Stephan Livera Podcast

mNAV, P/BYD & PIPE Deals in Bitcoin Treasury with Jesse Myers | SLP691

16 snips
Sep 24, 2025
Jesse Myers, Head of Bitcoin Strategy at Smarter Web Company, dives into the dynamics of Bitcoin treasury companies. He discusses the impressive 278% yield of his firm, emphasizing the importance of solid performance and retail investor support. The conversation explores the challenges of PIPE deals and introduces the innovative P-Bid metric to evaluate company value. Jesse also highlights successful strategies from firms like Metaplanet, while contemplating the future potential of Bitcoin treasuries in reshaping the financial landscape.
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INSIGHT

SmarterWeb's Early Traction

  • Smarter Web Company holds just over 2,500 BTC and reported an MNAV around 1.6.
  • Jesse highlights their Q3 Bitcoin yield to date at +278% which challenges current market pricing.
INSIGHT

Scale And Track Record Matter

  • Many treasury companies failed because they tried to scale too quickly or never delivered actual Bitcoin yield.
  • Jesse argues only a handful of ~200 treasury companies have reached meaningful scale and consistent yield.
ADVICE

Avoid Short-Term PIPE Shortcuts

  • Avoid raising cheap capital via short-term PIPEs that attract arbitrageurs who flip and short the stock.
  • Prefer long-lockup or retail-aligned capital to preserve your MNAV and flywheel.
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