CoinDesk Podcast Network BITCOIN SEASON 2: The Economic Case for Bitcoin Treasury Companies
Aug 13, 2025
Steven Lubka, VP of Investor Relations at Nakamoto, shares insights on the 'paper bitcoin summer' and how treasury companies leverage regulatory arbitrage to acquire Bitcoin. He discusses the operational advantages these companies have over individual investors, the bull case for Bitcoin acquisition, and the cultural shifts influencing capital markets. Lubka emphasizes the pivotal role of vibes in the Bitcoin community, comparing it to traditional assets and exploring the future landscape for Bitcoin-driven financial institutions.
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Financial Structure Enables Bitcoin Accumulation
- Treasury companies use public-market financial tools to acquire Bitcoin more efficiently than individuals.
- That efficiency creates per-share Bitcoin growth by lowering cost of capital through regulatory arbitrage.
Coining 'Paper Bitcoin Summer' As A Brand
- Steven and Bitcoin Bugle coined the 'paper Bitcoin summer' meme to own critics' language.
- They embraced the term to create an '80s Wall Street' vibe and marketing identity.
Per-Share Bitcoin Growth Is The Core Metric
- Treasury companies deliver per-share Bitcoin growth by accessing cheaper cost of capital than individuals.
- They sell equity or preferreds at a premium and use proceeds to buy more Bitcoin, increasing coins per share.