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PROFESSOR EXPLAINS…. MNAV,ATM & Bitcoin Torque A simple video explaining a few basic concept to look at Bitcoin treasury companies. Share this with anyone who’s just starting out and it’s confused what an mNAV is ? 🤭

Professor₿ 🟧

10,569 subscribers

28,487 次观看 • 1 年前 •via X (Twitter)

Anya Rossi• Live Now

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10 条评论

Michael 🪽 的头像

Michael 🪽1 年前

Not gonna lie, I’m having trouble staying focused on this one lol. I blame biology.

Professor₿ 🟧 的头像

Professor₿ 🟧1 年前

😂😂😂

UnderstandBTC 的头像

UnderstandBTC1 年前

Why is everyone talking about Bitcoin? Governments, Companies, your neighbors, your kids. What is it? We can help you Understand Bitcoin in a easy, convenient, thorough 1-on-1 overview.

Reed Allot ₿ 的头像

Reed Allot ₿1 年前

Professor can you do a video on how to get through a bear market.

Professor₿ 🟧 的头像

Professor₿ 🟧1 年前

Don’t look at the charts! Invest with conviction! There’s nothing else out there to buy anyway 🤷‍♀️

Ben Hurr 的头像

Ben Hurr1 年前

@ProfessorB21 Breaking down MNAV and Torque like this shows why Bitcoin treasuries are a chess game—most CFOs are still playing checkers.

kraqck 的头像

kraqck1 年前

Beautiful -- all I hear is greek.

Crash22r 的头像

Crash22r1 年前

👏🏽

₿ariksis 的头像

₿ariksis1 年前

nice explanation! 😃

SRS 的头像

SRS1 年前

Great explainer, thank you

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Adam Livingston

50,670 次观看 • 1 年前

🔥BITCOIN TO $400K?! ASST VS. MSTR!🔥 MSTR is the fortress. ASST is the rocket-powered shopping cart with a lit cigarette in the gas tank. In this video, I break down my ASST investing thesis versus MSTR using CEBE, mNAV, claim ratio, preferred issuance, and the deranged little math goblin hiding inside Bitcoin treasury companies. The thesis is simple. MSTR is bigger, deeper, safer, and more institutional. ASST has more upside torque if Bitcoin rips, the capital structure behaves, and the market keeps paying a premium for the machine. If Bitcoin goes to $150k, ASST may outrun MSTR. If Bitcoin goes to $400k, the moon math gets disgusting. But there’s a catch. mNAV compression can absolutely nuke the outperformance. FULL BREAKDOWN:

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Adam Livingston

18,348 次观看 • 29 天前

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Natalie Brunell ⚡️

116,819 次观看 • 1 年前

My panel discussion at the Bitcoin Treasuries Unconference in NYC last week on mNAV, BTC KPIs, and $MSTR ATM guidance. Grateful to share the stage with Ben Werkman and Adrian Morris. Thanks Tim Kotzman Bitcoin Treasuries 21 Million Stories for a fantastic event!

My panel discussion at the Bitcoin Treasuries Unconference in NYC last week on mNAV, BTC KPIs, and $MSTR ATM guidance. Grateful to share the stage with Ben Werkman and Adrian Morris. Thanks Tim Kotzman Bitcoin Treasuries 21 Million Stories for a fantastic event!

Chaitanya Jain

28,462 次观看 • 10 个月前

🚀WHAT PRICE WILL MSTR BE AT $1 MILLION BITCOIN?🚀 I handicapped the absolute hell out of this model. Bitcoin rises from $65,993 to $1,000,000 over 8 full years. The entire STR preferred stack remains at a 12% dividend rate for all 96 months. The rate never declines. MSTR common stock is issued to fund every dollar of dividends, so shareholders absorb the dilution. No additional debt is added. No MSTR is sold at a premium to acquire Bitcoin... EVER. mNAV is only permitted to rise modestly as STRC scales. Strategy has already raised approximately $16.4 billion in 2026 through July 19, a roughly $29.9 billion annualized pace. Yet these scenarios allow only $0 to $6 billion of annual STRC issuance: $0/month - no STRC ever issued | 1.023× mNAV | $2,100 MSTR | 21.08× return | 1.39× Bitcoin’s multiple (+39%) $100M/month | $1.2B/year, 4% of current pace | 1.10× mNAV | $2,292 MSTR | 23.01× | 1.52× Bitcoin (+52%) $200M/month | $2.4B/year, 8% of pace | 1.20× mNAV | $2,540 MSTR | 25.50× | 1.68× Bitcoin (+68%) $300M/month | $3.6B/year, 12% of pace | 1.30× mNAV | $2,796 MSTR | 28.07× | 1.85× Bitcoin (+85%) $400M/month | $4.8B/year, 16% of pace | 1.40× mNAV | $3,060 MSTR | 30.73× | 2.03× Bitcoin (+103%) $500M/month | $6B/year, 20% of pace | 1.50× mNAV | $3,333 MSTR | 33.47× | 2.21× Bitcoin (+121%) Bitcoin itself returns 15.15×. The most important result is the first one. With zero new STRC issuance and absolutely zero mNAV expansion, MSTR still reaches approximately $2,100 and outperforms Bitcoin. Stock Multiple = BTC Multiple × CEBE Sats/Share Multiple × CEBE mNAV Multiple 15.15× BTC appreciation × 1.39× CEBE sats/share accretion × 1.00× mNAV change = 21.08× MSTR. The amplification is already embedded in the balance sheet. The market does not need to award MSTR a higher valuation multiple for it to work. Even in the $500M monthly STRC scenario, Strategy finishes with only 987,098 Bitcoin. Yes, the $3,333 model example includes a scenario where they fail to reach 1 million BTC in the next 8 years. If Bitcoin goes up... the machine works:

