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Today’s conversation is with Frans Bakker — one of the sharpest and earliest investors to recognize the explosive upside in the Bitcoin mining sector. Frans has built a reputation for spotting major market inflection points early, developing deep operator-level insight into the mining industry, and backing high-conviction investments with a differentiated, research-driven approach.
Frans’ journey into Bitcoin mining started a few years ago, well before the recent wave of institutional interest. What began as curiosity quickly evolved into a full analytical framework — one that allowed him to identify the miners positioned to scale, survive, and outperform.
In this episode, we break down the biggest questions shaping Bitcoin mining in 2025 and beyond:
📈 Why did it take the market so long to recognize the massive Bitcoin mining trade of 2025?
💰 What makes Iren such a standout — and how does Frans size its long-term market cap potential?
🛠️ Which metrics actually matter when evaluating miners today?
🧩 And how can options supercharge returns in this sector
We dive into how Bitcoin miners have evolved, what has driven this year’s exponential growth, and where the opportunities — and risks — truly lie.
Frans also shares insights from meeting Iren’s leadership team, his views on whether we’re in an AI bubble, and how living internationally shapes his macro and investing perspective. Stick around through the end — Frans gives one of the clearest theses on miners you’ll hear anywhere.
Timestamps:
00:00 – What initially got Frans interested in the Bitcoin mining sector
01:20 – How miners differentiated themselves in the early days
04:27 – The metrics Frans used to evaluate miners and what stood out
05:55 – How the Mining Mafia community supported his investing journey
08:50 – What price Frans bought Iren at and his dollar-cost-averaging approach
12:08 – Using call and put options to enhance gains
15:22 – What has changed for miners and what drove their exponential growth this year
17:47 – Why the market was late to recognize the massive Bitcoin mining trade of 2025
20:42 – Frans’ target market cap valuation for Iren
27:38 – Are we in an AI bubble? What part of the cycle are we in?
31:05 – Downside risks to the Iren and miner thesis
34:40 – Frans’ meeting with Iren’s leadership team — key insights
37:21 – Takeaways from Iren’s most recent earnings call
42:25 – How long Frans has been investing and what got him started
46:30 – How Frans identifies major trends before they take off
49:33 – Frans’ top 3 people to follow on X for investing alpha
51:33 – How living internationally shapes Frans’ investing strategy
Video Editor: Ben Mehler (benjmehler@gmail.com)
Intro Song:
Electronic Future Beats_Fadeout by QubeSounds
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