The November 25, 2025, episode of Bloomberg Crypto examined how special purpose acquisition companies, or SPACs, are increasingly incorporating crypto treasury firms. Guests discussed the trend's implications for decentralized finance. Bloomberg's Bailey Lipschultz described the phenomenon as a 'crypto turducken.'
On November 25, 2025, Bloomberg Crypto aired an episode focusing on the people, transactions, and technology shaping decentralized finance. The show highlighted a surge in SPACs, or blank-check firms, latching onto crypto treasury companies, creating what one analyst called a financial 'turducken.'
Bailey Lipschultz, a Bloomberg reporter, joined the discussion, stating, “It all looks like a (crypto) turducken, where we’re just putting one thing inside of another." This segment addressed how these structures are layering crypto assets within SPACs.
The full episode featured guests including PIMCO Economist Tiffany Wilding, Dynamix CEO Andrejka Bernatova, and Hyperion DeFi CEO Hyunsu Jung. Bernatova, in a related clip, argued that SPACs 'work' and can 'supercharge' a company. Jung discussed DeFi's growth potential, noting surging on-chain revenue.
Another segment touched on potential Federal Reserve influences, with commentary on what Kevin Hassett could bring to the role. The episode underscored the intersection of traditional finance and crypto, amid a reported boom in crypto treasuries fueling SPAC activity.
No specific timelines for deals were detailed, but the discussions emphasized ongoing trends in the sector as of late November 2025.