What if corporations began treating bitcoin as their benchmark for capital allocation? In this episode, Nick Colletta, Treasurer at Semler Scientific, shares his journey from Deloitte Digital Assets to leading one of the first public bitcoin treasury companies, explaining why bitcoin per share is the key metric, how to manage volatility, and why security is paramount. He also discusses the early stage of corporate adoption, future treasury innovations, and his advice for professionals looking to build a career in bitcoin.

Timestamps:

0:00 - Nick’s background in accounting and Deloitte digital assets

2:38 - Inside Deloitte’s crypto work and becoming bitcoin only

5:02 - Why Nick joined Semler Scientific as treasurer

5:40 - First encounter with bitcoin and early lessons

7:07 - Why bitcoin is the best money

8:37 - Why bitcoin matters for corporations

10:20 - How bitcoin fortifies corporate balance sheets

11:25 - Explaining Semler’s bitcoin treasury strategy

12:56 - Key metrics for evaluating bitcoin treasury companies

15:03 - Intelligent leverage and long duration financing

16:08 - How to think about NAV premiums

17:05 - Bitcoin as the hurdle rate for capital allocation

18:32 - How early we are in bitcoin corporate adoption

19:38 - What really drives bitcoin adoption

22:12 - Tools for managing a bitcoin treasury

23:36 - Saylor’s playbook and future treasury innovations

25:15 - How Semler manages bitcoin’s volatility

28:16 - Why securing bitcoin is the top priority

30:07 - Proof of reserves, audits, and bitcoin treasuries

32:17 - Bitcoin’s path: from individuals to corporations to governments

33:21 - Is Wall Street co-opting bitcoin, or vice versa?

35:05 - Why Saylor shares his entire strategy with competitors

37:23 - Why more companies haven’t copied Saylor yet

38:09 - The future of bitcoin treasury companies

39:09 - Will bitcoin ever see another brutal bear market?

40:35 - Is the bull market over?

40:58 - What excites Nick most about the future

42:43 - Advice for young professionals entering the bitcoin industry

44:05 - Closing thoughts and where to follow Nick

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