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Adam Livingston

45,843 次观看 • 15 天前

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What if everyone is measuring $MSTR wrong? In this conversation with Adrian Morris, founding member of True North (True North), we challenge some of the biggest assumptions in the Bitcoin Treasury space: • Why mNAV is really a sentiment metric • Why Bitcoin per share isn't a valuation metric • Why Strategy shouldn't defend its mNAV • The real story behind Strategy selling 32 $BTC • Why $STRC and $SATA may evolve very differently than investors expect • Why AI is attracting some of Bitcoin's capital One of the most thought-provoking $MSTR conversations we've had. If Adrian is right, investors may be looking at $MSTR completely wrong. $MSTR $ASST $MPJPY 00:00 Adrian Morris' Bitcoin Journey & Why He Bought MSTR 05:02 The Real Meaning of mNAV (Market Sentiment) 10:10 Why Bitcoin Treasury mNAVs Eventually Collapse 11:22 Should Bitcoin Treasury Companies Defend Their mNAV? 15:56 The Fatal Flaw in mNAV Buybacks 17:57 Why Strategy Should NOT Sell Bitcoin to Buy Back Shares 20:15 Why Did Strategy Sell 32 Bitcoin? 23:55 MSTR Myths, Margin Calls & X Misinformation 25:38 Why Bitcoin Per Share May Be Misleading Investors 31:09 The Endgame for Bitcoin Treasury Companies 34:42 The Future: REITs, Options & Bitcoin Financial Products 36:46 STRC, SATA & Bitcoin Preferred Shares Explained 41:22 Does STRC Guidance Even Matter? 43:12 Why SATA Outperformed STRC 45:42 Daily Dividends: Innovation or Hype? 48:30 Will STRC & SATA Eventually Cut Dividends? 54:54 Is AI Stealing Capital From Bitcoin? 01:00:51 Can Bitcoin Become AI's Security Layer? 01:03:56 Adrian's Message to Bitcoin Investors Watch the full episode 👇

One Chair

44,606 次观看 • 1 个月前

MetaPlanet traded at 10x its mNAV. For what? Bobbing up and down with the price of Bitcoin? If the market pays 10x for a treasury that bobs, what is one that makes money in any market actually worth? [long: $SRXH]

MetaPlanet traded at 10x its mNAV. For what? Bobbing up and down with the price of Bitcoin? If the market pays 10x for a treasury that bobs, what is one that makes money in any market actually worth? [long: $SRXH]

Eric Jackson

20,658 次观看 • 22 天前

BITCOIN RAILS #55: WHAT HAPPENED TO BITCOIN TREASURY COMPANIES? | with David Bailey🇵🇷 $2.0mm/btc is the floor & Brandon 🔗 YOUTUBE: 🌿 SPOTIFY: This most recent bull market was inarguably defined by one dominant narrative: the rise of Bitcoin treasury companies and their dramatic retracement as crypto "DATs" flooded markets. David Bailey🇵🇷 $2.0mm/btc is the floor — former CEO of Bitcoin Inc. (Bitcoin Magazine bitcoin conference) — raised $760M for treasury company Nakamoto, which catapulted to a peak valuation of 33X MNAV before sliding down below MNAV after a seeming burst in treasury mania last year. David joins me and the newly appointed CEO of Bitcoin Inc. Brandon, to share the history of one of the most influential companies in Bitcoin history (Bitcoin Inc.), how their treasury play changed everything, and what we can expect from Bitcoin treasury companies moving through 2026 and beyond. In this episode, the three of us discuss: - The history of Bitcoin Inc., and the rise of Bitcoin Magazine and Bitcoin Conference empire. - The role of UTXO Management (VC and trading fund) in the team's strategy over time - How the fund’s entry into Metaplanet Inc. and their subsequent seeding of nearly a dozen Bitcoin Treasury companies since - The rise of Nakamoto and its subsequent 99% slide in price from ATHs - How David sees the Treasury thesis playing out from here… and projected winners and losers when/if these companies rebound. This episode of Bitcoin Rails is powered by: - Best In Slot (Best in Slot | BRC2.0 🧑‍🍳) — the leading API for Ordinals and BRC20 data aggregation and indexing. - Spark (Lightspark) — a statechains implementation advancing Bitcoin-powered payments. - Citrea (Citrea | Mainnet Live 🍊🍋) — a leading Bitcoin rollup technology and BitVM alliance contributor. TIMESTAMPS 00:00 Intro 01:45 Hit Pieces and Psyop Jokes 05:53 David Bailey Origin Story 12:24 Buying Bitcoin Magazine 15:18 Early Spam “Wars” 19:55 BM Experimentation Phase 26:33 Defining What “Bitcoin Only” Means 32:39 What Being a Bitcoin Maxi Means 34:47 Bitcoin L2 Over Altchains 37:00 Why Securities Matter 41:23 Going Bitcoin Only 46:47 Bitcoin Conference Explosion 54:10 UTXO Bets And Treasury Wave 01:12:10 Seeding Treasury Startups 01:15:44 Taking Nakamoto Public 01:32:51 Treasury Thesis Future Products

