In this episode of “Bitcoin Season Two,” hosts Charlie Spears and Colin Harper talk with Tyler Evans from UTXO Management about the evolution of Bitcoin ventures. Tyler shares how UTXO started in 2019 with a fund aimed at high-net-worth investors seeking Bitcoin exposure without the complexities of direct ownership. Over time, UTXO expanded into publicly traded Bitcoin miners and products, eventually investing in ordinals and exploring native yield opportunities on Bitcoin’s layer 2s. He notes the firm’s forward-thinking approach in helping clients navigate Bitcoin’s financialization, as well as how ordinals marked a significant shift in the ecosystem.
They also discuss how recent innovation has sparked a new wave of activity in Bitcoin, especially as more developers join the space. Tyler highlights that Bitcoin’s liquidity and resilience have made it attractive during bear markets, and he sees potential for a Bitcoin “soft fork” as transaction fees increase. Evans believes that as scalability becomes a more pressing issue, new tools like covenants will likely play a role in shaping Bitcoin’s future, further driving its adoption and development.
Follow our guest: @tylev
Follow our host: @cbspears @asilayhodling
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Chapters
00:00 – Introduction
03:00 – Early Days of UTXO Mgmt
06:50 – Ordinals & Bitcoin Season 2
15:00 – Western and Eastern Capital
18:10 – Incentive Alignment in Bitcoin Projects
19:00 – Growing Interest from Tier-One VCs in Bitcoin
21:20 – Bitcoin’s Black Hole and Venture Capital
26:10 – Catalysts for Bitcoin Season Two
30:00 – Future of Bitcoin Layer Two and Soft Fork Discussion
