcoin
29:08 – Cory’s Bitcoin-only argument
32:30 – Different use cases within crypto
42:14 – Sequans Communications: Bitcoin strategy overview
45:47 – Why Sequans’ Bitcoin purchases have slowed
47:28 – Sequans' PIPE deal and effects on investors
52:57 – Cory’s Bitcoin outlook for 2025–2026
57:34 – Cory’s history in Bitcoin
58:05 – Final thoughts on $SQNS
About Cory Klippsten:
Cory is the CEO of Bitcoin financial services firm Swan.com He is a partner in Bitcoiner Ventures, El Zonte Capital, and The Bitcoin Opportunity Fund, and as an angel has funded more than 60 early stage tech companies. Before startups, Klippsten worked for Google, McKinsey, Microsoft and Morgan Stanley, and earned an MBA from the University of Chicago. He grew up in Seattle, split 15 years between NYC and Chicago, and now lives in LA with his wife and daughters. His hobbies include basketball, history and travel (Istanbul and Barcelona are favorites).
Intro Song:Electronic Future Beats_Fadeout by QubeSounds
This content is for informational and educational purposes only and should not be construed as financial, investment, legal, tax, or any other form of advice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer by Proof of Thought Podcast (“PoT”) or its guests to buy or sell any securities, cryptocurrencies, or other financial instruments.
Investing involves substantial risk, including the possible loss of principal. Do your own research and consult qualified financial professionals before making any investment decisions.
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