BITCOIN RAILS #55: WHAT HAPPENED TO BITCOIN TREASURY COMPANIES? | with David Bailey🇵🇷 $2.0mm/btc is the floor & Brandon 🔗 YOUTUBE: 🌿 SPOTIFY: This most recent bull market was inarguably defined by one dominant narrative: the rise of Bitcoin treasury companies and their dramatic retracement as crypto "DATs" flooded markets. David Bailey🇵🇷 $2.0mm/btc is the floor — former CEO of Bitcoin Inc. (Bitcoin Magazine bitcoin conference) — raised $760M for treasury company Nakamoto, which catapulted to a peak valuation of 33X MNAV before sliding down below MNAV after a seeming burst in treasury mania last year. David joins me and the newly appointed CEO of Bitcoin Inc. Brandon, to share the history of one of the most influential companies in Bitcoin history (Bitcoin Inc.), how their treasury play changed everything, and what we can expect from Bitcoin treasury companies moving through 2026 and beyond. In this episode, the three of us discuss: - The history of Bitcoin Inc., and the rise of Bitcoin Magazine and Bitcoin Conference empire. - The role of UTXO Management (VC and trading fund) in the team's strategy over time - How the fund’s entry into Metaplanet Inc. and their subsequent seeding of nearly a dozen Bitcoin Treasury companies since - The rise of Nakamoto and its subsequent 99% slide in price from ATHs - How David sees the Treasury thesis playing out from here… and projected winners and losers when/if these companies rebound. This episode of Bitcoin Rails is powered by: - Best In Slot (Best in Slot | BRC2.0 🧑‍🍳) — the leading API for Ordinals and BRC20 data aggregation and indexing. - Spark (Lightspark) — a statechains implementation advancing Bitcoin-powered payments. - Citrea (Citrea | Mainnet Live 🍊🍋) — a leading Bitcoin rollup technology and BitVM alliance contributor. TIMESTAMPS 00:00 Intro 01:45 Hit Pieces and Psyop Jokes 05:53 David Bailey Origin Story 12:24 Buying Bitcoin Magazine 15:18 Early Spam “Wars” 19:55 BM Experimentation Phase 26:33 Defining What “Bitcoin Only” Means 32:39 What Being a Bitcoin Maxi Means 34:47 Bitcoin L2 Over Altchains 37:00 Why Securities Matter 41:23 Going Bitcoin Only 46:47 Bitcoin Conference Explosion 54:10 UTXO Bets And Treasury Wave 01:12:10 Seeding Treasury Startups 01:15:44 Taking Nakamoto Public 01:32:51 Treasury Thesis Future Products

Isabel Foxen Duke⚡️

35,495 次观看 • 4 个月前

“The emergence of Bitcoin treasury companies changes everything.” — Ben Werkman on CNBC French semiconductor firm Sequans ($SQNS) just raised $384M to establish a Bitcoin treasury. Werkman explains how moves like this are redefining institutional risk and integrating Bitcoin into the corporate capital stack.

“The emergence of Bitcoin treasury companies changes everything.” — Ben Werkman on CNBC French semiconductor firm Sequans ($SQNS) just raised $384M to establish a Bitcoin treasury. Werkman explains how moves like this are redefining institutional risk and integrating Bitcoin into the corporate capital stack.

Swan

363,739 次观看 • 1 年前

What Is Bitcoin? Educational video explaining Bitcoin. Also available on my YouTube channel. Give it a watch and share it with somebody who doesn’t yet understand the importance of Bitcoin.

What Is Bitcoin? Educational video explaining Bitcoin. Also available on my YouTube channel. Give it a watch and share it with somebody who doesn’t yet understand the importance of Bitcoin.

