

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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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.
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.
Market Reset After The Bloodbath
- Jeff describes a sector