What Bitcoin Did Metaplanet, Strategy, and the Corporate Bitcoin Race | Dylan LeClair
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Jul 30, 2025 Dylan LeClair, a Bitcoin maximalist leading MetaPlanet's Bitcoin strategy, discusses the surge of corporate Bitcoin adoption. He reveals how companies like MetaPlanet scaled their Bitcoin holdings and the emerging competition in a winner-take-most market. Dylan explains Michael Saylor's revolutionary 'Stretch' and its potential to reshape corporate finances. He dives into premium dynamics, market fluctuations, and the connection between liquidity and Bitcoin price. With corporate treasuries getting serious, the landscape of finance is looking to transform dramatically.
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Bitcoin Adoption's Inflection Point
- Corporate adoption of Bitcoin is reaching a "gradually then suddenly" inflection point.
- Larger capital pools like credit markets are the next frontier beyond equity markets for Bitcoin exposure.
Premiums Compress with Scale
- Premium to net asset value compresses as companies scale due to liquidity needs.
- Maintaining a high premium requires dominant market position and substantial liquidity.
Saylor's Dominance in Bitcoin Treasury
- Michael Saylor's lead in Bitcoin treasury scale is likely insurmountable for now.
- Only a large player like Facebook could challenge Saylor, but incentives are lacking.