Bitcoin Cousin

13,758 次观看 • 10 个月前

Making Sense Of Bitcoin Treasury Companies If you've been following me on X you’ll know that I have recently been floating a lot of my updated thoughts on the Bitcoin Treasury space. Here I have synthesised all of my ideas and distilled them into a single video. If you prefer YouTube, you can find the link in the comments. If you prefer written format, continue reading. The first thing we need to do is acknowledge an important fact which is that Strategy, as a Bitcoin Treasury Company, is an anomaly. What do I mean by that? Strategy’s success has been defined by a number of unique factors and circumstances, most of which cannot be replicated again by other Bitcoin Treasury Companies. Specifically, there are 6 things that stand out to me. 1. Before adopting Bitcoin, Strategy was a billion dollar company with an operating business that was generating roughly $50M in cash a year. 2. Until the introduction of the ETF's in January 2024, Strategy was the only way for the average investor to gain passive exposure to Bitcoin. 3. Until this year, Strategy was the only way for the average investor to gain leveraged exposure to Bitcoin. 4. Strategy was issuing multiple, billion dollar, zero coupon, unsecured convertible notes at +50% conversion premiums. 5. Strategy has Michael Saylor, who, you don’t need me to tell you, is in a league of his own. 6. For many reasons, including those I’ve just mentioned, Strategy has benefitted disproportionately from the broader sentiment around Bitcoin. In other words, for the best part of 4 years, Strategy had zero competition for either capital or attention. As a result, it became a magnet for capital from anyone who wanted exposure to Bitcoin and it attracted inflows that were beyond what fundamentals alone would maybe justify. Therefore, using Strategy as a blueprint for the performance that you can expect from other Bitcoin Treasury Companies is a bad idea. Using Strategy as a blueprint for how to operate a Bitcoin Treasury Company is a good idea. Now let’s break down what’s unfolded over the last 6 months or so. Between May and June of this year, when we witnessed a flood of new Bitcoin Treasury Companies, we entered what I refer to as the frenzy phase. The frenzy phase was driven almost entirely by sentiment. By sentiment I simply mean emotion. Since then, as sentiment has slowly faded, the market has increasingly priced Bitcoin Treasury Companies based more on fundamentals. By fundamentals I simply mean facts. So where as sentiment is driven by emotion and hype, fundamentals are driven by facts and reason. The problem is that when you price Bitcoin Treasury Companies on fundamentals, you realise that many of them are almost entirely dependent on sentiment in order to expand mNAV so they can raise capital via the common stock ATM to buy Bitcoin and generate Bitcoin Yield. However, for me, raising capital via the common stock ATM and recycling it into Bitcoin is not genuine value creation — it’s value transfer. That’s not to say you shouldn’t leverage the ATM as and when necessary — you should. However, if your business model as a Bitcoin Treasury Company no longer works when “sentiment is low” then you have neither a business model nor a business. You’re the equivalent of a meme stock except with Bitcoin on your balance sheet. On that basis, companies shouldn’t expect to trade at a premium if the common stock ATM is the only way they raise capital. I’m not saying they won’t trade at a premium — I’m saying that companies shouldn’t expect to. Now, between July and now, we’ve obviously seen mNAVs compress substantially and so the frenzy phase is over which means that the days of automatically being granted generous mNAV multiples is also over. So now we are in the maturity phase. The maturity phase is going to be defined by being able to offer a differentiated value proposition and having a sustainable business model that can generate Bitcoin Yield in any environment independent of sentiment. In other words, they can generate Bitcoin Yield when trading at or below 1 mNAV. So essentially now, Bitcoin Treasury Companies have to work for their mNAV multiples — as it should be. Following the maturity phase will be the consolidation phase where capital, Bitcoin and ultimately market share will converge towards a small number of Bitcoin Treasury Companies that will dominate the entire industry. I should clarify that I am referring predominantly to pure-play Bitcoin Treasury Companies — companies who are valued based solely on their Bitcoin strategy. Now, with everything that I’ve said, how should you evaluate Bitcoin Treasury Companies? Hopefully over the next few weeks I’m going to string together a video with my valuation framework. In the meantime, a basic test is that I use is this: How much Bitcoin Yield can the company generate over X period of time — you decide what that period of time is — if it traded at 1x mNAV over that entire period? If the answer is 0, then they are probably entirely dependent on raising capital via the common stock ATM which means they likely don’t deserve a premium. If the answer is >0, then they are probably innovating through the use of other instruments — like converts and preferred products — which means they likely do deserve a premium and so whatever number you come up with should be used as the base for your valuation. Now, don’t be fooled. The Bitcoin Treasury Company space is, not entirely, but to a large degree, a zero-sum game. Every Dollar raised by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. Every Bitcoin purchased by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. It’s only because we are early that everyone is incentivised to essentially hold hands and cheer each other on. However, make no mistake, everyone involved is tacitly well aware that they are all competing for the same finite amount of capital and the same fixed amount of Bitcoin. Thus, the reality is that, by definition, not every Bitcoin Treasury Company is going to succeed. So choose your horses and jockeys wisely. As a side note, with the amount of Bitcoin Treasury Companies now desperately chasing and competing for the same capital from institutions, who do you think has the leverage; the Bitcoin Treasury Companies or the institutions? I’ll let you decide. Before I close, I want to leave you guys with this. There is a small subset of people invested in Bitcoin Treasury Companies who are desperately clinging on to their bags because they believe “sentiment will return.” These people are completely missing the point. My friends, if your investing philosophy is based on sentiment, you are simply not going to last. You want to base your decisions, as far as possible, on fundamentals. As investors, you either adapt and update your mental models based on how things are and not how you want them to be — or you get left behind. With that in mind: Never get caught up in tribalism. Never get attached to your beliefs. Always think critically. Always think independently. Always seek Truth.

