Bitcoin Magazine Podcast Steven Lubka: Let the Super Cycle Begin | Bitcoin for Corporations Ep. 17
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Oct 2, 2025 In a captivating discussion, Steven Lubka, VP of Investor Relations at Nakamoto and former head of private wealth at Swan Bitcoin, shares his insights on the evolving Bitcoin landscape. He explores the notion of a potential supercycle for Bitcoin, emphasizing its uniqueness in today’s market. Topics include the strategic leverage of treasury companies, the advantages of international markets, and the vital role of regulations in Bitcoin adoption. Steven also critiques alternative treasuries and discusses how corporate strategies may reshape the future of Bitcoin finance.
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Scaling Treasury Companies Internationally
- Nakamoto scaled a playbook of backing and building Bitcoin treasury companies internationally to access trapped capital and regulatory arbitrage.
- The firm raised ~$750M via a merger to execute acquisitions and invest in first-movers in markets lacking public Bitcoin vehicles.
UTXO's MetaPlanet Win Sparked Nakamoto
- David and Tyler's hedge fund UTXO backed MetaPlanet early and helped turn it into a multi-billion dollar treasury company.
- That success inspired scaling the strategy into Nakamoto to replicate deals globally.
Prefer Non-Callable Long-Term Leverage
- Use non-callable, long-dated leverage to avoid forced selling during Bitcoin drawdowns.
- Structure preferreds or perpetual-like instruments to deliver Bitcoin-denominated returns without liquidation risk.