Bitcoin's Financial Evolution and Market Dynamics

American HODL & Steven Lubka get into the rise of Bitcoin treasury companies, unpacking how securitisation, jurisdictional arbitrage, and corporate leverage are shaping the next phase of Bitcoin’s financialisation. We discuss whether this new wave of Bitcoin-wrapped equities is a healthy Bitcoin on-ramp or just a speculative bubble, and what happens to these companies in a bear market.

Steven breaks down Nakamoto’s strategy, from running higher leverage to building a global network of local vehicles and using M&A to accumulate Bitcoin at scale. We get into the “Paper Bitcoin Summer” thesis, the morality of treasury cos, if they are just another form of shitcoining, or a necessary step to embed Bitcoin into public markets and give millions passive exposure?

In this episode:

- The playbook for Bitcoin treasury companies

- Why size, leverage, and jurisdiction matter for survival

- MNAVs, premiums, and the risk in a bear market

- The morality of treasury companies

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Follow:

Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny

American HODL: https://primal.net/hodl

Steven Lubka: https://x.com/dzambhalahodl