Making Sense Of Bitcoin Treasury Companies If you've been following me on X you’ll know that I have recently been floating a lot of my updated thoughts on the Bitcoin Treasury space. Here I have synthesised all of my ideas and distilled them into a single video. If you prefer YouTube, you can find the link in the comments. If you prefer written format, continue reading. The first thing we need to do is acknowledge an important fact which is that Strategy, as a Bitcoin Treasury Company, is an anomaly. What do I mean by that? Strategy’s success has been defined by a number of unique factors and circumstances, most of which cannot be replicated again by other Bitcoin Treasury Companies. Specifically, there are 6 things that stand out to me. 1. Before adopting Bitcoin, Strategy was a billion dollar company with an operating business that was generating roughly $50M in cash a year. 2. Until the introduction of the ETF's in January 2024, Strategy was the only way for the average investor to gain passive exposure to Bitcoin. 3. Until this year, Strategy was the only way for the average investor to gain leveraged exposure to Bitcoin. 4. Strategy was issuing multiple, billion dollar, zero coupon, unsecured convertible notes at +50% conversion premiums. 5. Strategy has Michael Saylor, who, you don’t need me to tell you, is in a league of his own. 6. For many reasons, including those I’ve just mentioned, Strategy has benefitted disproportionately from the broader sentiment around Bitcoin. In other words, for the best part of 4 years, Strategy had zero competition for either capital or attention. As a result, it became a magnet for capital from anyone who wanted exposure to Bitcoin and it attracted inflows that were beyond what fundamentals alone would maybe justify. Therefore, using Strategy as a blueprint for the performance that you can expect from other Bitcoin Treasury Companies is a bad idea. Using Strategy as a blueprint for how to operate a Bitcoin Treasury Company is a good idea. Now let’s break down what’s unfolded over the last 6 months or so. Between May and June of this year, when we witnessed a flood of new Bitcoin Treasury Companies, we entered what I refer to as the frenzy phase. The frenzy phase was driven almost entirely by sentiment. By sentiment I simply mean emotion. Since then, as sentiment has slowly faded, the market has increasingly priced Bitcoin Treasury Companies based more on fundamentals. By fundamentals I simply mean facts. So where as sentiment is driven by emotion and hype, fundamentals are driven by facts and reason. The problem is that when you price Bitcoin Treasury Companies on fundamentals, you realise that many of them are almost entirely dependent on sentiment in order to expand mNAV so they can raise capital via the common stock ATM to buy Bitcoin and generate Bitcoin Yield. However, for me, raising capital via the common stock ATM and recycling it into Bitcoin is not genuine value creation — it’s value transfer. That’s not to say you shouldn’t leverage the ATM as and when necessary — you should. However, if your business model as a Bitcoin Treasury Company no longer works when “sentiment is low” then you have neither a business model nor a business. You’re the equivalent of a meme stock except with Bitcoin on your balance sheet. On that basis, companies shouldn’t expect to trade at a premium if the common stock ATM is the only way they raise capital. I’m not saying they won’t trade at a premium — I’m saying that companies shouldn’t expect to. Now, between July and now, we’ve obviously seen mNAVs compress substantially and so the frenzy phase is over which means that the days of automatically being granted generous mNAV multiples is also over. So now we are in the maturity phase. The maturity phase is going to be defined by being able to offer a differentiated value proposition and having a sustainable business model that can generate Bitcoin Yield in any environment independent of sentiment. In other words, they can generate Bitcoin Yield when trading at or below 1 mNAV. So essentially now, Bitcoin Treasury Companies have to work for their mNAV multiples — as it should be. Following the maturity phase will be the consolidation phase where capital, Bitcoin and ultimately market share will converge towards a small number of Bitcoin Treasury Companies that will dominate the entire industry. I should clarify that I am referring predominantly to pure-play Bitcoin Treasury Companies — companies who are valued based solely on their Bitcoin strategy. Now, with everything that I’ve said, how should you evaluate Bitcoin Treasury Companies? Hopefully over the next few weeks I’m going to string together a video with my valuation framework. In the meantime, a basic test is that I use is this: How much Bitcoin Yield can the company generate over X period of time — you decide what that period of time is — if it traded at 1x mNAV over that entire period? If the answer is 0, then they are probably entirely dependent on raising capital via the common stock ATM which means they likely don’t deserve a premium. If the answer is >0, then they are probably innovating through the use of other instruments — like converts and preferred products — which means they likely do deserve a premium and so whatever number you come up with should be used as the base for your valuation. Now, don’t be fooled. The Bitcoin Treasury Company space is, not entirely, but to a large degree, a zero-sum game. Every Dollar raised by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. Every Bitcoin purchased by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. It’s only because we are early that everyone is incentivised to essentially hold hands and cheer each other on. However, make no mistake, everyone involved is tacitly well aware that they are all competing for the same finite amount of capital and the same fixed amount of Bitcoin. Thus, the reality is that, by definition, not every Bitcoin Treasury Company is going to succeed. So choose your horses and jockeys wisely. As a side note, with the amount of Bitcoin Treasury Companies now desperately chasing and competing for the same capital from institutions, who do you think has the leverage; the Bitcoin Treasury Companies or the institutions? I’ll let you decide. Before I close, I want to leave you guys with this. There is a small subset of people invested in Bitcoin Treasury Companies who are desperately clinging on to their bags because they believe “sentiment will return.” These people are completely missing the point. My friends, if your investing philosophy is based on sentiment, you are simply not going to last. You want to base your decisions, as far as possible, on fundamentals. As investors, you either adapt and update your mental models based on how things are and not how you want them to be — or you get left behind. With that in mind: Never get caught up in tribalism. Never get attached to your beliefs. Always think critically. Always think independently. Always seek Truth.

