The Mark Moss Show This is Bigger than Crypto 2.0... You NEED To know | Tim Kotzman
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Oct 10, 2025 
Tim Kotzman, an investor and Bitcoin strategist, shares insights on the rise of Bitcoin treasury companies reshaping corporate strategies. He explains the difference between simply holding Bitcoin and using capital markets for Bitcoin treasury management. Kotzman discusses how leverage and precision in Bitcoin exposure can define corporate value. The conversation also delves into risks, misconceptions about treasury strategies, and how leadership impacts Bitcoin-native companies' success in a post-dollar economy.
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Capital-Markets Driven Bitcoin Treasuries
- Bitcoin treasury companies actively use capital markets and structured instruments to grow Bitcoin on their balance sheets.
- They can behave more like hedge funds or arbitrageurs rather than simple holders of BTC.
Bitcoin As Pristine Collateral
- Bitcoin functions as pristine collateral that companies can place on their balance sheets to build value.
- Historically, entities that amassed the most scarce collateral (e.g., gold) became dominant financial institutions.
Vet Leverage And Covenant Risks
- Scrutinize leverage ratios and loan covenants when evaluating treasury companies.
- Check for margin features and forced-sale clauses that can create liquidation risk in downturns.