In this episode, Joe walks through his journey from early Bitcoin interest to building Field Digital, a crypto-native fintech conglomerate focused on acquiring cash-flowing infrastructure businesses and taking them public. He explains why public-market structures and permanent capital are key for institutional adoption, the role of M&A in scaling, and which infrastructure layers (bare metal, protocol, RPCs, validators, compliance, distribution) will matter most over the next decade.
Joe also discusses lessons from investing, the challenges of running a public crypto firm, how AI and decentralized compute intersect with blockchain, and practical advice for founders and newcomers: be resilient, focus on sustainable fundamentals, and experiment to find product-market fit.
In this episode:
- Why crypto infrastructure is consolidating
- Field Digital’s acquisition and roll-up strategy
- What makes an infrastructure company worth acquiring
- The missing pieces of the institutional crypto stack
- Building vs. buying infrastructure
- Why public markets matter for crypto companies
- Where infrastructure margins could emerge
- Overfunded vs. underfunded areas of crypto
- What an AWS moment for blockchain could look like
- The transition from crypto protocols to crypto institutions