Chris Millas

34,483 次观看 • 9 个月前

WHY I AM MORE BULLISH THAN EVER ON BITCOIN TREASURY COMPANIES 36 MINUTE DEEP DIVE. I’m going to explain why Bitcoin Treasury Companies are monetary war machines wrapped in ticker symbols. Why leverage isn’t risk... it’s the holy spirit of capital. And why mNAV compression isn’t bearish, it’s the market holding its breath before it screams. You’ll learn why Metaplanet, Strategy, and the rest of the Bitcoin Treasury cohort are quietly rewiring global finance, turning fiat liquidity into sound money like financial monks. By the end, you’ll understand that we’re not investing anymore, we’re watching civilization reprice truth itself. Sit back. Light a candle. Mute CNBC. This is the gospel according to Bitcoin.

WHY I AM MORE BULLISH THAN EVER ON BITCOIN TREASURY COMPANIES 36 MINUTE DEEP DIVE. I’m going to explain why Bitcoin Treasury Companies are monetary war machines wrapped in ticker symbols. Why leverage isn’t risk... it’s the holy spirit of capital. And why mNAV compression isn’t bearish, it’s the market holding its breath before it screams. You’ll learn why Metaplanet, Strategy, and the rest of the Bitcoin Treasury cohort are quietly rewiring global finance, turning fiat liquidity into sound money like financial monks. By the end, you’ll understand that we’re not investing anymore, we’re watching civilization reprice truth itself. Sit back. Light a candle. Mute CNBC. This is the gospel according to Bitcoin.

Adam Livingston

26,342 次观看 • 9 个月前

NEW: Founder who called Bitcoin early says this is NOT a bear market. Yves Choueifaty & Alexandre Laizet ⚡️ explain what Saylor is really doing: 📌 1694 Bank of England model 📌 Why owning MSTR makes YOU the STRC issuer 📌 100M millionaires. 21M Bitcoin. Do the math. Watch ⚡️ TIMESTAMPS: 00:00 Cold Open 01:49 Bitcoin ISN'T In A Bear Market? (Volatility Discussion) 07:13 Bitcoin's Value During Geopolitical Tensions 12:46 Bitcoin, Treasuries & Historical Context of Private Banking 23:41 Digital Capital & Credit vs Digital Money Framing 30:09 mNAV & Speculation: MSTR vs. Traditional Companies 35:48 The Power of STRC: Saylor Is Issuing Perpetual Credit 40:05 The Opportunity of Buying At mNAV Less Than One 43:45 Alexandre On Strategic Growth For Bitcoin Treasury Companies 51:54 Stretch Is The Future Of Money

NEW: Founder who called Bitcoin early says this is NOT a bear market. Yves Choueifaty & Alexandre Laizet ⚡️ explain what Saylor is really doing: 📌 1694 Bank of England model 📌 Why owning MSTR makes YOU the STRC issuer 📌 100M millionaires. 21M Bitcoin. Do the math. Watch ⚡️ TIMESTAMPS: 00:00 Cold Open 01:49 Bitcoin ISN'T In A Bear Market? (Volatility Discussion) 07:13 Bitcoin's Value During Geopolitical Tensions 12:46 Bitcoin, Treasuries & Historical Context of Private Banking 23:41 Digital Capital & Credit vs Digital Money Framing 30:09 mNAV & Speculation: MSTR vs. Traditional Companies 35:48 The Power of STRC: Saylor Is Issuing Perpetual Credit 40:05 The Opportunity of Buying At mNAV Less Than One 43:45 Alexandre On Strategic Growth For Bitcoin Treasury Companies 51:54 Stretch Is The Future Of Money

BitcoinTreasuries.NET

17,526 次观看 • 4 个月前

"Bitcoin doesn't need you. You need Bitcoin" - Jack Mallers 🧡 Here's the full version of my conversation with Jack at Bitcoin 2025. We spoke about his new role at 21 - the Bitcoin treasury company backed by Paolo Ardoino 🤖 and Tether. I also asked for his honest take on holding Bitcoin vs investing in Bitcoin ETFs and companies like Strategy. Time stamps below ⏲️👇 01:01 Why Bitcoin Treasury Companies exist 03:28 Is There Enough Bitcoin for Everyone? 05:30: The Endgame for Bitcoin Treasury Companies 08:23: Holding BTC vs. ETF/share exposure to Bitcoin 10:53 Bitcoin Is Getting Political - Is That Good or Bad? 13:02: Is Bitcoin Lending Too Risky? 15:28 Finding the Right Partners for Bitcoin Loans If you enjoyed this content - please like, share and follow!

