Swan Signal Live - A Bitcoin Show

Bitcoin Treasury Companies After the Bloodbath: What Survives and Why

15 snips
Sep 27, 2025
Ben Workman, an expert on Bitcoin treasury companies, and Jeff Walton, a market analyst, dive into the recent tumult in the Bitcoin treasury sector. They discuss Strive's lightning-fast acquisition of Similar Scientific, emphasizing the need for scale to access institutional credit. The conversation highlights the contrasts between short-term trading and the long-term potential of Bitcoin, showcasing historical trends that favor four-year holding periods. Additionally, they explore how innovative financing structures and economic challenges intertwine with wealth inequality, framing Bitcoin as a viable alternative.
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ANECDOTE

Lightning-Fast Reverse Merger

  • Ben describes completing a reverse merger and locking a definitive acquisition in about four days.
  • He recounts intense weekend due diligence, legal work, and fast math to close the deal.
INSIGHT

Scale Improves Credit Optionality

  • Ben says combining balance sheets raises credit quality and leverage capacity beyond simple sums.
  • He frames the merger as creating optionality for issuing perpetual preferred securities in 2025.
INSIGHT

Market Reset After The Bloodbath

  • Jeff describes a sector
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