The Pomp Podcast #1577 Will Clemente & Ben Harvey | The Truth About Bitcoin Treasury Companies
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Jul 21, 2025 
Will Clemente, a market maker at Keyrock, and Ben Harvey, a member of their research team, dive into the fascinating world of Bitcoin treasury companies. They discuss the implications of premiums and debt within the crypto landscape, and how these firms are reshaping investment strategies. The duo also explores macroeconomic shifts, touching on how market volatility affects Bitcoin performance. Listeners gain valuable insights into the dynamics of Bitcoin-backed loans and the evolving role of Bitcoin compared to altcoins. Perfect for any crypto enthusiast!
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Bitcoin Treasury Companies' Massive Holdings
- Bitcoin treasury companies have accumulated about 725,000 Bitcoin, roughly 3.64% of total supply.
- They now hold over half the Bitcoin held by ETFs, showing their significant market impact.
Bitcoin Per Share Drives Premiums
- Bitcoin treasury companies offer a premium above net asset value due to their rapidly growing Bitcoin per share metric.
- This growth, sometimes 11x since inception, compensates investors for paying a significant premium.
Altcoin Treasury Companies Differ
- Altcoin treasury companies face more liquidity challenges and can generate yield through staking.
- This yield can help service debt or dividend obligations, creating different risk profiles than Bitcoin treasury companies.