"Bitcoin doesn't need you. You need Bitcoin" - Jack Mallers 🧡 Here's the full version of my conversation with Jack at Bitcoin 2025. We spoke about his new role at 21 - the Bitcoin treasury company backed by Paolo Ardoino 🤖 and Tether. I also asked for his honest take on holding Bitcoin vs investing in Bitcoin ETFs and companies like Strategy. Time stamps below ⏲️👇 01:01 Why Bitcoin Treasury Companies exist 03:28 Is There Enough Bitcoin for Everyone? 05:30: The Endgame for Bitcoin Treasury Companies 08:23: Holding BTC vs. ETF/share exposure to Bitcoin 10:53 Bitcoin Is Getting Political - Is That Good or Bad? 13:02: Is Bitcoin Lending Too Risky? 15:28 Finding the Right Partners for Bitcoin Loans If you enjoyed this content - please like, share and follow!

Gareth Jenkinson

26,560 次观看 • 1 年前

This is why $MSTR and the Bitcoin Treasury playbook is breaking the status quo but only few understand it. An understanding of what sits at the intersection of Bitcoin, security analysis and the unwinding of the fixed income market is a must know. Preston Pysh nailed it in his talk with Danny Knowles. We are still early. These prefs are just starting to scale. The fun hasn’t even started yet.

This is why $MSTR and the Bitcoin Treasury playbook is breaking the status quo but only few understand it. An understanding of what sits at the intersection of Bitcoin, security analysis and the unwinding of the fixed income market is a must know. Preston Pysh nailed it in his talk with Danny Knowles. We are still early. These prefs are just starting to scale. The fun hasn’t even started yet.

J64

58,742 次观看 • 11 个月前

“We’re focused on becoming a powerhouse in #Bitcoin.” New episode just released featuring Chairman Eric Semler and CFO Renae Cormier of Semler Scientific $SMLR. Hear all about the company’s plans to aggressively stack Bitcoin and climb the leaderboard of public Bitcoin treasuries. Timecodes: 00:00 Semler Scientific's vision and investment case 2:13 Semler Scientific's priority as a Bitcoin treasury 3:37 Adopting Bitcoin after Michael Saylor 9:11 KPIs, mNAV 12:00 Renae Cormier introduction 14:25 Buying more Bitcoin 15:16 "Volatility is vitality" 16:47 Balancing the healthcare innovation vs. Bitcoin 18:46 What is QuantaFlo? 22:26 Identifying systemic chronic health issues 23:47 Dr. Semler's lifesaving invention 26:00 Aggressive Bitcoin strategy 27:42 How to buy more Bitcoin 28:13 "Bitcoin Treasury Pioneer" 28:33 Is Bitcoin misunderstood? 31:15 Bitcoin in 10 years 34:23 Eric Semler's Bronx Baseball Dreams

“We’re focused on becoming a powerhouse in #Bitcoin.” New episode just released featuring Chairman Eric Semler and CFO Renae Cormier of Semler Scientific $SMLR. Hear all about the company’s plans to aggressively stack Bitcoin and climb the leaderboard of public Bitcoin treasuries. Timecodes: 00:00 Semler Scientific's vision and investment case 2:13 Semler Scientific's priority as a Bitcoin treasury 3:37 Adopting Bitcoin after Michael Saylor 9:11 KPIs, mNAV 12:00 Renae Cormier introduction 14:25 Buying more Bitcoin 15:16 "Volatility is vitality" 16:47 Balancing the healthcare innovation vs. Bitcoin 18:46 What is QuantaFlo? 22:26 Identifying systemic chronic health issues 23:47 Dr. Semler's lifesaving invention 26:00 Aggressive Bitcoin strategy 27:42 How to buy more Bitcoin 28:13 "Bitcoin Treasury Pioneer" 28:33 Is Bitcoin misunderstood? 31:15 Bitcoin in 10 years 34:23 Eric Semler's Bronx Baseball Dreams

