The Bitcoin Layer Why STRATEGY Stands Alone & Why Most Bitcoin Treasury Companies Cannot Last
24 snips
Dec 15, 2025 Joachim Book, a Bitcoin analyst and editor of 'Bitcoin Age', joins to discuss the precarious state of Bitcoin treasury companies. He explains how Strategy's unique financial structure keeps it resilient against pressures that are crumbling competitors. Book touches on MNAV concerns, the flaws of heavy leverage, and why forced selling risks aren't as threatening for Strategy. The discussion also highlights Tether's market influence and the likely decline of the current treasury boom, predicting many firms may not survive.
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The 2025 Treasury Fad
- Joachim observed a 2025 fad of 200+ firms financializing Bitcoin by issuing securities at large MNAV premiums.
- He compared the phenomenon to securitizing Bitcoin contrary to Satoshi's peer-to-peer vision.
MNAV Explains The Treasury Boom
- MNAV measures how a company's market value compares to the Bitcoin it holds and reveals when shares trade above that asset value.
- This premium-fueled model allowed many treasury firms to issue shares and buy BTC accretively during the summer mania.
Why MicroStrategy Stands Alone
- MicroStrategy's balance-sheet design and perpetual preferreds make it structurally different from copycats.
- Size and payment-flexible securities let MicroStrategy avoid insolvency even through severe Bitcoin drawdowns.