Natalie Brunell ⚡️

98,801 次观看 • 1 年前

Welcome back to The Bitcoin Treasuries Podcast. Today's guest is Michael Mescher, CEO of Gammon Capital. Michael and I discuss derivatives, institutional capital, balance sheet protection, and the future of Bitcoin treasury management. Here's my conversation with Michael Mescher. 0:00 - Intro 0:40 – Michael’s path from derivatives to Bitcoin treasury strategy 3:18 – What a 50% collateral haircut really means for a Bitcoin treasury company 11:15 – The coming $10 billion "Put Wall" and why 2027 matters 13:21 – Why Bitcoin treasury companies are paying too much for capital 15:02 – Using derivatives as balance sheet protection - not speculation 16:55 – Building a Bitcoin treasury playbook for bear and sideways markets 19:05 – What Michael Saylor gets right about financial engineering 22:15 – What separates the strongest Bitcoin treasury companies from the rest 24:42 – Why the market still hasn't built a better Bitcoin credit facility 26:54 – How Bitcoin treasury companies can unlock institutional capital 29:04 – Managing asset-liability mismatches on a Bitcoin balance sheet 32:38 – Capital efficient hedging strategies for downside protection 34:46 – How to sell a hedging strategy to a long-only Bitcoin executive 37:17 – What a strategic engagement with Gammon Capital looks like 38:18 - Where to find Michael Mescher and Gammon Capital

Welcome back to The Bitcoin Treasuries Podcast. Today's guest is Michael Mescher, CEO of Gammon Capital. Michael and I discuss derivatives, institutional capital, balance sheet protection, and the future of Bitcoin treasury management. Here's my conversation with Michael Mescher. 0:00 - Intro 0:40 – Michael’s path from derivatives to Bitcoin treasury strategy 3:18 – What a 50% collateral haircut really means for a Bitcoin treasury company 11:15 – The coming $10 billion "Put Wall" and why 2027 matters 13:21 – Why Bitcoin treasury companies are paying too much for capital 15:02 – Using derivatives as balance sheet protection - not speculation 16:55 – Building a Bitcoin treasury playbook for bear and sideways markets 19:05 – What Michael Saylor gets right about financial engineering 22:15 – What separates the strongest Bitcoin treasury companies from the rest 24:42 – Why the market still hasn't built a better Bitcoin credit facility 26:54 – How Bitcoin treasury companies can unlock institutional capital 29:04 – Managing asset-liability mismatches on a Bitcoin balance sheet 32:38 – Capital efficient hedging strategies for downside protection 34:46 – How to sell a hedging strategy to a long-only Bitcoin executive 37:17 – What a strategic engagement with Gammon Capital looks like 38:18 - Where to find Michael Mescher and Gammon Capital

Tim Kotzman

20,096 次观看 • 24 天前

Check out my conversation with Eric Semler, Chairman of Semler Scientific, which adopted a #Bitcoin treasury strategy in May 2024. We discussed the decision, why more public companies haven't followed Strategy's playbook, and why Bitcoin offers a contrarian edge. Semler Scientific currently HODLs 1273 Bitcoin! Timecodes: 00:00 Starting as journalist 6:14 What is Semler Scientific? 10:43 Michael Saylor's Bitcoin influence 13:15 $SMLR's Bitcoin strategy 15:45 What is a Bitcoin yield? 17:07 Why are companies investing in Bitcoin? 21:59 Convincing people to consider Bitcoin 24:08 Strategic Bitcoin Reserve 25:20 Bitcoin price in 2025 27:17 What will push Bitcoin adoption? 28:39 Using leverage to buy more Bitcoin 30:34 Macroeconomic picture 33:31 When will Bitcoin price reach $100k? 36:07 Will Bitcoin go mainstream? 39:39 Investing in tech and media

Check out my conversation with Eric Semler, Chairman of Semler Scientific, which adopted a #Bitcoin treasury strategy in May 2024. We discussed the decision, why more public companies haven't followed Strategy's playbook, and why Bitcoin offers a contrarian edge. Semler Scientific currently HODLs 1273 Bitcoin! Timecodes: 00:00 Starting as journalist 6:14 What is Semler Scientific? 10:43 Michael Saylor's Bitcoin influence 13:15 $SMLR's Bitcoin strategy 15:45 What is a Bitcoin yield? 17:07 Why are companies investing in Bitcoin? 21:59 Convincing people to consider Bitcoin 24:08 Strategic Bitcoin Reserve 25:20 Bitcoin price in 2025 27:17 What will push Bitcoin adoption? 28:39 Using leverage to buy more Bitcoin 30:34 Macroeconomic picture 33:31 When will Bitcoin price reach $100k? 36:07 Will Bitcoin go mainstream? 39:39 Investing in tech and media

Natalie Brunell ⚡️

819,695 次观看 • 1 年前

URGENT: If you have EVER generated a seed phrase on a ColdCard, your bitcoin may be at risk. Just recorded this emergency episode explaining what happened with Rob Hamilton of AnchorWatch. Please watch and share with those in your Bitcoin community, especially other non-technical bitcoiners.

URGENT: If you have EVER generated a seed phrase on a ColdCard, your bitcoin may be at risk. Just recorded this emergency episode explaining what happened with Rob Hamilton of AnchorWatch. Please watch and share with those in your Bitcoin community, especially other non-technical bitcoiners.

Natalie Brunell ⚡️

209,793 次观看 • 6 天前